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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Court: income tax appellate tribunal itat hyderabad Page 1 of about 10 results (0.094 seconds)

Dec 27 1983 (TRI)

income-tax Officer Vs. Hotel Manasarovar

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)9ITD480(Hyd.)

..... status of m. gopalakrishna nor did it state in what capacity m. gopalakrishna signed as lessor.13. section 2(23) of the income-tax act, 1961 ('the act') reads as under : 'firm', 'partner' and 'partnership' have the meanings respectively assigned to them in the indian partnership act, 1932 (9 of 1932) ; but the expression 'partner' shall also include any person who, being a minor, has been admitted to the benefits of ..... agreed to share profits of a business carried on by all or any of them acting for all. section 14 of the indian partnership act further speaks of the property of the firm and reads as under : subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired ..... net rent after paying the taxes and repairs would be distributed among the partners in accordance with their shares and no management allowance was payable. clause 17 provided that the partners shall meet at least quarterly once and discuss all the problems connected with the management of the business of the partnership.9. it may be mentioned that the balance sheet of the firm .....

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Oct 29 2004 (TRI)

Smt. Durdana Khatoon Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)93ITD15(Hyd.)

..... 14-9-2004.the learned dr submitted that sections 45 to 55 of the indian partnership act, 1939, occur in the same chapter vi of the act, and all the sections pertain to dissolution of firm and section 45 provides for liability for acts of the partner done after dissolution; section 46 provides for right for continuing authority of partners for purposes of winding up; section 48 provides for mode of settlement of ..... accounts between the partners and states that losses shall not ..... by the assessee do not come to her rescue, is devoid of merit as, in the case of l. raghu kumar (supra), the decision was rendered when the assessee had conceded that he is not governed by section 47(ii) of the act. this is ..... him for the purpose of section 45 of the income-tax act." the decision of the hon'ble a.p. high court in the case of sri l. raghu kumar (supra) has been upheld by the hon'ble supreme court in its decision reported in 247 itr 801.17. the contention of the revenue that de hors section 47(ii) the judgments relied upon .....

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Nov 25 1991 (TRI)

income-tax Officer Vs. Sandhya Finances

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1992)40ITD424(Hyd.)

..... majority. six months would be over by 19-3-1982. shri sudershan had time to determine whether he should become a full-fledged partner or not till 19-3-1982 under the provisions of section 30(5) of the indian partnership act, 1932 and therefore since 19-3-1982 falls within six months to 31-3-1982 shri sudershan should be deemed to have enjoyed the ..... circular of the central board of revenue which confers some benefit on the assessee is binding on all officers concerned with the execution of the income-tax act, and they must carry out their duties in the light of the circular.having regard to all the. above, we hold that refusing continuation of registration to the assessee-firm by the ito is ..... registration or continuation of registration, in the absence of a fresh deed, cannot be accepted. on the other hand we feel we are right in proceeding on the premise that the profit and loss sharing ratio under the partnership deed dated 18-10-1979 remains as it is, even for assessment year 1982-83. therefore, when they remain unchanged there is no ..... veerraju & co. v. ito [1981] 5 taxman 17(hyd.). in that case it was held that it is entirely up to the partners to decide that any or some of them will not have the share of losses and that any sort of agreement in that regard would not offend any provision of the indian partnership act, 1932. in that case also, the tribunal had followed .....

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Jul 28 1986 (TRI)

Sri Mahalakshmi Finance Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)19ITD494(Hyd.)

..... or loss shall be enjoyed or borne by the partners, which included the minor shri thanikachalam, in equal shares. he also observed that as per the return filed by the assessee, the share of loss has been allocated to shri thanikachalam along with others which was not permissible under the indian partnership act, 1932. it was further made out by the commissioner ..... witnessed by witnesses and, therefore, the unattested corrections in the deed cause a doubt as regards what the other eight partners agreed to. however, the firm had filed its application under section 58 of the indian partnership act for registration of the firm on 30-3-1981 under rule 5 in form a in the file of the registrar of firms and ..... vizianagaram, hereinafter called the ninth partner representing as father and natural guardian dhanasekharan, minor, ..... bills were all drafted long before the emergence of the final deed of partnership on the basis of which registration was granted.17. now, we turn to the partnership deed on the basis of which registra was initially granted which was subsequently cancelled by the commissioner under section 263. in the preamble, partner no. 9 is described as follows : r. thanikachalam, resident of .....

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Jul 06 1984 (TRI)

Ahmed HussaIn Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)10ITD525(Hyd.)

..... in determining whether there was dissolution or not of the earlier firm.under the provisions of section 42 of the indian partnership act, 1932, in the absence of an agreement to the contrary, a firm will dissolve on the death of a partner. such agreement has to be between the erstwhile partners while all were alive. to this extent, we agree with the learned departmental representative. we ..... not the only provisions under which a partnership can be dissolved. the provisions relating to dissolution of partnership start with the provisions of section 39 and section 40 of the indian partnership act expressly provides that a firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners. the statement in the instrument of partnership dated 10-1-1981 by sakeena ..... utterances as that 'registration is not a common law right but a statutory privilege'. even now, the registration of firms might remain very much a statutory privilege, but the assessees are entitled to be given the guidance, at official level, which the statute compels the ito to render to them ... (p. 790) 17. in the present case, therefore, we set aside ..... (2) and (3) of the income-tax act, 1961, is a welcome parliamentary reaction to judicial observations of this kind. at this time of the day, therefore, it would be too much to urge that the ito is not under a duty bound to give a helping hand to assessees, who, even with expert professional advice, might falter here and there .....

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Feb 27 1987 (TRI)

income-tax Officer Vs. N.P. Radhakrishna

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1987)21ITD334(Hyd.)

