https://www.taxtmi.com/caselaws?id=23120 A genuine sub-partnership formed by a partner to finance his share in the main firm, and to share the profits and losses attributable to that share, is a recognised and separate entity in partnership law. Its members do not become partners of the main firm absent privity of contract. The sub-partnership's financing activity is sufficient business for registration purposes, and no bar arises under the Income-tax Act merely because section 14 of the Abkari Act is said to be contravened. The sub-partnership was therefore entitled to registration under the Income-tax Act, 1961. en-us Thu, 31 Mar 1983 00:00:00 +0530 Wed, 16 Dec 2009 18:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23120 A genuine sub-partnership formed by a partner to finance his share in the main firm, and to share the profits and losses attributable to that share, is a recognised and separate entity in partnership law. Its members do not become partners of the main firm absent privity of contract. The sub-partnership's financing activity is sufficient business for registration purposes, and no bar arises under the Income-tax Act merely because section 14 of the Abkari Act is said to be contravened. The sub-partnership was therefore entitled to registration under the Income-tax Act, 1961. Case-Laws Income Tax Thu, 31 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23120