https://www.taxtmi.com/caselaws?id=38763 A partnership seeking registration under income-tax law must be a real and bona fide firm. Where the deed, bank-account arrangements and surrounding conduct show that an alleged retirement is only on paper, and the supposed retired partner continues to exercise control over accounts, policy and management while retaining the benefit of profits, the arrangement may be treated as illusory and registration refused. Direct evidence of an agreement to share profits is not essential if the inference can properly be drawn from circumstantial evidence. en-us Mon, 04 Aug 1975 00:00:00 +0530 Thu, 08 Apr 2010 18:11:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38763 A partnership seeking registration under income-tax law must be a real and bona fide firm. Where the deed, bank-account arrangements and surrounding conduct show that an alleged retirement is only on paper, and the supposed retired partner continues to exercise control over accounts, policy and management while retaining the benefit of profits, the arrangement may be treated as illusory and registration refused. Direct evidence of an agreement to share profits is not essential if the inference can properly be drawn from circumstantial evidence. Case-Laws Income Tax Mon, 04 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38763