https://www.taxtmi.com/caselaws?id=61109 A firm that continues its business with at least one old partner remaining is treated as a reconstituted firm for assessment purposes, so a single assessment for the full previous year is valid despite the death of one partner and admission of another. Travelling expenses were disallowed for want of material to rebut the finding of inadmissible personal element, while additions for alleged low yield in cotton and oil accounts were deleted because no specific defect in the books was shown. The excess cotton stock addition was deleted on the basis of contemporaneous records and corroborative evidence explaining the discrepancy. Kitchen expenses were treated as entertainment expenditure, so that addition was restored. Interest credited in the deceased partner's name was not taxable in the firm's hands. en-us Tue, 27 Feb 1979 00:00:00 +0530 Mon, 10 Jan 2011 18:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61109 A firm that continues its business with at least one old partner remaining is treated as a reconstituted firm for assessment purposes, so a single assessment for the full previous year is valid despite the death of one partner and admission of another. Travelling expenses were disallowed for want of material to rebut the finding of inadmissible personal element, while additions for alleged low yield in cotton and oil accounts were deleted because no specific defect in the books was shown. The excess cotton stock addition was deleted on the basis of contemporaneous records and corroborative evidence explaining the discrepancy. Kitchen expenses were treated as entertainment expenditure, so that addition was restored. Interest credited in the deceased partner's name was not taxable in the firm's hands. Case-Laws Income Tax Tue, 27 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61109