(1.) M/s. Best Automobiles, the assessee in this case, was originally a firm constituted of two partners under a deed of partnership dated May 10, 1968. A change in the constitution of the firm took place by the admission of two minor partners to the partnership. This led to the execution of a new deed of partnership on April 1, 1972. The assessment year with which we are concerned is 1973-74, that is, after the execution of the new deed of partnership. The relevant clause in the deed of partnership is Clause 7, which reads :
(2.) CLAUSE 12 of the deed provided:
(3.) THE conditions necessary for obtaining registration of the firm as posited by Section 184(1) of the Act are: