( 1 ) THE Income Tax Appellate Tribunal, New Delhi has referred the following question of law under Section 256 (1) of the Income Tax Act, 1961 (hereinafter referred to as the 1961 Act) for opinion to this Court:

(i) Whether, on the facts and in the circumstances of the case, the I. T. A. T. was legally correct to direct making of two assessments for the period 8. 10. 1981 to 31. 7. 1982 and 1. 8. 1982 to 26. 8. 1982 separately?

( 2 ) THE reference relates to the assessment year 1983-84. The respondent-assessee is a registered firm by the name of M/s. Sagar Mal Shambhoo Nath, Garh Road, Hapur, (hereinafter referred to as the firm ). It was constituted by the deed dated 29. 10. 1974 and originally had three partners namely Sri Raj Kripal (son of Smt. Brahma Devi), Smt. Brahma Devi (mother) and Sri Sunil kumar (son of Sri Raj Kripal ). It was claimed that the firm was dissolved by the deed dated 31. 7. 1982 and on 1. 8. 1982 a new partnership deed was drawn consisting of all the three partners of the earlier deed and one new partner Sri Sanjay Kumar who is also the son of Sri Raj Kripal. The profit sharing ratio of Sri Raj Kripal which was 45 % under the old deed was re