1993 (9) TMI 71

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.... Appellate Tribunal, Jaipur Bench, Jaipur, has referred the following question of law arising out of its order dated November 24, 1980, under section 256(1) of the Income-tax Act, 1961, in respect of the assessment year 1977-78 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in granting registration to the firm for the assessment year 1977-78 ?" T....

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....e Appellate Assistant Commissioner observed that after the death of Smt. Devi Bai, her account was closed but it was continued in the account books of the firm and the profit was credited in her account as if she was a partner in the firm. The account of Shri Nirmal Kumar represented loan to the firm and the profit was not credited to his account. In view of the above, the Appellate Assistant Comm....

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....the firm. The Tribunal has further observed that the account of Smt. Devi Bai had already been transferred and merged with the account of Shri Nirmal Kumar and by this process the profits had ultimately been credited to the account of Shri Nirmal Kumar. Therefore, no defect remains even on this account. The firm was held entitled to registration for the assessment year 1977-78. We have consider....