Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1959 (4) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1959 (4) TMI 3 - SC - Income TaxWhether on the true interpretation of the deed of partnership dated February 6, 1948, the partners were : (i) Smaller Patel & Co. ; (ii) Sheth & Co. ; (iii) Maharshi Dayanand Maha Vidyalaya ; or (i) Arjun Kunverjee Patel ; (ii) Jamnadas Bhanji Patel ; (iii) Nanji Kalidas Mehta ? Whether the firm Patel & Co. was entitled in law to be registered for the year 1949-50 under the Saurashtra Income-tax Ordinance and the rules made thereunder ? Whether the registration granted by the Appellate Tribunal for the year 1950-51 should be for the entire year of account, namely, 1949 or for the period from July 1, 1949 to December 31, 1949 ? Held that:- Shri Rajagopala Sastri realised the force of this convention and fairly enough conceded that the appeal for assessment year 1949-50 could not be maintained. The appeal in so far as it concerned the assessment year 1949-50 will, therefore, be dismissed. We are of the opinion that this is a fair attitude to take up as the deed of partnership of the firm came into existence only on the 12th July, 1949, and under the terms thereof the partnership commenced with effect from July 1, 1949. That being the position the appeal so far as the assessment year 1950-51 is concerned will be allowed and the direction given by the High Court will be modified in that the registration of the firm will be operative for the period between July 1, 1949, and December 31, 1949. The appeal will, therefore, be allowed partially to the extent mentioned above and the order of the High Court will be varied accordingly. Appeal allowed in part.
|