DHANJI LALJI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) FOUR questions have been referred to this Court by this reference under S. 66(2) of the Indian IT Act, 1922, at the instance of the assessees, who are M/s Dhanji Lalji, Kolhapur, and Shri Dhanji Lalji, individual. The two questions concerning the assessment of the firm, M/s Dhanji Lalji, are as follows :

(2.) IN the individual assessment of Shri Dhanji Lalji the following questions have been referred :

(3.) ADMITTEDLY , Shri Dhanji Lalji was carrying on wholesale business in grains and jaggery and also in commission agency as its sole proprietor up to S.Y. 2014, which was the accounting year relevant to the asst. year 1959 60. From the beginning of S.Y. 2015 relevant to the asst. year 1960 61, he claimed that the business had been converted into a partnership concern with four partners having shares as under :