https://www.taxtmi.com/caselaws?id=57120 The Appellate Tribunal ITAT Amritsar ruled in favor of an assessee firm in a case concerning the refusal of registration for the assessment year 1975-76 by the ITO and AAC. The Tribunal found discrepancies in profit sharing ratio and the inclusion of God as a partner in the deed. It interpreted the partnership deed's charity provision as separate from profit distribution, granting registration to the firm. The Tribunal clarified equal profit allocation among partners and dismissed a new plea by the departmental representative. The decision overturned lower authorities' rulings, allowing the appeal and upholding legitimate profit allocation among partners. en-us Fri, 29 Aug 1980 00:00:00 +0530 Wed, 08 Dec 2010 15:18:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57120 The Appellate Tribunal ITAT Amritsar ruled in favor of an assessee firm in a case concerning the refusal of registration for the assessment year 1975-76 by the ITO and AAC. The Tribunal found discrepancies in profit sharing ratio and the inclusion of God as a partner in the deed. It interpreted the partnership deed's charity provision as separate from profit distribution, granting registration to the firm. The Tribunal clarified equal profit allocation among partners and dismissed a new plea by the departmental representative. The decision overturned lower authorities' rulings, allowing the appeal and upholding legitimate profit allocation among partners. Case-Laws Income Tax Fri, 29 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57120