1979 (9) TMI 99

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....istration in form No.11 on 1st Nov., 75 along with the original partnership deed and a copy thereof. The partnership deed was executed on 31st Oct., 75 and the accounting period of the assessee has ended on 3rd Nov., 75. This firm has consisted of two partners, namely, Shri Vasam Shanker and his son Shri Vasam Ashok, having equal shares in the profits and losses. Admittedly Shri Vasam Ashok did no....

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.... the appellant, has contended that the conclusion of the authorities below regarding the genuineness of the firm was based on purely surmise, suspicion and conjecture. It is not too late in the day for the Department to contend that capital contribution is a "must" for a person to become a partner in a partnership firm. The reasoning of the AAC has, in our opinion attempted to unsettle this settle....