https://www.taxtmi.com/caselaws?id=11927 Section 11 of the Companies Act, 1956 was considered in relation to a partnership firm carrying on banking business with more than ten partners. Read with section 5(b) of the Banking Regulation Act, 1949, the prohibition was treated as applying only where the firm was not lawfully constituted under the governing law. Because the firm was registered under the Indian Partnership Act and held a licence under the Money Lenders Act, the statutory bar was held not to apply. The assessee was therefore found entitled to registration, and the reference was answered in its favour. en-us Fri, 22 Nov 2002 00:00:00 +0530 Fri, 12 Feb 2010 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11927 Section 11 of the Companies Act, 1956 was considered in relation to a partnership firm carrying on banking business with more than ten partners. Read with section 5(b) of the Banking Regulation Act, 1949, the prohibition was treated as applying only where the firm was not lawfully constituted under the governing law. Because the firm was registered under the Indian Partnership Act and held a licence under the Money Lenders Act, the statutory bar was held not to apply. The assessee was therefore found entitled to registration, and the reference was answered in its favour. Case-Laws Income Tax Fri, 22 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11927