TMI Blog1943 (9) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted to the benefits of the partnership. The assessment of the firm which was for the year 1938- 39 was completed on the 4th of July 1938. The assessment of the assessee was completed on the 2nd of February 1939 and the assessment of Ashokbhai was also completed on the 2nd of February 1939. The previous year, as far as the assessment of the firm is concerned, was the calendar year 1937, and the previous year as far as the assessment of the assessee is concerned ended on the 3rd of November 1937. The assessee contended that inasmuch as Ashokbhai had attained majority before his assessment had been completed, it was not competent to the Income-tax Officer to include the share of the profits of Ashokbhai in his own assessment and that the sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm and the members thereof subject to the provisions of the Act, shall be made as if the firm had been con- stituted throughout the previous year at the time of making the assess- ment and each member had received a share of the profits of the year at the time of making the assessment. Now shortly Sir Jamshedji King's contention is this. Ashokbhai attained majority on the 24th of January 1939, and, therefore, there was a change in the constitution of the firm and that change had taken place at the time of making the assessment which was the 2nd of February 1939 with regard to the assessment both of the assessee and of Ashokbhai. In putting forward this argument Sir Jamshedji Kanga overlooks the important fact that the assessment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as conceded that under the amended statute he cannot avail him- self of the provisions of the amended Section 26, sub-section (1) Therefore as far as Reference No. 9 is concerned, all that we have got to con- sider is the true construction of sub-section (3) of Section 16; and, as I have already pointed out in dealing with Reference No. 8, there can be no question that, as far as Section 16, sub-section (3), is concerned, there levant period for computing the total income of any individual is the previous year, and it is not disputed that during the previous year for the purpose of the assessment of the assessee for 1939-40, namely, the year ending the 23rd of October 1938, Ashokbhai was still a minor, he having attained majority, as I have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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