https://www.taxtmi.com/caselaws?id=6898 A firm was entitled to renewal of registration under section 26A where the partnership deed, read as a whole, identified the partners' profit shares even though it did not separately spell out the loss-sharing arrangement. The court treated the omission as non-fatal because the instrument still showed a genuine partnership, with the minor admitted only to the benefits of partnership under section 30 of the Indian Partnership Act, 1932, and the adult partners bearing losses according to their shares. Section 26A was applied to prevent bogus or colourable firms from registration, not to defeat registration for a drafting omission affecting only the partners' internal loss set-off rights. Renewal was therefore allowed in favour of the assessee. en-us Tue, 01 Nov 1966 00:00:00 +0530 Sat, 07 Feb 2009 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6898 A firm was entitled to renewal of registration under section 26A where the partnership deed, read as a whole, identified the partners' profit shares even though it did not separately spell out the loss-sharing arrangement. The court treated the omission as non-fatal because the instrument still showed a genuine partnership, with the minor admitted only to the benefits of partnership under section 30 of the Indian Partnership Act, 1932, and the adult partners bearing losses according to their shares. Section 26A was applied to prevent bogus or colourable firms from registration, not to defeat registration for a drafting omission affecting only the partners' internal loss set-off rights. Renewal was therefore allowed in favour of the assessee. Case-Laws Income Tax Tue, 01 Nov 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6898