Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (11) TMI 36 - ALLAHABAD HIGH COURTFirm – registration - Income-tax Officer refused to grant registration to the firm on the ground that the minor Lakhan Lal was made liable for the losses of the firm to the extent of his share therein. He was of the opinion that the minor admitted to the benefits of partnership cannot be made liable to the losses of the firm - It was submitted that the partnership being in violation oft-section 30 of the Partnership Act cannot be registered under the Income-tax Act. It was further submitted that the minor was also made liable to the extent of his share in the firm, which is violative of section 30 of the Partnership Act. Therefore, registration cannot be granted to the partnership deed. – Held that order of the Tribunal granting registration to the assessee-firm under the Income-tax Act, 1961, is legally not correct.
|