Law: Income Tax Act, 1922

Section:

Income-tax---Firm---Registration---Continuation of registration --One of the partners retiring in the accounting year---Continuation of registration can be granted for part of the accounting year till date of retirement of partner. For the assessment year 1977-78. the accounting year of the assessee-firm was October 9, 1975, to October 6, 1976. On June 24, 1976, one of the partners retired. Two separate returns were filed, one from October 9, 1975, to June 24, 1976, and the second from June 25, 1976, to October 6, 1976. The assessee filed an application in Form No. 12 for continuation of registration from October 9, 1975 to June 24, 1976: Held, that the Tribunal was right in law in directing the Income-tax Officer to allow continuation of registration to the assessee-firm from October 9, 1975 to June 24, 1976. Wazid Ali Abid Ali v. CIT (1988) 169 ITR 761 (SC) fol. Addl. C.I.T. v. Abdul Kareem & Co. (1979) 117 ITR 233 (Mad); C.I.T. v. Chandigarh Bottling Co. (1986) 160 1TR 780 (P & H); C.I.T. v. Sant Lal Arvind Kumar (1982) 136 ITR 379 (Delhi); C.I.T. v. Shiv Shankar Lal Ram Nath (1977) 106 ITR 342 (All.); Nandlal Sohanlal v. C.I.T. (1977) 110 ITR 170 (P & H); Nawab & Bros. v. C.I.T. (1980) 124 ITR 307 (MP) and Vishwanath Seth v. C.I.T. (1984) 146 ITR 249 (All.) ref. JUDGMENT GOKAL CHAND MITAL, J.--Gobind Ram Vishan Dass, the assessee, was a partnership firm and was granted registration for the year prior to the assessment year 1977-78, the accounting year being from Dussehra to Dussehra. For the assessment year 1977-78, the accounting year was October 9, 1975, to October 6, 1976. On June 24, 1976, Vasdev, one partner retired. Two separate returns were filed, one from October 9, 1975, to June 24, 1976, and the second from June 25, 1976, to October 6, 1976. The assessee filed an application in Form No.12 for continuation of registration from October 9, 1975, to June 24, 1976. The assessee's case before the Income-tax Officer and the Appellate Assistant Commissioner was that on the retirement of Vasdev, there was a dissolution of the partnership and during the accounting year there were two firms and thus two returns were filed. The stand of the…

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