https://www.taxtmi.com/caselaws?id=168525 For registration of a firm under section 26A of the Indian Income-tax Act, 1922, the partnership instrument had to specify the individual shares of the partners in both profits and losses, and those shares had to be ascertainable from the deed itself. The court treated this as a condition precedent to registration because the income-tax scheme required the officer to determine apportionment directly from the instrument, without resort to external presumptions, section 13 of the Partnership Act, or inference from a profit-sharing clause. A deed that stated profit shares but omitted loss-sharing arrangements therefore failed the statutory requirement, and the firm was not entitled to registration. en-us Thu, 16 Sep 1965 00:00:00 +0530 Wed, 11 Mar 2015 12:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168525 For registration of a firm under section 26A of the Indian Income-tax Act, 1922, the partnership instrument had to specify the individual shares of the partners in both profits and losses, and those shares had to be ascertainable from the deed itself. The court treated this as a condition precedent to registration because the income-tax scheme required the officer to determine apportionment directly from the instrument, without resort to external presumptions, section 13 of the Partnership Act, or inference from a profit-sharing clause. A deed that stated profit shares but omitted loss-sharing arrangements therefore failed the statutory requirement, and the firm was not entitled to registration. Case-Laws Income Tax Thu, 16 Sep 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168525