1962 (9) TMI 107

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....f the Indian-tax Act, 1922. The assessment year concerned is 1958-59 and the accounting period 1132 M. E. 2. The assessee was one of the partners of a firm consisting of himself, his two minor daughters, Rajeswari and Mayadevi, Balakrishna Reddiar, the husband of Rajeswari, and Tiruvengada Reddiar, the husband of Mayadevi. The contention of the assessee which has been negatived by the Appellate T....

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....the wife in a firm of which here husband is a partner; (ii) from the admission of the minor to the benefits of partnership in a firm of which such individual is a partner; (iii) from assets transferred directly or indirectly to the wife by the husband otherwise than for adequate consideration or in connection with an agreement to live apart; or (iv) from assets transferred directly or indire....

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....be admitted to the benefits of a partnership. Sub-section (1) of section 30 of that Act says : "30. (1) A person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partner for the time being, he may be admitted to the benefits of partnership". 5. The department has held that the provision applicable is sub-clause....

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....B) of the Indian Income Tax Act, 1922, the expressions "firm", "partner" and "partnership" when used in that Act will have - unless there is anything repugnant in the subject or context - "the same meaning respectively as in the Indian Partnership Act, 1932 (IX) of 1932) : Provided that the expression partner includes any person who being a minor has been admitte....