1987 (7) TMI 64

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....rt " the Act " hereinafter), is at the instance of the Revenue for deciding the following question of law, namely : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the assessee-firm was validly constituted and that it should be granted registration under the Income-tax Act, 1961 ?" The relevant assessment year is 1....

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.... for carrying on business in country liquor was invalid since it was formed without the permission of the excise authorities in infringement of one of the conditions of the licence reading as under : " The licence-holder shall not be entitled to transfer the licence of the shop to any person without written permission of the officer granting the licence and shall not be entitled to take a partn....

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....bunal in the present case is based on one of its earlier decisions. However, a Full Bench of this court in Motilal Chunnilal v. CIT [1987] 168 ITR 650 (I.T.R. No. 2 of 1976, decided on January 9, 1987) has taken a contrary view. It has been held, following the decisions of several other High Courts, that inclusion of new persons as partners who derive the benefit of excise licence for sale of coun....