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Judgment Search Results Home > Cases Phrase: indian partnership act Court: andhra pradesh Year: 1987 Page 1 of about 16 results (0.050 seconds)

Mar 19 1987 (HC)

Commissioner of Income-tax Vs. Three Aces

Court : Andhra Pradesh

Decided on : Mar-19-1987

Reported in : [1989]176ITR160(AP)

..... connection, we may refer to the definition of the expression 'partner' occurring in clause (23) of section 2 of the act. it reads as follows : '(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 partnership.' 8. when, therefore, the clause in the partnership deed speaks of the first party admitting the second, third, ..... fourth and fifth parties into partnership, it must be understood in ..... , provided it fulfills the other conditions stipulated in section 185 of the income-tax act. it was also held that such partnership agreement does not violate any public policy, nor does it offend section 23 of the indian contract act. it was observed that may be such a partnership would not be cognized and would not be valid under the excise .....

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Apr 10 1987 (HC)

South India Textiles and ors. Vs. Government of Andhra Pradesh and ors ...

Court : Andhra Pradesh

Decided on : Apr-10-1987

Reported in : AIR1989AP55

..... consisting of petitioners 2 to 5 as partners. they sought for registration of the firm under section 58(1) of the indian partnership act, 1932 (act lx of 1932) (for short 'the act') with the name 'the south india textiles' to do business at secunderabad as distributors of madras coats limited situated at ambasamudram, tamilnadu state. the application was returned with a direction ..... many a firm or proprietary concerns. therefore, by no stretch of imagination it can be said that it is improper use within the meaning of section 3 of the emblems act. 7. accordingly, the refusal of the permission to use the word 'india' in the firm's name is in excess of the power. the impugned order is accordingly quashed. the ..... not signify either sanction, approval or patronage of the government. therefore, the sanction of the government is redundant under sub-section (3) of section 58 of the act.5. with regard to emblems act section 3 provides prohibition of improper use of certain emblems and names :'notwithstanding anything contained in any law for the time being in force, no person shall except ..... word 'india' from the name of the firm stating that the word 'india' is prohibited under the provisions of the emblems and names (prevention of improper use) act, 1950 (for short 'the emblems act'). subsequently they made a representation to the first respondent state government on may, 2, 1979 seeking permission to use the name 'the south india textiles' by the impugned .....

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Feb 19 1987 (HC)

Commissioner of Income-tax Vs. Puran Das Ranchoddas and Sons

Court : Andhra Pradesh

Decided on : Feb-19-1987

Reported in : [1987]169ITR480(AP)

..... expressly excluded from according allowance under section 37(1). we have, therefore, to see whether the amount in dispute is a revenue expenditure. section 4 of the indian partnership act (ix of 1932), for short, 'the partnership act', defines a partnership thus : ''partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... with other property of the firm and the outgoing partner thereafter, shall not carry on the business in the name of the old name nor solicit old customers. mukerji on 'indian partnership act', third edition, at page 483, says that 'goodwill is generally valued at so many years' purchase of the amount of profits and these annual profits are generally calculated on ..... that extent, there is no difficulty in concluding that the amount paid in consideration thereof constitutes revenue receipt. goodwill is an asset of the firm under section 14 of the partnership act and all partners as tenants-in-common have a co-extensive right in the goodwill. goodwill is a capital asset attracting the exclusionary clause in section 37(1) of ..... acting for all.' 7. the partners are tenants-in-common. under section 14, goodwill of the business is the property of the partnership and would be subject to the contract .....

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Feb 19 1987 (HC)

Commissioner of Income-tax Vs. Puran Das Ranchoddas and Sons.

Court : Andhra Pradesh

Decided on : Feb-19-1987

Reported in : (1988)63CTR(AP)278; [1988]169ITR480(AP)

..... is expressly excluded from according allowance under section 37(1). we have, therefore, to see whether the amount in dispute is a revenue expenditure. section 4 of the indian partnership act (ix of 1932), for short, 'the partnership act', defines a partnership thus :'partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... with other property of the firm and the outgoing partner thereafter, shall not carry on the business in the name of the old name nor solicit old customers. mukerji on 'indian partnership act', third edition, at page 483, says that 'goodwill is generally valued at so many years purchase of the amount of profits and these annual profits are generally calculated on an ..... that extent, there is no difficulty in concluding that the amount paid in consideration thereof constitutes revenue receipt. goodwill is an asset of the firm under section 14 of the partnership act and all partners as tenants-in-common have a co-extensive right in the goodwill. goodwill is a capital asset attracting the exclusionary clause in section 37(1) of ..... acting for all.'the partners are tenants-in-common. under section 14, goodwill of the business is the property of the partnership and would be subject to the contract between .....

