TMI Blog1983 (7) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... application for condonation of delay is allowed. We now proceed to deal with the appeals. 2. The appeal No. 300/Ahd/82 is on the ground that the registration has been wrongly refused and appeal No. 301/Ahd/82 is on the ground that there should not have been protective assessment but final assessment in the name of the firm. The AAC has rejected this appeal on the ground that it is not covered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the trust is for the benefit of minors. So the term No. 10 of the deed ultimately has a direct impact on the minors. The trustee is only a representative of the trust and so of minors. The provisions of the Partnership Act prohibit the minors being made to share losses. What is not legal under the Partnership Act cannot be legal under the Income Tax Act." 4. The AAC has confirmed the order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court has stated at page 664 as follows: "A contract of partnership has no concern with the obligation of the partners to others in respect of their shares of profit in the partnership. It only regulates the rights and liabilities of the partners. A partner may be the karta of a joint Hindus family; he may, be a trustee; he may enter into a sub- partnership with others, he may, under an agreem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to the deed of partnership which alone we have to consider in this case. The fact that they have been mentioned as trustees in the deed of trust, is irrelevant in the trust deed. No consequences can flow therefrom. The partnership deed does not impost any liability a possibility. Therefore the assessee firm is entitled to registration. In that view of the matter the assessment u/s 143(3) should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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