https://www.taxtmi.com/caselaws?id=23196 The High Court of Bombay ruled in a case involving the interpretation of the Income-tax Act, 1961, and the dissolution of a partnership due to a partner's retirement. The court held that the retirement led to the dissolution of the old firm and the formation of a new one, requiring separate assessments for the broken periods. The court emphasized the actual dissolution and formation of a new firm, rejecting the argument that the old firm continued with three partners. The judgment clarified the legal implications of partnership changes and highlighted the importance of correctly interpreting partnership deeds and statutory provisions for tax assessment purposes. en-us Mon, 19 Dec 1988 00:00:00 +0530 Thu, 17 Dec 2009 13:19:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23196 The High Court of Bombay ruled in a case involving the interpretation of the Income-tax Act, 1961, and the dissolution of a partnership due to a partner's retirement. The court held that the retirement led to the dissolution of the old firm and the formation of a new one, requiring separate assessments for the broken periods. The court emphasized the actual dissolution and formation of a new firm, rejecting the argument that the old firm continued with three partners. The judgment clarified the legal implications of partnership changes and highlighted the importance of correctly interpreting partnership deeds and statutory provisions for tax assessment purposes. Case-Laws Income Tax Mon, 19 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23196