https://www.taxtmi.com/caselaws?id=57193 A partnership deed that specifies unequal profit-sharing ratios but is silent on losses does not, by itself, bar registration under sections 184 and 185 of the Income-tax Act. In the absence of an express contrary agreement, section 13(b) of the Indian Partnership Act raises a presumption that losses are shared in the same proportion as profits. The later rectification deed and return schedule were treated as clarifying the original arrangement, not creating a new one. On that basis, the refusal of registration was based on an incorrect view of law and was not sustainable. en-us Mon, 22 Jun 1987 00:00:00 +0530 Wed, 08 Dec 2010 18:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57193 A partnership deed that specifies unequal profit-sharing ratios but is silent on losses does not, by itself, bar registration under sections 184 and 185 of the Income-tax Act. In the absence of an express contrary agreement, section 13(b) of the Indian Partnership Act raises a presumption that losses are shared in the same proportion as profits. The later rectification deed and return schedule were treated as clarifying the original arrangement, not creating a new one. On that basis, the refusal of registration was based on an incorrect view of law and was not sustainable. Case-Laws Income Tax Mon, 22 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57193