DURGAPRASAD RAJARAM ADATIYA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under Section 256(1) of the I.T. Act, 1961, made by the Income-tax Appellate Tribunal referring for our answer the following questions of law:

(2.) WHETHER, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that there was a change in the constitution of the firm during the two previous years relevant to the assessment years 1967-68 and 1968-69, respectively ?

(3.) IT was then contended by the learned counsel that even assuming that Prakashchandra elected to become a partner during the accounting year relevant to the assessment year 1967-68, that would not make any change in the constitution of the firm or as to the shares specified in the deed of partnership and that the shares in the profits and losses of the respective partners will have to be worked out in accordance with Section 30(7)(b) read with Section 13(b) of the Partnership Act.