SOUTH INDIAN PLYWOOD INDUSTRIES Vs. CIT

JUDGEMENT

(1.) This is a reference by the Income Tax Appellate Tribunal,Madras Bench,under S.66(1)of the Indian Income Tax Act,1922.The question referred is:

(2.) The instrument of partnership with which we are concerned is dated 1 -2 -1957.It forms annexure A to the statement of the Case.3.S.26A of the Indian Income Tax Act,1922,deals with the procedure for the registration of firms.It says:

(3.) The application for registration in this case was made on 17 -2 -1957.It is not contended that the application was not in proper form or that it was not filed in proper time. 5.The registration was refused by the Income Tax Officer and the Appellate Assistant Commissioner on the ground that the instrument of partnership did not specify the individual shares of the partners of the firm.The Tribunal rejected this conclusion.It accepted the assessee 's contention and said: