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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Court: kolkata Year: 2003

Jan 06 2003 (HC)

Steel Authority of India Ltd. Vs. Durga Crane and anr.

Court : Kolkata

Decided on : Jan-06-2003

Reported in : (2003)2CALLT122(HC)

..... tender form itself and also on the provisions of section 47 of the indian partnership act, 1932, to come to a finding that even if the partnership firm stood dissolved on account of the letter written by shri bansal on 6th february, 1992, the authority of each partner to bind the firm and other mutual rights and obligations of the partners continue, notwithstanding the dissolution so far as it ..... company had not been formerly informed that the partnership had been dissolved giving rise to a situation contemplated in section 47 of the indian partnership act, 1932. it is also to be seen whether in view of the provisions of section 47 of the aforesaid act, the petitioner company could have terminated the contract without ascertaining as to whether the other partner was ready and willing to complete the ..... there were no materials before the learned arbitrator which justified the awarding of a sum of rs. 6,32,500/- on account of the alleged profit for 371/2 months.17. reference was then made to the decision of the hon'ble supreme court in the case of rajasthan state mines and minerals ltd. v. eastern engineering enterprises, : air1999sc3627 , where among .....

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Apr 04 2003 (HC)

Rahee Industries Ltd. Vs. the Hong Kong and Shanghai Banking Corporati ...

Court : Kolkata

Decided on : Apr-04-2003

Reported in : (2004)1CALLT280(HC)

..... said sum of rs. 80,91,054/- until realisation and some other reliefs.2. briefly stated the case of the plaintiff is that original plaintiff was a partnership firm registered under the indian partnership act, 1932 and was carrying on business as an exporter of diverse products to diverse foreign buyers. on 8th october, 1985 the original plaintiff entered into an agreement with the ..... a fresh certificate of incorporation for change of name of the said company as rahee industries ltd. admittedly, the present plaintiff is rahee industries ltd. and all the assets, rights, benefits and liabilities of the original plaintiff ultimately vested in the present plaintiff.16. the admitted facts emerging from the materials on record are as follows. pursuant to the contract ..... interpret those words as entitling the respondents to require payment to them of sums in excess of the loss calculated in accordance with the contract.the last sentence of clause 17 required the appellants to pay all sums recovered to the respondents, although under that clause the respondents were only entitled to retain 90 per cent thereof. 'recovered' in ..... up together for consideration for the sake of convenience and brevity.15. admittedly, ramchander heerlall which was a registered partnership firm was the original plaintiff and pw pradip khaitan who has come as sole witness on behalf of the plaintiff was partner of the said registered firm. exhibit 'a' is the certificate of registration of the said firm. it transpires .....

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Feb 27 2003 (TRI)

Anand and Company Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Feb-27-2003

Reported in : (2004)89ITD125(Kol.)

..... erstwhile two firms m/s. anand & co. and m/s. mcd.9. the word 'firm' has been defined in section 2(23) of the act which reads as under :- "(23) "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 ..... owner in his business in the subsequent assessment years. it is however to be carefully noted that the question of set off arises only when the same owner continues. this right cannot be pursed by an owner to his successor. (iii) in the eye of law, income tax to be specific a firm is an entity distinct & different from its ..... -tax act, 1961, makes it clear that the prerequisite for the exercise of jurisdiction by the commissioner suo motu under ..... of the act. in this connection the ld. counsel for the assessee has placed reliance on a decision of hon'ble supreme court in the case of malabar industries co. ltd. v. cit (2000) 243 itr 83.17. in the case of malabar industries co. ltd. v. cit (supra) it was held as follows:- "a bare reading of section 263 of the income .....

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Nov 13 2003 (HC)

Mendarian Enterprises Pvt. Ltd. and ors. Vs. Inspector General of Regi ...

