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of <h1>Partnership succession requires separate tax assessments for predecessor and successor firms under Clause 328</h1> The Income Tax Bill 2025's Clause 328 addresses taxation when one partnership firm succeeds another, requiring separate assessments for predecessor and successor firms. The provision excludes cases covered by Section 327 and references Section 313 for procedural requirements. This mirrors Section 188 of the Income-tax Act 1961, maintaining the same core principle of bifurcated tax liability based on respective operational periods. The clause ensures income earned before succession is taxed to the predecessor firm, while post-succession income is assessed to the successor firm, preventing revenue leakage and providing clarity during business transitions.
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