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H. N. SETH, SATISH CHANDRA
Additional Commissioner of Income Tax – Appellant
Versus
Mumtaz Silk Centre – Respondent
JUDGMENT
Satish Chandra, J. - This reference relates to the assessment year 1967-68.
2. The assessee-firm was constituted under a deed of partnership dated January 15, 1962, under the name of Messrs. Silk Centre, Varanasi. It consisted of two partners, Baqar Husain and Mumtaz Husain, who are brothers. The third minor brother, Jaffar Husain, was admitted to the benefits of that partnership. On July 1, 1966, Jaffar Husain attained majority. On July 3, 1966, the constitution of the firm was changed and a new partnership deed was drawn up. Under it the partnership consisted of five partners including the existing three. The reconstituted firm was in due course registered with the Registrar of Companies. For the assessment year 1967-68, the firm filed a return, showing its accounting period from 1st January to June 30, 1966, and that of the reconstituted firm from 1st July, 1966, to 30th June, 1967. It made an application that with effect from 1st July, 1966, the firm had been reconstituted and the reconstituted firm had decided to adopt the period from 1st July to 30th June as its previous year. The old firm had adopted the calendar year as its previous year. The Income Tax Officer allow
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