1985 (4) TMI 57

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oner of Income-tax, Jodhpur. The assessee-firm was granted registration and was assessed under the status of a registered firm. The registration granted to the assessee-firm was continued for the subsequent year under s. 184(7) of the I.T. Act. A duplicate set of account books was discovered during survey proceedings under s. 133A, which prima facie showed concealed income. After giving notice ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r of Income-tax (Appeals) held that the partners should be presumed to have divided the profits earned outside the books as per their respective shares according to the partnership deed. It was also held that non-disclosure of profits did not disentitle the firm from continuation of registration and that once the order of continuation of registration under s. 184(7) was passed, the question of its....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ld be no question of refusal to register the firm, but the registration already granted or continued could have been cancelled or withdrawn under the provisions of s. 186(1), if the circumstances mentioned therein were complied with. It is not the case of the learned counsel that the conditions mentioned in s. 186(1), namely, that there was no genuine firm in existence as registered was present bu....