https://www.taxtmi.com/caselaws?id=293129 After the death of a partner, a minor heir cannot be treated as admitted to the benefits of a partnership that has already ceased to exist, because no fresh partnership can arise without a valid contract. However, if the surviving partner continues the business and retains the firm's assets, the deceased partner's representatives are entitled to an account of profits attributable to the use of that partner's capital share, subject to reasonable allowance for management and credit for any fresh capital introduced. The discussion applies fiduciary accounting principles to dissolved partnership assets and limits reliance on provisions governing admission to partnership benefits where the firm is no longer in existence. en-us Wed, 17 Dec 1930 00:00:00 +0530 Mon, 25 Jan 2021 11:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293129 After the death of a partner, a minor heir cannot be treated as admitted to the benefits of a partnership that has already ceased to exist, because no fresh partnership can arise without a valid contract. However, if the surviving partner continues the business and retains the firm's assets, the deceased partner's representatives are entitled to an account of profits attributable to the use of that partner's capital share, subject to reasonable allowance for management and credit for any fresh capital introduced. The discussion applies fiduciary accounting principles to dissolved partnership assets and limits reliance on provisions governing admission to partnership benefits where the firm is no longer in existence. Case-Laws Indian Laws Wed, 17 Dec 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293129