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Issues: Whether the assessee-firm was entitled to registration under section 185(1)(b) of the Income-tax Act, 1961 in the circumstances of death of a partner and the absence of a valid licence for the intervening period under the Gold Control Act, 1968.
Analysis: The firm carried on business in gold ornaments, a trade which could be lawfully conducted only under a licence under section 52 of the Gold Control Act, 1968. On the death of one partner, and in the absence of any clause in the partnership deed excluding dissolution on death, the partnership stood dissolved under the Partnership Act. For the period before the new licence became effective, there was no valid licence and the business, if carried on, was unlawful. The Tribunal accepted the finding of the appellate authority that these circumstances did not justify refusal of registration under the Income-tax Act.
Conclusion: The assessee was entitled to registration and the Revenue's challenge failed.
Final Conclusion: The appellate authority's grant of registration was upheld, and the assessee's ancillary objection became academic and did not affect the substantive outcome.
Ratio Decidendi: Where the statutory conditions governing the carrying on of business and the constitution of a firm are satisfied as found on facts, registration cannot be denied merely because of an interim change in partnership or the procedural arguments advanced against the firm's status.
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