Court : Delhi
Decided on : Sep-04-1970
Reported in : AIR1971Delhi138; 80ITR206(Delhi)
..... partner in the trading assets of a partnership with reference to the provisions of the indian partnership act, 1932. their lordships observed as follows:-'it seems to us that looking to the scheme of the indian act no other view can reasonably be taken. the whole concept of partnership is to embark upon a joint venture ..... any exclusive right over the property which he had brought in as trading assets of the partnership for making gifts of specified amounts.10. the view taken by the appellate tribunal, in our opinion, was correct. the gifts made by kartar ..... of the case as well the account has not been referred to as a composite or mixed account but as capital account. the incidents of partnership as applicable to trading assets or capital account have, thereforee, to be applied. as a partner kartar singh was not free to claim or exercise ..... was a permissible deduction?2. messrs. new india colour co., delhi a partnership firm registered under section 26-a of the income-tax act, is the assessed in the case. the assessment years under reference are 1957-58 and 1958-59; the relevant previous ..... been referred by the income-tax appellant tribunal (delhi bench 'b') under provisions of section 66 (1) of the indian income-tax act, 1922 (hereinafter referred to as 'the income-tax act').'whether on the facts and in the circumstances of the case, the interest credited to the amounts of the four donees .....Tag this Judgment!
Court : Delhi
Decided on : May-08-1970
Reported in : 8(1972)DLT118
..... . regarding interest the petitioner was not held entitled to it. the point regarding limitation was decided against the petitioner by aprlying article 31 of the indian limitation act. 1908 (act no. 1x of 1908) the petitioners suit.therfor failed only on the ground of limitation. asalready mentioned above it was no one's case that ..... a receipt for the payment made to the plaintiff. (7) it was found by the additional judge, small cause court that the petitioner was a registered partnership firm and shri kapur chand was entitled to sue as its partner. the petitioner was also held to have retained title in the goods and, thereforee, ..... be allowed to defeat the petitioner's claim on the ground of limitation by assuming that there was no delivery of goods and consequently article 31 of act ix of 1908 was appliclble. that article applied to a suit against a career for compensation for non-delivery of or delay in delivery of goods. ..... aggarwal, adeitional juage small cause court. against the order of shri aggarwal the plaintiff-firm filed the present revision, under section 25 of the provincial small cause court act. (2) i he facts cf the case are very simple. messrs k. c. madan lal & co. called for facility of reference as the petitioner, ..... jagjit singh, j.(1) a suit brought by messrs k. c. madanlal & co., sadar bazar, delhi, a registered partnership firm through its partner kapur chand jain, for recovering rs. 780.00 from the jullundur ex-servicemen motor transport co-operative society limited .....Tag this Judgment!
Court : Delhi
Decided on : Aug-11-1970
Reported in : ILR1970Delhi384
..... to raise loans. i have heard the learned counsel for the parties. the learned counsel for the petitioners has relied upon the provisions of sections 19 and 21 of the partnership act and has cited firm ghasi ram rampat v. shimhu dayal and others a.i.r. 1928 lah 105 while the learned counsel for the respondent has relied upon vecria pernmal ..... provided by sub-section (2) of section 19 as well as section 20, the authority of the partner to act may be extended or restricted. however, under section 21 of the partnership act, a partner has authority. in an emergency, to do all such acts for the purpose of protecting the firm as would be done by a person of ordinary prudence. section 22 ..... firm, the court would be entitled to presume that such a partner had authority on behalf of the other partners to execute the promissory note. a few provisions of the partnership act of 1932 will clarify the position. under section 18 of the act, a partner is the agent of the firm for the purposes of its business and under section 19, an ..... the firm would constitute a trading firm if its business consists in buying and selling as was laid down in higgins v. braucheme (1914) 3 kin ben 1192. coming to indian decisions, in saremal punamchand v. punamchand and another air 1924 bom 260. justice mulla observed following okell v. eston (1874) 31 l t 330, that where the business of the .....Tag this Judgment!
