1999 (1) TMI 13

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..... ssessee under section 256(2) of the Income-tax Act, 1961, aggrieved by the action of the Tribunal in refusing to make a reference. The assessee was a partnership firm consisting originally of 18 partners. There was a change in the constitution of the firm, as six partners retired and in their place, six others were admitted. The business of the firm consisted of purchase and sale of dry fish on .....

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..... cted to tax 85,622 -------- 3,46,378 Add: Inadmissible expenditure 33,311 -------- .....

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..... f Rs. 85,622 pertained to the year previous to the assessment year 1980-81 and was available as reserve and, as such, the order of the Income-tax Officer clubbing that amount of Rs. 85,622 as the income for the assessment year 1980-81 stood set aside. As a necessary corollary, the levy of penalty on the above component also stands set aside. We have decided these points straightaway instead of dir .....

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