2006 (9) TMI 133

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.... insurance was not covered by the provisions of section 43B of the Act? 2. Whether, on the facts and circumstances of the case, the Tribunal was legally justified in confirming the Commissioner of Income-tax (Appeals)'s finding that the proviso to section 187(2) of the Act was applicable and there was a dissolution of the firm on the death of one of its partners on June 23, 1985, in spite of the fact that clause 10 of the partnership deed dated April 27, 1985, specifically provided that in the event of the death of any partner the firm would not be dissolved? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in coming to the conclusion that the partners of the firm decided to dissolve the fi....

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.... as per the proviso to section 187(2) of the Act and, therefore, he directed the Assessing Officer to frame two assessments for each of the accounting periods, referred to above. Being aggrieved with the order passed by the Commissioner of Income-tax (Appeals), the Revenue came up in appeal before the Tribunal and before whom it was submitted that in view of the specific condition of the old partnership deed, the partnership could not be deemed to have been dissolved on the death of the partner on June 23, 1985, and the business of the assessee-firm should be deemed to have been continued by surviving partners and, therefore, there should be only one assessment in the case. The Tribunal, however, rejected the aforesaid argument by taking sp....