Law:

Section:

Section 188, read with section 256, of the Income-tax Act, 1961 - Firm - Succession of one firm by another - Whether question as to whether in given facts and circumstances there should be two assessments in case of assessee, ought to be referred under section 256(2) - Held, yes Section 263, read with section 256, of the Income-tax Act, 1961 - Revision of orders prejudicial to interest of Revenue - Whether question as to whether in given facts and circumstances Tribunal was in law justified in not sustaining order of CIT passed under section 263, ought to be referred under section 256(2) - Held, yes Note : The decision was in favour of revenue. JUDGMENT No one appears for the respondent. Heard learned counsel for the Revenue. In our…

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