9911796707
TMI Blog1978 (3) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... ears 1965-66 and 1966-67. The assessee, Messrs. Mardan Khan Rafiq Ahmad, is a partnership firm consisting of Mardan Khan and his son, Rafiq Ahmad. The firm consisting of the aforesaid two persons started the business from January 1, 1963. Subsequently, an instrument of partnership was executed on June 25, 1963. The shares of the partners in the profits and losses were mentioned in the ratio of 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal, set aside the orders of the subordinate authorities and gave the benefit of registration to the assessee-firm. Aggrieved by the aforesaid order of the Tribunal, the CIT filed an application under sub-s. (1) of s. 256 for referring the questions mentioned in the application to this court. The Tribunal being satisfied that the following two questions of law arose out of the Tribunal's order, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to be a fake one simply because the shares of the partners in the profits were not distributed in accordance with the deed dated June 25, 1963. As stated above, the shares of partners in the profits and losses were mentioned as 10 annas of Mardan Khan and 6 annas that of Rafiq Khan, but in the account books the assessee instead of dividing the profits in accordance with the shares, mentioned ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mistake, it is not possible for us to say that the view taken by the Tribunal that the firm was a genuine one was erroneous or incorrect. In the present case, the profits were, of course, divided but error was committed as to the share of each partner. In our view, therefore, the Tribunal was justified in allowing the registration to the firm for the first year and continuing, its benefit for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
