https://www.taxtmi.com/caselaws?id=60885 The Tribunal ruled in favor of the assessee, allowing the appeal against the refusal of renewal of registration for the assessment year 1982-83. The delay in filing the appeal was condoned. The Assessing Officer's decision to disallow registration was based on the absence of profit division among partners and unauthorized withdrawals by one partner. The CIT(A) upheld this decision, citing a Supreme Court precedent. However, the Tribunal found merit in the assessee's argument that profit division was not a legal prerequisite for registration continuation, especially since the income statement showed equal profit division among partners, satisfying the rules. en-us Thu, 29 Sep 1994 00:00:00 +0530 Sat, 08 Jan 2011 14:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60885 The Tribunal ruled in favor of the assessee, allowing the appeal against the refusal of renewal of registration for the assessment year 1982-83. The delay in filing the appeal was condoned. The Assessing Officer's decision to disallow registration was based on the absence of profit division among partners and unauthorized withdrawals by one partner. The CIT(A) upheld this decision, citing a Supreme Court precedent. However, the Tribunal found merit in the assessee's argument that profit division was not a legal prerequisite for registration continuation, especially since the income statement showed equal profit division among partners, satisfying the rules. Case-Laws Income Tax Thu, 29 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60885