https://www.taxtmi.com/caselaws?id=7443 For registration of a firm under the Income-tax Act, 1922, an instrument of partnership need not expressly state the partners' shares in losses if it specifies their profit-sharing ratios. The governing principle applied was that, absent a contract to the contrary, loss-sharing follows the same proportion as profit-sharing. On that construction, refusal of registration solely because losses were not separately mentioned was unjustified, and the issue was answered in favour of the assessee. en-us Thu, 17 Oct 1968 00:00:00 +0530 Fri, 20 Feb 2009 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7443 For registration of a firm under the Income-tax Act, 1922, an instrument of partnership need not expressly state the partners' shares in losses if it specifies their profit-sharing ratios. The governing principle applied was that, absent a contract to the contrary, loss-sharing follows the same proportion as profit-sharing. On that construction, refusal of registration solely because losses were not separately mentioned was unjustified, and the issue was answered in favour of the assessee. Case-Laws Income Tax Thu, 17 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7443