https://www.taxtmi.com/caselaws?id=199508 A renewal of a lease used for partnership business does not automatically become partnership property. The equitable presumption that one partner's renewal enures to the benefit of all is only a rebuttable presumption of fact, and it was displaced here because the partnership was limited to the original lease term, no term provided for continuation or renewal for all partners, no partnership funds or goodwill were used, no clandestine conduct was shown, and the renewed lease and later permanent licence were obtained after dissolution. On those facts, the renewed lease was not held on constructive trust for the former partners and could not be treated as an asset of the dissolved partnership. en-us Mon, 06 Oct 1958 00:00:00 +0530 Mon, 05 Mar 2018 15:00:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199508 A renewal of a lease used for partnership business does not automatically become partnership property. The equitable presumption that one partner's renewal enures to the benefit of all is only a rebuttable presumption of fact, and it was displaced here because the partnership was limited to the original lease term, no term provided for continuation or renewal for all partners, no partnership funds or goodwill were used, no clandestine conduct was shown, and the renewed lease and later permanent licence were obtained after dissolution. On those facts, the renewed lease was not held on constructive trust for the former partners and could not be treated as an asset of the dissolved partnership. Case-Laws Indian Laws Mon, 06 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199508