COMMISSIONER OF INCOME TAX Vs. BHAGAT AND CO

JUDGEMENT

(1.) THE petitioner wants a direction to be issued to the Tribunal to state the case and refer the following questions of law to this Court :

(2.) THE assessment year in question is 1971 -72. The respondent was a partnership firm which was formed on November 26, 1963, but was dissolved on February 8, 1967. On November 1, 1967, the assets and liabilities of the firm were taken over by a private limited company.

(3.) AN appeal was filed to the AAC and, thereafter, the matter came up before the Tribunal. The Tribunal finally disposed of the question of assessment of both the receiver as well as the respondent. Vide order dated January 25, 1979, the Tribunal came to the conclusion that the aforesaid amount of Rs. 10,14,388 could not be assessed in the hands of the respondent firm for the year 1971 -72. Aggrieved by this, the petitioner filed an application under S. 256(1) which was dismissed and then the present application has been filed.