TMI Blog2002 (12) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... firm and that only one single assessment was justified in view of the provisions of section 187(1), is correct in law?" - It is not disputed that the three partners were common. Both the minors who were admitted to the benefits of partnership were dropped and five new partners were taken into partnership in view of section 187(2)(a) this is a case of reconstitution of the firm and not of its disso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect in law in holding that the incomes of the two periods could not be clubbed? 2. Whether, on the facts and in the circumstances of the case, the Department's view that there was only a change in the constitution of the firm and that only one single assessment was justified in view of the provisions of section 187(1) of the Income-tax Act, 1961, is correct in law?" The assessee is a firm and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtners cease to be partners or one or more new partners are admitted, in such circumstances that one or more of the persons who were partners of the firm before the change continue as partner or partners after the change; or (b) where all the partners continue with a change in their respective shares or in the share of some of them: Provided that nothing contained in clause (a) shall apply to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
