https://www.taxtmi.com/caselaws?id=36735 The Tribunal correctly held that the loss of the assessee-firm for the assessment year 1971-72 was divided amongst the partners in accordance with the partnership deed. The Tribunal also directed the grant of registration to the assessee-firm for the same assessment year, as the allocation of loss before the completion of assessment was deemed sufficient. The court emphasized that as long as the partnership was genuine and constituted as shown in the partnership instrument, the firm could not be refused registration solely based on the timing of the loss allocation. The court upheld the Tribunal's decision in favor of the assessee. en-us Wed, 23 Jan 1980 00:00:00 +0530 Wed, 24 Mar 2010 11:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36735 The Tribunal correctly held that the loss of the assessee-firm for the assessment year 1971-72 was divided amongst the partners in accordance with the partnership deed. The Tribunal also directed the grant of registration to the assessee-firm for the same assessment year, as the allocation of loss before the completion of assessment was deemed sufficient. The court emphasized that as long as the partnership was genuine and constituted as shown in the partnership instrument, the firm could not be refused registration solely based on the timing of the loss allocation. The court upheld the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Wed, 23 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36735