1988 (12) TMI 102

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....ner of Income-tax, West Bengal-IX, the following question of law has been referred to this court under section 256(2) of the Income-tax Act, 1961, for the assessment year 1973-74 : "Whether, on the facts and in the circumstances of the case and on a proper construction of the deed dated the twenty-sixth day of December one thousand nine hundred and sixty seven and the deed dated the twenty-four....

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....rship in proportion to their respective shares. If any partner or minor fails to provide his share of the capital either in full or part, interest shall be charged from him at such rate as the partners may decide not being less than the highest rate at which the partnership may have taken loan from its bankers or any of the partners or any outside source during the year for which the accounts are ....

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.... claimed. Against the order of the Income-tax Officer, the assessee filed an appeal before the Appellate Assistant Commissioner, who allowed the appeal, following the orders for the assessment years 1969-70 to 1971-72. The Department appealed to the Tribunal against the order of the Appellate Assistant Commissioner. The Tribunal relied on an earlier order for the earlier years and dismissed ....

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....reement at the time the partnership came into existence and this made the partnership invalid. This court negatived that contention and held that where minor is admitted to the benefits of the partnership, the deed of partnership need not be signed by the guardian of the minor and the fact that the deed had not been signed by such guardian would not be fatal to the validity of the deed. The sec....