(1.) THE Income-tax Appellate Tribunal, Delhi Bench "C", has referred the following questions of law to this court for opinion along with the statement of the case :
(2.) THE relevant facts are that on April 1, 1959, a partnership firm styled as Messrs. Kay Engineering Co., Kapurthala, was formed to carry on the business of manufacture and sale of electrical accessories at Kapurthala. This partnership consisted of four partners, namely, Anant Ram Khosla 1/3rd, Smt. Adarsh Bala Khanna, 1/6th, Shanti Swarup Khosla, 1/3rd and Manmohan Swarup Khosla, 1/6th. Anant Ram Khosla and Shanti Swarup Khosla are brothers, Smt. Adarsh Bala Khanna is the daughter of Anant Ram Khosla, while Manmohan Swarup Khosla is the son of Shanti Swarup Khosla. Manmohan Swarup Khosla retired from the said partnership firm on June 9, 1961, and the firm was dissolved by mutual consent of the partners by a deed of dissolution executed on that date. From the 10th of June, 1961, a new firm was constituted under the same name with the following partners :
(3.) THE assessee, Messrs. Kay Engineering Co., then filed six reference applications before the Tribunal which arose out of the consolidated order of the Tribunal and all those applications were decided by one order and the questions of law set out above in the beginning of this judgment have been referred to this court for opinion.