https://www.taxtmi.com/caselaws?id=6864 Registration of a firm under section 26A of the Indian Income-tax Act, 1922 was upheld where the partnership deed specified only the partners' profit shares. The court read the provision with the Partnership Act and treated section 26A as referring to shares in profits, not requiring an express loss-sharing clause. Because section 13(b) implies equal loss-sharing or loss-sharing in the same proportion as profits absent a contrary contract, silence on losses did not invalidate the instrument. The firm was therefore entitled to registration, and the omission of an express term on losses did not defeat compliance with section 26A. en-us Fri, 07 Oct 1966 00:00:00 +0530 Fri, 06 Feb 2009 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6864 Registration of a firm under section 26A of the Indian Income-tax Act, 1922 was upheld where the partnership deed specified only the partners' profit shares. The court read the provision with the Partnership Act and treated section 26A as referring to shares in profits, not requiring an express loss-sharing clause. Because section 13(b) implies equal loss-sharing or loss-sharing in the same proportion as profits absent a contrary contract, silence on losses did not invalidate the instrument. The firm was therefore entitled to registration, and the omission of an express term on losses did not defeat compliance with section 26A. Case-Laws Income Tax Fri, 07 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6864