https://www.taxtmi.com/caselaws?id=23819 A firm's registration may be refused where the assessee fails to produce account books and cannot satisfactorily prove that profits and losses were apportioned among partners in the manner required by the partnership deed. The Tribunal accepted an adverse inference after the books were not produced for verification and the explanation that they were lost was not accepted. On the facts, the genuineness of the firm was not established for registration purposes, so the refusal of registration was upheld and the reference was answered against the assessee. en-us Wed, 01 Feb 1989 00:00:00 +0530 Thu, 14 Jan 2010 14:26:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23819 A firm's registration may be refused where the assessee fails to produce account books and cannot satisfactorily prove that profits and losses were apportioned among partners in the manner required by the partnership deed. The Tribunal accepted an adverse inference after the books were not produced for verification and the explanation that they were lost was not accepted. On the facts, the genuineness of the firm was not established for registration purposes, so the refusal of registration was upheld and the reference was answered against the assessee. Case-Laws Income Tax Wed, 01 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23819