https://www.taxtmi.com/caselaws?id=56628 The Tribunal upheld the registration of a firm with sleeping partners, rejecting the Revenue's argument that the lady partners' lack of capital contribution and minimal involvement in business activities justified denial under section 185(1)(b) of the Income-tax Act, 1961. Relying on precedents, the Tribunal emphasized that capital contribution was not mandatory for firm constitution as long as profit sharing and business operations were established. The Tribunal found the ld. ITO's reasons for denial unfounded, affirming the registration and dismissing the Revenue's appeal. The Tribunal also dismissed an irrelevant cross objection by the assessee and noted a procedural error by the appellant-revenue. en-us Fri, 29 Nov 1991 00:00:00 +0530 Mon, 06 Dec 2010 09:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56628 The Tribunal upheld the registration of a firm with sleeping partners, rejecting the Revenue's argument that the lady partners' lack of capital contribution and minimal involvement in business activities justified denial under section 185(1)(b) of the Income-tax Act, 1961. Relying on precedents, the Tribunal emphasized that capital contribution was not mandatory for firm constitution as long as profit sharing and business operations were established. The Tribunal found the ld. ITO's reasons for denial unfounded, affirming the registration and dismissing the Revenue's appeal. The Tribunal also dismissed an irrelevant cross objection by the assessee and noted a procedural error by the appellant-revenue. Case-Laws Income Tax Fri, 29 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56628