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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Year: 1966 Page 1 of about 3 results (0.075 seconds)

Mar 17 1966 (HC)

Chiman Lal Umaji and Sons Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Decided on : Mar-17-1966

Reported in : [1975]98ITR306(MP)

..... was that the individual shares of the partners in the firm should be specified in the instrument of partnership and it was not necessary to state in what proportion they would contribute to the capital of the firm or share the losses. elaborating the argument, shri chitale stated that, under section 4 of the indian partnership act, 1932, partnership is the relation between persons who have agreed to ..... share the profits of a business carried on by all or any of them acting for all, that though it is casual to find it stated in partnership instruments that there is a communion of profits and losses, an ..... property and profits of the firm. as pointed out by the privy council in sanyasi charan mandal v. krishnadhan banerji, air 1922 pc 237, the right of a minor admitted to the benefits of a partnership is merely to participate in the property of the firm after its obligations have been discharged. so, in commissioner of income-tax v. shah mohandas sadhuram .....

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Nov 01 1966 (HC)

Hiralal Jagannath Prasad Vs. Commissioner of Income Tax, U.P., Lucknow

Court : Allahabad

Decided on : Nov-01-1966

Reported in : AIR1968All242; [1967]66ITR293(All)

..... to the applicants. 5. it may be notificed that in section 2 (6-b) of the act it is provided that 'firm', 'partner' and 'partnership' shall have the same meaning as the indian partnership act, 1932, provided that the expression 'partner' includes any person who being a minor has been admitted to the benefits of partnership, section 4 of the indian partnership ship act defines 'partnership' as 'between persons who have agreed to share the ..... to section 30 of the indian partner-ship act and he also will get 1/7th share in profits of the firm.''(underlining (here in ' ') ours)clauses 7 and 9 of the deed run:'7. that on the date when the parties commenced partnership business the capital of the parties in it was as given below and twelve thousand two hundred and thirty right six annas ..... one and half pies, belonging to the minor was also invested. it will be the duty of the parties to increase the capital so far as possible so ..... that the partnership business may go on progressing and at all events no party will be entitled .....

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Aug 22 1966 (HC)

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

Court : Kerala

Decided on : Aug-22-1966

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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Mar 17 1966 (HC)

Chimanlal Umaji and Sons Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Decided on : Mar-17-1966

Reported in : AIR1967MP30

..... was that, the individual shares of the partners in the firm should be specified in the instrument of partnership and it was not necessary to state in what proportion they would contribute to the capital of the firm or share the losses. elaborating the argument, shri chitale stated that, under section 4 of the indian partnership act, 1932. partnership is the relation between persons who have agreed to ..... share the profits of a business carried on by all, or any of them acting for all. that, though it is usual to find it stated in partnership instruments that there is a communion of profits and losses, an ..... of the firm. as pointed out by the privy council in sanyasi charan mandal v krishnadhan banerji ilr 49 cal 560 : air 1922 pc 237 the right of a minor admitted to the benefits of a partnership is merely to participate in the properly of the firm after its obligations have been discharged. so, in commissioner of income-tax v. shah mohandas .....

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Jan 21 1966 (SC)

Addanki Narayanappa and anr. Vs. Bhaskara Krishtappa and 13 ors.

Court : Supreme Court of India

Decided on : Jan-21-1966

Reported in : AIR1966SC1300; [1966]3SCR400

..... firm has no legal existence under the act andthe partnership property will, therefore, be deemed to be held by the partnersfor the business of the partnership. section 29 deals with the rights of atransferee of a partner's interest and sub-s. (1) provides that such atransferee will not have the same rights as the transferor partner but he wouldbe entitled to receive the ..... the high court ofandhra pradesh the question which arises for consideration is whether theinterest of a partner in partnership assets comprising of movable as well asimmovable property should be treated as movable or immovable property for thepurposes of s. 17(1) of the registration act, 1908. the question arises in thisway. members of two joint hindu families, to whom ..... will, therefore, be correct to saythat, for the purposes of the indian partnership act, and irrespective of anymutual agreement between the partners, the share of each partner is, in thewords of lindley : 'his proportion of the partnership assets after theyhave been all realised and converted into money, and all the partnership debtsand liabilities have been paid and discharged.' this indeed is the viewwhich ..... lord eldonin crawshaw v. collins 15 ves. 218, and by sir w. grant in featherstonhaughv. fenwick 17 ves. 298, and the right of each partner to insist on a sale ofall the partnership property, which arises from what is implied in the contractof partnership, is just as stringent as a special contract would be. if, then,this rule applies to .....

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Apr 15 1966 (HC)

Jayalakshmi Rice and Oil Mill Contractors Co., Angalur Vs. Commissione ...

