1978 (12) TMI 63

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....two partners. During the accounting year relevant to the asst. yr. 1972-73, one of the partners retired from the firm. The inevitable consequence of the retirement of one of the partners was that there was an automatic dissolution of the firm. The appellant filed an application in form No. 11 claiming the benefit of registration for that relevant assessment year. But the ITO and the AAC disallowed....

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....ly on the retirement of one of the partners. A new firm came into existence on the first day of the accounting year relevant to the asst. yr. 1972-73. The appellant was well justified in filing only Form No.11. If that was so, the authorities were not justified in refusing to grant the benefit of registration to the new firm. It was admitted that form No. 11 filed was within the statutory period a....