9911796707
TMI Blog1982 (12) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by four partners including one Smt. Laxmi Devi who died on 26th October, 1976. Thereafter, the remaining partners carried on the business of the firm in the same name and style. For the assessment year 1977-78 the assessee filed two separate returns, one for the period April 1, 1976, to October 26, 1976, and the other for the period October 27, 1976, to March 31, 1977, and claimed that two sep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 58, and held that, in the circumstances of the case, this was not a case of reconstitution of the firm but a case of dissolution and succession. As such, the assessments for the two periods, as claimed by the assessee, had to be made separately. It accordingly allowed the appeal filed by the assessee. At the instance of the Commissioner, the Appellate Tribunal has referred the following question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on governed by s. 188 of the I.T. Act even though some of the partners of the two firms are common. In this case, since the erstwhile firm stood dissolved on the death of one of the partners, the petitioner-firm which took over the same business could be assessed only in accordance with s. 188 and a single assessment for the whole year was not valid. The view taken in the above case of Dahi Laxmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present case and we have no hesitation in holding that the Income-tax Appellate Tribunal was right in holding that, in the Circumstances of the case, two separate assessments one for the period April 1, 1976, to October 26, 1976, and the other for the period October, 27, 1976, to March 31, 1977, had to be made and that it was justified in directing the ITO to make the assessments accordingly. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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