https://www.taxtmi.com/caselaws?id=18179 The High Court held in favor of the assessee, ruling that the partnership firm's registration was valid despite initial profit distribution discrepancies as the firm promptly rectified the error upon discovery. The court emphasized that prior profit distribution among partners is not mandatory for registration under the Income-tax Rules, 1962, and a certificate indicating future distribution suffices. The judgment underscored the legislative intent behind partnership firm registration requirements, overturning the Tribunal's decision labeling the partnership as ungenuine. en-us Thu, 15 Feb 1996 00:00:00 +0530 Tue, 29 Sep 2009 13:22:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18179 The High Court held in favor of the assessee, ruling that the partnership firm's registration was valid despite initial profit distribution discrepancies as the firm promptly rectified the error upon discovery. The court emphasized that prior profit distribution among partners is not mandatory for registration under the Income-tax Rules, 1962, and a certificate indicating future distribution suffices. The judgment underscored the legislative intent behind partnership firm registration requirements, overturning the Tribunal's decision labeling the partnership as ungenuine. Case-Laws Income Tax Thu, 15 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18179