SEN , J. - (1.) THIS case relates to assessment year 1972-73 for which the relevant previous year was the year commencing on 1-7-1970 and ending on 30-6-1971.
(2.) INITIALLY, the assessee-firm was constituted by a Partnership Deed dated 13-9-1966 and consisted of six persons:- JUDGEMENT_54_4_1997Html1.htm The partnership had been granted registration under the Income-tax, Act. Clause 13 of that Partnership Deed provided that the death or retirement of any one of the partners shall not have the effect of dissolving the firm, but the firm may be continued by the surviving or remaining partners on such terms and conditions as may be agreed upon in writing between them. On 9-2-1970 Sudevan, one of the partners, died. Sudevan had executed a Will on 28/01/1970 by which his properties devolved upon his three adult sons. K. S. Krishnadas, K. S. Haridas and K. S. Bhagavandas.
(3.) ON 20/02/1970 a fresh Partnership Deed was executed. The Partners were:- JUDGEMENT_54_4_1997Html2.htm All these six partners had signed the Partnership Deed K. S. Krishnadas signed it twice, in his individual capacity and also in his representative capacity.;