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Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 17 rights and duties of partners Year: 1997 Page 1 of about 17 results (0.284 seconds)

Sep 29 1997 (HC)

Commissioner of Income-tax Vs. Jagdish Chand Walia and Co.

Court : Punjab and Haryana

Decided on : Sep-29-1997

Reported in : [1998]234ITR595(P& H)

..... section 4 of the indian partnership act, 1932, will apply.7. section 12 of the said act specifies the provisions in respect of the conduct of the business of the partnership. it reads as under :'12. the conduct of the business.--subject to contract between the partners,-- (a) every partner has a right to take part in the conduct of the business ; (b) every partner is bound to attend diligently to his duties ..... act, 1914, empowers the state government to prohibit the import or export of any intoxicant into or from ..... satisfy himself that the partnership is not only genuine but also a valid one. the validity of a partnership is to be decided with reference to the express provisions of the indian partnership act and other laws. even if a partnership is valid in law but it is not found to be genuine, the firm would not be entitled to registration.11. section 17 of the punjab excise ..... legal and entitled to registration.39. in addl. cit v. degaon ganga reddy g. ramakrishna and co. : [1995]214itr650(sc) , the supreme court has recently examined a case of sub-partnership. a partnership had been formed with 17 partners, one of whom held 10 per cent. share. the lessees being the highest bidders at an auction held by the excise authority, the .....

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Sep 29 1997 (HC)

Commissioner of Income-tax Vs. Jagdish Chand Walia and Co.

Court : Punjab and Haryana

Decided on : Sep-29-1997

Reported in : (1998)144CTR(P& H)127

..... of the indian partnership act, 1932, will apply.sec. 12 of the said act specifies the provisions in respect of the conduct of the business of the partnership. it reads as under :'sec. 12 :the conduct of the business -subject to contract between the partners, -(a) every partner has a right to take part in the conduct of the business;(b) every partner is bound to attend diligently to his duties in the ..... act, 1914, empowers the state government to prohibit the import or export of any intoxicant into or from punjab ..... satisfy himself that the partnership is not only genuine but also a valid one. the validity of a partnership is to be decided with reference to the express provisions of the indian partnership act and other laws. even if a partnership is valid in law but it is not found to be genuine, the firm would not be entitled to registration.8. sec. 17 of the punjab excise ..... legal and entitled to registration.30. in addl. cit vs. dagaon ganga reddy g. ramakrishna & co. (1995) 214 itr 550 the supreme court has recently examined a case of sub-partnership. a partnership had been formed with 17 partners, one of whom held 10 per cent. share. the lessees being the highest bidders at an auction held by the excise authority, the .....

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Dec 17 1997 (SC)

Sharad Vasant Kotak and ors. Vs. Ramniklal Mohanlal Chawda and anr.

Court : Supreme Court of India

Decided on : Dec-17-1997

Reported in : AIR1998SC877; 1998(2)ALLMR(SC)57; JT1997(10)SC174; 1997(7)SCALE640; (1998)2SCC171; [1997]Supp6SCR543

..... the registrar.rule 17. certificate of registration. - where a firm is registered under section 59 of the act, the registrar shall issue a certificate in form 'h'.form 'a'application for registration of firms(see rule 3)we, the undersigned, being partners, hereby apply for registration as a firm and for that purpose supply the following particulars pursuant to section 58 of the indian partnership act, 1932 : --note 1 ..... partners -(a) where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted ..... of a business carried on by all or any of them acting for all.'partner' 'firm' and 'firm-name'persons who have entered into partnership with one another are called individually, 'partners' and collectively 'a firm', and the name under which their business is carried on is called the 'firm-name'.17. rights and duties of partners after a change in the firms. subject to contract between the .....

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May 15 1997 (HC)

Commissioner of Income-tax Vs. Vijai Kumar Rajesh Kumar

Court : Allahabad

Decided on : May-15-1997

Reported in : (1998)144CTR(All)582; [1998]231ITR625(All)

