Section 189 of ITA, 1961 : Section 189: Firm Dissolved Or Business Discontinued
ITA, 1961
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Explanation using Example
Imagine a partnership firm 'XYZ Associates' that provides consulting services. In July 2021, the firm decides to dissolve due to internal disagreements among partners. Despite the dissolution, the Indian Income Tax Department still needs to assess the firm's income for the financial year 2020-2021. According to Section 189(1) of the Income-tax Act, 1961, the Assessing Officer will proceed to assess the firm's income as if the firm had not been dissolved.
During the assessment, if it is found that XYZ Associates had engaged in tax evasion or any fraudulent activity in th...
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