COMMISSIONER OF INCOME TAX Vs. JAIN BROS

JUDGEMENT

(1.) THE petitioner seeks a direction asking us to direct the Tribunal to state the case and refer the following two questions to us :

(2.) THE firm of Jain Bros., Jalgaon, originally consisted of five partners. From 1st Jan., 1985, three partners retired from the firm. THE remaining two partners constituted a new partnership. Two of the retiring partners took a third partner and formed a new partnership. Each of these firms and the remaining sole retiring partner took over some of the businesses of the old partnership. THE present assessees are the new firm in which two of the partners of the old firm continue to be partners of the new firm.