..... already a partner, he continues as a partner. if the instrument of partnership contemplates and provides for such a situation, there is no change in the constitution of the firm as evidenced by it....in our opinion, there is no change in the constitution of the firm and the firm is entitled to renewal of registration.9. section 30(5) of the indian partnership act, 1932, reads as ..... -co-operation from the assessee in the course of the assessment proceedings and the assessment had to be completed under section 144 and, therefore, the income-tax officer was right in invoking the provisions of section 185(5) of the income-tax act. the two partners have not signed the declaration consecutively for three assessment years and that in the event of the minor becoming ..... up any accounts otherwise than in the ordinary course, in the latter case there is a break in the partnership and the accounts have to be made up as on a particular date, because the minor who has become major has the right to claim a specific amount as due to him on a particular date.10. we notice that though the ..... date of the application. in this case, form no. 12 was not signed by the two minors who have become majors by then and, therefore, the income-tax officer was right in not considering the form no. 12. in support of his contention, he relied on the decision of the gujarat high court in dilipsinhji p. desai & bros. v. cit [1964 .....

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Sep 09 1986 (TRI)

K. Gopala Rao Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)19ITD1(Hyd.)

..... counsel for the assessee submitted that a casual reading of the deeds executed by the partners in this case on different dates, to provide for different occasions, show that they were treating the land as belonging to the partnership. he pointed out relying upon section 14 of the indian partnership act, 1932 that the site on which the theatre was built was always treated as the property ..... accounts and receiving certain moneys as per accounts or receiving lump sum in consideration of the retirement from a relinquishment. in either case the settlement of accounts and adjustment of rights, was neither a transaction nor amounted to a transfer. it was this point that was highlighted by the andhra pradesh high court in l. raghu kumar's case (supra) by ..... following observation of the bombay high court is very relevant for our purposes : ... in other words, it is clear, the retirement of a partner can take either of two forms, and apart from the question of stamp duty, with which we are not concerned, the question whether the transaction would amount to an assignment or release of his interest in favour of ..... only by the firm. if that is so, there could not be any question of transferring of the interest in a partnership firm, because a transfer of the interest in the firm to that firm itself would be an absurdity.17. in the result, we are of opinion that there is no case for inclusion of capital gains. the assessee's appeal .....

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Nov 17 1994 (TRI)

Sarvaraya Textiles Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)54ITD612(Hyd.)

..... business. this position in law has been given statutory recognition, by section 5 of the indian partnership act, 1932. after laying down that the relation of partnership arises from contract and not from status, it proceeds to declare that the members of a hindu undivided family carrying on a family business as such are not partners in such business. the reason is not far to seek. while ..... partnership is a matter of contract, a hindu undivided family is a matter ..... to a mans legal condition of any kind, whether personal or proprietary. a mans status in this sense includes his whole position in the law - the sum total of his rights, duties, liabilities or other legal relations, whether proprietary or personal, or any particular group of them separately considered. thus we may speak of the status of a landowner, of a trustee ..... -90), the income-tax appellate tribunal, hyderabad bench b had remitted this aspect of the matter to the assessing officer for verification and decision. he invited us to follow suit.17. we have looked into the facts of the case and considered the rival submissions. the facts necessary for the resolution of the issue before us lie in a short compass .....

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Oct 05 2004 (TRI)

Amrit Apartments Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD481(Hyd.)

..... according to section 6 of the partnership act, 1932, in determining whether a group of persons is or is not a firm, or whether a person is or is not a partner in a firm, regard shall be had to the real relation between the parties, as shown by all relevant facts taken together.17. the hon ..... common stock of the appellant-firm as their capital contribution in terms of section 14 of the indian partnership act. the other partners contributed cash towards their capital in the firm.4. the appellant-firm was granted registration under section 185(1)(a) of the it act for the asst. yr. 1982-83 by order dt. 9th nov., ..... indication to show that in the alleged aop these partners had different shares or some outsider shared the profits or any term of the partnership was violated or the profits were divided otherwise than as reflected in the books of account. in fact, as rightly contended by the learned counsel for the assessee, ..... under appeal in its status as a firm, but they were carried out in the status of aop. even the partners who retired, continued to exercise their ownership rights over the property of the firm. even though the said property has been contributed by them to the firm when they were ..... and a letter was issued demanding explanation as to why the registration granted to the appellant-firm right from the asst. yr. 1985-86, onwards should not be cancelled in terms of section 186(1) of the act. the proposals of the ao were based on the following grounds : (i) the assessee figures .....

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Sep 04 1981 (TRI)

Chittalur Pedda Venkata Subbaiah Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1982)2ITD67(Hyd.)

..... a receiver on 7-3-1974, and that, therefore, there was a dissolution of the firm on the date of filing of the above suit. he referred to section 43(1) of the indian partnership act, 1932 ('partnership act'), and the following rulings in support of his stand-sathappa chetty v. s.n. subrahmanyan chetty air 1927 pc 70, manohar lal motilal [1974] 76 plr 251 (punj ..... of the firm which remain after satisfying the liabilities set out in clause (a) and sub-clauses (i), (ii), (iii) of clause (b) of section 48 of the partnership act. the question that now arises is whether the partners of a dissolved firm would constitute an aop. on this point the entire case law was discussed by the andhra pradesh high court in the ..... another decision of the privy council in ram singh v. ram chand air 1924 pc 2 to the effect that a partnership at will can be dissolved at the instance of any of the partners and that section 43 of the partnership act provides that any partner may dissolve a partnership at will by merely serving a notice of his intention to do so on all other ..... to the income from property as well as in regard to the computation of capital gains, were acquired by the firm after it was formed. under section 48 of the partnership act, in settling the accounts between the partners on dissolution in the absence of the contract to the contrary, the residue after settling the items in clause (a) and the items (i) to .....

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