2013 (4) TMI 190

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....i   JUDGMENT The present Income Tax Reference has been made by the Income Tax Appellate Tribunal, Delhi Bench 'B', New Delhi on the direction dated 4.9.1986 passed by this Court. The Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court: - "Whether on the facts and in the circumstances of the case, the Tribunal was legally justified....

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....ted firm shall close it's accounts on 30th June of each year. The earlier partnership firm closed it's accounts on 20.10.1977. The re-constituted firm adopted it's accounting period from 21.10.1977 to 30.6.1978. Income tax return was filed by the firm accordingly. The Assessing Officer assessed the income for the full year relevant to the assessment years 1979-80 and 1980-81. The matter was carrie....