1982 (4) TMI 65

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..... dated April 2, 1965. One of its partners, namely, Sri Omprakash, died on August 8, 1971. The remaining partners, along with the wife of the deceased partner by a deed dated 12th August, 1971, dissolved the partnership and constituted a new firm with effect from 11th August, 1971. For the assessment year 1972-73, the assessee filed two returns, one for the period from April 1, 1971, to August 7, 1 .....

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..... AAC was challenged in appeal by the department. This appeal along with the appeal filed by the assessee against the order of the Commissioner passed under s. 263 of the Act were disposed of by the Tribunal by a common order. The Tribunal, following the Full Bench decision of this court in the case of Dahi Laxmi Dal Factory , v. ITO [1976] 103 ITR 517, allowed the appeal filed by the assessee and d .....

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..... f dissolution was drawn up, whereunder the old firm was dissolved by mutual consent of the remaining partners. Once the old firm was dissolved by the mutual consent of the surviving partners of the firm and a new partnership came into existence, the case squarely fell under s. 188 of the Act and not under s. 187(2). Apart from the decision in the case of Dahi Laxmi Dal Factory v. ITO 1976] 103 ITR .....

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