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2004 (2) TMI 19 - MADHYA PRADESH HIGH COURTFirm – registration - "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law to uphold the order of the Commissioner of Income-tax (Appeals) allowing registration to the appellant firm without appreciating the facts that profit was not distributed in accordance with clause 4 of the partnership deed?" - held that under the provisions of the Income-tax Rules, 1962, prior distribution of profits and losses among the partners is not compulsory for entitlement of the firm to registration but a certificate that they "will be" divided or credited in future to the accounts of the partners will be sufficient compliance with the Rules for grant of registration. – Held that the factual position affirmed by the appellate authority and by the Tribunal does not call for interference at our hands. – revenue appeal dismissed
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