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G.SANTHANAM, T.V.RAJAGOPALA RAO
Sree Balaji Estates – Appellant
Versus
Income-tax Officer – Respondent
Per Shri T. V. Rajagopala Rao, Judicial Member - This is an assessee’s appeal directed against the orders dated 18-12-1987 passed by the Commissioner of Income-tax, AP-III, Hyderabad under section 263 and it relates to assessment year 1985-86.
2. The assessee is a registered firm of 20 partners. The assessment year involved is 1985-86 for which the previous year is the calendar year 1984. The original governing partnership deed appears to be dated 6-1-1983. Clause 15 of the said partnership deed envisages that in case of the death of any one of the partners the legal representative of the deceased partner shall be admitted as a partner in his place. One Shri N. Venkatareddy who is admittedly a partner to the partnership deed dated 6-1-1983 happened to die on 22-2-1984 and in his place his eldest son Shri Sanjeevareddy was admitted as a partner. The assessee-firm filed two returns of income-one for the period from 1-1-1984 to 22-2-1984 under which it had admitted of income of Rs. 35,000, whereas under the return covering the period from 23-2-1984 to 31-12-1984, it had a returned income of Rs. 84,007. The Income-tax Officer completed two assessments separately for the two periods
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