TMI Blog2001 (1) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (for short "the Act"), the following question has been referred by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), for the opinion of this court: "Whether, on the facts and in the circumstances of the case and particularly in view of the credits appearing in the books of the assessee-firm in the account of a sister concern, namely, Raj Bros., Tailor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax Officer refused registration and assessed the firm as U. R. F. The matter was carried in appeal before the Appellate Assistant Commissioner (in short "the AAC"), who held that merely because both the firms had common partners and the same profit/loss sharing ratio, it would not in any way lead to the conclusion that there was no separate existence of the two firms. Accordingly, he directe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s which the Tribunal did not examine. Therefore, its conclusions are not sustainable. As was observed by the apex court in Deputy CST v. K. Kelukutty [1985] 155 ITR 158, the intention of the parties to carry on a business and share its profits has to be gathered from several facts. It will all depend on the intention of the partners. Such intention has to be analysed with reference to the terms ..... X X X X Extracts X X X X X X X X Extracts X X X X
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