https://www.taxtmi.com/caselaws?id=37016 Registration of a firm under section 26A of the Indian Income-tax Act, 1922 was available where the partnership deed, read as a whole, enabled the partners' individual profit and loss shares to be reasonably ascertained. The deed need not expressly state the exact loss ratio if the intended sharing arrangement can be implied from its terms. As minors admitted only to the benefits of partnership cannot bear losses, the loss burden is gathered among the adult partners. On that basis, the omission to set out the loss-sharing ratio expressly was treated as a technical defect, and the firm was held entitled to registration. en-us Fri, 24 Aug 1979 00:00:00 +0530 Fri, 26 Mar 2010 10:25:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37016 Registration of a firm under section 26A of the Indian Income-tax Act, 1922 was available where the partnership deed, read as a whole, enabled the partners' individual profit and loss shares to be reasonably ascertained. The deed need not expressly state the exact loss ratio if the intended sharing arrangement can be implied from its terms. As minors admitted only to the benefits of partnership cannot bear losses, the loss burden is gathered among the adult partners. On that basis, the omission to set out the loss-sharing ratio expressly was treated as a technical defect, and the firm was held entitled to registration. Case-Laws Income Tax Fri, 24 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37016