https://www.taxtmi.com/caselaws?id=59259 The Tribunal affirmed the Commissioner (Appeals)'s ruling, determining the agreement as genuine and constituting a partnership. It upheld the applicability of the Circular issued by the Central Board of Revenue, permitting the assessee to offset the loss against income. The Tribunal rejected the application of Section 40A(3), stating the contributions under the agreement were not for purchasing but for sharing existing distribution rights. Consequently, the department's appeal was dismissed. en-us Wed, 07 Jan 1981 00:00:00 +0530 Mon, 27 Dec 2010 15:15:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59259 The Tribunal affirmed the Commissioner (Appeals)'s ruling, determining the agreement as genuine and constituting a partnership. It upheld the applicability of the Circular issued by the Central Board of Revenue, permitting the assessee to offset the loss against income. The Tribunal rejected the application of Section 40A(3), stating the contributions under the agreement were not for purchasing but for sharing existing distribution rights. Consequently, the department's appeal was dismissed. Case-Laws Income Tax Wed, 07 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59259