Law: Income Tax Act, 1961

Section: 256(1)

Income-tax--Firm-Registration-Partnership deed including minors admitted to benefits of partnership-Application made for registration of firm accompanied by aforesaid partnership deed - Separate agreement whereby guardian of minors consented to their admission to benefits of partnership filed after end of relevant accounting period but before consideration of registration application filed originally-Late filing of separate agreement, a defect which could be rectified by giving notice to assessee-Firm, held, entitled to registration. Alankar Jewellers v. C. I. T. (1979) 116 I T R 89 (Pat.) ; C. I. T. v. Uttam Kumar Promod Kumar (1974) 97 I T R 730 (All.) ; Ganga Motor Service v. C.I. T. (1977) 106 I T R 132 (Pat.) and Kanhaiya Lal Moti Lal v, C. I. T. (1969) 72 I T R 507 (All.) ref. JUDGMENT RASTOGI, J.-This is a reference under section 256 (1) of the I. T. Act, 1961 (hereinafter "the Act"). The assessment year involved is 1973-74, the accounting period being the financial year ending March 31, 1973. The following questions have been referred for the opinion of this Court by the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad (hereafter "the Tribunal") at the instance of Commissioner of Income-tax :- (1) Whether, on the facts and in the circumstances of the case, the said agreement dated December 1, 1972, filed as late as on July 25, 1974, could be read as part of the instrument of partnership filed on March 27, 1973 ? (2) Whether the application in Form No. 11 accompanied. by a partnership deed which did not contemplate any stipulation to the effect that the guardian of the minors had agreed to their admission in the partnership can be called only a defective application and the defects for which could be remedied later on ? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was in law justified in holding that the assessee-firm was constituted by a valid partnership deed and that it was entitled to the benefits of registration ?" The facts found, briefly stated, are : The respondent-assessee, Messrs .Commercial Finance Corporation, Allahabad, was a partnership firm of which one of the partners was Sri Ram Babu as Karta of…

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