https://www.taxtmi.com/caselaws?id=70156 The Tribunal overturned the decisions of the lower authorities and directed the grant of registration to the assessee firm for the assessment year 1973-74. Despite the lack of maintained accounts, the firm's profit-sharing ratio was clearly specified in the partnership deed, and profits were divided among partners based on a fixed rate of profit. The Tribunal deemed the firm genuine based on the partners' admissions and the income estimation method. Citing legal precedents, the Tribunal concluded that there were no grounds to deny registration, thus allowing the appeal. en-us Sat, 15 Jul 1978 00:00:00 +0530 Thu, 14 Apr 2011 16:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70156 The Tribunal overturned the decisions of the lower authorities and directed the grant of registration to the assessee firm for the assessment year 1973-74. Despite the lack of maintained accounts, the firm's profit-sharing ratio was clearly specified in the partnership deed, and profits were divided among partners based on a fixed rate of profit. The Tribunal deemed the firm genuine based on the partners' admissions and the income estimation method. Citing legal precedents, the Tribunal concluded that there were no grounds to deny registration, thus allowing the appeal. Case-Laws Income Tax Sat, 15 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70156