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Judgment Search Results Home > Cases Phrase: indian partnership act Court: chennai Year: 1973 Page 1 of about 18 results (0.040 seconds)

Jul 30 1973 (HC)

R.M. Ramanathan Chettiar and anr. Vs. Controller of Estate Duty

Court : Chennai

Decided on : Jul-30-1973

Reported in : [1975]99ITR410(Mad)

..... , but by the very intention of the parties to treat such property belonging to one or more of the members of the partnership as that of the firm. the learned judges in that case referred to section 14 of the indian partnership act in support of the said view. section 14 states that ' theproperty of the firm includes all property and rights and interests ..... of this court took the view that no document is necessary when a partner brings into the partnership some of his assets with an intention to treat the same as partnership assets, that by virtue of section 14 of the partnership act, property could be thrown into the partnership stock without any formal document, so as to make it the property of the firm. the ..... contention of the assessee that unless there is a document of transfer, the immovable properties in question cannot be treated as partnership assets, cannot, therefore, be accepted. 6. if the immovable ..... the share of the deceased in the foreign immovable properties. the contention of the assessee was that the share of the deceased in the partnership should have been exempted from duty under section 21(1)(a) of the act and that the rule 7(c) of the estate duty rules, 1953, which has been invoked in this case by the assistant controller .....

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Sep 05 1973 (HC)

S.P. Periaswami Konar and anr. Vs. S. Mikole Udayar and anr.

Court : Chennai

Decided on : Sep-05-1973

Reported in : (1975)1MLJ70

..... kesava iyengar, the learned counsel for the first respondent, in this connection, drew our attention to the provisions contained in section 48 of the indian partnership act, 1932 and contended that in clause 7 of the partner-ship deed entered into between the parties, it has beep expressly provided that the construction ..... of accounts from defendants 1 to 3 independent of any general account relating to the partnership. the position in this behalf is not in dispute and has been clearly laid down in section 4 of the indian partnership act, 1932. that section provides : 10on the dissolution of a firm every partner or ..... their representatives according to their rights.as has been pointed out by the editor of pollock and mulla on the sale of goods act and the partnership act, third edition (1965) at page 366.no suit can be maintained by one partner against another in respect of any transaction which forms ..... , contends that as a matter of law, whenever a partner files a suit against his other partners in relation to matters concerning the partnership after the partnership has been dissolved, the only remedy available to him is to file a suit for general accounting and he cannot file a suit for ..... an item of the partnership account, for such a suit would, from its very nature, involve the taking of the whole partnership account, and this can .....

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Mar 13 1973 (HC)

Indian Institute of Engineering Technology Vs. Commissioner of Income- ...

Court : Chennai

Decided on : Mar-13-1973

Reported in : [1973]92ITR94(Mad)

..... , 1960, signed and verified by the principal partner. this return was submitted not as a dissolved firm but as a continuing partnership firm. the firm also applied for renewal of registration under section 26a of the indian income-tax act, 1922, on july 4, 1960, and this application was signed by the three partners in their capacity as partners. as ..... , it proceeded to state that the parties felt that the object with which the parties formed the partnership had been fulfilled and consequently they have 'decided to get the said indian institute of engineering technology registered as a society under the indian societies act andentrust the management, assets and properties of the said institute to the committee of management which shall be ..... registered as a society under the societies registration act, 1860 (21 of 1860), on february 1, 1961, in the meanwhile, on december 12, 1960, a document was executed by the partners styled as the deed of dissolution of partnership. the operative part of this deed reads as follows : '1. the partnership firm of indian institute of engineering technology shall be deemed ..... the governing body to conduct and manage the affairs of the said institute'. it also stated that the parties have agreed accordingly and decided to dissolve the partnership entered into under the deed of partnership dated august 1 .....

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Feb 28 1973 (HC)

M. Ct. Muthiah Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Feb-28-1973

Reported in : [1974]97ITR516(Mad)

..... carried on business and also derived rental income from some of the properties it owned. having regard to the definition of 'partnership' in the partnership act, as a relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... the interest of a partner in partnership property both during the subsistence of the partnership and after its dissolution with reference to the various provisions of the partnership act, 1932. after analysing the various provisions of that act, their lordships of the supreme court observed :'the whole concept of partnership is to embark upon a joint ..... , expressed :'where a person carried on business by himself or in partnership with others, profits and gains earned by him are income liable to be taxed under section 10 of the indian income-tax act, 1922. share in the profits of a partnership received by a partner is 'profits and gains of business' carried ..... hands of the assessee and that it has to be assessed in his hands only as ' income from property' under section 9 of the indian income-tax act, 1922. in this court, the revenue raises a further contention that, strictly speaking the share income will not fall under any of the heads ..... on by him and is on that account liable to be computed under section 10, and it is a matter of no moment that the total profits of the partnership .....

