https://www.taxtmi.com/caselaws?id=37875 Under section 26A of the Indian Income-tax Act, 1922, initial registration of a firm was not defeated merely because profits of the previous year had not been divided before the application was filed. The statutory scheme and prescribed form required only that the applicant certify that such profits or loss were divided or credited, or would be divided or credited; they did not impose a prior-division requirement for first-time registration. That stricter timing requirement applied to renewal, not initial registration. On the facts, the profits were in fact divided according to partners' shares and credited to their current accounts, though after the applications were filed. en-us Mon, 03 Jul 1978 00:00:00 +0530 Thu, 01 Apr 2010 15:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37875 Under section 26A of the Indian Income-tax Act, 1922, initial registration of a firm was not defeated merely because profits of the previous year had not been divided before the application was filed. The statutory scheme and prescribed form required only that the applicant certify that such profits or loss were divided or credited, or would be divided or credited; they did not impose a prior-division requirement for first-time registration. That stricter timing requirement applied to renewal, not initial registration. On the facts, the profits were in fact divided according to partners' shares and credited to their current accounts, though after the applications were filed. Case-Laws Income Tax Mon, 03 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37875