https://www.taxtmi.com/caselaws?id=38111 Section 26A of the Indian Income-tax Act, 1922 required the individual shares of partners to be specified in the partnership instrument, but that specification could be gathered by necessary implication from the deed as a whole. The Madhya Pradesh HC noted that the deed grouped the partners, allotted each group one-third of the profits, and applied the same proportion to losses, which showed equal sharing within each group. Because all partners signed the registration application and the department had assessed them on that basis, the firm satisfied the statutory requirement. Registration was therefore allowed and the Revenue's objection failed. en-us Sat, 18 Mar 1978 00:00:00 +0530 Sat, 03 Apr 2010 12:26:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38111 Section 26A of the Indian Income-tax Act, 1922 required the individual shares of partners to be specified in the partnership instrument, but that specification could be gathered by necessary implication from the deed as a whole. The Madhya Pradesh HC noted that the deed grouped the partners, allotted each group one-third of the profits, and applied the same proportion to losses, which showed equal sharing within each group. Because all partners signed the registration application and the department had assessed them on that basis, the firm satisfied the statutory requirement. Registration was therefore allowed and the Revenue's objection failed. Case-Laws Income Tax Sat, 18 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38111