https://www.taxtmi.com/caselaws?id=65711 A partnership firm's entitlement to registration was examined where the tax authority objected that no balance sheet was drawn up and no separate capital account was maintained. The accounts showed that books of account were kept and the partnership deed existed; the omission to prepare a balance sheet was treated as a mere formality, and the absence of a separate capital account was held to be immaterial to the genuineness of the firm. In the absence of any other adverse fact, the firm was regarded as genuine and entitled to registration, and the refusal to register was set aside. en-us Tue, 07 Nov 1978 00:00:00 +0530 Fri, 18 Feb 2011 14:28:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65711 A partnership firm's entitlement to registration was examined where the tax authority objected that no balance sheet was drawn up and no separate capital account was maintained. The accounts showed that books of account were kept and the partnership deed existed; the omission to prepare a balance sheet was treated as a mere formality, and the absence of a separate capital account was held to be immaterial to the genuineness of the firm. In the absence of any other adverse fact, the firm was regarded as genuine and entitled to registration, and the refusal to register was set aside. Case-Laws Income Tax Tue, 07 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65711