- (1.) THIS is a reference under S. 256(1) of the IT Act in which the following question of law has been referred for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that two separate assessments should be made for the two periods?"
(2.) ONE of the partners of the firm Sri Ramesh Chandra Garg died on 27th Feb., 1980. There was nothing in the partnership deed to the effect that the partnership will continue even after the death of a partner. Hence, in view of S. 42 of the Partnership Act the firm stood dissolved and there have to be two assessments vide CIT vs. Empire Estate (1996) 132 CTR (SC) 221 : (l996) 218 ITR 355 (SC). We, therefore, answer the question referred to us in the affirmative i.e., in favour of the assessee and against the Department.;