Section 176(3A) applicable only when there is a discontinuance of business

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15. The Honourable Madras High Court in CIT Vs Western Agencies Madras Pvt. Ltd. (2008) 305 ITR 301 held that if a company lakes over the business of the firm by taking over assets and liabilities of the firm, then the company cannot be assessed in respect of the income of the period prior to dissolution of the firm. The Honourable Bombay High Court in Dhannaya Silk Mills -vs. CIT (1998) 234 ITR 682 (Bom.) held that in a case, an amount receiv

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