9911796707
TMI Blog1990 (11) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee is a firm. It consisted of seven partners. The partnership was constituted under a deed of partnership dated February 14, 1971. One of the partners, D. K. Agarwal, died on September 25, 1971. Clause (ii) of the partnership deed provided that the death of a partner shall not result in the dissolution of partnership and that it shall continue notwithstanding the death. Accordingly, the firm con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the firm. Yet it held, following the decision of this court in CIT v. Shiv Shanker Lal Ram Nath [1977] 106 ITR 342 that, even in the case of reconstitution of a firm, there should be two assessments. Thereupon, the Revenue obtained this reference. The decision in Shiv Shanker Lal Ram Nath's case [1977] 106 ITR 342 (All), has been overruled by a Full Bench of five judges of this court in V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said decision is binding upon us. Even otherwise, we agree with the reasoning of the said Division Bench. The decision of the Supreme Court was rendered with reference to the language of sub-section (7) of section 184 which is materially different from the language of sub-section (2) of section 187. We, therefore, agree with the Bench decision in CIT v. Basant Behari Gopal Behari and Co.'s case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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