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Judgment Search Results Home > Cases Phrase: formation of contract indian contract act Year: 1988 Page 1 of about 27 results (0.260 seconds)

Aug 18 1988 (TRI)

income-tax Officer Vs. Dr. C. Kurshid

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Aug-18-1988

Reported in : (1989)28ITD34(Mad.)

..... brings in immovable property as his capital contribution to the firm.6. we have carefully considered the rival contentions. section 14 of the indian partnership act, 1932 reads as under:-- 14. the property of the firm.--subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stook of the ..... entries. from the aforesaid observation of the madras high court it is clear that the question of contribution of immovable property as share capital is germane only at the formation of contract or partnership and such property becomes the property of the firm by the very intention of the parties evidenced by the agreement to treat such property as belonging to the ..... section it is clear that the partnership property includes all properties 'and rights and interests therein originally brought into the stock of the firm, i.e., at the time of formation of partnership not to speak of property acquired by the firm. the latter part of the section also gives the clue that even when property is acquired with the money ..... entries. he also held that the intention to treat immovable property as the firm's property became germane only on the formation of the partnership, meaning perhaps thereby that such arrangement was not permissible under the law, subsequent to the formation of the partnership. referring to the decision of the supreme court in the case of kartikeya v, sarabhai (supra), where in .....

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Nov 30 1988 (HC)

income-tax Officer Vs. G. Sharma BaruA.

Court : Guwahati

Decided on : Nov-30-1988

..... parties, it cannot be said that the minors have been made partners of the partnership as otherwise it would violate the relevant provisions of the indian partnership act and the indian contract act. for such proposition, we may refer to various decisions, namely, in the case of cit v. jagadish jakati & co. : [1979]119itr19 ..... sides before us. as pointed out by the aac and as stressed by the assessees learned counsel all was well up to the stage of formation of the partnership, etc. in the instant case, the partners have sought to introduce landed properties as capital contribution to the firm. this ..... notional income thereof can only be assessed in the hands of the legal and real owner. we have given our above opinion that the formation of the partnership for the object mentioned therein was only to transfer the assets to the minor children. in these circumstances the property income ..... whether the partnership was formed between the assessee and the other people and whether the asset was disposed of by the partnership soon after the formation of the partnership firm itself and the other connected activities. it is pointed out that there is no material whatsoever to contradict the findings, ..... of the minor as mentioned above was not justified. the aac expressed the view that the transaction was quite alright up to after the stage of formation of the partnership, registration of the same etc. the aac, however, noted that in the allotment of the assets and liabilities some doubts have .....

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Mar 07 1988 (HC)

Commissioner of Income-tax Vs. Suresh Chandra Jain

Court : Andhra Pradesh

Decided on : Mar-07-1988

Reported in : (1988)71CTR(AP)42; [1989]178ITR241(AP)

..... assets in respect of which development rebate was allowed were thrown into the partnership stock, so that those assets were henceforth regarded as partnership property under section 14 of the indian partnership act. the income-tax officer was of the opinion that when an individual throws his assets in respect of which development rebate was allowed into the common stock of the ..... siddharthbhai's case : [1985]156itr509(sc) drew a line of distinction between cases where partnership assets are distributed on dissolution and cases where assets are transferred to partnership firm on formation. although there is no direct disapproval, it seems to us that the supreme court was clearly indicating that a transaction where an exclusive interest is reduced to a shared interest ..... and b constituting a firm of partnership, there is no transfer of property involved.' 13. the madras high court further observed at pages 533-534 : 'section 14 of the indian partnership act shows the different processes or methods by which a firm or partnership may come to possess property. the section says 'the property of the firm includes all property and rights ..... and interests in property originally brought into the stock of the firm or acquired, by purchase or otherwise, by or for the firm'. this is, of course, subject to the contract .....

