1988 (12) TMI 21

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....f the Revenue. There is no proof of service of the reference on the assessee. However, in response to an intimation given by the office of this court, the assessee has stated that it would be unable to remain present at the hearing and has requested that the reference be decided on merits. The questions that are posed read thus : " 1. Whether, on the facts and in the circumstances of the cas....

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....rs. The terms and conditions of the partnership were governed by a deed dated January 7, 1971. Clause 4 of the deed read thus : "Shri Vijaykumar, the party of the first part, shall have the exclusive right to terminate the partnership as against any one or all of the rest of the partners without assigning any reason for the same. In case of any such action taken by the party of the first part, ....

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....1, 1970, and March 31, 1971. The Additional Commissioner of Income-tax overturned the Income-tax Officer's order in exercise of his jurisdiction under section 263 and directed that a single assessment be made on the income earned during the previous year ended March 31, 1971. He did so on the basis that one partner had retired from the firm and that there was merely a change in its constitution. I....