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TMI Blog1986 (2) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... enefits of partnership. The share of the partners and the minors in the profit and loss of the firm were as under : Profit Loss Mrs. P. V. Chellam 10 per cent 25 per cent Mrs. Chellam Narayana 15 per cent 37 1/2 per cent Mr. P. V. Narayana Iyer 15 per cent 37 1/2 per cent Miss Shobha (minor) 20 per cent Miss Chitra (minor) 20 per cent Miss Veena (minor) 20 per cent Miss Shobha had attained majority on 18-1-1975. Form No. 12, i.e., declaration under section 184(7) of the Income-tax Act, 1961 ('the Act') for continuation of registration dated 1-6-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partner within six months of her attaining majority on 18-1-1975, that she exercised her option to become a full fledged partner only on 2-5-1975 and so no fresh partnership deed could be drawn before 31-3-1975. He further urged that there was no change in the constitution of the firm till 2-5-1975 and, hence, Form No. 12 filed was sufficient. According to him, later when the firm was advised the necessity of filing Form No. 11A, the same was filed on 30-3-1976 and there was sufficient reason for the delay in filing of the same. The AAC observed that in the new partnership deed dated 2-5-1975 it was agreed to give retrospective effect from 18-1-1975 even though the option was stated to have been exercised by Miss Shobha in May 1975, that by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing effect : Clause 2 of the fresh deed of partnership dated 2-5-1975 reading as 'The reconstituted deed of partnership shall be deemed to have come into force with effect from the 18th day of January, 1975 and it shall continue for a term at will of the partners' will clearly show that change in the constitution occurred on 18-1-1975, i.e., within the relevant previous year itself. After the said change in the constitution of the firm, no fresh deed of partnership was executed in the relevant accounting year before 31-3-1975 and was filed before 31-3-1975 along with Form No. 11A. Reliance is placed on the decisions in Badri Narayana Kashi Prasad's case and CIT v. Durgaprasad Rajaram Adatiya [1984] 146 ITR 580 (MP). Instruction No. 26 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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