1996 (7) TMI 9

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-At the instance of the Revenue, the Tribunal referred the following question for the opinion of this court, under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as the "Act" : "Whether, on the facts and in the circumstances of the case, while computing the profits under section 41(2) for the assessment year 1978-79 the depreciation allowed to the firm prior to the reconsti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....firm could be taken into account and not deductions granted to the dissolved firm. On further appeal also, the Tribunal confirmed the order of the Appellate Assistant Commissioner. After the death of a partner, the firm would get dissolved, unless there is a contract to the contrary. In CIT v. Empire Estate [1996] 218 ITR 355, the Supreme Court held that the firm was dissolved on the death of a....