COMMISSIONER OF INCOME-TAX versus SHERALLY MEHERALLY & SONS
Changes in the valuation of the firm in succession or succession There is no provision in the partnership process that the firm will not be dissolved upon the death of its partner. The new firm's partnership company, comprised of two partners, is formed through a fresh process of partnering between the old company's sole surviving partner. In order for the deceased partner's widow to dissolve the old company and react to the emergence of the new firm, two assessments will be made, one for the period before the dissolution of the firm and one term for the Indian Income Tax Act, 1961 After the dissolution of sections 187 and 188
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