2001 (1) TMI 21

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....ons given by this court under section 256(2) of the Income-tax Act, 1961 (for short "the Act"), the following question has been referred by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), for the opinion of this court: "Whether, on the facts and in the circumstances of the case and particularly in view of the credits appearing in the books of the assess....

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.... assessee. The assessee filed its reply which was not accepted. The Income-tax Officer refused registration and assessed the firm as U. R. F. The matter was carried in appeal before the Appellate Assistant Commissioner (in short "the AAC"), who held that merely because both the firms had common partners and the same profit/loss sharing ratio, it would not in any way lead to the conclusion that the....

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....nsel for the Revenue the intention has to be gathered from several facts which the Tribunal did not examine. Therefore, its conclusions are not sustainable. As was observed by the apex court in Deputy CST v. K. Kelukutty [1985] 155 ITR 158, the intention of the parties to carry on a business and share its profits has to be gathered from several facts. It will all depend on the intention of the ....