COMMISSIONER OF INCOME TAX Vs. KESARIMAL HIRACHAND

JUDGEMENT

(1.) AT the instance of the Commissioner of Income-tax for the assessment year 1960-61, and the assessee-firm for the assessment year 1961-62, the following two questions of law have been referred to this court by the Income-tax Appellate Tribunal under Section 66(1) of the Income-tax Act of 1922.

(2.) FOR the assessment year 1960-61:

(3.) THE firm was further reconstituted on one of the partners, Maniklal, leaving the firm on November 1, 1959. THE reconstitution of the firm was evidenced by the instrument of partnership dated December 10, 1959, with effect from November I, 1959. This reconstituted firm consisted of five members. Two minors, Champalal and Baboothmal, were admitted to the benefits of the partnership.