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TMI Blog1936 (2) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... stions of law for the opinion of this Court :- (1) Whether on the facts of the case, the assessees were chargeable to tax under Section 3 of the Income Tax Act ? (2) Whether the assessees were to be dealt with as a firm or as an association of individuals ? (3) Whether registration under Section 26-A could be granted or not ? (4) Whether, in the circumstances of the case, interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l charge ₹ 10 per bale for ginning. The factory ginning was to keep ₹ 5-8 per bale and pay ₹ 4-8 to the partnership. At the end of the year the profit made by the partnership was to be divided between the partners in accordance with their respective shares. Any amount remaining unrealised from a purchaser or an Arthi was to be borne by the partnership. The partnership was to pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 4, Clause 2, of the Indian Companies Act, and not a single venture falling outside the section. It was further held that for purposes of registration required by Section 4, Clause 2, of the Act, each of the unregistered firms cannot be regarded as a single legal entity; that persons under Section 4, Clause 2, denotes individuals and does not includes bodies of individuals. This decision was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eally does not arise. In any case, even if the Union is held to be firm, it cannot be registered as the individual shares of the different members of the firm constituting the partnership are not mentioned in the deed. With regarded to interest it is provided in the deed at partnership that each factory shall invest its own capital for the purchase and sale of goods and shall get interest at th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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