9911796707
TMI Blog1982 (9) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant is a firm which was constituted under a deed of partnership dated 1-3-1976. It consisted of three partners. Subsequently there was a change in the constitution in that one Shri P.K. Subramaniam was taken in as a partner and also the minor, A. Sundararajan, who had become major and had elected to be a fullfledged partner. This change in the constitution is evidenced by a deed dated 1-1-1977. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al compliance is not good enough. Registration normally grants an advantage, it must conform to the fullest extent. It is incumbent on the part of the firm to first divide the profits for the relevant years among its partners in their respective profit sharing ratio. It is clear that this condition has not been satisfied in that the accounts have been made up to a date before the date on which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has made the assessment with the accounting year ended 31-3-1977 and has estimated the income for the period 18-11-1976 to 31-3-1977. 5. We are inclined to agree with the assessee for registration. We take it that the assessee has without the permission of the ITO altered the accounting year 31-3-1976 as provided in the document to 11-11-1976 as shown in the return. But that cannot be a reason f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee. It is stated by the ITO that it is incumbent on the part of the firm to first divide the profits for the relevant years among its partners in their respective profit sharing ratio and that it is clear that this condition has not been satisfied in that the accounts have been made up to a date before the date on which the accounts have to be closed according to the partnership de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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