https://www.taxtmi.com/caselaws?id=37356 Renewal of registration of an assessee-firm under the Indian Income-tax Act, 1922 depended on compliance with the rule that the previous year's profits had to be distributed among the partners or credited to their individual accounts before renewal was sought. On the record, there was no material showing actual distribution or credit, and the assessee failed to displace the concurrent findings of the income-tax authorities and the Tribunal. The earlier authority cited by the court confirmed that division of prior-year profits was an essential requirement for renewal. The Tribunal was therefore justified in refusing renewal of registration. en-us Fri, 02 Mar 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37356 Renewal of registration of an assessee-firm under the Indian Income-tax Act, 1922 depended on compliance with the rule that the previous year's profits had to be distributed among the partners or credited to their individual accounts before renewal was sought. On the record, there was no material showing actual distribution or credit, and the assessee failed to displace the concurrent findings of the income-tax authorities and the Tribunal. The earlier authority cited by the court confirmed that division of prior-year profits was an essential requirement for renewal. The Tribunal was therefore justified in refusing renewal of registration. Case-Laws Income Tax Fri, 02 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37356