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TMI Blog1982 (7) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... tled to registration ? " The assessee-firm was constituted by a deed of partnership dated 31st December, 1965, consisting of six partners and one Bhimchand Mangalchand Chowdhury, a minor admitted to the benefits of the partnership. After reciting the shares of the parties it has been set out by the Tribunal in a statement of the case which contained, inter alia, the following clauses : " 12. On and from the first day of month next succeeding the month in which the said Bhimchand Mangalchand Chowdhuri attains majority, he shall, if he elects to be a partner, be admitted as a partner in this partnership on the terms and conditions as to capital contribution and sharing of profits and losses among the partners as hereinafter mentioned as fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this order. There was an appeal. The Tribunal, after noticing the rival contentions and referring to the relevant provisions of law, observed, inter alia, as follows " 8.1. There is no dispute that the assessee in the present appeals fulfilled conditions (ii) to (v). The only dispute between the assessee and Revenue is regarding the condition No. (i). According to the Department, the partners of the assessee should have executed a fresh deed of partner-ship on Sri B. M. Choudhuri's attaining majority, while, the assessee contended that reading the deed of partnership dated 31st December, 1965, along with the letters passed between the partners, there was 'an instrument of partnership specifying the individual shares of the partners'. In o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on his attaining majority. In the present case, the other partners, by their letter dated 1st November, 1966, had accepted Sri B. M. Choudhuri's election to be partner in the firm with the same terms and conditions as agreed between them in the deed of partnership dated 31st December, 1965. In our opinion, the execution of a fresh deed of partnership on Sri B. M. Chodhuri's attaining majority would be a mere ritual as we are of the opinion that there was no necessity to execute a fresh deed of partnership in view of the specific clause, viz., cl. 12 contained in the deed of partnership dated 31st December, 1965, whereby the partners had agreed to revise sharing of profits or losses amongst them on Sri B. M. Choudhuri's attaining majority a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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