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Mar 01 1973 (HC)

Hotchand Chattaram Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-01-1973

Reported in : [1974]96ITR586(Mad)

..... return of income was filed by the assessee herein in the status of a firm of partnership with bherumal and kishoredas as partners. an application for grant of registration of the firm under section 26a of the indian income-tax act, 1922, was also filed before the income-tax officer. the income-tax officer rejected ..... partition of the joint family business is essentially a question of fact and that could not be challenged on a reference under section 66 of the indian income-tax act, 1922. in various decisions dealing with this matter, the legal position is put in different ways. in some cases, it is held that ..... the assessee claimed that there was a partition in the joint family and the constitution of a partnership firm. the income-tax officer held that in view of the scheme of the income-tax act to assess a hindu undivided family until it establishes that a partial or full partition had taken place ..... are variations in the figures and statements. therefore, there was no partnership and no genuine-firm came into existence. 3. on the direction of this court in a petition filed by the assessee under section 66(2) of the indian income-tax act, 1922, the following two questions were referred in t.c. no. ..... this claim on the ground that there was no partition in the family. for the assessment year 1956-57 also a return was filed in the status of a partnership firm with an .....

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Oct 16 1973 (HC)

Smt. Nripendrakumari Bhandari Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Oct-16-1973

Reported in : [1976]105ITR158(Mad)

..... from outsiders at the rate of 7 1/2 per cent. interest which is the rate of interest that was paid to the minors. under section 13(d) of the partnership act a partner making for the purpose of the business any payment or advance beyond the amount of capital he has agreed to subscribe is entitled to interest thereon at the ..... ) of the indian income-tax act, 1922. considering the matter from the first principles and without reference to any authority, the learned judges felt that the right to receive the interest was the consequence of the membership of the wife in the firm or the admission of the minors to the benefits of the partnership, that section 13(d) of the partnership act having provided ..... the benefits of the partnership even when the firm was constituted, section 64(ii) of the act of 1961 had no application in her case and that the interpretation placed by the supreme court in commissioner of income-tax v. sodra devi : [1957]32itr615(sc) on the corresponding provision in section 16(3)(a)(ii) of the indian income-tax act, 1922, to the ..... effect that the expression 'individual' does not include the female of the species should continue to apply to a firm which had come into existence prior to the commencement of the act of 1961. alternatively, it was contended by the assessee that the interest portion of the income of the two minors received from the partnership .....

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Oct 16 1973 (HC)

S. Srinivasan by L. Rs. Shanbagammal and ors. Vs. Commissioner of Inco ...

Court : Chennai

Decided on : Oct-16-1973

Reported in : [1976]105ITR315(Mad)

..... balances has to be decided by the firm from time to time and not at the rate referred to in section 13(d) of the partnership act, nor is there any indication in the partnership deed that the rate of interest paid to the wife and the minors is the same as that paid to third parties. therefore, it ..... to the extent of rs. 5,269, rs. 5,750 and rs. 5,737 in the assessment of the assessee under section 16(3)(a)(ii) of the indian income-tax act, 1922, for the assessment years 1958-59, 1959-60 and 1960-61 ?' 9. in the judgment just now rendered by us in t.c. no. 95 of ..... rs. 8,608, rs. 10,071, rs. 11,023 and rs. 1,261 in the assessment of the assessee under section 16(3)(a)(ii) of the indian income-tax act, 1922, for the assessment years 1958-59 to 1961-62 ? 3. whether the interest credited by the firm of anjaneya motor transport to the current account of ..... anjaneya motor transport to the current account of the assessec's wife is includible in the assessment of the assessee under section 16(3)(a)(i) of the indian income-tax act, 1922, for the assessment years 1958-59 to 1961-62 ? 2. whether the interest credited by the firm of anjaneya motor transport to the currant account ..... firm and these interest amounts were included in the assessee's total income by the income-tax officer under section 16(3)(a)(i) and (ii) of the indian income-tax act of 1922. the said inclusion was challenged by the assessee. this court in s. srinivasan v. commissioner of income-tax : [1963]50itr160(mad) held that the .....