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Aug 24 1988 (HC)

N. Satyanarayana Murthy and ors. Vs. M. Venkata Bala Krishnamurthy

Court : Andhra Pradesh

Decided on : Aug-24-1988

Reported in : AIR1989AP167

..... correct, the respondent was unilaterally expelled from the partnership with effect from march 1, 1976; it is illegal, void and hit by section 32 of the indian partnership act (act 9 of 1932) (for short 'the act'), the 1st appellant mismanaged the affairs of the business of the firm, caused great prejudice to the respondent by forcibly retiring him from the firm without any ..... that the position of the court in determining whether it is just and equitable to wind up the company requires a fair consideration of all the circumstances connected with the formation and the carrying on of the company and the common misfortune which had be fallen the two shareholders in the company does not involve the consequence that the ultimate desires ..... , but should include circumstances which bear upon the problem of continuing or stopping courses of conduct which substantially impair those rights and protections to which shareholders, both under statute and contract, are entitled. it was further held thus:'it is undoubtedly true that at the foundation of applications for winding up, on the 'just and equitable' rule, there must lie ..... were paying income-tax from theprofits of the firm, apart from the firm payingthe income-tax and sales tax. thus the chargethat the 1st appellant managing partnercommitted breach of the contract and therebylost confidence etc. remained to be avermentsin desperation, carrying no conviction to thecourt. no meetings were ever held in all the39 years. it is admitted that he was .....

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Apr 05 1988 (HC)

Gadadhar Dixit Vs. Utkal Flour Mills (Pvt.) Ltd.

Court : Orissa

Decided on : Apr-05-1988

Reported in : [1989]66CompCas188(Orissa)

..... aforesaid prayer has been made are as follows:(a) that the above named company was originally a partnership firm prior to its conversion and incorporation as a company under the indian companies act, 1956. the partnership consisted of seven partners, namely, 1. ramakrishna sharma, 2. smt. durgadevi sharma, 3. srikrishna sharma, 4. sachikanta routray, 5. gadadhar dixit, 6. bishnumohan routray, 7. nirmal ..... petitioner as to what transactions were made by the partnership firm and how the said transactions are connected with the assets of the company. the petitioner, having alleged that the formation of the partnership ' utkal roller flour mills' was fraudulent and illegal, he was obliged under law to spell out the details of the fraud as well as the facts necessary ..... . the resolution passed in the said meeting being exhibit 17 in this case, one of the agendas fixed to be discussed in the said meeting was the approval of the contract entered into by the company to enter into partnership with utkal roller flour mills in which the directors are interested to enter and it was resolved in the said meeting ..... . 2 that the company in question is in substance a partnership concern and, therefore, the principles applicable to dissolution of a partnership as provided under section 44(5) of the indian partnership act are applicable for winding up of the company. admittedly, though there was previously partnership firm, the same was dissolved and a company came into existence. but the mere fact .....

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Feb 12 1988 (HC)

Swastik Gear Ltd. and ors. Vs. Income-tax Officer and ors.

Court : Allahabad

Decided on : Feb-12-1988

Reported in : (1988)69CTR(All)213; [1989]175ITR384(All)

..... of his own. sections 168, 169 and 171 of the contract act speak of the right and lien of the bailee.67. the upshot is that on the expiry of one hundred and eighty days, the department loses the ..... , took the view that once the authorisation for carrying out the search is found to be illegal on account of the absence of recording of reasons in the formation of a reasonable belief, the officer who has seized documents during such search must return the documents seized as a result of the illegal search. disapproving the view ..... restore the goods to their owner. till the goods are delivered to the owner, section 71 of the contract act casts on such finder of goods the same responsibilities as a bailee. under section 151 of the contract act, a bailee is enjoined to take the same care of the goods as a man of ordinary prudence takes ..... shall not authorise the retention of the books of account and other documents for a period exceeding thirty days after all the proceedings under the indian income-tax act, 1922, or this act in respect of the years for which the books of account or other documents are relevant are completed.' 48. learned counsel for the petitioners ..... om prakash, j.1. the petitioners nos. 1 and 2, public limited companies, incorporated under the indian companies act,, 1956, and petitioner no. 3, a partnership firm, are allied concerns of q.s.t. groups of kanpur and petitioner no. 4 is the manager, .....

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Aug 11 1988 (HC)

Indian Aluminium Co. Ltd. and Another Vs. State of Karnataka and Other

Court : Karnataka

Decided on : Aug-11-1988

Reported in : [1991]70CompCas440(Kar)

..... reimbursement of the tax paid is, therefore, opposed to public policy and hence void under section 23 of the contract act. (vi) exemption from, or reduction of, the tax under the taxation act can only be by a notification under section 8 and, therefore, the provisions of section 8 cannot be defeated ..... after all, the motto of every civilized state must be : 'let right be done''. 32. realising that there was a clause in the relevant contract entered into between the assessee (as the seller of cement) and the central government (as the buyer), providing for the central government to 'pay the ..... , : [1955]1scr305 , there can be no doubt that the petition was maintainable, even if the right to relief arose out of an alleged breach of contract, where the action challenged was of a public authority invested with statutory power'. 20. in the decision reported in hindustan sugar mills v. state of rajasthan, ..... for this agreement was the same as the one which led to the first agreement, the additional factor being the aluminum policy of government of indian and its directions to the state governments regarding the formula to fix the price of electricity supplied to smelter plants. 8. clause 6(c) ..... a fact situation can be possible only by an examination of all the contributory circumstances leading to the formation of the said fact- situation. 64. it must also be remembered that to act equitably in the circumstances of a case, in the absence of a specified statutory bar to the contrary .....

