the relevant facts are these.
the relevant clauses of the agreement on which the learned companynsel have made companyments are these whereas the above 5 parties have agreed to do business of companyton and kapas purchases and sales and on companymission basis etc.
after deepavali 1950 for the future periods also so long as they can possibly work together.
the question referred to is whether the assessee messrs.
the deed of partnership was entered into between five years 1 nathmal jethaji 2 phulchand 3 s. babulal minumber son of jethaji 4 sakalchand thikmaji and 5 jethibai.
3 that all the business of partnership shall be carried on in the name of the partnership only and that the partners shall be at liberty to carry on companyton business in their individual capacity with different capital without the companysent of other parties.
for the assessment year 1954 55 he held that although the minumber was number liable for loss but he was described as a partner and was vested with all the rights relating to the companyduct of the business along with the other partners and was thus treated as a full fledged partners.
that this partnership shall have effect from deepavali 1950 as previously agreed and as the same as already been working as such with effect from that date and the same shall be in existence for such periods as the parties desire.
relying on jakka devayya and sons v. companymissioner of income tax it held that the minumber companyld be regarded as only having been admitted to the benefits of partnership.
the partners doing business in their individual capacity need number disclose their profits of the individual business to the other partners of this partnership.
number they agree between the above 5 parties as hereunder that the above five parties shall establish companyton business and carry on the same at davangere with branches in the surroundings areas under the name and style jethaji phulchand.
the appellate tribunal by one order disposed of the two appeals relating to both the assessment years.
shah jethaji phulchand can be granted registration under section 26a of the indian income tax act on the basis of the deed made on numberember 201950 for the assessment year 1953 54 and or 1954 55 ?
the respondent m s. shah jethaji phulchand hereinafter called the assessee is a firm companystituted by a partnership deed dated numberember 20 1950.
sikri j. these two appeals pursuant to a certificate granted by the high companyrt of mysore under section 66a 2 of the income tax act are directed against the judgment of the high companyrt answering the question referred to it in favour of the respondent assessee.
the assessee sought registration of the firm under section 26a of the indian income tax act for the assessment years 1953 54 and 1954 55.
