LAWS(RAJ)-1985-1-3

SURANA AND COMPANY Vs. COMMISSIONER OF INCOME TAX

Decided On January 11, 1985
SURANA AND CO. Appellant
V/S
COMMISSIONER OF INCOME-TAX Respondents

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (hereinafter referred to as "the Tribunal", has referred the following question for our decision :

(2.) THE petitioner-assessee is a firm. Its accounting year for the assessment year 1969-70 ended on Diwali 1968 and the following persons were the partners of the firm on that date :

(3.) SECTION 42 of the Partnership Act deals with dissolution on the happening of certain contingencies. The relevant part of SECTION 42 of the Partnership Act is as follows :