Law: Income Tax Act, 1961

Section: 188

(a) Income-tax----Firm---Assessment---Death of partner---Succession of one firm by another---Two assessments to be made: Held. that the Tribunal was correct in law in holding that, after the death of one of the partners of the assessee-firm on September 4, 1973, there was a succession of one firm by another firm under section 188 of the Income Tax Act, 1961; and, that, therefore, two assessments should be framed, one on each firm. (b) Income-tax--- ----Firm---Registration---Succession of one firm by another---Firm entitled to registration up to date of succession. The Tribunal was correct in law in holding that the assessee was entitled to registration for the period of October 17, 1972 to September 4, 1973, i.e. up to the, date of succession. JUDGMENT The following four questions were referred to this Court in pursuance of a direction of this Court under section 256(2): "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that, after the death of one of the partners of the assessee-firm on September 4, 1973, there was a succession of one firm by another firm under section 188 of the Income Tax Act, 1961 ? (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that two separate assessments should be framed on the basis of the two returns of income filed by the assessees? (3) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in not accenting the Department's view that it was a case of…

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