Law:

Section:

Section 185 of the Income-tax Act, 1961 - Firm - Position prior to 1-4-1993 - Assessment year 1967-68 - ITO having found that stamps for partnership deed was purchased after agreement was stated to have been executed, rejected assessee's application for registration on ground that there was no genuine partnership - Both AAC and Tribunal recorded finding of fact that partnership deed in question was executed after purchase of stamps - Further, said deed was filed by assessee during relevant period and there was no other material on record to show that firm was not genuine and not entitled to registration - Whether in view of findings concurrently recorded by AAC and Tribunal, Tribunal was justified in allowing registration to firm - Held, yes FACTS The assessee, a partnership firm, applied for registration in terms of section 185. The ITO refused registration on the ground that the stamps for the deed having been purchased after the agreement was stated to have been executed, there was no valid partnership. On appeal, the AAC allowed registration holding that the partnership deed had been validly executed and filed within time. The Tribunal upheld the AAC's orders. On reference : HELD The finding of fact recorded by the AAC as also by the Tribunal was that the document had in fact been executed sometime between 18-12-1965 and 20-8-1966. Thus, the clear finding of fact concurrently recorded was that the document in fact had been executed after the purchase of the stamps on 18-12-1965. That was a finding of fact which could not be challenged on reference. The further fact was that the deed of partnership was filed by the assessee during the relevant year in question. The Tribunal also recorded that there was no other material on record to show that the firm was not genuine and was not entitled to registration under the Act. Those being the facts and those being the findings recorded by the AAC and the Tribunal, there was no escape from the position that the Tribunal was absolutely correct in allowing registration to the firm. Note: The case was decided in favour of the assessee. B.P. Rajgarhia and S.K. Sharan for the Applicant. V.D. Narayan, Shambu Sharan, K.N.…

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