Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-19-1989
Reported in : (1990)32ITD739(Mum.)
..... all. the mutual rights and duties of the partners of a firm may be determined by contract between them and such contract, as per section 11 of the indian partnership act, may be expressed or may be implied by a course of dealings. such contract may also be varied by consent of all the parties, which may be expressed or may ..... shared only by those persons, who were the partners in the year of its creation.4. we have heard the parties and considered their rival submissions.the partnership, as defined in section 4 of the indian partnership act, 1932, is the relation between the persons, who have agreed to share the profits and losses of a business carried on by all or any of ..... particular mode of allocation, the assessee had a right in the development rebate reserve as per her share of profit in terms of the indian partnership act. the learned counsel for the assessee, on the other hand, submitted that the partnership being a relation by agreement, the rights and liabilities of the partners are to be governed by the agreement. he brought to our ..... be implied by a course of dealings. section 11 of the partnership act is however, subject to the other provisions of the same act. under clause (b) of section 13, the partners are entitled to share equally all the profits earned and shall contribute equally to the losses sustained .....Tag this Judgment!