1982 (9) TMI 158

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....nsisted of three partners. Subsequently there was a change in the constitution in that one Sri. P.K. Subramanian was taken in as a partner and also minor. A. Sundararajan had become major and had been elected to be a full fledged partner. This change in the constitution is evidenced by a deed dt. 1st Jan., 1977. The partnership deed dt. 1st Mar., 1976 and 1st Jan., 1977 specifically stated that th....

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....rmally grants an advantage, it must confirm to the fullest extent. It is incumbent on the part of the firm to first divide the profits for the relevant years among its partners in their respective profit sharing ratio. It is clear that condition ha s not been satisfied in that the accounts have been made upto a date before the date on which the accounts have to be closed according to the partnersh....

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....t Mar., 1977 and has estimated the income for the period 18th Nov., 1976 to 31st Mar., 1977. 5. We are inclined to agree with the assessee. We take it that the assessee has without the permission of the ITO altered the accounting year 31st Mar., 1967 as provided in the document to 11th Nov., 1976 as shown in the return. But, that cannot be a reason for refusal of registration. Sec. 185 of the Act....

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....t it is incumbent on the part of the firm to first divide the profits for the relevant years among it s partners in their respective profit sharing ratio and that it is clear that this condition has not been satisfied in that the accounts have been mad erupt a due before the date on which the accounts have to be closed according to the partnership deed. We fail to see how by a change in the accoun....