1996 (7) TMI 9

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....ibunal 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 reconstitution on May 28, 1976, should also be ta....

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....ductions 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 partner and the surviving partners did not c....