Law: Income Tax Act, 1922

Section:

Income-tax-----Firm---Assessment---Death of partner- --Reconstitution of film---Whether two assessments to be made, one before reconstitution and another after reconstitution---Terms of the partnership deed not known---Matter remanded. One of the partners of the assessee-firm, died on September 17, 1973, and it was reconstituted with new partners. The question was whether one assessment or two assessments in the assessment year 1975-76 had to be made. Held, that it is settled law that on the death of a partner the firm stands dissolved unless there is a term in the partnership deed that the firm would not stand dissolved on the death of the partner. It could not be found from the orders of the authorities, whether any such term existed in the partnership deed. JUDGMENT This is an income-tax reference application in which the following question has been referred for our opinion: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that there was a reconstitution of the firm, two assessments had to be made, one for the period prior to the reconstitution of the firm and another for the post reconstitution period?" The facts of the case are that on September 17, 1973, one of the partner of the assessee-firm died and it is alleged that thereafter the firm was reconstituted…

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