1982 (12) TMI 40

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..../s. Gupta Stores, Katra, Allahabad, is a registered firm. Originally it was constituted by four partners including one Smt. Laxmi Devi who died on 26th October, 1976. Thereafter, the remaining partners carried on the business of the firm in the same name and style. For the assessment year 1977-78 the assessee filed two separate returns, one for the period April 1, 1976, to October 26, 1976, and th....

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....3 ITR 517 and in the case of Badri Narain Kaski Prasad v. Addl. CIT [1978] 115 ITR 858, and held that, in the circumstances of the case, this was not a case of reconstitution of the firm but a case of dissolution and succession. As such, the assessments for the two periods, as claimed by the assessee, had to be made separately. It accordingly allowed the appeal filed by the assessee. At the ins....

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....at where a firm is dissolved and another firm takes over, it will be a case of succession governed by s. 188 of the I.T. Act even though some of the partners of the two firms are common. In this case, since the erstwhile firm stood dissolved on the death of one of the partners, the petitioner-firm which took over the same business could be assessed only in accordance with s. 188 and a single asses....

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....i Factory v. ITO [1976] 103 ITR 517 (All) [FB], is fully applicable to the facts of the present case and we have no hesitation in holding that the Income-tax Appellate Tribunal was right in holding that, in the Circumstances of the case, two separate assessments one for the period April 1, 1976, to October 26, 1976, and the other for the period October, 27, 1976, to March 31, 1977, had to be made ....