https://www.taxtmi.com/caselaws?id=17701 The case involved a dispute over the constitution of a firm and the assessee's entitlement to change its previous year for assessment. The court determined that the original firm's dissolution and formation of new firms constituted the establishment of a new firm, not just a change in constitution. It was held that the new firm came into existence from April 1, 1969. The court rejected the Revenue's argument that the new firm did not set up a new business, emphasizing that a new firm can adopt a new accounting year even if it continues an old business. The judgment favored the assessee, allowing the change in the previous year for assessment purposes. en-us Thu, 06 Feb 1997 00:00:00 +0530 Thu, 24 Sep 2009 12:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17701 The case involved a dispute over the constitution of a firm and the assessee's entitlement to change its previous year for assessment. The court determined that the original firm's dissolution and formation of new firms constituted the establishment of a new firm, not just a change in constitution. It was held that the new firm came into existence from April 1, 1969. The court rejected the Revenue's argument that the new firm did not set up a new business, emphasizing that a new firm can adopt a new accounting year even if it continues an old business. The judgment favored the assessee, allowing the change in the previous year for assessment purposes. Case-Laws Income Tax Thu, 06 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17701