1996 (6) TMI 65 - HC - Income Tax

Accounting Year Assessment Year Minor Admitted To Benefits Of Partnership Registration Of Firm

Summary

The High Court of Patna was asked two questions by the Income-tax Appellate Tribunal regarding the assessment year 1976-77. The first question was not pressed by the Revenue. The second question involved the continuation of registration for an assessee-firm, which was granted in a previous year. The Income-tax Officer refused to continue registration as no fresh partnership deed was executed when two minors became majors. The Appellate Assistant Commissioner and the Tribunal relied on a 1962 circular, which the Revenue contested, citing a 1977 circular. The High Court held that the 1962 circular applied and ruled in favor of the assessee against the Revenue.