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TMI Blog2005 (11) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... orating fresh terms, including the change in the accounting period and the same came to be accepted by the Assessing Officer. On behalf of the Revenue, there is no evidence pointed out from the record that the new contract entered into between the parties, including the change in the accounting period, had any relevance with the old partnership - there is no infirmity in the decision of the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 14 partners, 5 partners retired, and a deed of retirement was duly executed. The remaining 9 partners executed a fresh partnership deed on August 27, 1980, along with 6 new partners, and continued the business. The partnership deed so executed on August 27,1980, specifically recorded as one of the terms that the accounting period of the partnership shall be the financial year, namely, commencing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the reports. He, therefore, directed the Assessing Officer to frame two assessments, one for the period from October 22, 1979 to August 26, 1980, and the second one from August 27, 1980 to March 31, 1981. The Revenue carried the matter in appeal before the Tribunal. Vide order dated October 15, 1986, the Tribunal upheld the order of the Commissioner (Appeals). Mr. M.R. Bhatt, learned senior st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -sheet drawn up on the said date; and there was a change in the accounting period. The Tribunal has emphasised on the aspect of the change in the accounting period having been accepted by the Assessing Officer, namely, from the samvat year to financial year. Nothing has been brought on record to dislodge the aforesaid findings of fact. It is apparent from the aforesaid findings that a new contra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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