https://www.taxtmi.com/caselaws?id=61323 A partnership deed may support firm registration even where the profit-sharing ratio is not stated in express fractional terms, if the instrument read as a whole and the surrounding facts reasonably show the partners' shares. Clauses referring to distribution of net profits and losses in proportion to respective shares, the deed's subjection to the Indian Partnership Act, equal capital contributions, profit division reflected in the accounts, and the Form 11 declaration were treated as consistent with equal shares. The stated conclusion is that refusal of registration was not sustainable and the firm was entitled to registration. en-us Sat, 23 Mar 1985 00:00:00 +0530 Wed, 12 Jan 2011 12:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61323 A partnership deed may support firm registration even where the profit-sharing ratio is not stated in express fractional terms, if the instrument read as a whole and the surrounding facts reasonably show the partners' shares. Clauses referring to distribution of net profits and losses in proportion to respective shares, the deed's subjection to the Indian Partnership Act, equal capital contributions, profit division reflected in the accounts, and the Form 11 declaration were treated as consistent with equal shares. The stated conclusion is that refusal of registration was not sustainable and the firm was entitled to registration. Case-Laws Income Tax Sat, 23 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61323