1983 (7) TMI 69

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....the ground that the Chartered Accountant Left India. The ground is reasonable and the application for condonation of delay is allowed. We now proceed to deal with the appeals. 2. The appeal No. 300/Ahd/82 is on the ground that the registration has been wrongly refused and appeal No. 301/Ahd/82 is on the ground that there should not have been protective assessment but final assessment in the nam....

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....he fact is crystal clear that ultimately the losses are to be borne by the trust and the trust is for the benefit of minors. So the term No. 10 of the deed ultimately has a direct impact on the minors. The trustee is only a representative of the trust and so of minors. The provisions of the Partnership Act prohibit the minors being made to share losses. What is not legal under the Partnership Act ....

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....the decision in the case of Bagyalakshmi & Co. 6. In Bagyalakshmi & Co the Supreme Court has stated at page 664 as follows: "A contract of partnership has no concern with the obligation of the partners to others in respect of their shares of profit in the partnership. It only regulates the rights and liabilities of the partners. A partner may be the karta of a joint Hindus family; he may, be....