V. RAMASWAMI J.

The assessee is a firm of partnership consisting of five partners, of whom one was a minor admitted to the benefits of the partnership. The capital of the partnership was Rs. 5 lakhs. The contribution of each partner of the capital was as follows Rs

1. M. R. Rajakrishna 1, 25, 000

2. Minor Sunitha Pratap 1, 87, 500

3. W. S. Parthasarathy 62, 500

4. W. S. Sethunarayana Babu 62, 500

5. M. S. Rajeswari 62, 500

It is seen from the above capital contribution that the shares of capital contribution work out as 25%, 37.5%, 12.5%, 12.5% and 12.5%. An application for registration was made on March 31, 1968, in respect of the assessment year 1967-68. The partnership deed itself was executed on 1st July 1967. The partnership deed was signed by the guardian on behalf of the minor along with other partners. The application for registration was signed by the major partners. The partnership deed provided that the net profits ascertained shall be divided between the partners in proportion to their shares in the capital. The deed did not specify the shares of the partners in the losses. The ITO rejected the application among other grounds stating that there is no specification