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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Year: 1948 Page 1 of about 4 results (0.146 seconds)

Dec 17 1948 (PC)

Kasi Alias Alagappa Chettiar and ors. Vs. Rm. A. Rm. V. Ramanathan Che ...

Court : Chennai

Decided on : Dec-17-1948

Reported in : (1949)1MLJ298

..... final settlement of accounts as between them and the representatives of a deceased partner. section 37 of the indian partnership act which is modelled on section 42 of the english act, has made provision for these cases, giving a right to the deceased partner's representative, in the absence of a contract to the contrary in the partnership articles, to claim at his option.such share of the profits made ..... discharging all liabilities incurred before dissolution and such only of the liabilities incurred thereafter by the surviving partners, as are incidental to and necessary for the winding up of the business (sections 46 and 47 of the partnership act). the surviving partners have the right and duty to realise the partnership property and in this sense and for this purpose, they hold a fiduciary relationship towards the deceased ..... 12 and 12 (a).17. the appellants next contend that even if these findings are correct, the court below has misapplied the law relating to the accountability of a surviving partner to the representatives of a deceased partner. the dissolution of the rm. p. firm having taken place in 1927, the provisions of the indian partnership act which came into force in 1932 are, it is contended .....

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Aug 23 1948 (PC)

K.P.G.B.U.G.M.S.S.A. Mohamad Abdul Kareem and Co. and anr. Vs. the Com ...

Court : Chennai

Decided on : Aug-23-1948

Reported in : (1948)2MLJ528

..... language employed.the principles deducible from the cases discussed above are clear. an association which contravenes the provisions of section 4 of the english companies act or the indian companies act is unlawful and on foot of the contract or agreement amongst its members or partners, no relief will be granted by a court as in the eye of law no company or association duly ..... test of a lawful association, so the argument runs, is whether under the terms of association, mutual rights and obligations arise which are enforceable in a court of law. it was pointed out that the agreements of the nature embodied in the two partnership deeds in these cases are unlawful and have been held to be so, as being forbidden by law ..... from suing for want of registration under section 4 of the companies act. the principle as applied was stated at page 73 in these terms:clearly, therefore to constitute an association, within the meaning of the section, the existence of a legal relation between more than 20 persons giving rise to joint rights or obligations or mutual rights and duties is absolutely necessary. otherwise there would ..... of the income-tax act in spite of the circumstance that there could inter se be no mutual rights and obligations as between the three trustees. the other case in point is that of commissioner of income-tax v. mrs. saldanha : (1932)62mlj600 . although there could legally be no firm between an adult and minors it was held that a christian mother and .....

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Aug 23 1948 (PC)

K. P. G. B. U. G. M. S. S. A. Mohamad Abdul Kareem and Co. Vs. Commiss ...

Court : Chennai

Decided on : Aug-23-1948

Reported in : [1948]16ITR412(Mad)

..... language employed.'the principles deducible from the cases discussed above are clear. an association which contravenes the provisions of section 4 of the english companies act or the indian companies act is unlawful and on foot of the contract or agreement amongst its members or partners, no relief will be granted by a court as in the eye of law no company for association duly ..... the parties to such an agreement did not form an association of which registration was necessary under section 4 of the indian companies act. the firm of pannaji devichand v. the firm of senaji kapurchand was a case in which four unregistered firms entered into a partnership to purchase certain goods and to sell them at different times and divide the profits and it ..... the test of lawful association, so the argument runs, is whether under the terms of association, mutual rights and obligations arise which are enforceable in a court of law. it was pointed out that the agreements of the nature embodied in the two partnership deeds in these cases are unlawful and have been held to be so, as being forbidden by law ..... suing for want of registration under section 4 of the companies act. the principle as applied was stated at page 73 in these terms :-'clearly, therefore, to constitute an association, within the meaning of the section, the existence of a legal relation between a more than twenty persons giving rise to join rights or obligations or mutual rights and duties is absolutely necessary. otherwise there would .....

