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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Court: kerala Page 1 of about 20 results (0.039 seconds)

Jun 20 2008 (HC)

Green Sea Marine and ors. Vs. V.A. Anty and anr.

Court : Kerala

Reported in : 2008(2)KLJ780

..... to the firm.17. 'partnership' is the relation between the persons who have agreed to share the profits of a business carried on by all or any of them acting for all - see section 4 of the indian partnership act, 1932, hereinafter; the 'ip act'. section 2(a) of the ip act defines an 'act of a firm', to mean any act or omission by all the partners, or by any partner or agent of ..... conduct of the business of the firm. there can be no partnership without a minimum number of two partners. clause (b) of section 12 of the ip act provides that every partner is bound to attend diligently to his duties in the conduct of the business, while clause (a) thereof provides that every partner has a right to take part in the conduct of the business. the mutual ..... rights and duties of the partners of a firm may be determined by contract between the partners - see section 11(1) of the ip act. therefore, subject to the terms of the contract between partners, law enjoins that every partner is bound to attend diligently to his ..... be express or may be implied by a course of dealing. therefore,' in the light of section 4 of the ip act and having in mind the manner in which the mutual rights and duties are determined qua the liability of every partner to attend diligently to his duties in the conduct of the business, it has to be that in so far as third party .....

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Nov 03 1987 (HC)

P. Ramachandra Reddiar and P. Arjuna Reddiar Vs. Commissioner of Incom ...

Court : Kerala

Reported in : [1993]200ITR161(Ker)

..... of other partners. his ..... them acting for all (section 4 of the indian partnership act, 1932). for this joint venture, they contribute capital which may be either money, or movable or immovable properties having a value in money set on them. whatever is contributed by a partner ceases to be his exclusive property. the asset which was once in his total ownership is, when contributed to the firm, subjected to the rights ..... that statement that is the agreed statement of facts by the parties on which the high court has to pronounce its judgment ... it is therefore clear that it was the duty of the high court to start with that statement of the case as the final statement of facts. surprisingly, we find that the high court, in its judgment, has taken ..... methods of statutory construction tend to lead us astray by concentrating too much on verbal niceties and paying too little attention to the provisions read as a whole . . .' (emphasis supplied ). 17. quoting this passage with approval, chinnappa reddy j. in mcdowell and co. ltd. v. cto : [1985]154itr148(sc) observed :'we think that the time has come for us to depart .....

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Mar 01 1993 (HC)

Commissioner of Income-tax Vs. Palliveedu Traders

Court : Kerala

Reported in : [1993]204ITR141(Ker)

..... the statements of smt. kadishabi and smt. ayishabi, it is clear that a partnership as contemplated under section 4 of the indian partnership act has not been constituted.5. the definition of partnership in section 4 of the indian partnership act contains three elements, viz., (i) there must be an agreement entered into by all the partners concerned, (ii) the agreement must be to share the profits of the business and ..... not genuine and in refusing registration. that order was rightly confirmed by the appellate assistant commissioner. the appellate tribunal has committed an error of law in finding that the firm is genuine and ..... koya, who was not a partner of the firm. from the statement of mammed haji, it is clear that he knew that smt. kadishabi and smt. ayishabi were only benamidars. it has not been shown that such knowledge had been communicated to the assessing officer in the prescribed manner. in the circumstances, the assessing officer was right in regarding the firm as .....

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Jan 21 1993 (HC)

Kerala Publicity Bureau Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [1993]200ITR366(Ker)

..... interpretation by looking into theaccounts and other documents of the firm which would show how the profit or loss had been actually apportioned between the partners and also by taking recourse to section 13(b) of the indian partnership act, 1932. we, therefore, hold, with great respect to the learned judges, that the decisions in cit v. ithappiri and george : [1973]88itr332(ker) ..... who have agreed to share the profits of a business carried on by all or any of them acting for all.'16. section 13(b) of the partnership act reads as follows :' 13. mutual rights and liabilities.-subject to contract between the partners-- . . .(b) the partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by ..... but in none of these clauses is it stated what the shares of the partners in the profits and losses of the firm were to be and that in our opinion was requisite for registration of the partnership under section 26a of the act and as that was wanting, registration was rightly refused. '40. how far the above finding entered under the particular facts ..... the firm ; '17. arguments were addressed by learned counsel, sri jose joseph, onbehalf of the applicant in i.t.r. no .....

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Mar 30 1984 (HC)

M.M. Pulimood Vs. Registrar of Firms

Court : Kerala

Reported in : [1987]61CompCas209(Ker)

..... purpose of registration of the partnership under sections 59 of the partnership act. exhibit p-4 is a photostat copy of the application ..... 1983. exhibit p-1 dated june 1, 1983, is the partnership deed. partner no. 7 is the 'wynad plantations p. ltd.' which is a private limited company registered under the companies act, 1956. an application under sections 58 of the indian partnership act, 1932, in the proper form signed by all the partners was presented to the respondent, the registrar of firms, for the ..... there is anything repugnant in the subject or context to exclude a company registered under the indian companies act from becoming a partner of the firm. it is a ' person ' within the meaning of sections 4 of the indian partnership act and can very well be a partner of a firm. exhibit p-2 is the memorandum of association of the wynad plantations p ..... taken the view that a company cannot be a partner of a firm.2. section 4 of the indian partnership act referred to in the endorsement on exhibit p-9 defines the expressions ' partnership ', ' partner ', ' firm ', and ' firm name '. there is nothing in sections 4 that precludes a company from becoming a partner of a firm. 'partnership' is defined as ' the relation between persons who .....

