1981 (1) TMI 138

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..... de. 2. The assessee had filed two returns one for the period1st Nov., 1975to31st March, 1976and the other1st April, 1976to31st March, 1977. There were four partners in this firm, three of whom retired leaving Man Mohan Singh. In both the period Shri Man Mohan Singh was a common partner and the firm continued without interruption from1st Oct., 1975to31st March, 1977. The ITO observed that s. 187( .....

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..... unting is 12 months. That apart when three partners retired, the remaining one partner, Shri Man Mohan Singh could not constitute the firm, so the firm automatically came to an end. When he took into new partners, it became a new firm. Thus, there was no change in the constitution of the firm but successions. The Full Bench ruling of the Allahabad High Court in the case of Badri Narain Kashi Prasa .....

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