TaxTMI 
TaxTMI 
2002 (7) TMI 100
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....e following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that on filing of the revised return distribution of enhanced profits is required for continuance of partnership firm as registered under section 184(7) of the Income-tax Act, 1961?" The assessee has claimed the status of a registered firm for which a....
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....has allowed the appeal holding that once the partners have certified for distribution of the profits amongst them, registration should be granted. In appeal before the Tribunal, the Tribunal came to the conclusion, that there is no distribution of enhanced profits in accordance with the declaration under section 184(7) of the Act and therefore restored the view taken by the Assessing Officer. He....
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....d, declaration under section 184(7) has been furnished along with the original return. In the original return, the income shown was Rs. 21,060 and in the revised return, the income shown was Rs. 40,625. When the declaration of income shown was only Rs. 21,060, no further declaration was furnished though the income was shown as Rs. 40,625. Therefore, the firm is not genuine and no case for continua....