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Jul 10 2000 (HC)

Commissioner of Income Tax Vs. George Oommen and Co.

Court : Kerala

Reported in : (2000)163CTR(Ker)225; [2001]112TAXMAN455(Ker)

..... a business' is a must for the existence of a firm. as per explanation (i) to section 6 of the indian partnership act, sharing of profits or gross returns arising from property by persons holding a joint or common interest in that property does not make such persons partners. thus, the application for registration for the assessment year 1989-90 was dismissed. by annexure b2 ..... is it argued that the firm as constituted was granted registration at any point of time earlier. however, the second question referred to is as to whether the tribunal is right in holding that the assessee is entitled to renewal of registration. hence, we have to take it that the question for the first year, i.e., 1989-90 is regarding ..... in holding that the assessee is entitled to renewal of registration ?'2. facts of these cases are as follows: the assessee in these cases is george oommen & co., kottayam. for the assessment year 1989-90, the assessee filed an application for registration in form no. 11 on 30-3-1989 along with a copy of the partnership deed dated ..... tax act, are as follows :'1. whether, on the facts and in the circumstances of the case, investing money and earning interest therefrom and letting out of building and earning rental income therefrom would constitute an activity of business carried on by the assessee-firm ?2. whether, on the facts and in the circumstances of the case, the appellate tribunal is right .....

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Dec 02 1960 (HC)

itty Kurian and anr. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : AIR1962Ker267

..... banking. therefore, he prays that the provisions of section 49-a may be struck down.8. the petitioner in o. p. 1417/59 claims to be a partnership concern registered under the provisions of the indian partnership act on 12-3-55 and carrying on business at alleppey in the kerala state. it is also stated that partners nos. 2 to 7 are the sons of ..... . these propositions have been repeated so many times during the past few years that they now sound almost platitudinous. thus the enunciation of the principles which flow from the fundamental rights enshrined in article 14 now presents no difficulty. it is, however, in the application of the said principles that difficulties often arise. in applying the said principles to the different ..... certain powers to the reserve bank mentioned in the said section.sub-section (2) of section 36 easts a duty on the reserve bank to make an annual report to the central government on the tread and progress of banking in the country with parti-cular reference to its activities under clause (2) of section 17 of the reserve bank of india ac: 1934, including its ..... the reserve bank of india act 1934, including in any sued reports, its suggestions, if any, for the strengthening of banking business throughout the country. accordingly, the reserve bank has sent a report for the period 1949-1932 en-titled 'trend and progress of banking in india. 1949-1952.' in that report in chapter 2 under the heading 'history of banking legislation .....

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Sep 01 2003 (HC)

Commissioner of Income Tax Vs. Palakunnathu Traders

Court : Kerala

Reported in : (2004)186CTR(Ker)343; [2004]269ITR322(Ker)

..... present is a case of a firm originally constituted with only two partners where one of them died, the death being followed by taking in new partners. by virtue of section 2(23) of the act, the expressions 'firm', 'partner', 'partnership', have the same meaning as assigned to them in the indian partnership act, 1932. according to the definition, partnership is the relation between persons who have agreed to share the ..... partnership firm succeeding another' ?'3. we have ..... case falling under section 188 of the it act as a case of one ..... or only a change of constitution within the meaning of section 187(2) of the it act when two partners retired and two others were admitted as new partners ?(2) whether, on the facts and in the circumstances of the case and also in the light of clause 14 of the partnership deed, the tribunal is right in law and fact in holding that 'this is a .....

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Sep 09 1980 (HC)

Ashiyana Greens Vs. Commissioner of Agricultural Income-tax

Court : Kerala

Reported in : [1981]132ITR497(Ker)

..... reference to the relevant provisions of the act. under section 2(d) 'assessee' means a person by whom agricultural income-tax is payable and under section 2(m) 'person' means, inter alia, a firm. section 2(k) states that 'firm' 'partner' and 'partnership' have the same meanings respectively as in the indian partnership act, 1932, and that the expression 'partner' shall also include any person who being ..... a minor has been admitted to the benefits of the partnership. section 18(5)(a) provides that when ..... conditions hereof'. clause 10 which is a residuary clause provided that 'in the other respects, not hereunder expressly provided for, the rights and liabilities of the firm as well as among the partners inter se, shall be governed by the indian partnership act'. the minors attained majority on december 26, 1963, august 28, 1966, august 14, 1967, and february 23, 1969, ..... follow badri narain kashi prasad v. addl. cit : [1978]115itr858(all) , and the cases which take the same view, as they accord with our reading of the partnership deed. 17. in the result, we answer the questions in the negative, i. e., in favour of the assessee and against the department. in the circumstances, we make no order .....

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Aug 22 1966 (HC)

Krishna and Brothers Vs. Commissioner of Income-tax, KeralA.

Court : Kerala

Reported in : [1968]69ITR135(Ker)

..... agent of the firm which gives rise to a right enforceable by or against the firm.we do not understand clause 8 of the deed ..... of partnership as indicating the creation of a personal liability on the part of the minors ..... sub-section (3) of section 30 of the indian partnership act, 1932, which says that the share of a minor admitted to the benefits of partnership is liable for the acts of the firm, but the minor is not personally liable for any such act. the expression act of a firm is defined in section 2(a) of the indian partnership act, 1932, as meaning, any act or omission by all the partners, or by any partner or ..... for the acts of the firm. all .....

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