PRINCIPAL COMMISSIONER OF INCOME TAX Vs. ELECTROPLAST ENGINEERS

JUDGEMENT

(1.) This appeal is filed by the Revenue to challenge the Judgment of Income Tax Appellate Tribunal ( ITAT for short). Following question was presented for our consideration:

(2.) Brief facts are as under.

(3.) The counsel for the appellant submitted that decision of this Court in the case of Commissioner of IncomeTax v. A. N. Naik Associates and Another [2004] 265 ITR 346 (Bom) would be applicable in the present case. The Tribunal has committed an error in proceeding on the basis that Section 45(4) of the Act would apply only in a case where there has been dissolution of the firm.