https://www.taxtmi.com/caselaws?id=17377 The court held that a partner not sharing losses but entitled to profits, even with a minimum guarantee, can be considered admitted to the benefits of a partnership. The judgment emphasized that profit-sharing, rather than loss-sharing, is crucial in defining a partnership's essence. The court highlighted the importance of a genuine partnership agreement focusing on profit-sharing for partnership validity and registration under the Income-tax Act. The decision clarified that partners agreeing to share profits, even without sharing losses, can form a valid partnership. en-us Tue, 24 Jun 1997 00:00:00 +0530 Mon, 21 Sep 2009 18:30:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17377 The court held that a partner not sharing losses but entitled to profits, even with a minimum guarantee, can be considered admitted to the benefits of a partnership. The judgment emphasized that profit-sharing, rather than loss-sharing, is crucial in defining a partnership's essence. The court highlighted the importance of a genuine partnership agreement focusing on profit-sharing for partnership validity and registration under the Income-tax Act. The decision clarified that partners agreeing to share profits, even without sharing losses, can form a valid partnership. Case-Laws Income Tax Tue, 24 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17377