https://www.taxtmi.com/caselaws?id=29396 A valid partnership exists where the deed shows an agreement to carry on business and share profits, with mutual agency remaining the essential element under the Partnership Act. Exclusive management by one partner, unequal profit division, or exclusion from a particular branch of activity does not by itself negate partnership if the arrangement still reflects common business conduct. On the deed examined, the partners maintained common management, common accounts, and agreed sharing of profits and losses; the absence of a share in the lorry business and lack of capital contribution by one partner were treated as internal arrangements. The partnership was therefore regarded as valid, and registration was available. en-us Tue, 31 Mar 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:39:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29396 A valid partnership exists where the deed shows an agreement to carry on business and share profits, with mutual agency remaining the essential element under the Partnership Act. Exclusive management by one partner, unequal profit division, or exclusion from a particular branch of activity does not by itself negate partnership if the arrangement still reflects common business conduct. On the deed examined, the partners maintained common management, common accounts, and agreed sharing of profits and losses; the absence of a share in the lorry business and lack of capital contribution by one partner were treated as internal arrangements. The partnership was therefore regarded as valid, and registration was available. Case-Laws Income Tax Tue, 31 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29396