https://www.taxtmi.com/caselaws?id=281313 Where a firm is dissolved or its business discontinued, assessment does not fail merely on that account if notice was served and the return was filed while the firm still existed. Section 44 of the Indian Income-tax Act, 1922 preserves the assessment machinery and makes the partners at the time of discontinuance jointly and severally liable. Reading the provision with binding Supreme Court authority, the HC held that contrary Tribunal observations were only obiter and could not override that position. The assessment made against the dissolved firm was therefore valid, and the reference was answered in favour of the Revenue. en-us Wed, 15 Jul 1964 00:00:00 +0530 Thu, 13 Jun 2019 14:18:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281313 Where a firm is dissolved or its business discontinued, assessment does not fail merely on that account if notice was served and the return was filed while the firm still existed. Section 44 of the Indian Income-tax Act, 1922 preserves the assessment machinery and makes the partners at the time of discontinuance jointly and severally liable. Reading the provision with binding Supreme Court authority, the HC held that contrary Tribunal observations were only obiter and could not override that position. The assessment made against the dissolved firm was therefore valid, and the reference was answered in favour of the Revenue. Case-Laws Income Tax Wed, 15 Jul 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281313