https://www.taxtmi.com/caselaws?id=28241 The court held that Section 187(1) applies to the reassessment of a retired partner's share income, allowing reassessment under Section 147. Section 247 does not preclude an assessee from challenging the reassessed share income. The reassessment of the firm's income and the adjustment of a retiring partner's share income are binding, irrespective of participation in reassessment or compromise settlements. The court ruled in favor of the Revenue on the first issue and in favor of the assessee on the second issue, with no costs ordered. en-us Tue, 05 Oct 1982 00:00:00 +0530 Fri, 19 Feb 2010 18:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28241 The court held that Section 187(1) applies to the reassessment of a retired partner's share income, allowing reassessment under Section 147. Section 247 does not preclude an assessee from challenging the reassessed share income. The reassessment of the firm's income and the adjustment of a retiring partner's share income are binding, irrespective of participation in reassessment or compromise settlements. The court ruled in favor of the Revenue on the first issue and in favor of the assessee on the second issue, with no costs ordered. Case-Laws Income Tax Tue, 05 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28241