Section 187 of ITA, 1961 : Section 187: Change In Constitution Of A Firm
ITA, 1961
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Explanation using Example
Imagine a firm named XYZ Associates, which is a partnership firm consisting of three partners: A, B, and C. During the financial year, partner B decides to retire, and D is admitted as a new partner. Now, the firm's constitution has changed because one partner (B) has ceased to be a partner and a new partner (D) has been admitted, while the other partners (A and C) continue.
When the Income Tax Officer conducts the ...
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