Supreme Court · 1961 INSC 86 · Decided 13 March 1961
N. T. Patel and Company v. Commissioner of Income-Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1961 INSC 86 · [1962] 1 S.C.R. 251
- Case number
- CIVIL APPEAL No. 424/1960
- Decided
- 13 March 1961
- Bench
- J.L. KAPUR, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 26A
Headnote
S.C.R. SUPREME COURT REPORTS 25i N. T. PATEL AND COMPANY v. COMMISSIONER OF INCOME-TAX, MADRAS. (J. L. KAPUR, M. HIDAYATULLAH and J. c. SHAH, JJ.) Income Tax-Partnership-Registration of-Shares of part­ ners in profit and loss not specified-Refusal of registration, if proper-Indian was taken into the partnership. On March 29, r954, a r.ew partnership was enter­ ed into taking in a sixth partner who contributed Rs. 40,000 as his share to the capital. In the partnership deed no express provision was made as to the manner in which profits and losses were to be divided. A
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