9911796707
TMI Blog1981 (6) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... -alia, he directed the ITO to frame two separate assessments for the period from1st April, 1975to31st March, 1976. 2. The facts relating to the present appeal are briefly stated as follows : 3.The assessee is a partnership firm, namely M/s Sant Motor Stores,Ambala Road,Saharanpur. The asst. yr. is 1976-77. The previous year ended by31st March, 1976. From1st April, 1975to30th Sept., 1975, the fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an income of only Rs. 18,080 was shown. The assessee firm contended that the old firm discontinued its business and the new firm conducted the business from1st Oct., 1976. The new firm is quite different from the old and so two assessments must be made. The ITO granted registration both to the old firm and to the new firm during the asst. yr. 1976-77. However, the ITO felt that there was only a ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstituted firm from 1st Oct., 1975 to 31st March, 1976 following decision reported in 1975 CTR (All) 22: (1977) 106 ITR 342 (All), CIT vs. Shiv Shankar Lal Ram Nath. As against the said decision of the CIT (Appeals) the present appeal is preferred before this Tribunal and thus the matter stands for our consideration. Virtually, the same arguments which were advanced before the CIT (Appeals) were a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm becomes the income of reconstituted firm. The income of the old firm cannot be clubbed with the income of the reconstituted firm. Therefore, two different assessment orders have to be passed against the reconstituted firm one in respect of income derived by it after reconstitution". 4. As the decision of the CIT (Appeals) Meerut, is found to be in accordance with the law laid down by the Ful ..... X X X X Extracts X X X X X X X X Extracts X X X X
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