Court : Kolkata

Decided on : Nov-13-2003

Reported in : 2004(1)CHN363

..... . 10,00,000.exemptions(a)assignment of copyright by entry made under the copyright act, 1957, section 18.(b) co-partnership deed,see partnership (no. 46).' 5. subsequent thereto on 31st january, 1994 in exercise of the power conferred by sub-section (2) of section 1 of the indian stamp (west bengal amendment) act, 1990, the governor was pleased to appoint 31st january, 1994 as the date on ..... the principal instrument, then a party could get the conveyance on payment of rs. 1/- only. in order to ensure that the highest duty is paid, i think, the proviso to sub-section (2 ) of section 4 of the act was provided. in terms thereof in such a case the conveyance, by reason of the mandate contained in the proviso, would become the instrument ..... to a sale, shall include an agreement to sell or any memorandum or acknowledgement in relation to transfer or delivery of possession of immovable property with an intent to transfer right, interest in, or title to, such property at any future date.'(2) in article 23,--(a) in the column under the heading 'description of instruments', for the words 'where the ..... case should be deemed to be several instruments employed for completing the sale. in such circumstances, duty is payable on the principal instrument only at the applicable rate specified in schedule 1a to the principal act.17. in so far as the agreement for sale is concerned, duty thereon is highest which appears to be the admitted position. the state does not want that .....

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May 22 2003 (HC)

Vivek Arya Vs. Economic Transport Organisation and ors.

Court : Kolkata

Decided on : May-22-2003

Reported in : (2003)3CALLT148(HC)

..... can only be issued of a public document and not of a private document. he drew my attention to section 74 of the evidence act, 1872. according to him, the deed of partnership containing the arbitration clause in the said case is a private document. therefore, a certified copy thereof cannot ..... so-called settlement the purported settlement purports to deal with the claim of the plaintiff only, who purports to represent only 8% of the partners. the rights of the other 92% are not dealt with by the purported settlement. in other words, the disputes between the others are left totally unresolved ..... delay, and the settlement, the application is not maintainable. he further contended that it is the duty of the petitioners to file the original arbitration agreement in terms of the section 8 of the said act. the petitioner has failed to annex the same. therefore, according to him, the application is ..... the business of the firm shall be referred to arbitration in accordance with the provisions of the indian arbitration act, 1940 or any other modifications thereof for the time being in force.'5. further, the original partner, being chandra mohan arya, being the father of the plaintiff died on 3rd september, 1999. ..... several defendants there were no pleadings in the application for vacating the interim orders.17. he also submitted that the point which may be taken by the plaintiff that no copy of the deed of partnership containing the arbitration clause was annexed to the petition. but it would appear .....

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Jun 20 2003 (HC)

Sunil Kr. Bose Vs. Jagabandhu Dhang

Court : Kolkata

Decided on : Jun-20-2003

Reported in : AIR2004Cal13,(2003)3CALLT539(HC)

..... partnership firm of transferring his right and title to or interest in, any property, is for the purpose of this clause, an instrument by which property is transferred. the learned counsel also placed the definition of instrument from section 2(14) of the indian stamp act and submitted that the definition of instrument runs in ..... declaration of trust or otherwise, the terms of any such disposition was.' 13. the learned counsel also placed reliance on the definition of conveyance as given in section 2(1) of the indian stamp act which is as follows:'conveyance-- 'conveyance' includes a conveyance on sale and every instrument by which property, whether movable or immovable, is transferred inter vivos and ..... share or part thereto to another co-owner of the property or divides such property among co-owners or--(ii) where by a partnership transfers is share in the property of the partnership business to another partner or to other partners, whether separately or together with transfer of other business, assets on retirement or dissolution, or whereby he contributes to the capital ..... court and submits that the judgment and decree passed by the appellate court below should be set aside and the judgment passed by the trial court should be upheld.17. the learned counsel appearing for the respondent submits that on the first score reasonableness of the requirement has been proved through sufficient evidence and neither it has been doubted .....

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Aug 14 2003 (TRI)

Sushil Kumar and Co. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-14-2003

Reported in : (2004)88ITD35Cal

..... in this case were in the nature of damages and, therefore, a capital receipt. the hon'ble high court, however, disagreed with the tribunal that the amounts spent towards stamp duty and other legal expenses for obtaining the decree could be said to be the cost of acquisition. their lordships, accordingly, held that the capital gain derived by the assessee was ..... 1990-91 to 1995-96 and 1997-98.2. the relevant facts briefly stated are that the appellant is a partnership firm. the appellant owned certain shares of shree nirmal commercial ltd. by virtue of its shareholdings, it had acquired the occupancy rights in respect of 21st floor of 'nirmal building' at mumbai along with car parking space no. 32 in the ..... basement of the building. the appellant had entered into a leave & licence agreement in respect of the said premises on 1-9-1989 with m/s. imkemex india ltd. a company registered under the indian companies act, 1956 (hereinafter referred ..... defined under civil procedure code. section 2(12) of c.p.c. as under:- 'mesne profits' of property means those profits which the person in wrongful possession of such property actually received or might with ordinary diligence have received therefrom, together with interest on such profits but shall not include profits due to improvements made by the person, in wrongful possession.17. the meaning .....

