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TMI Blog1990 (8) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) of the Income-tax Act, 1961. According to the Department, the Tribunal ought to have raised the following two questions of law and referred them to us for determination: " (1) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the assessee-company's case is covered by the provisions of section 49(1)(iii)(a) of the Income-tax Act, 1961, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 13, 1947, between the partnership and the company. The Tribunal has found that, as a result of the agreement, the business carried on by the partnership was taken over as a going concern together with goodwill, plant, engine, machinery, spare parts, tools, utensils, stores, stock of raw material, stock-in-trade, stock of containers, carts, motorwagons, office furniture and all other assets, prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ip. The mere fact that the debts and liabilities of the partnership were not taken over by the assessee-company is not sufficient to disentitle the assessee-company from claiming the status of successor to the partnership when the entire business including its stock-in-trade, goodwill and the benefit of pending contracts was taken over by the assessee-company for the purpose of computing the capit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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