https://www.taxtmi.com/caselaws?id=20521 The High Court held that a reconstituted firm should be assessed for the entire previous year's income as a single entity, combining income from both pre and post-change periods. It clarified that section 187 of the Income-tax Act applies when partners retire, and the business continues with remaining partners. The court rejected the assessee's argument for two separate assessments, ruling in favor of the Revenue. The judgment did not award costs. en-us Wed, 30 Sep 1992 00:00:00 +0530 Sat, 14 Nov 2009 13:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20521 The High Court held that a reconstituted firm should be assessed for the entire previous year's income as a single entity, combining income from both pre and post-change periods. It clarified that section 187 of the Income-tax Act applies when partners retire, and the business continues with remaining partners. The court rejected the assessee's argument for two separate assessments, ruling in favor of the Revenue. The judgment did not award costs. Case-Laws Income Tax Wed, 30 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20521