1986 (9) TMI 30

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....er section 256(1) of the Incometax Act, 1961 (hereinafter called as " the Act "), has been made at the instance of the Revenue to answer the following questions of law, viz. : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was Tight in law in holding that there were two separate firms, one from the beginning of the previous year up to July 25,....

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....ted consisting of Nemichand, Amarchand and Smt. Pushpa Devi. A minor, Rajesh Kumar, was also admitted to the benefits of the partnership. The assessee-firm filed two separate returns relating to the two different periods pertaining to the old and the new firm. The Income-tax Officer framed a single assessment for the entire period. The Appellate Assistant Commissioner rejected the assessee's, appe....