1983 (9) TMI 80

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of partnership must be in existence before the end of the previous year ? 2. Whether the delay in executing the instrument of partnership beyond the accounting period can be condoned by the Tribunal? " Briefly stated the facts are these : The assessee-firm was constituted by a partnership deed dated July 8, 1971, brought into effect from March 1, 1971. On January 14, 1972, one of the partners died. The accounting year ended on March 31, 1972. On April 1, 1972, the new partnership deed was executed, which was retrospectively brought into effect from January 15, 1972. On August 27, 1973, an application for registration of the firm was presented before the with a request for condonation of the delay in filing it. The ITO rejected the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., the terms of the partnership should appear in the instrument of partnership in respect of the relevant accounting year. It is equally clear that the firm to be registered should have been in existence during the accounting year, 'constituted as shown in the instrument of partnership'. Again, it was further observed (p. 204): " ...the conclusion is reasonably clear that unless the partnership business was carried on in accordance with the terms of an instrument of .partnership which was operative during the accounting year, it cannot be registered in respect of the following assessment year. " Mr. Prasad, however, urged that the ratio of the decision of the Supreme Court cannot be applied to the present case under the 1961 Act, si....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....shall be accompanied by the original instrument or a certified copy thereof. The rule reads as follows: " It shall be accompanied by the original instrument or instruments evidencing the partnership as in existence from time to time during the previous year up to the date of the application together with copies thereof. A certified copy of the instrument or instruments together with a duplicate copy thereof may be attached to the application if, for sufficient reason, the original instrument or instruments cannot be produced. " It is clear from the above provisions that the application for registration is required to be filed before the end of the previous year for the assessment year in respect of which registration is sought. The ap....