https://www.taxtmi.com/caselaws?id=28388 The High Court held that when a new firm with common partners takes over the assets and liabilities of a dissolved firm, it falls under section 187 for a single assessment. The Court rejected the argument that the dissolved partner became the proprietor of all assets, emphasizing the transfer of assets and liabilities to the new firm. Consequently, the Court ruled in favor of the Revenue, upholding the single assessment under section 187 and directing the parties to bear their own costs. en-us Fri, 02 Sep 1983 00:00:00 +0530 Mon, 22 Feb 2010 11:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28388 The High Court held that when a new firm with common partners takes over the assets and liabilities of a dissolved firm, it falls under section 187 for a single assessment. The Court rejected the argument that the dissolved partner became the proprietor of all assets, emphasizing the transfer of assets and liabilities to the new firm. Consequently, the Court ruled in favor of the Revenue, upholding the single assessment under section 187 and directing the parties to bear their own costs. Case-Laws Income Tax Fri, 02 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28388