02 December 2009
Under the Indian Partnership Act, 1932, any adult member of sound mind can become partner of the partnership. Such partner may be representing either HUF or any other entity or group of persons. However, as far as partnership under Indian Partnership Act, 1932 is concerned, it will recognize only the individual capacity of such partner. [Refer : (1998) 229 ITR 458 – Rashik Lal & Co. vs. CIT]
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