Sabyasachi Mukhakji, J. - (1.) The petitioner is a firm of solicitors. This firm is registered under the Indian Partnership Act. According to the petitioner the petitioner-firm had been continuously carrying on profession as solicitors constituted as a partnership firm for a period of 4/5 years and even for lesser periods at a time. Usually, according to the petitioner, at the end of each period if some of the partners retired, new partners were taken in the place of the retired partners and also in case of death of any one of them. During the period 1st January, 1956, to 3Ist January, 1960, the petitioner-firm consisted of one David Platt (since deceased), Adwaita Nath Sil (since deceased), Heramba Nath Bhattacharjee (since deceased), Framjee Cursetjee Hierjeebhoy Rustomjee, Sudhir Kumar De Mullick and Basil Gill (since deceased). From 1st January, 1956, till 31st December, 1960, the petitioner-firm was constituted and/or evidenced by a partnership deed and was registered as a partnership firm under the Income-tax Act, 1922. On the expiry of the said period the said Basil Gill (since deceased) retired from the said partnership. The petitioner-firm during the period from 1st January, 1961, till 31st January, 1963, consisted of five partners mentioned above as well as one Subodh Kumar Mullick and Dina Nath Mullick. The said partnership firm was evidenced by a deed of partnership executed by the said partners on the 17th July, 1961. It would be necessary to set out certain relevant portions of the said partnership deed. Clause 3 of the said deed provides as follows : "The partnership commenced on the 1st day of January one thousand nine hundred and sixty-one and shall continue for a period of three years subject to the provisions hereinafter contained provided that if the business shall continue to be carried on after the expiration of the said period, without any break, either by the parties hereto or by some one or more of them the partnership shall not be deemed to have been dissolved at the expiration of the said period. "
(2.) Clause 4 is very material and is to the following effect: "The death or retirement of any partner shall not dissolve the partnership as to the other partners. "
(3.) Clause 8 stipulated: " The furniture, fans, fittings and fixtures, office equipment and motor cars (hereinafter called ' the movables') belonging to the firm on the 1st day of January one thousand nine hundred and sixty-one shall be taken to be of the value of Rs. 40,000 (rupees forty thousand) (increased by the cost of any movables bought and by the net cost of any movables sold by the previous partnership between the first day of January one thousand nine hundred and fifty-six and the thirty-first day of December one thousand nine hundred and sixty inclusive and reduced by seven and a half per cent. per annum as on the thirty-first day of December of each year of the previous partnership) and the parties hereto shall be entitled thereto as at the commencement of the partnership in the percentage shares specified in the second column of the table contained in Clause 12 hereof. The said sum of Rs. 40,000 (rupees forty thousand) increased and reduced as aforesaid shall be credited to a movables capital account in the books of the firm and the cost of any new or additional movables bought after the thirty-first day of December one thousand nine hundred and sixty and the net sale proceeds of any movables sold after that date shall be credited to such account. The amount (other than cash) at credit of such account on the thirty-first day of December in each year shall be reduced by a sum equivalent to seven and a half per cent. per annum thereof by way of depreciation. On the retirement or death of a partner the amount at credit of such account on the thirty-first day of December preceding the date of his retirement or death (if he retires or dies on or before the thirtieth day of June in any year) or on the thirty-first day of December of the year of his retirement or death (if he retires or dies after the thirtieth day of June in any year) shall be taken into account as hereinafter provided in ascertaining the value of his interest in the firm.";