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Dec 17 1988 (HC)

M.O.H. Aslam Vs. M.O.H Uduman and ors.

Court : Chennai

Decided on : Dec-17-1988

Reported in : (1989)2MLJ172

..... of retirement as distinct and different rights inhering in a partner, under different circumstances. there are provisions in the french code civil and in the indian partnership act dealing with right of dissolution, and the right of retirement, as distinct rights. hence, merely because a clause relating to retirement is found is ..... not been obtained for constituting the private limited company, when in fact, he had actively participated in the discussions, and shared the enthusiasm in the formation of the limited company and the follow up action; he cannot secure any relief under section 44, because it is a discretionary relief which cannot ..... the duration was not expressly fixed in the any case even if there is some doubt as to whether the terms of this contract implied any duration of the partnership, there can in our opinion be no doubt that the terms do imply a determination of the partnership when ..... the partnership. in either of these cases the partnership is not at will. the duration of a partnership may be expressly provided for in the contract; but even where there is no express provision, the partnership will not be at will, if the duration can be was a case ..... away by a subsequent enactment, either expressly or by necessary intendment and not otherwise.13. this decision could have no relevance in so far as the contract of relationship of parties is concerned, as found in exhibits b.1 and b.2. the section states that the right, if any acquired or .....

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Mar 30 1988 (HC)

Abhai Singh Vs. Sanjay Singh and ors.

Court : Allahabad

Decided on : Mar-30-1988

Reported in : AIR1989All214

..... that the action of abhay singh in handing over managment to the society was fully protected by the provisions of section 21 of the indian partnership act.fourth ground attacking the award is that the award does not settle the dispute between the parties and the parties are relegated to another ..... n. s. educational society was formed by the defendants due to threats of disaffiliating the school from the state government as well as anglo indian schools (see pages 315-16). the aforesaid society according to the arbitrator is an independent entity and is managing the affairs of the school ..... as well as the council of anglo indian schools threatened the firm to disaffiliate the school if the school was not run by a society registered under the societies registration act. the parties in the present litigation agreed to the need of formation of a society but they fell out on ..... partners. the learned arbitrator has considered the contentions raised on behalf of the objectors and after relying upon the various provisions of the partnership act, he has arrived at the conclusion that abhay singh objector could not entrust the management of the school and its properties to the abovementioned ..... facts involved in the present litigation are as follows :shri sanjay singh and smt. krishna kumari filed an application under section 20 of the arbitration act against shri abhay singh and smt. indu bala in the court of civil judge, dehradun. the aforesaid application was decided by shri virendra singh, .....

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Sep 21 1988 (HC)

Smt. Manorama Srivastava and anr. Vs. Smt. Saroj Srivastava

Court : Allahabad

Decided on : Sep-21-1988

Reported in : AIR1989All17

..... srivastava and p.w. 3 sri r.p. srivastava has complied with the provisions of sections 67 and 68 of the indian evidence act read with section 63 of the indian succession act to prove the signing of the will by the testator in their presence and it being attested by the said two witnesses. ..... in the disputed signatures of the testator and this coupled with further evidence that testator was in the habit of writing letters which varies in the formation and shape and also the admitted position being that even on bare examination of the two admitted signature on the vakalatnama showing even different forms ..... proving will does not differ from that of proving any other document except as to its attestation in accordance with section 63 of the indian succession act and that formality having been completed to prove the said document and the defendant having failed to show any suspicious circumstance then subject to ..... third point emerges, which is that of the onus probandi. if the transaction appears to be unconscionable, then the burden of proving that the contract was not induced by undue influence is to lie upon the person who was in a position to dominate the will of the other.merely because ..... he after perusing the signature on it proved his and the signature of the testator and the other attesting witness.14. section 67 of the indian evidence act speaks about proof of signature and handwriting of person alleged to have signed or written document, which is produced by a person who has been .....

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