https://www.taxtmi.com/caselaws?id=21181 A partnership remains valid where two or more persons agree to share profits of a business carried on by all or any of them acting for all, and section 4 of the Indian Partnership Act, 1932 does not require every partner to personally manage the business or contribute capital. The existence of a genuine firm is primarily a question of fact. Where profits are actually divided and credited under the partnership deed and the arrangement is otherwise complied with, the presence of dormant partners or control by only some partners does not by itself negate the firm. On that basis, the assessee-firm was treated as genuine and entitled to registration. en-us Fri, 15 Jan 1993 00:00:00 +0530 Fri, 20 Nov 2009 15:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21181 A partnership remains valid where two or more persons agree to share profits of a business carried on by all or any of them acting for all, and section 4 of the Indian Partnership Act, 1932 does not require every partner to personally manage the business or contribute capital. The existence of a genuine firm is primarily a question of fact. Where profits are actually divided and credited under the partnership deed and the arrangement is otherwise complied with, the presence of dormant partners or control by only some partners does not by itself negate the firm. On that basis, the assessee-firm was treated as genuine and entitled to registration. Case-Laws Income Tax Fri, 15 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21181