..... will be responsible only to the extent of his share and would not be personally liable. this stipulation is of immense significance as it is in accordance with section 30(3) of the indian partnership act, 1932.' 8. this is how the appellate authority accepted the contention of counsel for the assessee-firm and directed the assessing officer to treat the firm as a registered ..... losses of the firm by the partners in the partnership deed while in the case before us so far as the minor's liability for losses is concerned, a specific clause has been inserted indicating therein that he shall be minor liable to the loss to the extent of his share (sic) according to section 30 of the indian partnership act. . .. the only interpretation that was ..... in the same ratio in which they agreed to share losses up to 40 per cent. accordingly, the share ratio of the three partners, namely, bechan ram, ghasi ram and puhwashi prasad in losses will be 50 per cent. 17.5 per cent. and 32.5 per cent., respectively. 12. almost a similar question arose in progressive financers v. cit : [1997]224itr595 ..... , on the facts and in the circumstances of the case, the assessee was rightly allowed registration under section 185 of the income-tax act, 1961 ?' 2. the assessing officer in his order passed under section 185(1)(b) of the act held that the partnership deed is defective and the firm is not entitled to registration. 3. the constitution of the assessee-firm is as under .....

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Apr 01 1997 (HC)

Rashmi Naqrath Vs. Sarva Priya Cooperative House Building Society Ltd.

Court : Delhi

Decided on : Apr-01-1997

Reported in : 1997IIIAD(Delhi)309; 66(1997)DLT713; 1997(41)DRJ448

..... agreed to by the partners. lindley on partnership 12th end. p.375, ref. to. english and indian case law discussed. air 1947 lah 13(, approved. air 1959 380 affirmed.' (9) mr.sanghi has further contended that even from the plain language of section 14 of the indian partnership act, it is clear that the property of the firm in clues all property and rights and interest in ..... . this was so succinctly held in the workmen employed in associated rubber industry' limited, bhavnagar vs . the associated rubber industry limited, bhavnagar and another : (1986)illj142sc - '......................it is the duty of the court, in every case where ingenuity is expended to avoid taxing and welfare legislalions, to gel behind the smokescreen and discover the true state of affairs. the court ..... i.c petitioner herein and the society without knowing that neither mr.s p kapur nor his wife, mrs.vimal kapur, had incurred disqualification, transferred the membership to the petitioner. (17) mr.chandra has contended that after the marriage of the petitioner with mr.ranjit nagrath, petitioner was not entitled for the allotment of plot of land as the husband of ..... of the oral family arrangement between the two brothers the property was divided/partitioned equally in that manner. the said position continues from 1932 to dale without hinderance or disturbance. the said family arrangement has been acted not only by the parties in suit but by their predecessor in interest. it was only for the reason that the plot is .....

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Dec 09 1997 (SC)

Rashiklal and Co. Vs. Commissioner of Income Tax, Orissa

Court : Supreme Court of India

Decided on : Dec-09-1997

Reported in : AIR1997SC4389; [1998]229ITR458(SC); JT1997(10)SC1; (1998)2SCC49; [1997]Supp6SCR331

..... . the partners are entitled to share equally in the profits earned and shall contribute equally ..... and the stranger. such a partnership would be governed by the provisions of the indian partnership act, 1932, with the result that if the manager died, the partnership would be dissolved on his death.'23. under the income tax act, 1961, 'firm', 'partner' and 'partnership' have been given the same meaning as assigned to them in the partnership act. but the expression 'partner' has been extended to include ..... his duties he cannot charge his co- partners any sum or remuneration whether in the shape of salary, commission or otherwise on account of the trouble taken by him in conducting the partnership business. there, however, can be a special contract to the contrary in which case, the provisions of that contract will prevail.17. section 40(b) of the income tax act ..... any of the books of the firm. all these provisions will apply to a partner who represents another body. the huf who has a nominee partner in a firm has neither any right nor any obligation under the provisions of the partnership act. section 13 provides that a partner is not entitled to receive remuneration for taking part in the conduct of the business .....

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Nov 07 1997 (HC)

Commissioner of Income-tax Vs. Fazal HussaIn and Sons

Court : Allahabad

Decided on : Nov-07-1997

Reported in : [1998]233ITR32(All)

..... . that is why no fresh agreement or instrument is needed.12. the income-tax act makes a departure in the treatment of minors qua partnership. section 2(23) of the act says ;'2. (23) 'firm' , 'partner' and 'partnership' have the meanings respectively assigned to them in the indian partnership act, 1932 (ix of 1932) ; but the expression 'partner' shall also include any person who, being a minor, has been admitted to the ..... firm. however, the appellate tribunal relying on instruction no. 1082 dated august 4, 1977, issued by the central board of direct taxes was of the view that it was the duty of the assessing officer to satisfy himself whether the minor upon attaining majority agreed to share the losses and if so whether the shares in losses as evidenced in the ..... way, as they agreed to share the losses before the minor attained majority. the appellate tribunal, in view of the aforesaid instruction, was of the view that it was the duty of the assessing officer to make inquiry into the fact whether the minor upon attaining majority agreed to share the losses and if so, whether the shares in losses as ..... appellate tribunal held that the enquiry at that stage will not confine to the original partnership deed alone, but other relevant materials may also be looked into.17. question no. 1 is, therefore, answered against the revenue. 18. then the question is whether the appellate tribunal was right in holding that the aforesaid instruction of the central board of direct taxes was binding .....

