I.T.A. NO.5387/LB OF 1985-86, DECIDED ON 2ND NOVEMBER, 1987. versus I.T.A. NO.5387/LB OF 1985-86, DECIDED ON 2ND NOVEMBER, 1987.
Registration of the firm68 partnership agreement empowered the managing partner to handle all business affairs of the partnership business and the special power of attorney empowered him to open the account with his signature, the fact being that the managing partner Personal account was opened instead of opened. In the name of the firm which was held, it was not enough that no real firm was formed and that the business was owned by an individual partner. Section 68 does not have the benefit of obtaining nominal receipts for the firm's enrollment period. As partnerships are the best judges of their business, registration can be claimed and given without any income.
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