Court : Delhi
Decided on : Nov-02-1970
Reported in : ILR1971Delhi555; 82ITR345(Delhi)
..... sons. there is also no matetial for us to hold that the partners of the firm m/s bhaskar brothers represented their respective families in the partnership busines. on the other hand, it would appear from the statement of the case that b. n. bhaskar was assessed in the status of an ..... ishwar pottery works and delhi glass works, because one of the partners of the firm, namely, shri n. l. bhardwaj, was a stranger. the partnership deed of this firm is not before us. the assessments of the firm during the period prior to 1956 when b. n. bhaskar became the sole ..... concerns of the hindu undivided family; and (iv) that the partners of the firm of m/s bhaskar brothers represented their respective families in the partnership business.(6) before considering these contentions, it is desirable to state the legal position. there is divergence of opinion on this subject between the several ..... t. n. bhaskar and r. n. bhaskar, of two concerns, namely, ishwar pottery works, delhi, and delhi glass works, delhi. in august, 1943, a partnership was formed in the name of m/s bhaskar brothers consisting of the following partners to carry on the business of the above two concerns :- (i)shri a. n ..... , j. (1) the income-tax appellate tribunal, delhi bench 'b' has refered the following question under section 66 (1) of the indian income-tax act, 1922 (hereinafter referred to as the act) :- 'whetheron the facts and in the circumstances of the case, the managing agency remuneration was the income of b. n. bhaskar earned .....Tag this Judgment!
Court : Delhi
Decided on : Dec-24-1970
Reported in : AIR1971Delhi198
..... the dues may be recovered 'from all these connected with business of nanak singh and company'. enquires thereafter revealed the existence of the sub-partnership referred to above in which the petitioners as stated earlier were partners with nanak singh. respondent no. 3 also received a copy of a ..... them were, thereforee, taken by respondent 1 and 2. a certificate in the prescribed form was issued by the collector under the revenue recovery act (act 1 of 1890) and was sent to respondent no. 3, the district collector and recovery officer for initiating the necessary proceedings. respondent no. ..... them to nanak singh.5. after hearing the learned counsel for the parties i think there is merit in this objection. the punjab excise act, 1914 (act 1 of 1914) as applied to delhi, it was not disputed before me, contains the law regulating, amongst others, manufacture, sale and intoxicating ..... institute a suit in a civil court. shri kirpal urged that the petitioners had the alternative remedy provided by this provision and relief under act. 226 of the constitution should not be allowed to them. the argument cannot be accepted firstly because according to section 78 the person ..... ,290/- from the petitioners in the two petitions. in these circumstances both the petitioners have come up to this court with petitions under act 226 of the constitution praying that the recovery proceedings initiating that the recovery proceedings initiated against them being wholly illegal and not sustainable in law .....Tag this Judgment!
Court : Delhi
Decided on : Oct-16-1970
Reported in : 8(1972)DLT116; 29STC499(Delhi)
..... lacuna in the statute or the rules framed there under the benefit of the same must. go to the citizen. it is settled law that a partnership film ceases to be liable to assessment by the mere fact of its dissolution where the proceedings for assessment are initiated after the dissolution. (see in ..... 1959. they contend that the sales-tax sought to be recovered from them is not payable inasmuch as the assessments have been made against a dissolved partnership firm which is not permitted by law and the sales tax, if any, payable on the turnover of the relevant period was the responsibility of one ..... competent authority is satisfied about the dissolution the former partners of the dissolved frm will continue to be liable for payment of sales- tax, under the act. the result is that this petition must succeed and i hereby issue a writ quashing the demands made against the petitioners and restraining the respondents from ..... union territory of delhi. the firm was dissolved by a deed of dissolution dated 10. 3. 1957 where under all the business assets and liabilities of the erstwhile partnership firm were taken over by manohar lal and the two ..... 10. 3. 1957. the partnership firm used to carry on work under the name and style of m/s. juginder pal rarjit singh and comprised of three partners this firm was a registered dealer within the meaning of section 2(c)of the bengal finance (sales-tax) act, 1941 as extended to the .....Tag this Judgment!
