https://www.taxtmi.com/caselaws?id=67743 The Tribunal overturned the lower authorities' decisions and directed the ITO to grant registration to the firm for the assessment year 1976-77. The Tribunal found that the profits were genuinely divided as per the partnership deed's specified ratio, supported by the balance-sheet and Surmal Bahi, emphasizing adherence to the partnership deed's terms. The objection raised by the ITO regarding the profit sharing ratio in relation to capital employed was deemed meritless, as partners have the autonomy to determine profit sharing ratios. The firm was deemed genuine and entitled to registration based on the evidence presented. en-us Fri, 28 Mar 1980 00:00:00 +0530 Mon, 14 Mar 2011 13:04:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67743 The Tribunal overturned the lower authorities' decisions and directed the ITO to grant registration to the firm for the assessment year 1976-77. The Tribunal found that the profits were genuinely divided as per the partnership deed's specified ratio, supported by the balance-sheet and Surmal Bahi, emphasizing adherence to the partnership deed's terms. The objection raised by the ITO regarding the profit sharing ratio in relation to capital employed was deemed meritless, as partners have the autonomy to determine profit sharing ratios. The firm was deemed genuine and entitled to registration based on the evidence presented. Case-Laws Income Tax Fri, 28 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67743