https://www.taxtmi.com/caselaws?id=56951 The Tribunal allowed the appeals of the assessee, cancelling the ITO's orders under section 186(1) for the assessment years 1976-77 and 1977-78. It reinstated the original orders granting registration and continuation of registration for those years. The Tribunal held that the absence of a profit-sharing ratio in the partnership deed does not render a firm non-genuine, citing the Partnership Act to establish equal shares in the absence of a specific agreement. The judgment emphasized the need to consider the overall circumstances of a case in determining the genuineness of a partnership firm. en-us Mon, 28 Mar 1983 00:00:00 +0530 Tue, 07 Dec 2010 15:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56951 The Tribunal allowed the appeals of the assessee, cancelling the ITO's orders under section 186(1) for the assessment years 1976-77 and 1977-78. It reinstated the original orders granting registration and continuation of registration for those years. The Tribunal held that the absence of a profit-sharing ratio in the partnership deed does not render a firm non-genuine, citing the Partnership Act to establish equal shares in the absence of a specific agreement. The judgment emphasized the need to consider the overall circumstances of a case in determining the genuineness of a partnership firm. Case-Laws Income Tax Mon, 28 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56951