1987 (7) TMI 37 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that the Tribunal was not justified in directing two separate assessments for a firm's pre-change and post-change periods. The Tribunal's decision was based on a case of change in the firm's constitution, not succession. Therefore, the income for both periods should have been combined for one assessment under section 187 of the Income-tax Act, 1961. The reference was answered in favor of the Revenue, with no costs.