https://www.taxtmi.com/caselaws?id=65699 The Tribunal upheld the validity of fresh partnership deeds allowing minor partners to become major partners and granted registration under section 184 of the Act. It emphasized the compliance with the Indian Partnership Act, specifically section 30(7) on minor partners' liability for losses. The Tribunal rejected the Revenue's appeal, affirming that the agreements were lawful and profit-sharing ratios could be adjusted at the end of the accounting year. The decision supported the parties' intentions and statutory provisions, dismissing the Revenue's challenge and upholding the AAC's ruling. en-us Thu, 20 Jul 1978 00:00:00 +0530 Fri, 18 Feb 2011 14:05:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65699 The Tribunal upheld the validity of fresh partnership deeds allowing minor partners to become major partners and granted registration under section 184 of the Act. It emphasized the compliance with the Indian Partnership Act, specifically section 30(7) on minor partners' liability for losses. The Tribunal rejected the Revenue's appeal, affirming that the agreements were lawful and profit-sharing ratios could be adjusted at the end of the accounting year. The decision supported the parties' intentions and statutory provisions, dismissing the Revenue's challenge and upholding the AAC's ruling. Case-Laws Income Tax Thu, 20 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65699