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Issues:
1. Entitlement to registration for assessment years 1953-54 and 1954-55 based on the partnership deed dated April 14, 1953. Analysis: The judgment of the High Court of Bombay addressed the issue of whether a genuine firm was entitled to registration for the assessment years 1953-54 and 1954-55 based on a partnership deed. The partnership involved three initial partners who later admitted a minor partner to the business. The deed specified the profit distribution among partners, including the minor. The main contention against registration was the inclusion of the minor, deemed contrary to the Partnership Act, raising doubts about the partnership's genuineness. The Appellate Assistant Commissioner and Tribunal allowed registration, citing a previous Bombay High Court decision. However, the Supreme Court's reversal of that decision in a similar case set a new precedent. In the prior case, the minor was treated as a full partner, contrary to the law, leading to registration denial. The present case distinguished itself as the minor was not made a party to the partnership, and the deed clearly stated his admission only to the benefits without personal liability. Although profit and loss sharing terms seemed contrary to the law, the Court found the partnership genuine and eligible for registration for the assessment year 1954-55 but not for 1953-54. The judgment emphasized the distinction between the cases and the importance of specific terms in determining registration eligibility, rejecting a strict technical interpretation of legality for registration purposes.
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