1986 (4) TMI 108

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....ar Mittal, Madhu Mittal and Kusum Mittal. On1st Oct., 1982, Vinay Kumar Mittal retired from the partnership. Clause 10 of this Deed (dt.10th June, 1977) described the partnership as one at will. A dissolution Deed was thereafter drawn up on2nd Nov., 1982. This provided that all the assets and liabilities of the dissolved firm were to be taken over by the remaining three partners. The Profits and L....

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....n., 1983. The assessee appealed. 3. The AAC referred to the decision of the Delhi High Court in Addl. CIT vs. Bal Kishan Dass Hari Kisan Dass (1984) 42 CTR (Del) 185 : (1984) 149 ITR 202 (Del). Following this decision, he held that this was a case of succession on account of dissolution of the old firm and not merely a change in the constitution. He, therefore, directed the ITO to make two sepa....