Appeal from the judgment and order dated April 15, 1964 of the Madhya Pradesh High Court in Misc.
The Commissioner of Income tax has appealed to this Court with certificate granted by the High Court.
Niren De, Solicitor General, S.K. Aiyar, R.N. Sachthey and S.P. Nayar, for the appellant.
22 of 1963.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
In the books of account maintained by the partnership, the assets were shown as taken over on October 1, 1951 at the original price less the depreciation allowed the depreciation being equally divided between the two partners.
Civil Case No.
Naunit Lal and B.P. Singh, for the respondent.
2163 of 1966.
In proceedings for assessment for the year 1952 53 the respondent was treated as a registered firm.
The Judgment of the Court was delivered by Shah, J. S.G. Sanghi and Hari Prasad entered into an agreement to carry on business in partnership as exhibitors of cinematograph films in the name and style of Dewas Cine Corporation with effect from March 1, 1947.
Each partner who was an owner of a cinematograph theatre brought his theatre into the books of the partnership as an asset of the partnership.