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May 06 1997 (HC)

Uttam S/O Shamlal Jaiswal Vs. the State of Maharashtra and Others

Court : Mumbai

Decided on : May-06-1997

Reported in : 1998(1)BomCR437; 1998(1)MhLj333

..... is at 'will', stands dissolved and for this proposition there need not be any counter opinion thereon as it is strictly in accordance with the provisions of sections 41 and 43 of the indian partnership act. it appears that the learned secretary - the respondent no. 1 has been swayed by some other irrelevant factors in the matter, such as, whether the petitioner had premises ..... view of the further conditions imposed by thelicencing authority that the newly introduced partner i.e. present respondent no. 2,would not claim any right, title or interest in the licence if the original licensee retiresfrom the partnership and, therefore, there was no question of respondent no. 2 tohave any title, right or interest in the licence after deletion of his name with anadditional ..... was no right which could be said to have been created in the respondent no. 2 to get the licence continued in his name or to get his name fn the license continued. the learned collector, therefore, reached to the conclusion that the name of the respondent no. 2 was liable to be deleted from c.l. iii license.17. this view ..... of the learned collector is upheld by the commissioner, state excise, m.s., bombay, by his order dated 14th may, 1992. before the commissioner, it was the contention on behalf of the respondent no. 2 that the conditions which were imposed by the commissioner for admission of the respondent no. 2 as a partner were against the .....

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Feb 20 1997 (SC)

M/S. Progressive Financers Vs. Commissioner of Income-tax, Madras

Court : Supreme Court of India

Decided on : Feb-20-1997

Reported in : AIR1997SC2160; (1997)139CTR(SC)339; [1997]224ITR595(SC); JT1997(2)SC729; 1997(2)SCALE257; (1997)3SCC79; [1997]2SCR280

..... -a could be said to have been satisfied. it is also significant to note that this court tacitly approved application of the principle contained in section 13(b) of the indian partnership act that the partners are entitled to share equally in the profits earned and must contribute equally to the losses sustained by the firm and also the rule that 'where the ..... which it decided the question referred to it against the appellant. that case arose under section 26-a of the 1922 act. answering the question whether it was a condition for registration under section 26-a that the instrument of partnership ought to have specified respective shares of partners in losses it was held that 'the income-tax officer, before allowing the application ..... to bring their case strictly within the terms of that section. this view was reiterated subsequently ..... : [1956]30itr163(sc) and patel n.t. and co. v. cit : [1961]42itr224(sc) , interpreting section 26-a of the earlier 1922 act held that registration under that section conferred a benefit on the partners which the partners were not entitled to but for that section and, therefore, that right could have been claimed only in accordance with the statute and those who claimed it had .....

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Jul 03 1997 (HC)

Harbans Singh Vs. Firm Sunder Mal Sat Pal

Court : Punjab and Haryana

Decided on : Jul-03-1997

Reported in : (1997)117PLR882

..... is proved, whether the execution of both the pronotes or either of them is without consideration? opd4. whether the plaintiff firm is duly registered under the indian partnership act and shri chet ram is one of the partners? opp5. whether the plaintiff firm is a money lender? if so, its effect? opd6. whether the plaintiff is entitled to interest if so, at what rate ..... /- to the plaintiff firm.3. the defendant contested the suit taking up various pleas like plaintiff firm carrying on business of money lending but having not been registered under the indian partnership act and the suit being not within limitation. on merit, it was denied that the defendant executed a pronote on 4.2.1975 as alleged by the plaintiff.4. on the ..... of witnesses. acceptance of past consideration is also a valid consideration to hold that the document has been executed for consideration. in the context of the present case, the court rightly came to the conclusion that promissory note and receipt were only executed by the defendant and for a valuable consideration. thus, i find no ground to vary or reverse the .....

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