https://www.taxtmi.com/caselaws?id=7916 Firm registration cannot be denied merely because a minor was involved in a promissory-note arrangement. A contract imposing obligations on a minor is void, but an arrangement that benefits the minor without imposing obligations may be enforceable. Registration requires findings on whether the partnership and asset-transfer arrangement were genuine, whether the transferred assets corresponded with the stated consideration, and whether the arrangement was a tax-evasion device. If the arrangement is genuine, rejection also requires a finding that its recognition would be detrimental to the minor's interest. en-us Thu, 05 Mar 1970 00:00:00 +0530 Tue, 24 Mar 2009 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7916 Firm registration cannot be denied merely because a minor was involved in a promissory-note arrangement. A contract imposing obligations on a minor is void, but an arrangement that benefits the minor without imposing obligations may be enforceable. Registration requires findings on whether the partnership and asset-transfer arrangement were genuine, whether the transferred assets corresponded with the stated consideration, and whether the arrangement was a tax-evasion device. If the arrangement is genuine, rejection also requires a finding that its recognition would be detrimental to the minor's interest. Case-Laws Income Tax Thu, 05 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7916