1976 (2) TMI 186 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, granting registration under section 185 of the Income-tax Act for the assessment year 1966-67. The refusal of registration by the Income-tax Officer was overturned due to the genuine nature of the partnership and proper profit sharing among partners, despite the lack of proper accounts being kept. The Tribunal held that absence of accounts alone is not sufficient grounds for refusal of registration.