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Sep 27 1973 (HC)

Commissioner of Income-tax Vs. Dalmia Cement (Bharat) Ltd.

Court : Chennai

Decided on : Sep-27-1973

Reported in : [1976]104ITR337(Mad)

..... was entitled to have the losses for the assessment years 1952-53 to 1954-55 quantified and set-off against its share income from the partnership firm of dalmia magnesite corporation for the assessment years 1960-61 and 1961-62? 3. whether the appellate tribunal has jurisdiction to direct the income ..... the facts and in the circumstances of the case, the assessee was entitled to the deduction of interest and other expenses from its share income from the partnership firm of dalmia magnesite corporation for the assessment years 1960-61 and 1961-62 ? 2. whether, on the facts and in the circumstances of the ..... losses have been incurred in the same business which was originally run by the assessee-company as a proprietary concern but, later, run by the partnership of which the assessee is a partner. in this connection, the tribunal rejected the contention put forward on behalf of the department that since the ..... income and that it could not be said that the interest paid was the money borrowed for the purposes of investment as capital in the partnership firm 6. in relation to the assessment year 1961-62, the assessee-company again claimed deduction in respect of the establishment and interest charges ..... its share income from dalmia magnesite corporation for the assessment years 1960-61 and 1961-62 under the provisions of section 24(2)(iii) of the indian income-tax act, 1922 ? 5. whether, on the facts and in the circumstances of the case, the assessee, as a partner in the firm of dalmia .....

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Sep 20 1973 (HC)

M. Ct. Muthiah and anr. Vs. Controller of Estate Duty

Court : Chennai

Decided on : Sep-20-1973

Reported in : [1974]44CompCas254(Mad); [1974]94ITR323(Mad)

..... governed by its provisions to remain in possession with security of tenure, was not applicable after the death of graham. it may be mentioned that a partnership under the scottish law was a legal entity. the house of lords held that on the death of graham there was a dissolution of the firm ..... words referred to the ' moment after death '. in that case, one graham was the owner of a farm in scotland, which was leased to a partnership consisting of himself and three other persons. graham died on february 23, 1963. on the question of valuation of the estate passing on death of the said ..... a death benefit under an accident policy could not be disposed of by a will in view of restriction no. 1 of schedule iii to the indian succession act, 1935. the effect of that restriction was that the testator would not be competent to bequeath property which he could not have alienated inter vivos. ..... and the surviving partners were merely in occupation of the farm for the purpose of winding up the partnership affairs, and, therefore, the farm ceased to be subject to the act of 1949. the question, therefore, arose as to whether the estate will have to be valued as at the moment ..... persons that the case of an accident policy is in the nature of a claim by a dependant under the fatal accidents act of england or section 1 of the indian fatal accidents act, 1855. these decisions were concerned with the interpretation of a statutory provision and the rights considered there are statutory rights and .....

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Jul 19 1973 (HC)

Commissioner of Income-tax Vs. P.N. Nagaraj and anr.

Court : Chennai

Decided on : Jul-19-1973

Reported in : [1976]102ITR83(Mad)

..... from its partners and there is nothing wrong in a partner having business of his own. the assessees as individuals brought the purchasers, the partnership firm, and binny & co., together to enter into a sale and purchase of the property and it is that assistance which was recognised ..... doing any real estate business before this particular transaction in question. but it is for the purpose of transacting this particular business of sale they organised the partnership firm, satyanarayana and nagaraj and company. in this connection we may also refer to the decision in commissioner of income-tax v. v. p. ..... the firm itself was constituted with the object of purchasing the land from binny & co. and in fact after purchase, it is stated, the partnership firm realised good profits by dividing and selling it as plots. these assessees were businessmen and were partners of some reputed firms like harrison co. ..... business, that it was only this information which put the idea into their heads of starting a business in real estate, that the partnership of which nagaraj brothers were partners had as its object the purchase of the properties of binny and company with a view to sell ..... vijaykuverba saheb of morvi v. commissioner of income-tax : [1963]49itr594(bom) , the bombay high court observed :'there is no doubt that under the indian income-tax act, 1922, even payments, which are voluntarily made may constitute ' income' of the person receiving them. it is not necessary- that in order that the .....

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