1994 (1) TMI 55 - HC - Income Tax

Summary

The High Court of Madras held that there was no dissolution of the assessee-firm based on a written agreement and subsequent conduct. The Tribunal's finding of dissolution was deemed incorrect as the continuing partners retained their rights and liabilities without disruption. Therefore, the assessments made by the Income-tax Officer for the entire period under section 187 were upheld. The first question was answered in the negative, and the second question was deemed academic. No costs were awarded.