1984 (5) TMI 95

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Lakshmikantam and B. Venkatswarlu. Their shares in profit and loss were 40, 30, 15 and 20 in a total of 105, respectively. The firm was constituted under an instrument of partnership dt. 17th April, 1980 w.e.f. 10th April, 1980. There was a clause in the partnership deed that the accounts of the firm would be closed on any auspicious day before the end of March in each year. apparently, the asse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bmitted that there was no illegality consequent to the closure of accounts being postponed by four days, that is beyond 31st March. He stated that if at all there was any deviation from the partnership deed, it was so minor that it could not be construed as a violation. He pleaded for the grant of registration. The ld. Departmental Representative opposed the plea and relied on the decision in the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nce with contribution of capital by the new partners out of gifts made by their fathers. The ITO found that the gifts were made subsequent to the commencement of the firm. There were also some other discrepancies which were referred to. On the facts, the Court held that registration was rightly refused. In the order of the Tribunal on which the assessee has relied, several judicial pronouncements ....