1996 (4) TMI 90 - HC - Income Tax

Summary

The High Court of Allahabad ruled that the firm was not dissolved but reconstituted when one partner retired. The Tribunal's decision was overturned in favor of the Department based on the precedent set in CIT v. Jagjiwan Patel Co. The Supreme Court's decision in Erach F. D. Mehta v. Minoo F. D. Mehta was distinguished as it pertained to the Partnership Act, not the Income-tax Act.