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2005 (5) TMI 57 - HC - Income TaxRegistration under section 185 - whether the firm would be considered as genuine in case, if the shares are not distributed in terms of the partnership deed - there is no dispute that the profit has not been allocated as per the shares mentioned in the partnership deed. In this view of the matter, there was no genuine firm in existence in terms of the partnership deed. - held that in case the terms and conditions mentioned in the partnership deed had not been fulfilled then in that case the Income-tax Officer can refuse the registration of the firm on the ground that it was not a genuine firm. – assessee-firm is not entitled to registration
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