https://www.taxtmi.com/caselaws?id=10221 The High Court held that the Tribunal's decision to grant registration to the assessee-firm was legally incorrect. The court ruled in favor of the Revenue, stating that making the minor partner liable for losses rendered the partnership deed invalid for registration under the Income-tax Act, 1961. The specific provision in the partnership deed making the minor liable for losses prevailed over general provisions, contrary to partnership laws. The court referenced relevant case laws and emphasized that minors can only be admitted to the benefits of partnership, not made liable for losses, ultimately leading to the dismissal of the firm's registration. en-us Wed, 10 Nov 2004 00:00:00 +0530 Fri, 10 Jul 2009 19:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10221 The High Court held that the Tribunal's decision to grant registration to the assessee-firm was legally incorrect. The court ruled in favor of the Revenue, stating that making the minor partner liable for losses rendered the partnership deed invalid for registration under the Income-tax Act, 1961. The specific provision in the partnership deed making the minor liable for losses prevailed over general provisions, contrary to partnership laws. The court referenced relevant case laws and emphasized that minors can only be admitted to the benefits of partnership, not made liable for losses, ultimately leading to the dismissal of the firm's registration. Case-Laws Income Tax Wed, 10 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10221