https://www.taxtmi.com/caselaws?id=20933 The High Court held that in cases of a firm's constitution change during an accounting year, the original firm's income must be assessed separately from the reconstituted firm's income. It was deemed impermissible to aggregate the incomes of both firms for assessment purposes. The court ruled in favor of the assessee, emphasizing the necessity for distinct assessments for the two periods, aligning with the Supreme Court's stance on the issue. en-us Fri, 09 Oct 1992 00:00:00 +0530 Wed, 18 Nov 2009 11:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20933 The High Court held that in cases of a firm's constitution change during an accounting year, the original firm's income must be assessed separately from the reconstituted firm's income. It was deemed impermissible to aggregate the incomes of both firms for assessment purposes. The court ruled in favor of the assessee, emphasizing the necessity for distinct assessments for the two periods, aligning with the Supreme Court's stance on the issue. Case-Laws Income Tax Fri, 09 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20933