Court : Mumbai
Reported in : AIR1971Bom237; (1971)73BOMLR42; ILR1971Bom457; 1970MhLJ419
..... separate stamp duty are accessory to that object or not and whether these clauses are ancillary to the leading object or are separate and distinct, must in india depend upon the provisions of the indian partnership act, 1932, and the bombay stamp act, 1958.8. chapter vi of the indian partnership act, 1932; deals with 'dissolution of a firm'. section 39 provides that the dissolution of partnership between all the partners of a ..... debits and outstandings of the firm to hold the same absolutely. this, as we have stated above, may be construed as a transfer or conveyance of the plaintiffs' right, title and interest in the partnership to the defendant. it appears that except for sums aggregating rs. 33,986.60 p. brought in by friends and relations of the plaintiff no. 1, the ..... of the contract to arbitration is a part of the contract itself, and not a 'distinct matter' within the meaning of section 5 of the indian stamp act. he, therefore, came to the conclusion that no separate stamp on an agreement was payable.17. in the matter of hamdard dawakhana (wakf) delhi, : air1968delhi1 , a full bench of the delhi high court held that for ..... finding out the true character of an instrument, one has to read the instrument as a whole, and then find out its dominant purpose. a single instrument may embody several purposes, but what is relevant for the purpose of the act .....Tag this Judgment!
Court : Allahabad
Reported in : 73ITR423(All)
..... even for the purpose of its business, is hardly tenable. such ownership is clearly postulated in section 14 of the indian partnership act 1932, which runs thus:'14. 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, by purchase ..... indian partnership act, quoted above, becomes imperative. in point of fact, conversion of firm's property into personal property of the partners involves a declaration that the interest of the firm in the property is extinguished and that thenceforward the property would belong to the partners in their individual capacity according to their shares in the firm. such a declaration falls within the purview of section 17 ..... (1)(b) of the indian registration act and the instrument of conversion must be registered.22. although, as we have ..... over by leach c.j., that the statement was an instrument which declared the rights in the properties from the date of dissolution of the partnership and, therefore, required registration under section 17 of the indian registration act.23. in the instant case, the partners have devised a rather over-simplifiedmethod of transferring the immovable property in question, purchased .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2002(3)ALT3
..... . john, : 1scr853 the apex court held that the provision under section 69 of the indian partnership act is mandatory in character and its effect is to fender a suit by a plaintiff in respect of a right vested in him or acquired by him under a contract which he entered into as a partner of an unregistered firm, whether existing or dissolved, void. in other ..... of the assets of late rangaiah choudhary.15. coming to the first aspect as to the bar under section 69 of the indian partnership act, it is submitted that in the plaints in o.s. nos. 185 and 187 of 1983, the plaintiffs described themselves as 'partners' in thatha iron and steel co., ongole. further, in paragraph d of the plaint, the allegations run to ..... section 69 (2) of the indian partnership act and the bar created therein has been considered with reference to the very objects and also the historical account and especially by taking into consideration the expression enforcing a right arising under the ..... any consideration was paid then and there. on this premise the objection is as to the maintainability of the suits under section 69 of the indian partnership act since the suit amounts pertain to a debt owed to a (sic) which is unregistered.17. in a recent decision of the apex court in haldiram bhujiawala v. anand kumar deepak kumar, : 1scr1247 the scope of .....Tag this Judgment!
Court : Chennai
Reported in : (1980)14CTR(Mad)231; 122ITR812(Mad)
..... thus be a curious case of there being neither dissolution nor retirement. 13. there was actually retirement of the partner, chellappa chettiar, under the decree, though not in the manner contemplated by section 32 of the indian partnership act. even if there is no dissolution, in the case of retirement also the gujarat high court has taken ..... treated as a case of retirement, then also there is no sale, and there was only an adjustment in relation to the assets of the outgoing partner based on the rights he had in the firm, as held in velo industries' case : 80itr291(guj) . 15. we have already extracted clauses 1 and 2 ..... mdr 3569 by the assessee to chellappa chettiar during the relevant previous year 2. whether the tribunal was right in reducing the penalty levied on the assessee under section 271(1)(a) of the income-tax act, 1961, for the assessment year 1968-69, consequent to its finding that rs. 32,823 being the ..... do deliver to the plaintiff on or before 12-8-1966 bus mdr 3569 plying between karaikudi and manakudi (via) thondi absolutely and with full rights with all its spare parts and tools and do take all steps to transfer the route permit for the said bus to the plaintiff who may ..... was also pointed out that ' sale ', according to its ordinary meaning, is a transfer of property for a price, and that adjustment of the rights of the partners in a dissolved firm by allotment of its assets is not a transfer nor was it for a price. 10. learned counsel for the revenue submitted .....Tag this Judgment!
