1979 (5) TMI 30

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....2030. As at time of hearing the learned counsel for the assessee has elected not to press the second ground in the grounds of appeal, the only ground which survives for our consideration is as under: "The learned AAC has erred in confirming the order of the ITO, disallowing the Share of loss of Rs. 5,665 arising from the work of M/s Dularam D. Thakur and failed to appreciate the facts of the ca....

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....endra Prasad Road, Bombay. In course of old firm coming to an end with the retirement of Shri Dhanji B. it was decided amongst the said four partners that the profit and loss pertaining to the pending work of the old firm and the net profit on the said plot of land when sold, after deducting incidental expenses, should be divided giving 40 per cent to Dhanji B, the retiring partner and the remaini....

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....ame could be claimed by the assessee and others in the status of AOP/URF by filing a separate return and not by the assessee in his individual capacity, and the said loss was disallowed. 2. In first appeal before the AAC, the AAC for reasons given by the ITO confirmed the action of the ITO as per para 4 of his orders. 3. The assessee is in appeal before us against the exclusion of loss in M/....

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....lot of land should also be deleted from the assessment of the assessee.  The learned departmental representative relied upon the orders of the lower authorities. After taking into consideration the rival contentions and appreciating the facts placed before us, we are of the opinion that the ITO under law could assess in respect of his share from AOP. without any assessment being framed on ....