JUDGMENT

These appeals, by certificate granted under Section 261 of the Income Tax Act, 1961 (hereinafter referred to as the Act ), have been filed by the assessee against the judgment of the Madras High Court dated November 2, 1981. By the said judgment the High Court has answered the following question referred to it by the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal ) against the assessee and in favour of the Revenue :

"Whether on the facts and circumstances of the case the revision of assessment under Section 263 by the Commissioner for withdrawing the development rebate granted for assessment years 1962-63, 1963-64, 1967-68 and 1968-69 is proper and justified."

2. The assessee was a partnership firm having been constituted on September 1, 1960. It was running a steel rolling mill. Initially, there were four partners, namely, M/s. S.L. Nahata, M.S. Bedi, Biharilal and M.K. Raheja, in the assessee firm. Two of the partners, Biharilal and M.K. Raheja, subsequently retired from the partnership and the partnership was reconstituted with the remaining two partners continuing the same business. On March 3, 1968, Shri M.S. Bedi one of the two partners died.