1997 (7) TMI 668

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....ing questions for the opinion of this Court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the incomes of the two periods could not be clubbed and that two separate assessments should be framed on the basis of the two returns of income filed by the assessee? 2. Whether, on the facts and in the circumstances of the ....

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....e that the assessee firm was constituted by partners, namely, Sarvasri Suraj Bhan, Jagdish Prasad, Hari Babu and Ram Prasad. Sri Suraj Bhan expired on 30th Nov., 1977 and then Smt. Rukmani Devi wife of the deceased and Sri Arun Kumar were admitted as new partners of the firm. The assessing authority was of the view that there was a change in constitution of the firm in the middle of the year and, ....

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..... Relying upon this authority we are of the view that the AAC rightly held that on the death of one of the partners the firm stood dissolved and his view was rightly upheld by the Tribunal. Questions no. 1 and 2 are, therefore, decided in the affirmative, i.e., in favour of the assessee and against the Revenue. 4. Coming to the third question, it would be appropriate to reproduce the finding....

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....d. As regards the firm that existed in the first period, the assessee has admittedly made no claim for deduction on account of depreciation and, therefore, I refuse to entertain its plea that the ITO should have on his own allowed full depreciation. It follows that no depreciation would be allowable to the firm that existed in the first period and full depreciation as claimed by the assessee, woul....