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Jan 28 1948 (PC)

In Re: Swaranath Bhatia

Court : Chennai

Decided on : Jan-28-1948

Reported in : AIR1948Mad427; (1948)1MLJ219

..... partners, the partnership has no legal existence (sections 24 and 25 of the partnership act). in view of these definitions and especially because of the word ' other ' in rule 122 denoting thereby that the body corporate must be something analogous to a company mentioned immediately preceding and parti-cularly owing to the nature of the rights and liabilities of a partner in a partnership known under the indian partnership act ..... , i am inclined to hold that the words ' other body corporate ' cannot apply to a partnership registered or unregistered. the view of the lower court that a partnership is a ' company ' is patently unsound.7. i may add ..... criminal procedure code are all parts of the code and i am not prepared, without any compelling authority, to hold that the schedule is not a part of the order.17. the last question is as regards the sentence. i do not think it necessary to impose a fine of rs. 300 on the appellant for an ..... after discussing the evidence in the case, their lordships found that the first appellant there knew about the unlawful act of the second appellant. no question of partnership arose before the judicial committee.13. mr. sivaprasad further contended that it was the duty of the prosecution to prove that the accused contravened the provisions of the order without lawful excuse and that .....

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Feb 26 1948 (PC)

Bhagwanji Morarji Goculdas Vs. the Alembic Chemical Works Company, Lim ...

Court : Mumbai

Decided on : Feb-26-1948

Reported in : (1948)50BOMLR499

..... its appellate jurisdiction was dismissed substantially on the same grounds. their lordships think that the decisions of the courts in india upon this point were right.10. before the board it was argued that under the indian partnership act, 1932, a firm is recognised as an entity apart from the persons constituting it, and that the entity continues so long as the firm exists and ..... of managing agents appointed before the commencement of the amending act, 1986, partners who were partners at the date of the commencement of the act. so, for the purposes of the proviso, the appellant was to be regarded as an original partner. their lordships agree with the learned trial judge that this section of the companies act has no application to the present case. it places the ..... to be at any time revoked or cancelled on any ground or for any reason whatever except their being found guilty of fraud in the management and discharge of their duties of secretaries, treasurers and agents; and the said company thereby for itself and for its successors covenanted with the said four persons of the second part and the said firm ..... thereafter to be revoked or cancelled on any ground or for any reason whatever, save and except their being found guilty of fraud in the management and discharge of their duties as such secretaries, treasurers and agents, and that the remuneration payable to the said firm should be as therein mentioned. clause iii of the articles of association was expressed in .....

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Apr 22 1948 (PC)

Vimala and Co. Vs. Sivam and Co., by Partners, N.K.M.S.P. Valliyappa C ...

Court : Chennai

Decided on : Apr-22-1948

Reported in : (1948)2MLJ477

..... may be briefly stated. the plaintiffs are stock and share brokers carrying on business in the name of vimala & co. the defendants messrs. sivam & co. are a partnership firm registered under the indian partnership act; there are three partners in the firm: (1) n.k.m.s.p. valliyappa chettiar, (2) m.s. chockalingam chettiar and (3) k.rm.t.t.v. vedachalam chettiar. the ..... the defendant company. apart from my individual interest i have no other interest in the suit. the written statement filed by me is only to safeguard my personal right.the learned master in an elaborate judgment held that the written statement filed by the second defendant should be regarded as that of the firm.3. the petitioner prefers this ..... cause of action. the plaintiff in such cases is not bound to disclose the names of the partners in the plaint.in this case the procedure prescribed under order 30 has been adopted and therefore the plaintiff is within his legal rights in suing the partnership in the name of the firm alone.4. the firm was also served in the prescribed manner ..... , that is by serving the notice upon the respondent who is one of the partners. under order 30, rule 6, though the defendant is entitled to appear individually .....

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Feb 26 1948 (PC)

Bhagwanji Morarji Goculdas Vs. Alembic Chemical Works Co. Ltd. and Oth ...

