JUDGMENT In this reference, the following question has been referenced for our opinion :
"Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct to confirm the decision of the learned CIT(A) who has directed to make two separate assessments for two periods on the basis of two returns filed by the appellant?"
2. This issue has been considered by a Constitution Bench of this court in Vishwanath Seth v. CIT (1984) 146 ITR 249 (FB) and considering the provisions of section 187 of the Income Tax Act, 1961, the court held that reconstitution without dissolution of the firm does not bring into existence of a new firm.
2. This issue has been considered by a Constitution Bench of this court in Vishwanath Seth v. CIT (1984) 146 ITR 249 (FB) and considering the provisions of section 187 of the Income Tax Act, 1961, the court held that reconstitution without dissolution of the firm does not bring into existence of a new firm.
3. Thus, in view of the above, we answer the reference in the negative, i.e., in favour of the revenue and against the assessee.
3. Thus, in view of the above, we answer the reference in the negative, i.e., in favour of the revenue and against the assessee.