1968 (10) TMI 19

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..... dge(s) : AHMED ALI KHAN., A. R. SOMNATH IYER. JUDGMENT The judgment of the court was delivered by SOMNATH IYER J. - This is a reference under section 66(1) of the Indian Income-tax Act, 1922, sought by the assessee which is a firm in Hubli. There were four partners in the firm and in the opinion of the Tribunal, the instrument of partnership, on its interpretation, specified only the shares of .....

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..... ng registration under the Income-tax Act ? " If the first question is answered in favour of the assessee, as in our opinion it should be, the answer to the second question becomes unnecessary. Our answer to the question should be in favour of the assessee since the enunciation made by this court in Sannappa v. Commissioner of Income-tax makes it clear that refusal of registration under section 26 .....

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..... ssee and that answer is that it is not necessary that an instrument of partnership should specify the shares of the partners in losses also in order to enable the firm to secure registration under the provisions of the Income-tax Act, 1922. It is not necessary to answer the second question and we, therefore, do not answer it. The assessee will get his costs. Advocate's fee Rs. 250.
Case laws, .....

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