1988 (5) TMI 19 - HC - Income Tax

Summary

The High Court held that there was no dissolution of the firm due to a contract in the partnership deed, and it was a mere change in the constitution of the firm. Therefore, only one assessment was required for the entire period. The Tribunal was not justified in directing separate assessments for broken periods in the assessment years 1976-77 and 1977-78. The reference was answered in favor of the Revenue.