https://www.taxtmi.com/caselaws?id=66300 The tribunal allowed the appeal by a firm against the refusal of registration for the assessment year 1979-80. The case centered on interpreting a partnership deed clause stating equal sharing of income, implying equal sharing of losses among partners. Analyzing Section 13(b) of the Indian Partnership Act and relevant case laws, the tribunal held that in the absence of a contrary agreement, partners sharing profits equally should also share losses equally. The decision emphasized the principle of equal sharing of profits and losses, leading to the firm's registration. en-us Thu, 30 Apr 1981 00:00:00 +0530 Wed, 23 Feb 2011 13:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66300 The tribunal allowed the appeal by a firm against the refusal of registration for the assessment year 1979-80. The case centered on interpreting a partnership deed clause stating equal sharing of income, implying equal sharing of losses among partners. Analyzing Section 13(b) of the Indian Partnership Act and relevant case laws, the tribunal held that in the absence of a contrary agreement, partners sharing profits equally should also share losses equally. The decision emphasized the principle of equal sharing of profits and losses, leading to the firm's registration. Case-Laws Income Tax Thu, 30 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66300