1980 (3) TMI 14

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..... of the partnership shall be shared in certain proportions, viz., 40%, 30%, 15% and 15%. Clause 5 of the partnership deed, however, provides that in case the net profit of the firm exceeded Rs. 20,000, the excess profit shall be distributed among the partners in equal shares. For the assessment year 1975-76 the profits were allocated among the partners in accordance with cl. 4, even though the rele .....

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..... ssessee to show cause why the registration granted to it should not be cancelled. The assessee replied that the distribution made according to cl. 4 of the partnership deed was not correct and the necessary rectification was made by reversing the entries. The explanation was not accepted and the registration was cancelled. The assessee, therefore, preferred an appeal to the Tribunal. The Tribunal, .....

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