1994 (1) TMI 55

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... follows : "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding and had valid materials to hold that the assessee-firm was factually dissolved on December 6, 1973, and, therefore, two separate assessments have to be made under section 188-one for the period from April 1, 1973, to December 6, 1973, and the other for the period from December .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n December 6, 1973, and certain amounts were paid to the retiring partner. On these facts, the Appellate Tribunal drew an inference that by conduct, the partners have dissolved the firm even though by agreement only one partner had retired. On that finding of fact, the Tribunal applied section 188 and accepted the claim of the assessee for making two assessments, one for the period up to December .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ritten agreement and the subsequent conduct of the parties does not contradict the written agreement, the finding of the Tribunal that there was in fact a dissolution is vitiated, because, there is nothing to show that there was a determination of the rights and liabilities of the continuing partners. On the other hand, there are several clauses in the agreement which indicate that the continuing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X