https://www.taxtmi.com/caselaws?id=32996 The High Court dismissed the appeal, upholding the Tribunal's decision that the amount withdrawn from the Investment Deposit Account should be taxed in the hands of the partners, not the dissolved partnership firm. The Court agreed that the second assessment under Section 147 was impermissible due to lack of valid reasons and the income already being taxed in an earlier assessment. en-us Tue, 20 Jan 2009 00:00:00 +0530 Thu, 16 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32996 The High Court dismissed the appeal, upholding the Tribunal's decision that the amount withdrawn from the Investment Deposit Account should be taxed in the hands of the partners, not the dissolved partnership firm. The Court agreed that the second assessment under Section 147 was impermissible due to lack of valid reasons and the income already being taxed in an earlier assessment. Case-Laws Income Tax Tue, 20 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32996