https://www.taxtmi.com/caselaws?id=272783 Registration under section 27 of the Madras Agricultural Income-tax Act depends on whether the instrument of partnership truly records a firm in existence with specified individual shares. A reconstitution of family interests, a transfer in favour of retired partner nominees, or a tax-motivated arrangement does not by itself justify refusal if the deed reflects the real agreement of all partners. Legal and beneficial ownership of a share may differ without affecting the firm's existence. Retrospective effect of a partnership deed, however, requires proof that the firm had actually commenced earlier; on the record, no such earlier commencement was shown, so retrospective operation from 1 July 1955 was denied. en-us Wed, 06 Dec 1961 00:00:00 +0530 Thu, 17 May 2018 16:50:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272783 Registration under section 27 of the Madras Agricultural Income-tax Act depends on whether the instrument of partnership truly records a firm in existence with specified individual shares. A reconstitution of family interests, a transfer in favour of retired partner nominees, or a tax-motivated arrangement does not by itself justify refusal if the deed reflects the real agreement of all partners. Legal and beneficial ownership of a share may differ without affecting the firm's existence. Retrospective effect of a partnership deed, however, requires proof that the firm had actually commenced earlier; on the record, no such earlier commencement was shown, so retrospective operation from 1 July 1955 was denied. Case-Laws Income Tax Wed, 06 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272783