Court : Andhra Pradesh

Decided on : Apr-15-1966

Reported in : AIR1967AP99; [1967]64ITR125(AP)

..... the partners may, under the provisions of section 26-a of the indian income -tax act, 1922 registered with the income-tax officer, the particulars contained in the said instrument on application made in this behalf. such application shall .. .. be made .. (a) where the firm is not registered under the indian partnership act, 1932 (ix of 1932) or where the deed of partnership is not registered under the indian registration act, ..... of law under statutory rule 2 (b), as distinct from rule 2(a), following from the assessee exercising a statutory right given to him under s. 58 of the indian partnership act to convert an unregistered partnership into a registered partnership by an act of his volition.(27) the question is whether the period of limitation for this application automatically became extended when it was ..... delivers to the registrar is also a rule of evidence. this does not alter the nature of the act involved in the registrar acting under sections 59 and 60 etc.(17) thus rule 21 of the civil rules of practice run as follows:-'all plaints. . . . . . . may be presented to or filed in court by ..... the fact that the registrar, as a responsible office of the government entrusted with the duty of maintaining a true and faithful record as a recording officer, would accordingly make record in the register of firms which was a government record. the provision in section 68(1) that a person is bound by the contents of the statement which he .....

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Aug 05 1966 (HC)

Ganga Metal Refining Co. Pte. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-05-1966

Reported in : [1968]38CompCas117(Cal),[1968]67ITR771(Cal)

..... their own charters, articles and memorandum. it would be difficult to apply the very specific rights and obligations as between partners in the case of companies as partners such as in chapter iii (sections 9 to 17), chapter iv (sections 18 to 30), and chapter vi (sections 39 to 55) of the partnership act. then there is need also for the registration of firms and the companies as such ..... was not signed by all the 3 companies, the partnership was not entitled to registration under that section. that decision has to be understood in relation to partnership of firms or registration of firms under the income-tax act and not under the formal concepts of the indian partnership act or under the indian companies act.21. it will be convenient here at this stage to refer to some ..... entities for the purpose of those statutes. one of those statutes is the indian income-tax act, which treats the firm as unit for purposes of taxation.'22. the entity known as a partnership under the income-tax act is not the same entity of partnership strictly within the limits of the indian partnership act.23. we may notice here a few more of the authorities cited at .....

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Aug 05 1966 (HC)

Ganga Metal Refining Co. Pr. Ltd. Vs. Commissioner of Income Tax

Court : Kolkata

Decided on : Aug-05-1966

Reported in : AIR1967Cal429

..... their own charters, articles and memorandum. it would be difficult to apply the very specific rights and obligations as between partners in the case of companies as partners such as in chap. iii (sections 9 to 17), chap. iv (sections 18 to 30), and chap. vi (sections 39 to 55) of the partnership act. then there is need also for the registration of firms and the companies as such ..... -a was not signed by all 3 companies, the partnership was not entitled to registration under that section. that decision has to be understood in relation to partnership of firms or registration of firms under the income-tax act and not under the formal concepts of the indian partnership act or under the indian companies act.23. it will be convenient here at this stage to refer to some ..... distinct entities for the purpose of those statutes. one of those statutes is the indian income-tax act, which treats the firm as a unit for purposes of taxation.'the entity known as partnership under the income-tax act is not the same entity of partnership strictly within the limits of the indian partnership act.24. we may notice here a few more of the authorities cited at .....

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Dec 22 1966 (HC)

SaifuddIn Hussainibhoy Siamwala and ors. Vs. the Burma Cycle Trading C ...

Court : Chennai

Decided on : Dec-22-1966

Reported in : AIR1968Mad154

..... of the case.'the above principle has been so expressed in section 6 of the indian partnership act, 9 of 1932. on a fair reading of the documentary evidence and on appreciation of the oral evidence and admissions of one of the petitioners, it cannot be disputed that all the four petitioners before me are partners of the firm of saleh bros. and it is this ..... proceeding' within the meaning of section 171 of the indian companies act of 1913. in governor general ..... the madras buildings (lease and rent control) act 18 of 1960. this leads on to the consideration whether a petition for eviction under the madras buildings (lease and rent control) act 18 of 1960 is a proceeding to enforce a right arising out of a contract within the meaning of section 69(3) of the indian partnership act.the federal court had occasion to consider the ..... question whether action under section 46 of the indian income-tax act, 11 of 1922, is covered by the phrase 'other legal .....

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Oct 07 1966 (HC)

R. Sannappa and Sons Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Decided on : Oct-07-1966

Reported in : [1967]66ITR27(KAR); [1967]66ITR27(Karn); (1967)1MysLJ64

..... be remembered that the registration contemplated under section 26a is 'for the purpose of the act', the principal purpose of the act being the assessment of the assessee under section 23. 'firm' is defined in section 2(6b) of the act and that definition runs thus : ''firm', 'partner' and 'partnership' have the same meaning respectively as in the indian partnership act, 1932 (ix of 1932),...' 10. in commissioner of income-tax ..... v. bagyalakshmi & co. the supreme court laid down that except where there is a specific provision of the income-tax act which derogates from ..... of the income-tax officer. we have now to see whether the income-tax officer was right in refusing to register the firm under section 26a on the sole ground that the instrument of partnership is silent as to the manner of distributing the losses among the partners. 4. the view taken by the tribunal receives support from the decision of the gujarat ..... mentioned above, our answer to the question referred to us is that, on the facts and in the circumstances of the case, the assessee is entitled to registration under section 26a of the act for the assessment year 1961-62. 17. the assessee is entitled to his costs of this reference. advocate's fee rs. 250. .....

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