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TMI Blog1983 (3) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... her, on the facts and in the circumstances of the case, the sub-partnerships are entitled to the benefits of registration under the Income-tax Act, 1961, for the assessment year 1971-72 ?" A single statement of case has been drawn up in respect of three assessees, though for a common assessment year 1971-72. The facts in R. A. No. 661 of 1976-77 are similar to those in R. A. Nos. 662 and 663 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Officer treating the said sub-partnership as an association of persons mainly on the ground that the sub-partnership contravened the provisions of section 14 of the Abkari Act. On appeal, however, the assessees succeeded against which the, Revenue took the matter to the Tribunal which confirmed the order of the Income-tax Officer following the judgment of this court in R. C. No. 25 of 1973 whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y funds towards his share ; so "R" and 11 others executed a partnership deed constituting another partnership firm "B" and agreed to finance "R" on condition of sharing profits and losses that accrue to the share of the said "R" in the main firm. Thereafter the application for registration of the said partnership firm "B" being made, was rejected by the Income-tax Officer on the ground that carryi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sub-partnership. There is no prohibition under the law of partnership or under the provisions of the income-tax law or the rules made thereunder, prohibiting a partner from entering into such sub-partnership with strangers and sharing of profits and losses in respect of his share in the main firm. In such cases, the second partnership firm is described as a sub-partnership firm, which concept ..... X X X X Extracts X X X X X X X X Extracts X X X X
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