Court : Mumbai
Reported in : (1984)38CTR(Bom)194; 151ITR348(Bom); 16TAXMAN138(Bom)
..... our opinion, the legal position will have to be ascertained with reference to the provisions of the indian partnership act. section 42 of the indian partnership act provides that a firm is dissolved by the death of a partner, but this is made subject to a contract to the contrary between the partners. we have already mentioned that we find no express provision, i.e., a contract to the ..... , and on march 14, 1968, a fresh partnership deed was entered into by the four surviving partners and two new partners, viz., khimchand ramji and nagji hirji. the shares of the respective partners in the firm were readjusted. the name suggests that khimchand presumably was the son of the said ramji. nagji hirji, however, who was given 17.50 paise share does not appear to ..... be a relative of ramji. if at all, he may be related to premji hirji, who had a major share under the earlier partnership deed.5. for ..... deeds, that is the one of 1963, records that six persons named therein were carrying on business in partnership of whom one shamji retired on october 17, 1963 (which is the end of s.y.). the deed further records that the five continuing partners have agreed to continue the business in the very name and style and their shares in the profits and .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2001(4)ALD576
..... of joint licence and the licensees having been carrying on the business in partnership. 6. partnership in terms of section 4 of the indian partnership act, 1932 signifies the relation between the partners who have agreed to share the profits of a business carried on by all or any of them acting for all. to constitute a partnership there must be (i) a business; (ii) an agreement to share ..... contract, in terms of the provisions of section 13 of the act. the licences in terms of the said rules had ..... any of the partners acting for all. actual existence of a business therefore is a sine qua non for constitution of a partnership.7. a partnership firm is not a juristic person. it can neither sue and nor can be sued. relationship of partners in terms of section 5 of the partnership act arises from a contract and no status is created thereby. the mutual rights and obligations ..... of the partners arise out of contract and in absence of a .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 2003(4)ALD62(SC); 2003(51)BLJR1677; [2003(3)JCR162(SC)]; JT2003(4)SC578; (2003)134PLR570; 2003(4)SCALE648; (2003)6SCC265
..... and 3 from the firm as envisaged under section 32(3) of the indian partnership act. respondent nos. 2 and 3 have contended that the appellant was aware of the dissolution of the partnership but that by itself will not absolve the liability of the retiring partners. section 32 of the indian partnership act, 1932, reads as follow:-'32 retirement of a partner. (1) a partner may retire:- (a) with the consent off ..... this aspect is succinctly made clear in the celebrated book 'lindley & bank on partnership (sixteenth edition) and at page 358, it is stated as under:'it is perhaps self evident that a creditor's rights will not normally be prejudiced by an agreement transferring an accuredliability from one partner to another unless the creditor is mde a party to the agreement or assents ..... three members, a, b, and c, is indebted to d; that a retires, and b and c either alone, or together with a new partner, e, take upon themselves the liabilities of the old firm. d's right to obtain payment form a, b, and c is not affected by the by arrangement, and a does not cease to be liable to ..... into an agreement to discharge him from liability. an adoption by the creditor of the new firm as his debtor does not by any mean necessarily deprive him or his rights against the old firm especially when the creditor is not a party to the arrangement and then there is no fresh agreement between the creditor and the newly constituted firm .....Tag this Judgment!
Court : Kerala
Reported in : 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 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1995SC441; JT1994(4)SC519; (1995)109PLR315; 1994(3)SCALE168; (1994)5SCC380; Supp1SCR340
..... the respondent under directions of the court, the balance was retained by the appellants. the suit came to be dismissed on the undisputed ground that it was hit by sub-section (2) of section 69 of the indian partnership act, 1932. indeed, the appellants did not dispute the liability of the suit for such dismissal on the ground of non-registration of the ..... of the firm. in the present case the suit has been filed by the partners of a firm which was not registered on the date of filing of the suit and as such the suit would be hit by the provisions of sub-section 2 of section 69 of the partnership act. the correctness of this view and the consequent dismissal of the suit are ..... an injunction under rules 1 and 2, order 39 c.p.c. the averments in the plaint were that the plaintiff-appellant 'm/s. subhagya agencies' was a firm of partners and had been appointed by the respondent - m/s. balsara hygiene products ltd. - as the latter's clearing and forwarding agents for the respondent's products, such as, tooth- pastes ..... would have occupied, but for such decree or such part thereof as has been varied or reversed.nor indeed does this duty or jurisdiction arise merely under the said section. it is inherent in the general jurisdiction of the court to act rightly and fairly according to the circumstances towards all parties involved.in binayak swain v. ramesh chandra panigrahi and anr. : 3scr24 .....Tag this Judgment!
Court : Mumbai
Reported in : 215ITR433(Bom)
..... determination of the controversy. 4. sec. 30(1) of indian partnership act, 1932 provides that a minor may be admitted to the benefits of partnership. all the benefits can be conferred on a minor on par with adults. sec. 30(2) of the act provides that a minor who is admitted to the benefits of the partnership shall have a right to share in the property and ..... cit to grant registration to the assessee-firm as contemplated under s. 185 of the it act. the tribunal ..... their survivors or legal heirs shall be bound by the provisions of partnership act, 1932 and the rules framed thereunder from time to time.' the learned counsel for the revenue interpreted this clause to mean that by virtue of this clause, all the rights of full-fledged partners were conferred on minor concerned. we do not agree. this clause is too general ..... son of mulchand raichand oswal were merely admitted to benefits of partnership or whether the said minors were made full-fledged partners in the firm in breach of provisions of law contained in indian partnership act, 1932. the aac held that the above referred minors were merely admitted to benefits of partnership and the partnership deed did not suffer from any infirmity. the aac directed the .....Tag this Judgment!