1987 (6) TMI 10

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....ws: " (1) Whether, on the facts and in the circumstances of the case., the Appellate Tribunal was right in law in holding that the firm was, not dissolved on April 12, 1974 ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal had any material to hold that the capital gains was assessable in the hands of the applicant-firm and not in the hands of the individual partners ? " The petitioner-firm consisted of four partners. The firm was constituted as per deed dated January 14, 1970. It had constructed a building on the properties belonging to it in M. P. Road, Calicut, and was running M/s. Sri Hari Lodge there. One of the partners of M/s. Sri Hari Lodge sold his share in the assets of the firm on Ap....

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.... legal position, the Appellate Tribunal found that there was an effective transfer of the properties to the Bombay firm only after the execution of the release deed by the three partners on April 17, 1974, and that in this case, the plea of the assessee that there was a dissolution of the firm on April 12, 1974, is unacceptable. The firm can be taken to have been dissolved only on June 24, 1974. The petitioner (assessee) filed an application under section 255( 1) of the Income-tax Act before the Appellate Tribunal, praying that certain questions of law, arising out of the appellate order of the Tribunal, may be referred to this court. It was rejected by the Appellate Tribunal by order dated February 18, 1984. Thereafter, the assessee (petit....