https://www.taxtmi.com/caselaws?id=28276 The court held that reconstitution without dissolution does not create a new firm, and the reconstituted firm retains its identity, making it liable for penalties under Section 271(1)(c) for defaults committed before reconstitution. The majority opinion affirmed the Tribunal's decision, stating that the same partnership firm continues post-reconstitution. The dissenting opinion argued that the reconstituted firm should not be penalized for the previous firm's defaults, viewing it as a new entity. Ultimately, the court favored the Revenue, upholding the penalty on the reconstituted firm. en-us Wed, 23 Nov 1983 00:00:00 +0530 Sat, 20 Feb 2010 11:34:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28276 The court held that reconstitution without dissolution does not create a new firm, and the reconstituted firm retains its identity, making it liable for penalties under Section 271(1)(c) for defaults committed before reconstitution. The majority opinion affirmed the Tribunal's decision, stating that the same partnership firm continues post-reconstitution. The dissenting opinion argued that the reconstituted firm should not be penalized for the previous firm's defaults, viewing it as a new entity. Ultimately, the court favored the Revenue, upholding the penalty on the reconstituted firm. Case-Laws Income Tax Wed, 23 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28276