TaxTMI 
TaxTMI 
1999 (9) TMI 23
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....he Income-tax Act, 1961, at the instance of the Commissioner of Income-tax has referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that two separate assessments should be made against the reconstituted firm, one in respect of the income derived by it before reconstitution and the o....
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....Kohli died. His wife is said to have refused to join the partnership firm. The business of the firm continued as before but on March 7, 1975, a dissolution deed was executed purporting to be with retrospective effect from the date of Kuldeep Kohli's death and by the same deed the remaining five partners constituted the firm and continued the business as before. The assessee-firm filed two returns ....
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....rtnership having continued till that date. It is stated in clause (1) that the partnership hereto before subsisting between the parties is dissolved and shall always be deemed to have been dissolved on November 19, 1974. It also states in clause (2) that the business of the partners hereto before subsisting between the parties shall henceforth belong to the remaining partners as continuing partner....