Hegde, J.—This is reference under section 66(1) of the Indian Income Tax Act, 1922 (to be hereinafter referred to as the "Act"). The question of law referred to us is :

"Whether, on the facts and in the circumstances of the case, Messrs. K. D. Kamath & Co. could be granted registration under section 26A of the Act for the assessment year 1959-60 ?"

2. The learned judge set out the statement of case which ran as follows :

The assessee is a firm consisting of six partners, (1) K. D. Kamath, (2) N. G. Kamath, (3) S. D. Kamath, (4) D. J. Mohite, (5) S. G. Joshi and (6) Y. B. Kate. The assessment year is 1959-60 and the corresponding previous year is the year ended March 31, 1959. The partnership is constituted under a deed dated 20th March, 1959, and it is recorded in the deed that the business of the partnership was being carried on in partnership form 1st October, 1958. The partnership was registered under the partnership Act on or about 11th August, 1959. Clauses 8, 9, 12 and 16 of the partnership deed are reproduced below for facility of reference.

"8. That the party No. 1, i.e., Shri K. D. Kamath, who is the principal and financing partner and by virtue of his having the l