1971 (1) TMI 4

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..... ferred. Since, there was no prohibition in the licence against the holder entering into a partnership, the partnership was legal
Judge(s) : J. C. SHAH., A. N. GROVER. and K. S. HEGDE. JUDGMENT The judgment of the court was delivered by SHAH C. J.--By an agreement dated July 21, 1945, two brothers, Dady and Minoo, entered into a partnership to carry on the business of wholesale merchants and .....

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..... x in exercise of his power under section 33B of the Indian Income-tax Act. The firm appealed against the order to the Income-tax Appellate Tribunal. The Tribunal allowed the appeal holding that there was no sub-letting or transfer of the business covered by the licence in contravention of clause 13 of the licence, that the licence had been granted from 1945 in the same form as for the assessment y .....

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..... of the licence from entering into a partnership with another person. But the licence, it is clear from the record, was in Form FL II issued under the U.P,Excise, The licence does not prohibit the holder from entering into partnership by the holder of the licence : it merely provides that the licence shall not be sub-let or transferred. Since there is no prohibition against entry by the holder of t .....

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