JUDGMENT

B. P. JEEVAN REDDY, J.:—These appeals are preferred against the judgment of the Bombay High Court in Income-tax Reference No. 44/68. The question referred under S. 66(1) of the Indian Income-tax Act, 1922 and S. 21 of the Excess Profits Tax Act, 1948 for the opinion of the High Court reads thus :

"Whether, on the facts and in the circumstances of the case, the Income-tax assessments for the years 1946-47 and 1947-48 and excess profits tax assessments for the chargeable accounting period ending 4-11-1945 and 31-3-1946 made on M/s. Nagarmal Baijnath, a firm which was dissolved and whose business was discontinued at the time of the assessments were validly made?"

2. The appellant-assessee, M/s. Nagarmal Baijnath was a firm which did business during the accounting years relevant to assessment years 1946-47 and 1947-48, the previous years being the years ending November 4, 1945 and March 31, 1946 respectively. By a deed of dissolution dated December 2, 1946, the firm was dissolved and its business discontinued.

3. Notice under Section 22(2) of the Act relating to the assessment year 1946-47 was issued in the name of the partnership firm and served on one Satyanarayan who accepted