1999 (3) TMI 31

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.... the Income-tax Act, 1961, arise out of a common order passed by the Incometax Appellate Tribunal, Cochin Bench, in I. T. A. No. 507/Coch of 1992 filed by the assessee and I. T. A. No. 538/Coch of 1992 at the instance of the Revenue. The relevant assessment year is 1981-82. The questions of law sought to be referred are : "1. Whether, on the facts and in the circumstances of the case, the Appella....

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....ssioner of Income-tax (Appeals) holding that the enhancement in the Value of closing stock would be only to the extent of 2/3rds share as relating to the other two partners, and in sustaining the addition made by the assessing authority ?" It is contended by the assessee that when its proprietary business was converted into partnership business, there is no dissolution of the business and, theref....