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Aug 19 1987 (HC)

Commissioner of Income-tax Vs. Nataraj Finance Corporation

Court : Andhra Pradesh

Decided on : Aug-19-1987

Reported in : (1988)69CTR(AP)15; [1987]169ITR732(AP)

..... of persons as, admittedly, no business is being carried on by the assessee. unless a business is carried on, the question of a partnership being formed under the indian partnership act does not arise. on the facts and circumstances, it seems to us that the more appropriate description of the assessee would be an ' ..... the same. the provisions relating to the grant of loans to members, etc., in the deed would indicate that in reality the deed of partnership is only a memorandum of association containing the terms and conditions governing the conduct of the business of the assessee consisting of 19 members. it ..... applicable and the income cannot be taxed. the income-tax officer rejected this contention on the short ground that in clause 1(b) of the partnership deed there is a provision to carry on the business in advancing loans to outsiders also and this provision militated against the assessee's claim of ..... the previous year relevant to the assessment year 1977-78, some changes occurred in the constitution of the firm, with the result that a deed of partnership was executed on april 15, 1976, among 19 partners. this firm filed a return declaring an income of rs. 48,310. it is said ..... that although the assessee has been carrying on the business activity of lending moneys to its members, it described itself as a partnership firm. looking into the provisions of the partnership deed, which are extracted by the tribunal in its order, we are satisfied that the description by the assessee of itself .....

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Mar 15 1987 (HC)

Grace Pharma Distributors Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Mar-15-1987

Reported in : (1987)65CTR(AP)252; [1988]169ITR231(AP)

..... mr. m. suryanarayana murthy, learned standing counsel for the revenue, that under sub-section (4) of section 30 of the partnership act, the minors, as and when their connection with partnership is severed, have a right to sue for accounts, or payment of their share of the property or profits of the firm. firstly, they have not ..... 1, 1975, and on september 30, 1975, they severed their connection with them, and then entered into a partnership with the 7th partner, smt. kamalesh s. gupta, and executed a fresh partnership deed. in doing so, they did not violate any provisions of the partnership act, or for that matter, any other law. may be, the minors had certain rights; but if they had ..... were legitimate grounds for refusing registration under section 185 of the income-tax act to the partnership evidenced by the deed of partnership dated october 1, 1975. 7. we are unable to say that the partnership deed dated october 1, 1975, violates any of the provisions of either the contract act or the partnership act. it was open to the partners to arrive at any arrangement among ..... not prohibited by law, or is hit by section 23 of the contract act. it is not suggested that the partnership deed dated october 1, 1975, is hit by section 23 of the contract act, nor could learned standing counsel for the department cite any provision of the partnership act or any other act which was violated by this deed. 10. it was strongly contended by .....

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Mar 03 1987 (HC)

P. Nagalingam Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Mar-03-1987

Reported in : (1987)63CTR(AP)258; [1987]166ITR845(AP)

..... officer held that the income arising to the minors by virtue of their admission to the benefits of the partnership came within the purview of section 16(3) (a) (iv) of the indian income-tax act, 1922, and in that view included that income in the total income of the assessee for that year. ..... the view taken by the assessing authority and the first appellate authority, held : '...... the converted property has been transformed into a share interest in the partnership in which the appellate in one of the partners. in other words, whatever income is derived by employing the converted property should revert back to the ..... in the circumstances of the case, the tribunal was justified in law in holding that the income arising to the assessee from his share in the partnership firm, m/s. pabbati nagalingam, was liable to be included in the individual assessment of the assessee in accordance with the provisions of section 64 ..... any method, such other property. when admittedly the amount of rs. 30,000 was invested in the partnership business, that amount becomes a converted property within the meaning of section 64(2) of the act. that money which hitherto belonged to the assessee was thrown into the common stock of the family ..... to gift-tax. the amount of rs. 30,000 was invested in the partnership concern of m/s. pabbati nagalingam. the income-tax officer applied section 64(2)(b) of the income-tax act, 1961 (for short 'the act'), and held that the entire income that came to the share of the assessee .....

