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PETITIONER: COMMISSIONER OF INCOME-TAX,WEST BENGAL
Vs.
RESPONDENT: A. W. FIGGIES & CO., AND OTHERS.
DATE OF JUDGMENT: 24/09/1953
BENCH: MAHAJAN, MEHR CHAND BENCH: MAHAJAN, MEHR CHAND DAS, SUDHI RANJAN BHAGWATI, NATWARLAL H.
CITATION: 1953 AIR 455 1954 SCR 171 CITATOR INFO : RF 1956 SC 354 (15) RF 1967 SC 617 (40,41) D 1974 SC1026 (15) R 1979 SC 379 (5) RF 1982 SC1085 (9) F 1985 SC1143 (4,8) RF 1986 SC 376 (22)
ACT: Income-tax Act (XI of 1922), s. 25(4)-Firm paying tax in 1918 -Conversion to limited company in 1947-Right to relief under s. 25(4)-Change in personnel of firm in 1939 and 1947, effect of.
HEADNOTE: For purposes of assessment to income-tax, a firm is a different entity distinct from its partners, and a mere change in the constitution of the firm does not bring into existence a new assessable unit or a distinct assessable entity. (1) 67 I.A. 464,481. 172 A firm consisting of three partners, A, B and C, carried on the business of tea brokers and paid income-tax under the Income-tax Act of 1918. There were several changes in the personnel of the partners and in 1939 the firm consisted of C, D and E. C retired and in 1945 a new partnership deed was written up between D, E and F and they carried on the business. In 1947 the partnership was converted into a li...