https://www.taxtmi.com/caselaws?id=19580 The High Court upheld the decision of the Income-tax Appellate Tribunal, ruling that the dissolved firm was not liable to be assessed for capital gains as it had ceased to exist and did not conduct any business during the relevant assessment year. The court emphasized that the tax liability would fall on the legal heirs of the deceased partners, in accordance with the relevant legal provisions. en-us Thu, 21 Jul 1994 00:00:00 +0530 Sat, 07 Nov 2009 11:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19580 The High Court upheld the decision of the Income-tax Appellate Tribunal, ruling that the dissolved firm was not liable to be assessed for capital gains as it had ceased to exist and did not conduct any business during the relevant assessment year. The court emphasized that the tax liability would fall on the legal heirs of the deceased partners, in accordance with the relevant legal provisions. Case-Laws Income Tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19580