Law:

Section:

Section 184(7), read with sections 186(1) and 18E(5), of the Income-tax Act, 1961 - Firm - Registration - Continuation of - Whether if registration has already been granted by ITO to firm or it has been continued in accordance with section 184(7) for relevant assessment year, then there could be no question of refusal to register firm, but registration already granted or continued could be cancelled or withdrawn under section 186(1), if circumstances mentioned therein are complied with - Held, yes -Whether there is no question of application of provisions of section 185(5) relating to refusal to register firm, after firm has already been registered and registration had been continued under section 184(7) - Held, yes Section 67 of the Income-tax Act, 1961 - Partner - Computation of income from y firm - Whether, if firm is in existence then it would be fair to presume that undisclosed income would have been distributed in same manner as disclosed income had been divided amongst partners, as mentioned in partnership deed - Held, yes Section 256, read with sections 184(7) and 67, of the Income-tax Act, 1961 - Reference - Question of fact - Whether on facts mentioned under headings 'Firm -Registration - Continuation of and 'Partner - Computation of income from firm' any referable question of law arose - Held, no Facts The assessee-firm was granted registration which continued for the subsequent year under section 184(7). On discovering a duplicate set of account books during survey proceedings under section J33A, which prima facie showed concealed income, and after issuing notices to the assessee and referring the matter to the IAC, the ITO passed an order under section 186(1) withdrawing the benefit of continuation of registration already granted to the assessee. For the relevant assessment year, the ITO passed another order under section 185(5) refusing to register the firm. In the appeal against the order passed under section 186(1), the Commissioner (Appeals) held that the conditions prescribed in that section were not fulfilled and the non-disclosure of profits did not disentitle the firm from continuation of registration and as such the order of cancellation…

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