2003 (5) TMI 39

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..... e benefit of registration as it could not be registered in respect of the following assessment year. The Commissioner of Income-tax has set aside the order of registration dated September 2, 1977, for the assessment year 1976-77 on the ground that there was no evidence as to when the firm came into existence prior to the assessment year 1975-76. More so the return filed on behalf of the firm stood .....

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..... . CIT and D. C. Auddy and Bros. v. CIT [1959] 36 ITR 194, the apex court has held that if the assessee-firm came into existence on April 1, 1948, under an oral agreement, and an intimation was given to the bank on April 15, 1949, as there was no evidence of creation of partnership firm in the previous year, the assessee was not eligible for registration for the assessment year 1949-50. Thus it wa .....

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