G. C. BHARUKA, J.

( 1 ) IN the present appeals, the assessee is an association of persons comprised of three members (in short the AOP-3 ). These appeals relate to the asst, yr. 1995-96. These members were the erstwhile partners of the dissolved firm which was carrying on business of manufacturing beedies under the firm name "m/s Mangalore Ganesha Beedi Works". The firm was comprised of 13 partners. It stood dissolved on 6th Dec. , 1987, by efflux of time. Thereafter, the business was carried on behalf of all the erstwhile partners as an AOP till the affairs of the firm was finally wound up. The assets of the firm were ultimately sold to the present assessee under the orders of this Court in a winding up proceedings on 20th Nov. , 1994. On and from 21st Nov. , 1994, the business of the erstwhile dissolved firm became that of the present assessee. Thus during previous year for the asst, yr. 1995-96, from 1st April, 1994 to 20th Nov. , 1994, the business was being carried for and on behalf of all the AOP comprised of erstwhile 13 partners (. e. , for 234 days ). But for the period 21st Nov. , 1994, to 31st March, 1995, the business was carried on by and on behalf of the purchasing A

Click Here to Read the rest of this document