1998 (12) TMI 13

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Tribunal has held that the non-disclosure of profit made by one partner to the other in sharing the same in the ratio provided for in the partnership deed would not have the effect of changing the constitution of the firm and the firm is entitled to the continuation of registration under section 184(7) of the Income-tax Act, 1961. We do not find any error in that view of the Tribunal. So long a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....estment which had not been disclosed in the books of account of the firm. That may be a ground for tasking action against that partner for committing breach of the applicable provisions of the Act. That, however, cannot be a ground in the absence of any proof of complicity on the part of the other partners or any other evidence to show that the profit received by one of the partners, had in fact, ....