1982 (4) TMI 65 - HC - Income Tax

Summary

The High Court of Allahabad held that the dissolution of a partnership and formation of a new firm constituted a case of succession under section 188 of the Income-tax Act, 1961. The court upheld the Tribunal's decision to make two separate assessments for the old and new firms. The appeal was decided in favor of the assessee, with costs assessed at Rs. 250.