COMMISSIONER OF INCOME TAX Vs. KINEMA REINFORCED PLASTICS

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Bangalore Bench, has referred the following question of law under s. 256(1) of the I.T. Act, 1961, for the two assessment years 1973-74 and 1974-75 :

(2.) THE assessee is a firm. THE ITO refused registration to the firm, firstly, on the ground that the deed dated September 29, 1972, was insufficiently stamped and, secondly, the share of the partners was not specified.

(3.) AS to the second ground above referred to, suffice it to state that it is well settled law that two or three documents may be read together for the purpose of determining whether a partnership existed as between the partners. It is true that the shares are not specifically mentioned in the partnership deed dated September 29, 1972. But in the absence of any such specification, the Tribunal was justified in holding that the partners had equal shares. There is, in our opinion, no infirmity or illegality in granting registration for the assessment year 1973-74 and continuation for 1974-75.