1969 (4) TMI 5

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..... ed registration for the assessment year 1958-59 and 1959-60, the Commissioner of Income-tax has come up with this reference, which perhaps need never have been made at all. R. S. Thangapalam was admittedly a genuine firm with two partners, each having a half share, its constitution being on September 22, 1953. For the earlier years it had been granted registration. For the assessment years 1956-57 .....

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..... gapalan but had been shared by the four partners of the new firm which was not found to be genuine. The same view was taken in respect of the assessment year 1959-60. Before the Appellate Assistant Commissioner the assessee filed a declaration that at the close of the accounting period ended June 30, 1963, the two partners would divide the profits of the International Export House between them. Hi .....

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..... ing been complied with, the assessee was entitled to renewal of registration for the years in question. The assessee no doubt took up the stand that the profits were divisible between four members and that did not prevail with the revenue for the assessment years 1958-59 and 1959-60. But that by itself, as the Tribunal rightly held, would not justify refusal to renew registration. Though the power .....

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