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Nov 06 1987 (HC)

Commissioner of Income-tax Vs. Kanaka Mahal

Court : Andhra Pradesh

Decided on : Nov-06-1987

Reported in : [1988]172ITR143(AP)

..... is covered by the provisions contained in section 184 - 189. section 184 says that an application for registration of a firm for the purposes of the income-tax act may be made if the partnership is evidence by an instrument which specifies the individual shares of partners. the application has to be made by all the partners (not being minors) personally. such ..... facts and in the circumstances of the case, the assessee-firm was entitled to grant of registration under section 185 of the income-tax act, 1961 ?' 2. the assessee-firm was originally constituted under a deed of partnership dated july 21, 1968. there have been changes in the composition of the firm from time to time. for the accounting year relevant to ..... & sons v. cit : [1959]36itr194(sc) , a case arising under the indian income-tax act, 1922, the supreme court held that the following essential conditions must be satisfied before registration can be granted under section 26a of the act. they are : (i) the firm should be constituted under an instrument of partnership, specifying the individual shares of the partners; (ii) an application on behalf ..... during the relevant previous year has to be made in form no. 11, as contemplated by rule 22(2)(i). 12. we may now examine the conditions which a partnership firm must satisfy before it is granted registration under the act. according to section 184(7), an application for registration has to be made, signed by all the partners, provided (i) the .....

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Mar 04 1987 (HC)

Rahim Khatoon Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Mar-04-1987

Reported in : (1987)63CTR(AP)294; [1987]167ITR697(AP)

..... the creditor, smt. hashmatunnisa begum is concerned, her rights as a creditors are based on the lease deed and the agreement, but not on the partnership deed. the partnership deed is concerned only with the rights of the partners inter se. it is, therefore, difficult to accept the contention of the learned counsel for ..... the seven individuals jointly and severally. when the agreement was concluded between hashmatunnisa begum and the seven individuals, the partnership did not come into existence. the lease deed, executed on january 8, 1971, between hashmatunnisa begum and the seven partners also shows that the lessees ..... . as already noticed, the agreement for taking the theatre on lease was concluded between hashmatunnisa begum and the seven individuals who subsequently constituted themselves into a partnership firm known as 'm/s. kamal enterprises'. the liability under the aforesaid clause for payment of rs. 2 lakhs in five instalments was that of ..... that order of the income-tax on february 8, 1977, in exercise of his power under section 263 of the act. the commissioner was of the view that from the terms of the partnership deed dated january 8, 1971, the property was intended to be acquired by the firm. the books of account of ..... question that arose was whether it was allowable as a deduction under section 10(2)(iii) or 10(2)(xv) of the indian income-tax act, 1922, in computing its profits. it may be mentioned that section 10(2)(iii) of the 1922 .....

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Nov 26 1987 (HC)

Commissioner of Income-tax Vs. Indian Medicine (Sales House)

Court : Andhra Pradesh

Decided on : Nov-26-1987

Reported in : (1988)70CTR(AP)92; [1988]172ITR517(AP)

..... the registration would enure for the year for which it was initially granted. for each subsequent assessment year all that has to be done by a partnership firm is to file a declaration along with its return under section 184(7) signed by all the partners specifying the required particulars. once this ..... partners did not sign the form, as there were differences between the partners. the income-tax officer passed an order under section 185 of the act treating the status of the assessee-firm as an unregistered firm on the ground that the declaration under section 184(7) did not contain the signatures ..... 1970. up to and including the income-tax assessment year 1974-75, the partnership firm was registered. for the income-tax assessment year 1975-76, the firm filed a return accompanied by a declaration under section 184(7) of the act in the prescribed form no. 12. it would appear would appear that the ..... -76 was a composite appeal both against the assessment as such and also against the order of registration under section 185 of the income-tax act, 1961, and both the question of validity of ..... consideration of this court under section 256(1) of the act. 'whether, on the facts and in the circumstances of the case, the appellate tribunal was correct in law in holding that the appeal filed before it by the firm of m/s. indian medicine (sales house), vijayawada, for the assessment year 1975 .....

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