1983 (5) TMI 27

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..... petition under s. 256(2) of the I.T. Act, 1961, praying that the following question of law which arises out of the order of the Tribunal, be referred for our decision : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the business activity was lawful and as such the assessee-firm was entitled to the benefits of registration ? " In order .....

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..... nstituted the partnership were admitted by the Department to have joined hands together for carrying on a business for earning profit. The only ingredient that is further required in the case of a partnership is that the element of agency should also be there. In the present case, the partnership instrument itself furnishes evidence as to the said element of mutual agency and there is no material .....

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..... fully through the partnership deed. Merely the fact that the partners indulged in speculation business in gur and shakkar which activity is unlawful, would not make the firm non-genuine. The Tribunal was justified in declining the prayer of the Revenue to refer the question to this court for its decision as no case for such a reference was made out by the Revenue. Consequently, the petition is di .....

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