9911796707
TMI BlogWithdrawl of instruction No.1161-Status of partnership in eventuality of minor becoming major.X X X X Extracts X X X X X X X X Extracts X X X X ..... ajority of a minor and opting to become a partner is merely a technicality and that the firm is entitled to the continued benefit of registration originally granted on the basis of the earlier partnership deed, provided there has not been a change in the shares of the partners as evidenced by the said instrument of partnership. In para 3 thereof it was further clarified that the condition of no ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r electing to be a full fledged partner on ataining majority ipso facto becomes liable to share in losses also and that in case losses are borne in entirety by only some of the partners the partnership deed would still be a valid one. Reasoning for that was that section 30(7)(b) of the Partnership Act read with sec.4 thereof makes it clear that when a minor elects to continue as a partner he share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her there has been a change in the shares of the partners as evidenced by the instrument of partnership. Where the instrument foresees the eventuality of a minor becoming major and makes provision for the distribution of the shares at that time, the instrument evidences the changes in the shares. But if the ITO is unable to ascertain the shares from the instrument it will be a case where the instr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the firm as a result of a minor becoming major during the previous year relevant to the assessment year 1982-83 and later assessment years. 4. The instructions may be brought to the notice of all the officers working in your charge. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
