https://www.taxtmi.com/caselaws?id=28435 A partnership formed by a licensee for carrying on a licensed excise business is not, by itself, a transfer of the licence, because the licence remains with the licensee and is not assigned to the other partners. Section 15 of the excise law does not make such a partnership illegal merely because non-licensee partners share profits or losses, and rule 19(2) non-compliance does not void the partnership unless the statute expressly so provides. The arrangement is also not void under section 23 of the Indian Contract Act where it is intended to operate lawfully and no independent public policy bar is shown. Such partnerships were treated as valid for income-tax registration. en-us Mon, 18 Apr 1983 00:00:00 +0530 Mon, 22 Feb 2010 16:36:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28435 A partnership formed by a licensee for carrying on a licensed excise business is not, by itself, a transfer of the licence, because the licence remains with the licensee and is not assigned to the other partners. Section 15 of the excise law does not make such a partnership illegal merely because non-licensee partners share profits or losses, and rule 19(2) non-compliance does not void the partnership unless the statute expressly so provides. The arrangement is also not void under section 23 of the Indian Contract Act where it is intended to operate lawfully and no independent public policy bar is shown. Such partnerships were treated as valid for income-tax registration. Case-Laws Income Tax Mon, 18 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28435