https://www.taxtmi.com/caselaws?id=192231 Renewal of a firm's registration could not be refused merely because the partners' profit shares were not separately credited in each individual account. The court treated rule 6 of the Income-tax Rules, 1922 as satisfied where the profits were ascertained in accordance with the partnership shares and taken to reserve, because ownership in the profits had been severed and the shares had been identified. Separate arithmetical entries in each partner's account were regarded as a matter of form, not substance. The position was tested on the facts existing on the application date, and later division of profits was held irrelevant. en-us Wed, 16 Aug 1961 00:00:00 +0530 Sat, 20 May 2017 16:48:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192231 Renewal of a firm's registration could not be refused merely because the partners' profit shares were not separately credited in each individual account. The court treated rule 6 of the Income-tax Rules, 1922 as satisfied where the profits were ascertained in accordance with the partnership shares and taken to reserve, because ownership in the profits had been severed and the shares had been identified. Separate arithmetical entries in each partner's account were regarded as a matter of form, not substance. The position was tested on the facts existing on the application date, and later division of profits was held irrelevant. Case-Laws Income Tax Wed, 16 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192231