Court : Delhi
Decided on : Apr-02-1970
Reported in : ILR1970Delhi621
..... signing the deed and describing himself as manager and karta of the joint hindu family had bound members of the family by the contract of partnership and the court held that manager and karta was merely a description of the executant and it did not attempt to make the family a ..... p. being civil appeal no. 1165 of 1965, decided on 17th march, 1967, the supreme court, in construing the legal effect of an instrument of partnership, laid down that in ascertaining the legal effect of a transaction, the court seeks in the first instance to determine the intention of the parties and ..... railway station was given as 'modinagar mill siding'. in answer to the query in column no. 9 as to whether the firm was registered under the indian companies act, 1913 the answer was given in the affirmative. the tender was signed for 'modi oil mills' by one mr. n. r. bansal, who described ..... manufactured and stored were known as modi oil mills and that the tenderer firm was registered under the indian companies act. the tender was signed by a human being known as 'n.r. bansal' acting as secretary of the concern. the earnest money as well as the security had been deposited by the ..... passed an order on 28th of september, 1957, adjourning the proceedings to enable the parties to move an application in court under section 33 of the arbitration act. the present application has, consequently, been filed by the petitioners for a declaration that : (a)there was no properly constituted contract between the government and .....Tag this Judgment!
Court : Delhi
Decided on : Apr-23-1970
Reported in : ILR1970Delhi898
..... bank limited,the appellants herein, (hereinafter called 'the bank')obtained a decree from the court of the district judge,jammu, for recovery of rs. 81,487/8.00against the partnership firm, hindustan trading company, and its twopartners, seth ravi nandan, the respondent to thisappeal and kirpal chander, on the basis of a cash creditloan account in which advances were ..... strong reliance on raj rajendra sardar molojinar singh rao shifole v. shankar saran and others : 2scr577 the owners & partnersof the firm named shah kantilal v. dominion of indiaowning east indian railway : air1954cal67 firm kanhaiyalal mohanlal somani v. paramsukhalias premsukh jaskaran kabra meheshri air 1956 nag 2730 ; h.m. subbarya setty & sons v. s.k.palani chetty & sons ..... definition between a debt incurred by a displaced person in territories now forming pa't of westpakistan and the debt incurred by him in any otherforeign country. the act was promulgated to makeprovisions for the adjustment and settlement of debtsdue by persons and for the recovery of certain debtsto them and for matters connected therewith and incidental thereto ..... with which may beclassed the possession of a place of business there),or upon submission'.(8) proceeding further the learned author makes referenceto the provision of administiation of justice act, 1920which in setting up the system of extended judgmentsfor the british empire provides in clear terms that nojudgment would be ordered to be registered under thatact if the judgment .....Tag this Judgment!
Court : Delhi
Decided on : Oct-23-1970
Reported in : 81ITR500(Delhi)
..... respect of the readjustment had to be determined according to the strict legal form of the transaction. the company was a legal entity distinct from the partnership under the general law. transfer of the machinery was by the firm to the company; and the legal effect of the transaction was to convey ..... above, we hold that a sum of rs. 33,624.00 out of rs. 83,624.00 was rightly assessed under section 12b of the indian income-tax act. the remaining amount of rs. 50,000.00 was not rightly assessed. the question referred to this court is answered accordingly.(19) in the ..... 1969]71itr433(mad) . it was held that the amount received on the transfer of a good-will was not liable to be taxed under section 12b of the act. the learned judges (veeraswami and alagiriswami jj.) observed: 'sub-section(2) of section 12b provides that the amount of a capital gain shall be computed after ..... resulted in excess realization over the written down value of the machinery to the firm, and the liability to tax, if any, arising under the act could not be avoided merely because in consequence of the transfer the interest of the partners in the machinery was substituted by an interest in the ..... following question has been referred to this court under section 66(1) of the indian income-tax act, 1922 (hereinafter referred to as the act) :- 'whetherthe sum of rs. 83,624.00 was rightly assessed under section 12b of the indian income-tax act, 1922?'(2) the case relates to assessment year 1947-48, the previous year .....Tag this Judgment!