Dissolution of a firm cannot take place in which of the situation:

The question asks which situation does not lead to dissolution of a firm.

Dissolution of a Partnership Firm means the complete closure of the business and termination of all partnership relationships. This must be distinguished from Reconstitution of a Partnership Firm, where the firm continues with changed composition.

Analysis of each option:

Dissolution by Agreement - Partners can mutually agree to dissolve the firm at any time. This is a valid mode of dissolution as per the Partnership Act.

On the happening of certain contingencies - The firm dissolves automatically when:

• The fixed term expires (if partnership was for a specific period)
• The specific venture is completed (if formed for a particular project)
• A partner dies (unless partnership deed provides otherwise)
• A partner becomes insolvent

Dissolution by Court - Court can order dissolution on grounds like insanity of a partner, permanent incapacity, misconduct, persistent breach of agreement, or when the business can only be run at a loss.

Voluntary retirement by any one partner - When a partner retires voluntarily, the firm is reconstituted, not dissolved. The remaining partners continue the business. Only the outgoing partner's relationship with the firm ends, but the firm itself continues to exist.

Since voluntary retirement leads to reconstitution (where the firm continues) and not dissolution (where the firm ends completely), Option 4 is the situation where dissolution of a firm cannot take place.