COMMISSIONER OF INCOME-TAX,WEST BENGAL vs A. W. FIGGIES & CO., AND OTHERS.

The Supreme Court ruled that under Section 25(4) of the Income-tax Act, 1922, a firm remains a distinct entity despite changes in its partnership constitution. The Court held that the original firm continued to exist through various changes in partners until its conversion into a limited company in 1947. Therefore, the firm was entitled to relief under Section 25(4) as it was not considered a new assessable unit due to the changes in personnel over the years.