Court : Privy Council

Decided on : Feb-26-1948

..... its appellate jurisdiction was dismissed substantially on the same grounds. their lordships think that the decisions of the courts in india upon this point were right. [10] before the board it was argued that under the indian partnership act, 1932, a firm is recognised as an entity apart from the persons constituting it, and that the entity continues so long as the firm exists and ..... of managing agents appointed before the commencement of the amending act. 1936, partners who were partners at the date of the commencement of the act. so for the purposes of the proviso, the appellant was to be regarded as an original partner. their lordships agree with the learned trial judge that this section of the companies act has no application to the present case. it places the ..... to be at any time revoked or cancelled on any ground or for any reason whatever except their being found guilty of fraud in the management and discharge of their duties of secretaries, treasurers and agents; and the said company thereby for itself and for its successors covenanted with the said four persons of the second part and the said firm ..... thereafter to be revoked or cancelled on any ground or for any reason whatever, save and except their being found guilty of fraud in the management and discharge of their duties as such secretaties, treasurers and agents, and that the remuneration payable to the said firm should be as therein mentioned. clause iii of the article of association was expressed in .....

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Dec 10 1948 (PC)

Chennuru Sitharamamurthi Chetty and ors. Vs. Chennuru Guruswami Chetti ...

Court : Chennai

Decided on : Dec-10-1948

Reported in : (1949)1MLJ400

..... 's legal representative for the profit arising from a's share of the capital.14. section 258 of the indian contract act, which has since been repealed, and which has been re-enacted as part of section 16 of the partnership act of 1932, had the following illustration:a, b, and c are partners in trade. c, without the knowledge of a and b obtains for his own ..... reason of his position. and, therefore, as a rule, even if a partnership lease has come to an end, yet if that partner by virtue of his position obtains a renewed ..... lease. this was recognised in the earliest of the english case cited above, namely, featherstonhaugh v. fenwick (1810) 17 ves. jun. 297: 34 e.r. 115. the lease will only be included as part of the property belonging to the partnership subject to the rights of defendants 1 to 7.32. the question, therefore, remains, what is the relief which the plaintiffs can ..... the old tenant.he dealt with the case of partners thus:take next the case of a partner obtaining a renewal of a partnership lease. here apart from the fact that in ordinary cases concerning the carrying on of the partnership business he is an agent for the partners, he clearly owes a duty to his co-partners not to acquire any special advantage over them by .....

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Aug 12 1948 (PC)

R.A. Coodzer and Company Vs. the Commissioner of Excess Profits Tax

Court : Chennai

Decided on : Aug-12-1948

Reported in : (1948)2MLJ442

..... decide the question whether interest paid to a partner in respect of a loan advanced by him to the partnership was a legitimate item of business expenditure within the meaning of section 10(2)(iii) of the indian income-tax act. it was held that where a partner as partner genuinely lends money, beyond the initial capital, to the partnership at an agreed reasonable rate of interest and ..... the money is used for capital expenditure, the interest paid by the partnership to him in the year of assessment must ..... & company are '' interest, salary, commission or remuneration' paid by a firm to a partner within the meaning of section 10(4)(b) of the income-tax act.'2. the assessee is a firm composed of three partners, lakshmana iyer, bhatt and ganapati iyer. the firm was constituted by a deed of partnership dated 10th march, 1942. it was the manufacturers' representative of kiwi polish, etc .....

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Aug 12 1948 (PC)

R. A. Goodsir and Co., Madras Vs. Commissioner of Excess Profits Tax, ...

Court : Chennai

Decided on : Aug-12-1948

Reported in : [1948]16ITR367(Mad)

..... the question whether interest paid to a partner in respect of a loan advanced by him to the partnership was a legitimate item of business expenditure within the meaning of section 10 (2) (iii) of the indian income-tax act. it was held that where a partner as partner genuinely lends money, beyond the initial capital, to the partnership at an agreed reasonable rate of interest ..... and the money is used for capital expenditure, the interest paid by the partnership to him in the year of assessment must ..... be deducted in computing the profits or accounts of the partnership. here ..... corresponding to section 10 (4) (b) of the indian act in any of the english taxing statutes.section 10 (4) (b) became part of the income tax act only by the amendment act of 1939. before the introduction of this provision, courts in india were called upon to decide whether particular payments alleged to have been made by the firm to its partners either by .....

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