https://www.taxtmi.com/caselaws?id=67389 The appeal successfully challenged the CIT's order under section 263 of the IT Act, 1961, which had set aside the continuation of registration for the assessee firm. The dispute arose from the CIT's concern over undisclosed profits and their distribution among partners. The appeal argued that there was no evidence to support the assumption that profits were not distributed according to the partnership deed. By emphasizing the importance of adhering to the profit sharing ratio and citing relevant case law, the appeal demonstrated that the CIT's decision was unfounded. Consequently, the appeal was successful, and the order canceling the firm's registration was overturned. en-us Thu, 21 May 1987 00:00:00 +0530 Thu, 10 Mar 2011 13:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67389 The appeal successfully challenged the CIT's order under section 263 of the IT Act, 1961, which had set aside the continuation of registration for the assessee firm. The dispute arose from the CIT's concern over undisclosed profits and their distribution among partners. The appeal argued that there was no evidence to support the assumption that profits were not distributed according to the partnership deed. By emphasizing the importance of adhering to the profit sharing ratio and citing relevant case law, the appeal demonstrated that the CIT's decision was unfounded. Consequently, the appeal was successful, and the order canceling the firm's registration was overturned. Case-Laws Income Tax Thu, 21 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67389