Per Shri M.K. Chaturvedi, Judicial Member - These three appeals by the assessee are directed against the order of the CIT (Appeals)-II, Bombay and relate to the assessment years 1977-78, 1978-79 and 1979-80. For the sake of convenience, these are consolidated together and disposed of by a common order.

2. The assessee is a partnership firm comprising of two partners, viz., Shri R.K. Mody and Miss M.K. Mody having equal shares (hereinafter called the "new firm").

3. Shri R.K. Mody and Miss M.K. Mody earlier constituted a partnership with Mrs. Ellen K.K. Mody (hereinafter this is to be referred as "old firm"). Mrs. Ellen died on 12-1-1974. The duration of the partnership was "at will". On the demise of Mrs. Ellen K.K. Mody, the firm was said to have been dissolved. The fresh deed of partnership was executed on 18-1-1974. It was mentioned in the said deed that the earlier firm was dissolved on 12-1-1974.

4. The business of the old firm was exhibition of cinema pictures at Bombay and Calcutta. The firm was owning theatre at Bombay by the name ‘New Empire’ and in Calcutta, one by the name ‘Elite’ and another by the name ‘Minerva’. The new firm continued the same business.

5. Consequent