1988 (8) TMI 123

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....sp;                    Both these appeals are by assessed and they relate to the assessment for the year 1984-85. 2. The assessee is a firm for the asst. yr. 1984-85 declarations in form Nos. 11 and 11A has been filed in time along with a deed of partnership dt. 15th Nov., 1982. The assessment was ....

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.... year relevant to this assessment. 4. The first submission of Shri. T.R. Rajaraman appearing for the assessee was that some of the partners had been assessed wherein they had adopted the share income of this firm as if it is a registered firm and that since these individual assessment has become final, the firm (assessee) cannot be treated as an unregistered firm and that since these individual....

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....s been adopted as if this is a registered firm in view of the Board's Circular and the decision of the tribunal in the case of Sri Vinayaka industries. The ITO also disbelieved the genuineness of the firm We shall first of all take up the question which is a legal one It is not in dispute that some of the partners had adopted the share income (in their individual assessments) as if this is a regis....

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....ment under which the firm was reconstituted is valid in law some of the partners had in their individual assessments adopted the share income from this firm as if this is a registered firm. Identical was the situation in the case of Sri Vinakaya Industries and the Tribunal held as under. As held by the Supreme Court in Murlidhar Jhawar & Purna Ginning & Pressing factory's case which decision ha....