https://www.taxtmi.com/caselaws?id=17156 The High Court ruled in favor of the assessee, holding that the registration of the firm could not be denied based on ambiguity in sharing losses between major and minor partners. The court emphasized the clear delineation of profit and loss sharing ratios in the partnership deed, indicating that major partners were expected to bear losses falling to the share of minors based on their contribution ratios. The decision was supported by the provisions of the Indian Partnership Act, leading to the affirmation of the firm's registration. en-us Thu, 15 May 1997 00:00:00 +0530 Tue, 15 Sep 2009 14:20:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17156 The High Court ruled in favor of the assessee, holding that the registration of the firm could not be denied based on ambiguity in sharing losses between major and minor partners. The court emphasized the clear delineation of profit and loss sharing ratios in the partnership deed, indicating that major partners were expected to bear losses falling to the share of minors based on their contribution ratios. The decision was supported by the provisions of the Indian Partnership Act, leading to the affirmation of the firm's registration. Case-Laws Income Tax Thu, 15 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17156