https://www.taxtmi.com/caselaws?id=8110 Partnership deeds admitting minors only to the benefits of the firm, without making them liable for losses, were treated as consistent with section 30 of the Partnership Act. The dominant intention shown by the profit-and-loss clauses was that the minors were not full partners, and the fact that guardians signed the deeds did not invalidate the arrangement. A capital contribution clause also did not create a legal defect, because any contractual obligation bound the guardian and not the minor personally. On that basis, the firms remained entitled to registration under the Income-tax Act, and cancellation of registration was erroneous. en-us Wed, 24 Dec 1969 00:00:00 +0530 Sat, 28 Mar 2009 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8110 Partnership deeds admitting minors only to the benefits of the firm, without making them liable for losses, were treated as consistent with section 30 of the Partnership Act. The dominant intention shown by the profit-and-loss clauses was that the minors were not full partners, and the fact that guardians signed the deeds did not invalidate the arrangement. A capital contribution clause also did not create a legal defect, because any contractual obligation bound the guardian and not the minor personally. On that basis, the firms remained entitled to registration under the Income-tax Act, and cancellation of registration was erroneous. Case-Laws Income Tax Wed, 24 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8110