https://www.taxtmi.com/caselaws?id=69946 The Appellate Tribunal ruled in favor of the assessee-firm, overturning the cancellation of registration for the assessment years 1973-74 to 1977-78. The Tribunal held that despite the transition from steel products to earning income solely from insurance commissions, the firm's registration should not be revoked under section 186 of the Income-tax Act. The partnership agreement with a nominee and the ongoing business activities, including renewal commissions, were deemed sufficient evidence of business engagement. The Tribunal emphasized that renewal commissions constitute business activity, leading to the restoration of the firm's registration and modifications to the assessment for 1977-78. en-us Wed, 06 Jul 1983 00:00:00 +0530 Wed, 13 Apr 2011 10:34:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69946 The Appellate Tribunal ruled in favor of the assessee-firm, overturning the cancellation of registration for the assessment years 1973-74 to 1977-78. The Tribunal held that despite the transition from steel products to earning income solely from insurance commissions, the firm's registration should not be revoked under section 186 of the Income-tax Act. The partnership agreement with a nominee and the ongoing business activities, including renewal commissions, were deemed sufficient evidence of business engagement. The Tribunal emphasized that renewal commissions constitute business activity, leading to the restoration of the firm's registration and modifications to the assessment for 1977-78. Case-Laws Income Tax Wed, 06 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69946