https://www.taxtmi.com/caselaws?id=37781 The court ruled in favor of the assessees, holding that undisclosed profits of the firm should be assessed at the firm level before being included in individual assessments of partners. The court emphasized the importance of following proper assessment procedures for firm profits and individual partner assessments, stating that any undisclosed profits should be reassessed at the firm level first. The Tribunal's decision to exclude disputed amounts from individual assessments was upheld, setting a precedent for accurate and fair income tax assessments in cases involving partnership firms and retiring partners. en-us Wed, 12 Jul 1978 00:00:00 +0530 Thu, 01 Apr 2010 10:47:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37781 The court ruled in favor of the assessees, holding that undisclosed profits of the firm should be assessed at the firm level before being included in individual assessments of partners. The court emphasized the importance of following proper assessment procedures for firm profits and individual partner assessments, stating that any undisclosed profits should be reassessed at the firm level first. The Tribunal's decision to exclude disputed amounts from individual assessments was upheld, setting a precedent for accurate and fair income tax assessments in cases involving partnership firms and retiring partners. Case-Laws Income Tax Wed, 12 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37781