Dear colleagues,
There are two partnership firms with A,B & C as partners of one firm and A,B & Z as partners of second firm.
Partner C in one firm and partner Z in second firm retires and the two firms now consists of partners A & B only with their
profit sharing ratio being similar in both the firm. But these two firms carry on two different business activities.
My question is:
a) Whether a new partnership deed is required to merge these two firms?
b) Whether these two partnership firms are one and the same in the eyes of IT Act, i.e. one assessee?
c) Whether they can file two separate returns with two existing PAN?
d) Whether the retirement and restructuring deed of these two firms can be made independently with out any common deed?
Pls explain.
Thanks
Raman
CAclubindia
