https://www.taxtmi.com/caselaws?id=24487 A minor admitted only to the benefits of partnership may, on attaining majority, validly accept full partnership obligations for the accounting year, including liability for losses, because profits and losses are ascertained at year-end. An excise licensing infraction arising from a change in partners in an incidental part of the business does not, by itself, make the firm illegal for income-tax purposes or defeat registration, where the firm otherwise satisfies the statutory requirements. The partnership was therefore treated as valid for registration purposes and the Revenue's objections failed. en-us Thu, 19 Mar 1987 00:00:00 +0530 Wed, 20 Jan 2010 15:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24487 A minor admitted only to the benefits of partnership may, on attaining majority, validly accept full partnership obligations for the accounting year, including liability for losses, because profits and losses are ascertained at year-end. An excise licensing infraction arising from a change in partners in an incidental part of the business does not, by itself, make the firm illegal for income-tax purposes or defeat registration, where the firm otherwise satisfies the statutory requirements. The partnership was therefore treated as valid for registration purposes and the Revenue's objections failed. Case-Laws Income Tax Thu, 19 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24487