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TMI Blog1977 (6) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... registration under the Income-tax Act, 1961 for assessment year 1973-74? (ii) Whether, on the facts and in the circumstances of the case, the tribunal is right in law in looking into any circumstantial evidence to establish the case of the assessee that "it had furnished an application for registration" and is not the above finding wrong and unreasonable for lack of direct evidence? The ITO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed above, but also the second question that there is a void in the less sharing ratio. If there is such a void the assessee cannot get registration. But we found that there is no void in the loss sharing ratio, the relevant clause of partnership deed about this matter are clauses 6 and 7 of the Partnership Deed extracted below: "6. The capital shall be Rs. 80,000 (Rupees eighty thousand only) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o portion of the loss is left unproved for. The Department had no case that the minor is made liable for loss. 5. But the case of the Department is that the proportions specified in clause 7 is that proportion which the capital of each partner bears to the capital of the firm. This submission we were not prepared to accept because that expression 'capital of each partner bears to the capital of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law, even rejection of arguments of a party based on imaginary facts will give rise to a question of law. So we refuse to refer a question about our finding that there is no void in the loss sharing ratio. No question of law arises out of that finding of ours. 6. Therefore, the application for assessment year 1973-74 is rejected. 7. R.A. Nos. 2 3 (Asst. years 1974-75 75-76) : The ques ..... X X X X Extracts X X X X X X X X Extracts X X X X
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