1996 (4) TMI 90

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..... ther, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the firm stood dissolved on September 30, 1974, when one of the two partners of the firm retired and that there were two distinct and separate firms in the accounting period relevant to the assessment year 1976-77 requiring two separate assessments for the period from July 1, 1974, to September 30, .....

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..... for the period from October 1, 1974, to June 30, 1975, and claimed that there should be two separate assessments. However, the Income-tax Officer held that there was no dissolution of the firm but only reconstitution. Hence, he made only one assessment clubbing the income for both the periods. In appeal, the Appellate Assistant Commissioner confirmed the Income-tax Officer's order but, in further .....

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