1986 (4) TMI 108

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..... tired from the partnership. Clause 10 of this Deed (dt.10th June, 1977) described the partnership as one at will. A dissolution Deed was thereafter drawn up on2nd Nov., 1982. This provided that all the assets and liabilities of the dissolved firm were to be taken over by the remaining three partners. The Profits and Loss Account for the period1st April, 1982to30th Sept., 1982and balance-sheet as o .....

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..... i High Court in Addl. CIT vs. Bal Kishan Dass Hari Kisan Dass (1984) 42 CTR (Del) 185 : (1984) 149 ITR 202 (Del). Following this decision, he held that this was a case of succession on account of dissolution of the old firm and not merely a change in the constitution. He, therefore, directed the ITO to make two separate assessments for the two period noted above. The Department is in appeal. 4. .....

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