TMI Blog1951 (1) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... on any business, profession or vocation on which tax was at any time charged under the provisions of the Indian Income-tax Act, 1918, is succeeded in such capacity by another person, the change not being merely a change in the constitution of a partnership, no tax shall be payable by the first mentioned person in respect of the income, profits and gains of the period between the end of the previous year and the date of such succession, and such person may further claim that the income, profits and gains of the previous year shall be deemed to have been the income, profits and gains of the said period. Where any such claim is made, an assessment shall be made on the basis of the income, profits and gains of the said period, and, if an amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) L. H. Gilbert On the 15th April, 1939, a partnership deed was made between Notley.Squire and Hilman which provided that the partnership would be for a fixed term of five years commencing from 1st April, 1939, unless it was previously determined under the provisions contained in the partnership deed. The deed further provided that the retirement of any partner during the continuance of the partnership would not determine the partnership as between the remaining partners. It is not disputed that after the expiry of the term, the partnership continued to carry on business as before. The law is that where a partnership constituted for a fixed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p was nothing but an association of persons and the partners of 1939 were the same as the partners of 1947 when the firm was succeeded by the company. He also drew the Tribunal's attention to the definition of person as given in the Income-tax Act as also in the General Clauses Act. The Tribunal held that reading Section 25 as a whole the relief contemplated in that section should be given to the assessee. It was never disputed that the business of the firm continued as tea brokers right from its inception till the time it was succeeded by the limited company, and the case was decided on the footing that it was the same firm all throughout though there was change in the personnel from time to time. It was never contended at any stage ..... X X X X Extracts X X X X X X X X Extracts X X X X
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