https://www.taxtmi.com/caselaws?id=28387 The High Court ruled in favor of the Revenue, holding that the assessment for the year 1974-75 should be conducted under Section 187 of the Income Tax Act, 1961. The Court determined that the formation of the new firm constituted a mere change in the constitution of the old firm, with continuity in business and common partners, thus rejecting separate assessments under Section 188. The judgment emphasized interpreting tax laws to prevent tax evasion and uphold legislative intent, emphasizing the legal fiction created by Section 187(2) for assessing firms with changes in constitution. en-us Mon, 06 Sep 1982 00:00:00 +0530 Mon, 22 Feb 2010 11:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28387 The High Court ruled in favor of the Revenue, holding that the assessment for the year 1974-75 should be conducted under Section 187 of the Income Tax Act, 1961. The Court determined that the formation of the new firm constituted a mere change in the constitution of the old firm, with continuity in business and common partners, thus rejecting separate assessments under Section 188. The judgment emphasized interpreting tax laws to prevent tax evasion and uphold legislative intent, emphasizing the legal fiction created by Section 187(2) for assessing firms with changes in constitution. Case-Laws Income Tax Mon, 06 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28387