Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 190 - HC - Income TaxAssessment of firm - reconstitution - Tribunal as well as the First Appellate Tribunal, have placed reliance upon judgment in the case of Commissioner of Income Tax, Lucknow vs. Shiv Shanker Lal Ram Nath; [1974 (10) TMI 12 - ALLAHABAD HIGH COURT] and Full Bench judgment in the case of Badri Narain Kashi Prasad vs. Additional Commissioner of Income Tax; [1978 (5) TMI 32 - ALLAHABAD HIGH COURT] Held that:- the decisions relied upon by the Tribunal are no longer good law in view of the subsequent judgment of a larger Bench of this Court in the case of Vishwanath Seth vs. CIT; [1983 (11) TMI 59 - ALLAHABAD HIGH COURT] - the order of the Tribunal cannot be allowed to stand. - It is in effect a case of re-constitution of the firm and as such, the assessment has to be made in respect of entire previous year, irrespective of the fact that the firm was re-constituted on 20.10.1977 - Decided in favor of revenue.
|