https://www.taxtmi.com/caselaws?id=38056 The court held that the partnership deed, which admitted minors as full-fledged partners, was invalid. The minors were only entitled to the benefits of the partnership, not full partnership status. As the minors did not sign the deed and lacked guardian consent, the partnership was ineligible for registration. The court cited legal precedent to support its decision that minors can only share profits, not losses, in a partnership. Consequently, the partnership was deemed illegal, and the tax department's decision denying registration was upheld, with costs awarded to the Commissioner. en-us Thu, 25 May 1978 00:00:00 +0530 Fri, 02 Apr 2010 17:39:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38056 The court held that the partnership deed, which admitted minors as full-fledged partners, was invalid. The minors were only entitled to the benefits of the partnership, not full partnership status. As the minors did not sign the deed and lacked guardian consent, the partnership was ineligible for registration. The court cited legal precedent to support its decision that minors can only share profits, not losses, in a partnership. Consequently, the partnership was deemed illegal, and the tax department's decision denying registration was upheld, with costs awarded to the Commissioner. Case-Laws Income Tax Thu, 25 May 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38056