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TMI Blog2016 (8) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... PONDENT : ADV. SRI.ANIL D. NAIR, ADV. SMT.NIVEDITA A.KAMATH JUDGMENT Antony Dominic, J. 1. These appeals are filed by the Revenue aggrieved by the common order passed by the Income Tax Appellate Tribunal, Cochin Bench in ITA.Nos.365 to 368 of 2006 concerning the assessment years 1982-83, 1986-87, 1987-88 and 1988-89 respectively. By the common order under appeal, following the earlier judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt has only remitted the matter to the Assessing Officer to come to a finding as to whether section 13(b) of the Partnership Act would apply to the firm in question. According to him, in the judgment in Nalini V.Saraf (supra) also, there is no such specific finding and that a Division Bench of this Court has only approved the judgment in 239 ITR 41(Ker). On this basis, learned counsel contended th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tled to is not specific. As a matter of fact, this question came up for interpretation in the decision in CIT v. Saraf Trading Corporation [1999] 239 ITR 41 (Ker). A Division Bench of this court while interpreting this clause held as follows (headnote): "it was not the basis alone, but the factum of the agreement specifying share ratio in profits/losses that is necessary to exclude the right in sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in fixing the share at 10 per cent. The share of the deceased partner was Rs. 9,000 and that has to be taken into account." 5.Reading of the above paragraph shows that after referring to the provisions of section 13(b) of the Partnership Act and clause 7 of the partnership deed dated 16.9.1981, this Court held that section 13(b) of the Act would apply only when there is no contract to the contrar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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