1. - The Income-tax Appellate Tribunal, Jaipur Bench, at the instance of the assessee, M/s. Raj Construction Co., Mount Abu, has made this reference to this court under section 256(1) of the Income-tax tax Act, 1961, for the opinion of this court on the following question of law:

"Whether, on the facts and in the circumstances of the case and on a proper construction of the partnership deed dated January 27, 1966, and application in Form No. 11, the Tribunal was correct in law in refusing grant of registration under section 185 of the Income-tax Act, 1961, to the assessee-firm ?"

2. The assessee is a firm styled as "M/s. Raj Construction Co.", Mount Abu. The assessment year in question is 1967-68. The assessee-firm was constituted of three partners, viz., Munshilal, Laxmi Chand and Babu Bhai, under a partnership deed to this effect executed on January 27, 1966. The firm filed an application in Form No. 11 for the aforesaid assessment year for registration under section 184 of the Income-tax Act (hereinafter to be referred as "the Act"). The Income-tax Officer (for short "the ITO") was of the view that the shares of the losses of the partners were not specified in the deed an