https://www.taxtmi.com/caselaws?id=282642 The deed had to be construed as a whole to determine whether it created a genuine partnership for registration purposes. It showed that the firm would purchase the ice produced by the constituent parties, sell it at prices fixed by the firm, and distribute profits and losses in defined shares. The clause postponing payment until sale proceeds were realised did not negate purchase on credit; it only fixed the time for payment. Applying the statutory meaning of partnership under the Income-tax Act and the Partnership Act, the essential indicia of partnership were satisfied, and the arrangement qualified as a genuine partnership entitled to registration under section 26A. en-us Mon, 17 Apr 1961 00:00:00 +0530 Fri, 16 Aug 2019 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282642 The deed had to be construed as a whole to determine whether it created a genuine partnership for registration purposes. It showed that the firm would purchase the ice produced by the constituent parties, sell it at prices fixed by the firm, and distribute profits and losses in defined shares. The clause postponing payment until sale proceeds were realised did not negate purchase on credit; it only fixed the time for payment. Applying the statutory meaning of partnership under the Income-tax Act and the Partnership Act, the essential indicia of partnership were satisfied, and the arrangement qualified as a genuine partnership entitled to registration under section 26A. Case-Laws Income Tax Mon, 17 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282642