Judgment

KAPUR, J. : These are three appeals pursuant to a certificate under S. 66A(2) of the Indian Income-tax Act (hereinafter called the Act ) against the judgment and order of the High Court of Bombay in Income-tax Reference No. 36 of 1957.

2. The appeals though directed against the same order are three in number because each partner of the firm has brought a separate appeal. The firm was carrying on the business of wine merchants at Bombay and came into existence prior to April 1, 1939. The firm had been assessed to income-tax under the provisions of the Income-tax Act of 1918. The firm which was registered under the provisions of the Income-tax Act of 1922 (hereinafter termed the Act) was dissolved on March 24, 1945, and from the day following that, i.e., March 25, 1945, a private limited company i.e., S. S. Miranda & Co. Ltd. succeeded to the business of the firm. A claim made under S. 25(4) of the Act to the effect that no tax was payable on the profits of the registered firm for the period between April 1, 1944 to March 24, 1945, was allowed. In respect of the chargeable accounting period April 1, 1944 to March 24, 1945, the registered firm was taxed to Excess Profits Tax u