https://www.taxtmi.com/caselaws?id=18280 The High Court ruled in favor of the dissolved firm, determining that the sum received by the partners after dissolution was not taxable in the hands of the firm. The court clarified that protective assessment can be made when there is doubt about the real entity liable for income, but such levy should be enforceable under one assessment only. Additionally, the court held that certain sections of the Income-tax Act were not applicable in this case. The outcome favored the assessee on most issues, except for protective assessment, which was decided in favor of the Revenue. en-us Thu, 21 Dec 1995 00:00:00 +0530 Tue, 29 Sep 2009 18:27:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18280 The High Court ruled in favor of the dissolved firm, determining that the sum received by the partners after dissolution was not taxable in the hands of the firm. The court clarified that protective assessment can be made when there is doubt about the real entity liable for income, but such levy should be enforceable under one assessment only. Additionally, the court held that certain sections of the Income-tax Act were not applicable in this case. The outcome favored the assessee on most issues, except for protective assessment, which was decided in favor of the Revenue. Case-Laws Income Tax Thu, 21 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18280