https://www.taxtmi.com/caselaws?id=26501 The Bombay High Court ruled against the assessee, holding that the firm was not entitled to registration under the Income-tax Act, 1961. The court emphasized the necessity of specifying the sharing of losses in addition to profits in the partnership deed for registration purposes. Since the partnership deed did not clearly address the apportionment of losses among the partners, the court decided in favor of the Revenue, ordering the assessee to pay the costs of the reference. en-us Thu, 03 Oct 1985 00:00:00 +0530 Fri, 05 Feb 2010 13:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26501 The Bombay High Court ruled against the assessee, holding that the firm was not entitled to registration under the Income-tax Act, 1961. The court emphasized the necessity of specifying the sharing of losses in addition to profits in the partnership deed for registration purposes. Since the partnership deed did not clearly address the apportionment of losses among the partners, the court decided in favor of the Revenue, ordering the assessee to pay the costs of the reference. Case-Laws Income Tax Thu, 03 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26501