https://www.taxtmi.com/caselaws?id=56567 The Tribunal upheld the validity of the partnership firm despite the inclusion of minors, citing precedents allowing minors to benefit from partnerships without invalidating the deed. It determined that the minors' liability was limited to profits credited to their accounts, not capital contributions or losses. Additionally, the Tribunal dismissed concerns over alleged misstatements in the partnership deed regarding business activities. The firm was deemed genuine, and the appeal by the revenue was dismissed, affirming the Appellate Assistant Commissioner's decision to register the partnership firm. en-us Sat, 03 Jul 1982 00:00:00 +0530 Sat, 04 Dec 2010 15:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56567 The Tribunal upheld the validity of the partnership firm despite the inclusion of minors, citing precedents allowing minors to benefit from partnerships without invalidating the deed. It determined that the minors' liability was limited to profits credited to their accounts, not capital contributions or losses. Additionally, the Tribunal dismissed concerns over alleged misstatements in the partnership deed regarding business activities. The firm was deemed genuine, and the appeal by the revenue was dismissed, affirming the Appellate Assistant Commissioner's decision to register the partnership firm. Case-Laws Income Tax Sat, 03 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56567