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TMI Blog1975 (7) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... d to as " the Act ") at the instance of the revenue for a direction to the Income-tax Appellate Tribunal to state a case and refer the following question said to be of law for determination of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing registration to the firm ? " The short facts relevant for appreciating the point raised are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided : "......the initial capital of the firm shall consist of the amount already invested by the partners as shall be reflected in the books of the firm, that is, the book balance in the shape of cash in hand and stock-in-trade and other assets of the business styled " M/s. Agarwalla & Co." running previously by Sri Jugal Kishore Ram, as shall appear on the 31st of March, 1964, shall be treated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riginal term was that all the assets would be transferred, it was open to the partners to modify the same and the resolution must be taken to be one of modification. The modification is not one of the essential terms of the partnership and the Tribunal having taken an overall picture of the matter has come to hold that the firm was a genuine one and was entitled to registration. Learned standing c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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