1983 (5) TMI 27

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....ncome-tax has filed this petition under s. 256(2) of the I.T. Act, 1961, praying that the following question of law which arises out of the order of the Tribunal, be referred for our decision : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the business activity was lawful and as such the assessee-firm was entitled to the benefits of ....

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....viduals who are stated to have constituted the partnership were admitted by the Department to have joined hands together for carrying on a business for earning profit. The only ingredient that is further required in the case of a partnership is that the element of agency should also be there. In the present case, the partnership instrument itself furnishes evidence as to the said element of mutual....