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2005 (5) TMI 49 - HC - Income TaxCancellation of registration – validity - Held that there is no difference between eligibility for grant of registration and the ground for cancellation of registration. If a firm is not entitled to registration either on account of the fact that it has no legal existence or is not genuine or is bogus, then grant of renewal of registration is wrong, and for the very same reason, the registration renewed can be cancelled under section 186(1) of the Act. Since admittedly the assessee did not carry on business and does not intend to carry on business and has in fact closed the business by selling plant and machinery and assets, there is no firm existing in the eye of law and the renewal of registration originally granted was rightly withdrawn by the Assessing Officer under section 186(1) - Tribunal was justified in holding that the cancellation of registration was valid
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