KANODIA BROTHERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following question has been referred to this Court by the Income-tax Appellate Tribunal:

(2.) THE facts given in the statement of the case show that Kanodia Bros. was a partnership firm consisting of four partners, Murlidhar Kano-dia, Manoharlal Kanodia, Jagmohan Lal Kanodia and Bhilai Ram, each having an equal share of four annas in the firm. This partnership had corne into existence in the year 1940. THE assessment year in respect of which this case has been referred to us is the year 1943-44 and the accounting year relating to that assessment year is from October 1941 to October 1942, corresponding to Asoj, Samvat 1898-99. Tho accounting year, therefore, ended on 4-10-1942.