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TMI Blog1984 (1) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... under the name and style of Osibisa. According to the terms of the agreement, Mrs. D. Vishnoi was to contribute Rs. 9,000, while Shri Niraj Nayan Shrivastava was to contribute Rs. 12,000. One Vinay Bhaskar s/o Shri T.N. Bhaskar, a minor was also admitted to the benefits of the partnership and was to contribute to the capital Rs. 9,000. In the profit, the assessee were to share according to the ratio given in cl. 5-A, while the losses were to be shared according to the ratio given in cl. 5-B between two major partners. Cl. 8 provided that Niraj Nayan Shrivastava was to devote whole time to the partnership business and was to get an allowance of Rs. 15 per day in addition to his share in the profit of the firm. It was understood that the othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly, the firm having been refused registration under s. 185, found that the AAC directed the ITO to accord registration to the firm. The aggrieved assessee is, therefore, before us. 3. It has been submitted by the ld. counsel for the assessee that the facts have not been properly appreciated by the lower authorities in refusing the claim of the assessee to be allowed the benefit of registration. No doubt, one of the partner, Niraj Nayan Shrivastava could not be produced before the ITO, but that could not be a conclusive ground for holding that the firm was not genuine. As he was not allowed sufficient time at the earlier stage, he could not produce further evidence in the matter. He referred to a letter from the bank dt. 25th Feb., 1983, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT Rules. 4. We have considered the facts of the case and it does not appear that we shall be justified in turning down the plea of the assessee and confirming the refusal of the lower authorities to allow the benefit of registration to the assessee firm and, thereby, perpetuated the error to continue. The ld. counsel for the assessee has frankly admitted that the fresh material was not available with the assessee at the time when the issue was being considered by the lower authorities. A perusal of these materials is very necessary for reaching a correct finding on the issue. The case of the Revenue has been that the firm is not entitled to obtain registration because Niraj Nayan Shrivastava, one of the two partners, was not produced. Me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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