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TMI Blog1981 (6) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... te assessments for the period from1st April, 1975to31st March, 1976. 2. The facts relating to the present appeal are briefly stated as follows : 3.The assessee is a partnership firm, namely M/s Sant Motor Stores,Ambala Road,Saharanpur. The asst. yr. is 1976-77. The previous year ended by31st March, 1976. From1st April, 1975to30th Sept., 1975, the firm consisted of three major partners and thre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee firm contended that the old firm discontinued its business and the new firm conducted the business from1st Oct., 1976. The new firm is quite different from the old and so two assessments must be made. The ITO granted registration both to the old firm and to the new firm during the asst. yr. 1976-77. However, the ITO felt that there was only a change in the constitution of the firm and fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch, 1976 following decision reported in 1975 CTR (All) 22: (1977) 106 ITR 342 (All), CIT vs. Shiv Shankar Lal Ram Nath. As against the said decision of the CIT (Appeals) the present appeal is preferred before this Tribunal and thus the matter stands for our consideration. Virtually, the same arguments which were advanced before the CIT (Appeals) were also advanced before us by both the parties. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm. The income of the old firm cannot be clubbed with the income of the reconstituted firm. Therefore, two different assessment orders have to be passed against the reconstituted firm one in respect of income derived by it after reconstitution". 4. As the decision of the CIT (Appeals) Meerut, is found to be in accordance with the law laid down by the Full Bench decision of the Allahabad High Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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