https://www.taxtmi.com/caselaws?id=55865 The Appellate Tribunal ITAT AHMEDABAD-B ruled in favor of the assessee in appeals against the denial of registration benefits under s. 185. The Tribunal held that the absence of formal books of accounts did not negate the firm's genuineness, emphasizing that other methods could validate profit distribution as per the partnership deed. The burden was on the tax authority to disprove the profit allocation shown in the return, which was deemed valid unless contradicted. The Tribunal distinguished a cited Supreme Court judgment, noting the lack of evidence challenging the profit division. Consequently, the Tribunal directed the tax authority to grant registration to the assessee. en-us Sat, 01 Sep 1984 00:00:00 +0530 Tue, 30 Nov 2010 14:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55865 The Appellate Tribunal ITAT AHMEDABAD-B ruled in favor of the assessee in appeals against the denial of registration benefits under s. 185. The Tribunal held that the absence of formal books of accounts did not negate the firm's genuineness, emphasizing that other methods could validate profit distribution as per the partnership deed. The burden was on the tax authority to disprove the profit allocation shown in the return, which was deemed valid unless contradicted. The Tribunal distinguished a cited Supreme Court judgment, noting the lack of evidence challenging the profit division. Consequently, the Tribunal directed the tax authority to grant registration to the assessee. Case-Laws Income Tax Sat, 01 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55865