1. The Income-tax Appellate Tribunal at the instance of the Revenue, referred the following question under Section 256(1) of the Income-tax Act, 1961, for the opinion of this court ;

"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in directing that two assessments should be made, one for the period prior to change in the constitution of the firm and another for the period after the change in the constitution of the firm ?"

2. The facts as found by the Tribunal are that the previous year of the assessee a registered firm ended on October 24, 1974. On March 31, 1974, Smt. Naini Bai and Sri Ramanand retired from the firm and the firm was reconstituted by the remaining four partners who also admitted some minors to the benefits of the partnership. The assessee claimed before the Income-tax Officer that on retirement of Smt. Naini Bai and Sri Ramanand, the partnership was dissolved on March 31, 1974, and a new partnership came into existence from April 1, 1974, consisting of the remaining four partners and four minors, admitted to the benefits of the partnership. On that basis, the assessee claimed that two assessments, one for t