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Aug 14 2003 (TRI)

Sushil Kumar and Co. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-14-2003

Reported in : (2004)267ITR61(Kol.)

..... and, therefore, a capital receipt. the hon'ble high court, however, disagreed with the tribunal that the amounts spent towards stamp duty and other legal expenses for obtaining the decree could be said to be the cost of acquisition. their lordships, accordingly, held that ..... might have with ordinary diligence been received by the licensee, the amount could be termed as mesne profit within the definition of section 2(12) of cpc.the learned departmental representative further submitted that if at all the licensee was in wrongful possession of ..... 2. the relevant facts briefly stated are that the appellant is a partnership-firm. the appellant owned certain shares of shree nirmal commercial ltd. by virtue of its shareholdings, it had acquired the occupancy rights in respect of 21st floor of 'nirmal building' at mumbai along ..... with car parking space no. 32 in the basement of the building. the appellant had entered into a leave & licence agreement in respect of the said premises on 1st sept., 1989, with m/s imkemex india ltd., a company registered under the indian companies act ..... sec, 2(12) of cpc is as under : "'mesne profits' of property means those profits which the person in wrongful possession of such property actually received or might with ordinary diligence have received therefrom, together with interest on such profits but shall not include profits due to improvements made by the person, in wrongful possession".17 .....

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Jul 11 2003 (HC)

income-tax Officer and ors. Vs. Electro Steel Castings Ltd.

Court : Kolkata

Decided on : Jul-11-2003

Reported in : [2003]264ITR410(Cal)

..... shares were not assessed to tax. the income-tax officer proposed to initiate reassessment proceedings against the company under section 34 of the indian income-tax act, 1922, presently section 147 of the said act. the stand of the revenue was that at the time of original assessment, the representation which was made on ..... been stated that two minor sons of ghanshyam kejriwal, the managing director of the respondent-company, were also admitted into the benefits of the partnership of the said firm.(b) the expenditure towards the sole selling agency commission was claimed as legitimate business expenses of the respondent-company and the ..... , the respondent-company entered into an agreement with the said firm, namely ecl sales corporation. according to the revenue, the said firm consists of two partners, namely, j. p. kejriwal and b. b. kejriwal, both of whom are the brothers of ghanshyam kejriwal, who is the managing director of ..... surrounding circumstances.34. the constitution bench of the supreme court held that the expression 'material facts' only refers to primary facts and the duty of the assessee is only to disclose primary facts and there is no obligation on him to show what factual or legal inferences should be ..... the same and the company cannot waive its right to receive the same amount. the recipient of the excess amount that is managing director, is to be treated as holding the said amount in trust for the company until the same is refunded.17. similarly, the amount of rs. 4,880 .....

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Dec 22 2003 (HC)

Genesis International Vs. Commissioner of Customs

Court : Kolkata

Decided on : Dec-22-2003

Reported in : 2004(173)ELT235(Cal)

..... economic zone under the provisions of the aforesaid act shall be stayed.4. he contends that the said company to which supply have been effected by the petitioners at special economic zone at falta is different and separate entity, as the petitioner no. 1 is a partnership firm and the petitioner no. 2 is partner thereof.5. mr. shibdas banerjee, learned senior ..... the establishments are resting with the same persons. it is true under the amended provision of the customs act being chapter xa, that in case of deemed export, the provisions of the customs act will not be applicable until chapter x(a) consisting of sections 76(a) and 76(n) are notified for enforcement. admittedly this has been deferred till january 2004. ..... goods to the exporters within the special economic zone, they are entitled to get the facility of duty draw-back, treating their sale as aforesaid to be deemed export. such duty draw-back facility is allowable under the provisions of foreign trade (development and regulation) act. the petitioners of course have received, and may be receiving in future draw-backs in connection with ..... and/or carrying the goods after sale are transported or carried beyond the indian territorial sea water. this kind of activities are never undertaken by the petitioners, as such, any proceeding under the customs act cannot be initiated against the petitioner. moreover, the amended provisions of the customs act being chapter x(a) dealing with special provisions relating to export in the .....

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