https://www.taxtmi.com/caselaws?id=27081 In firm registration under the Income-tax Act, the requirement to specify individual partners' shares was interpreted to include both profit and loss sharing, but not to demand express fractional wording if the deed and registration form together make the arrangement clear. The partnership instrument must be read as a whole to ascertain the partners' intention, and the assessing authority may derive the shares from the documents where the loss-sharing position is reasonably identifiable. On the stated facts, the deed and Form No. 11 sufficiently disclosed that the losses were to be borne equally, so the specification requirement was treated as complied with and refusal of registration was not warranted. en-us Mon, 30 Jul 1984 00:00:00 +0530 Wed, 10 Feb 2010 15:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27081 In firm registration under the Income-tax Act, the requirement to specify individual partners' shares was interpreted to include both profit and loss sharing, but not to demand express fractional wording if the deed and registration form together make the arrangement clear. The partnership instrument must be read as a whole to ascertain the partners' intention, and the assessing authority may derive the shares from the documents where the loss-sharing position is reasonably identifiable. On the stated facts, the deed and Form No. 11 sufficiently disclosed that the losses were to be borne equally, so the specification requirement was treated as complied with and refusal of registration was not warranted. Case-Laws Income Tax Mon, 30 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27081