https://www.taxtmi.com/caselaws?id=24543 A partnership deed satisfies the registration requirement under the Income-tax Act when it evidences the partnership and clearly specifies each partner's share in profits, even if junior partners are assigned fixed sums rather than proportional fractions. The decisive point is specification of individual entitlements, not the form in which the shares are expressed. Where the deed expressly fixes the distribution of net profits and reflects a lawful profit-sharing arrangement chosen by the partners, the firm meets the statutory condition for registration and the assessee is entitled to that registration. en-us Thu, 01 Dec 1988 00:00:00 +0530 Wed, 20 Jan 2010 17:45:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24543 A partnership deed satisfies the registration requirement under the Income-tax Act when it evidences the partnership and clearly specifies each partner's share in profits, even if junior partners are assigned fixed sums rather than proportional fractions. The decisive point is specification of individual entitlements, not the form in which the shares are expressed. Where the deed expressly fixes the distribution of net profits and reflects a lawful profit-sharing arrangement chosen by the partners, the firm meets the statutory condition for registration and the assessee is entitled to that registration. Case-Laws Income Tax Thu, 01 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24543