https://www.taxtmi.com/caselaws?id=276191 A partnership deed restricting senior partners' control over management, accounts, capital contribution, and withdrawals did not make the firm void in law. The HC treated the arrangement as a matter of substance and held that a partnership can still exist where partners contractually limit implied authority, so long as there is an agreement to share profits of a business carried on by all or any acting for all. Sharing of profits and losses strongly supported partnership, and the restrictions were consistent with a valid partnership rather than a mere employment arrangement. The firm was therefore entitled to registration under section 26A. en-us Tue, 01 May 1962 00:00:00 +0530 Thu, 01 Nov 2018 14:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276191 A partnership deed restricting senior partners' control over management, accounts, capital contribution, and withdrawals did not make the firm void in law. The HC treated the arrangement as a matter of substance and held that a partnership can still exist where partners contractually limit implied authority, so long as there is an agreement to share profits of a business carried on by all or any acting for all. Sharing of profits and losses strongly supported partnership, and the restrictions were consistent with a valid partnership rather than a mere employment arrangement. The firm was therefore entitled to registration under section 26A. Case-Laws Income Tax Tue, 01 May 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276191