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TMI Blog1972 (12) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... ntioned that the previous years' income had been divided among the partners. The Income-tax Officer rejected that application. He did not believe the version of the assessee that the previous years' income had been divided. In appeal the Appellate Assistant Commissioner agreed with the conclusion reached by the Income-tax Officer. On a further appeal being taken to the Income-tax Appellate Tribunal, the Tribunal agreed with the conclusions reached by the lower authorities. Before the Tribunal yet another contention appears to have been taken. That contention was that at any rate the partners having divided the income of the previous year as evidenced by the balance-sheet before the assessment was made, the assessee-firm was entitled for its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the Act), register with the Income-tax Officer, the particulars contained in the said Instrument on application made in this behalf. Such application shall be signed by all the partners (not being minors) personally, or in the case of a dissolved firm by all persons (not being minors) who were partners in the firm immediately before dissolution and by the legal representative of any such partner who is deceased, and shall, for any year of assessment up to and including the assessment for the year ending on the 31st day of March, 1953, be made before the 28th February, 1953, and for any year of assessment subsequent thereto, be made (a) where the firm is not registered under the Indian Partnership Act 1932 (IX of 1932), or where the deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ners (not being minors) or, where the application is made after dissolution of the firm, by all the persons referred to in the said rule, to be a correct copy and in such a case the application shall be accompanied by a duplicate copy. FORM I FORM OF APPLICATION FOR REGISTRATION OF A FIRM UNDER SECTION 26A OF THE INDIAN INCOME-TAX ACT, 1922. TO The Income-tax Officer, Dated ……19.. Income-tax year 19…. /19…. 1. ..................... 2 . ..................... We do hereby certify that the profits (or loss, if any) of the previous year were/will be ----------divided or credited as shown in period up to the date of dissolution we/will be section B of the Schedule and that the information given above and in the attached Sc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ................................... ................... columns with the letter " R " (In other cases the interest, salary and/or commission may exceed the total profits so as to leave a balance of net loss divisible in column 6). (2) If any partner is entitled to share in profits but is not liable to bear a similar proportion of any losses, this fact should be indicated by putting against his share in column 6 the letter " P ". Rule 6: " Any firm to whom a certificate of registration has been granted under rule 4 may apply to the Income-tax Officer to have the certificate of registration renewed for a subsequent year. Such application shall be signed personally by all the partners (not being minors) of the firm or, where the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or loss),etc Remarks 1 2 3 4 5 6 7 NOTE:--(1) If the interest, salary and/or..................... loss divisible in column 6. (2) If any partner is entitled..................... his share in column 6 the letter " P " (Signatures) (Address) NOTE:--This application must be signed personally...................................................... of any such person who is deceased. " From a reading of these provisions it is clear that in the case of an application for renewal it is incumbent on the part of the assessee to have divided the previous year's profits. This conclusion appears to be obvious from section 26A read with rules 2, 3, 6 and the forms set out earlier. The contention of Mr. Sharma, the learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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