1990 (5) TMI 18 - HC - Income Tax

Summary

The High Court of Allahabad ruled that there was a succession of one firm by another firm under section 188 of the Income-tax Act, 1961. The court also held that two separate assessments should be framed based on the two returns of income filed by the assessee. It was determined that the firm should be treated as a registered firm until the date of succession. The judgment favored the assessee over the Revenue department.