9911796707
TMI Blog1990 (7) TMI 164X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 1981-82 to 1985-86 are being disposed of by a common order. 2. In this case, the ITO refused registration to the assessee-firm for the asst. yr. 1981-82. For the subsequent assessment years, the assessee claimed benefit of continuance of registration. The ITO, however, held that since registration was refused to the assessee-firm for the base year i.e. for the asst. yr. 1981-82, it could not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect: "That master Davinder Singh attains majority on 7th Sept., 1981 and he shall then deem to have become full-fledged partner in the said partnership having all the three partners equal shares in the profit and loss of the said firm. A fresh partnership to this effect need not be executed and the very deed shall give effect the change in the share ratio of the partner." 4. The ITO observed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not bear the signatures of the minor admitted to the benefits of partnership. Later, the original partnership deed was signed by the minor on attaining majority next year in token of his having consented to join the firm as full-fledged partner. An affidavit of Shri Davinder Singh who was earlier a minor and who later on attained majority that only on becoming major in the next year, he had sign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... She held that there has been no violation of the Contract Act, since the major partners were competent to contract who admitted the minor to the benefits of partnership. She, therefore, in the absence of any other defects pointed out by the ITO, allowed the claim of registration and also allowed benefit of continuance of registration for subsequent assessment years against which Revenue is in appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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