https://www.taxtmi.com/caselaws?id=61791 The Appellate Tribunal ITAT Cochin upheld the decision of the Commissioner (Appeals) to grant registration to the firm (assessee), M/s. A.J. Lopez & Sons. The Tribunal disagreed with the Income-tax Officer's reasons for denying registration, including issues related to the minor's signature and profit allocation method. Emphasizing that minors can only be admitted to the benefits of the firm, not as full-fledged partners, the Tribunal ruled in favor of the firm, stating that the profit allocation method did not cast doubt on the genuineness of the firm. Consequently, the appeal was dismissed, affirming the registration of the firm. en-us Fri, 30 May 1986 00:00:00 +0530 Sat, 15 Jan 2011 10:36:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61791 The Appellate Tribunal ITAT Cochin upheld the decision of the Commissioner (Appeals) to grant registration to the firm (assessee), M/s. A.J. Lopez & Sons. The Tribunal disagreed with the Income-tax Officer's reasons for denying registration, including issues related to the minor's signature and profit allocation method. Emphasizing that minors can only be admitted to the benefits of the firm, not as full-fledged partners, the Tribunal ruled in favor of the firm, stating that the profit allocation method did not cast doubt on the genuineness of the firm. Consequently, the appeal was dismissed, affirming the registration of the firm. Case-Laws Income Tax Fri, 30 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61791