1988 (8) TMI 86 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that on the death of partners in a firm, the old firm stands dissolved each time, requiring separate assessments for broken periods. The Tribunal's decision in favor of the assessee was upheld, as it was deemed a case of succession under section 188 of the Income-tax Act, 1961. The Revenue's reference was answered against them, with no costs awarded.