1979 (1) TMI 164

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....t, 1961 for the asst. yr. 1975-76. 2. Upto and inclusive of the asst. yr. 1974-75 the assessee was a firm consisting of three partners, namely 1. Shri I.K. Bhat 2. Shri K. Jaya Prakash 3. Shri K. Vijayakumar It was claimed that this firm was dissolved w.e.f. 31st Aug.,1974 as per the deed of dissolution of the same date. It was further claimed that from 1st Sept., 1974 a new firm wa....

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....ing the objections of the assessee, the CIT set aside the assessment made by the ITO and directed him to make a fresh assessment in the light of his order. The assessee has filed this appeal before us against the said order of the Commissioner of ITO. 3. We heard the counsel for the assessee and the learned Departmental Representative. We are of the opinion that the order of the CIT directing t....

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....arried on at Ranganathan St. T. Nagar, Madras with all the assets and liabilities relating thereto. It further recites that the son Shri K. Jaya Prakash had taken over the business of the firm carried on at West Tambaram, Madras with all its assets and liabilities. The result is that after the 31st Aug., 1974 the business of 'Bhat's Hotel' carried on at Ranganathan St. T. Nagar, Madras became the ....