1953 (12) TMI 34

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eferred to us under section 66(1) of the Income-tax Act by the Income-tax Appellate Tribunal (Delhi Bench). "Whether a firm, which comes into existence by oral agreement, without it being alleged that it was even from the outset intended that its constitution should be governed or regulated by a written instrument, is entitled to be registered under section 26A, if on the date of the applic....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t was incorporated in a partnership deed drawn up on the 8th of September, 1949. These partnerships were relied on in connection with the firm's assessments for the years 1949-50 and 1950-51 relating to account years ending on the 31st of March, 1949, and the 31st of March, 1950. His applications for the registration of both these firms based on the deed of gift dated the 17th of August, 1948,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndividual shares of the partners, for registration for the purposes of the Act. I do not think there can be any doubt about the correctness of the view of the Appellate Tribunal expressed in full in its judgment in the appeal Messrs. Ram Gulam-Madan Lal v. Income-tax Officer, G. Ward, Delhi, which has been printed in full as part of another similar case (Civil Reference No. 22 of 1952) Since repor....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nder the instrument as from the date of the instrument itself. It may be that the partners in these firms act foolishly in alleging the previous existence of the partnerships on the same terms in the vain hope of securing retrospective concessions, and in the most literal sense of the words a partnership cannot be said to be constituted under an instrument when admittedly it has been in existence ....