Persons count in partnership: firms exceeding permitted membership including minors treated as illegal and taxed as association of persons. A minor admitted to the benefits of a partnership must be counted as a 'person' for statutory limits; if the total number of persons thus exceeds the permitted limit under the Companies Act restriction, the partnership is illegal and should be assessed for income-tax purposes as an association of persons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Persons count in partnership: firms exceeding permitted membership including minors treated as illegal and taxed as association of persons.
A minor admitted to the benefits of a partnership must be counted as a "person" for statutory limits; if the total number of persons thus exceeds the permitted limit under the Companies Act restriction, the partnership is illegal and should be assessed for income-tax purposes as an association of persons.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
