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TMI Blog1979 (1) TMI 164X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 the assessee was a firm consisting of three partners, namely 1. Shri I.K. Bhat 2. Shri K. Jaya Prakash 3. Shri K. Vijayakumar It was claimed that this firm was dissolved w.e.f. 31st Aug.,1974 as per the deed of dissolution of the same date. It was further claimed that from 1st Sept., 1974 a new firm was formed comprising of the following partners: 1. Shri I.K. Bhat 2. Shri K. Vijayak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rected him to make a fresh assessment in the light of his order. The assessee has filed this appeal before us against the said order of the Commissioner of ITO. 3. We heard the counsel for the assessee and the learned Departmental Representative. We are of the opinion that the order of the CIT directing to make a single assessment for the entire period from 1st April, 1974 to 31st March, 1975 is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereto. It further recites that the son Shri K. Jaya Prakash had taken over the business of the firm carried on at West Tambaram, Madras with all its assets and liabilities. The result is that after the 31st Aug., 1974 the business of 'Bhat's Hotel' carried on at Ranganathan St. T. Nagar, Madras became the Proprietary business of Shri. I.K. Bhat. On 1st Sept., 74 Shri I.K. Bhat formed a partnershi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uling of the Jupiter Foundry and Machines (Knives) vs. CIT Amritsar(2). The facts in that case are different. Moreover the ruling in the Madras High Court cited above are on all fours with the facts of the instant case. For the fore-going reasons, we set aside order of the CIT and restore the order of the ITO accepting the assessee's claim for two separate assessments. - - TaxTMI - TMITax - In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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