1987 (9) TMI 16

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..... n the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 25,930 was exigible to tax under section 4 of the Income-tax Act, 1961, in the hands of the assessee-firm for the assessment year 1974-75 ? " To appreciate the abovesaid question, the following few facts deserve notice : Messrs Frontier Eggs Store, Ambala Cantt., came into existence as result of a partnershi .....

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..... ? The assessee-firm being the incarnation of the old firm as a result of reconstitution with one of its old partners, Sh. Pera Ram, as a continuing partner, as held by the Full Bench of this court in Nandlal Sohanlal v. CIT [1977] 110 ITR 170, it is the assessee-firm in whose hands the amount is exigible to tax by virtue of section 187 of the Income-tax Act. In view of the above, the question .....

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