9911796707
TMI Blog2013 (4) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Reference has been made by the Income Tax Appellate Tribunal, Delhi Bench 'B', New Delhi on the direction dated 4.9.1986 passed by this Court. The Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court: - "Whether on the facts and in the circumstances of the case, the Tribunal was legally justified in directing that the income was assessabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne of each year. The earlier partnership firm closed it's accounts on 20.10.1977. The re-constituted firm adopted it's accounting period from 21.10.1977 to 30.6.1978. Income tax return was filed by the firm accordingly. The Assessing Officer assessed the income for the full year relevant to the assessment years 1979-80 and 1980-81. The matter was carried in appeal before the Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the decisions relied upon by the Tribunal are no longer good law in view of the subsequent judgment of a larger Bench of this Court in the case of Vishwanath Seth vs. CIT; (1984) 146 ITR 249. In view of the above discussions, we find that the order of the Tribunal cannot be allowed to stand. It is in effect a case of re-constitution of the firm and as such, the assessment has to be made in r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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