https://www.taxtmi.com/caselaws?id=168697 Registration of a firm under the income-tax scheme is available only where the partnership deed reflects a genuine firm with the actual partners and their true profit shares. The authority may examine whether the persons named are real partners and whether the stated shares correspond to the beneficial ownership of capital and profits. Where a guardian is named as partner but the admitted position shows that the capital and profit entitlement really belong to the minors she represents, the arrangement is only nominal and does not disclose a registrable partnership. On that basis, the firm was held not entitled to registration. en-us Thu, 12 Aug 1948 00:00:00 +0530 Mon, 23 Mar 2015 16:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168697 Registration of a firm under the income-tax scheme is available only where the partnership deed reflects a genuine firm with the actual partners and their true profit shares. The authority may examine whether the persons named are real partners and whether the stated shares correspond to the beneficial ownership of capital and profits. Where a guardian is named as partner but the admitted position shows that the capital and profit entitlement really belong to the minors she represents, the arrangement is only nominal and does not disclose a registrable partnership. On that basis, the firm was held not entitled to registration. Case-Laws Income Tax Thu, 12 Aug 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168697