https://www.taxtmi.com/caselaws?id=21961 The Tribunal held that the assessment of a reconstituted firm under section 187(2) of the Income-tax Act requires separate assessments for the periods before and after reconstitution. It ruled that the firm's income for the 17-month period should not be assessed together. The Tribunal referred to legal precedents emphasizing that there cannot be two previous years for the same assessment year. The court upheld the Tribunal's decision to remand the matter for the assessee to properly exercise its option regarding the previous year, concluding in favor of the assessee. en-us Thu, 01 Aug 1991 00:00:00 +0530 Sat, 05 Dec 2009 11:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21961 The Tribunal held that the assessment of a reconstituted firm under section 187(2) of the Income-tax Act requires separate assessments for the periods before and after reconstitution. It ruled that the firm's income for the 17-month period should not be assessed together. The Tribunal referred to legal precedents emphasizing that there cannot be two previous years for the same assessment year. The court upheld the Tribunal's decision to remand the matter for the assessee to properly exercise its option regarding the previous year, concluding in favor of the assessee. Case-Laws Income Tax Thu, 01 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21961