https://www.taxtmi.com/caselaws?id=64107 Registration of a firm cannot be refused merely because partners introduced capital from a Hindu undivided family, if the partnership is genuine, valid and constituted in accordance with the deed. A partnership depends on the parties' agreement, their profit-sharing arrangement, and the real relation disclosed by the instrument and surrounding facts. Where partners entered in their individual capacity, specified their shares, and the business was otherwise real, the source of capital did not negate the firm's existence. Use of Hindu undivided family funds may be relevant to income assessment, but it does not by itself justify denial of registration. en-us Wed, 30 Jun 1976 00:00:00 +0530 Thu, 03 Feb 2011 18:23:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64107 Registration of a firm cannot be refused merely because partners introduced capital from a Hindu undivided family, if the partnership is genuine, valid and constituted in accordance with the deed. A partnership depends on the parties' agreement, their profit-sharing arrangement, and the real relation disclosed by the instrument and surrounding facts. Where partners entered in their individual capacity, specified their shares, and the business was otherwise real, the source of capital did not negate the firm's existence. Use of Hindu undivided family funds may be relevant to income assessment, but it does not by itself justify denial of registration. Case-Laws Income Tax Wed, 30 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64107