Court : Gujarat
Reported in : AIR2001Guj171
..... credit in the capital and in the current account and there is no question of taking into consideration the assets.5. in the scheme of the indian partnership act, 1932. section 32 provides for the retirement of a partner and section 48 provides for mode of settlement of accounts between partners. however, section 48 ..... is a preliminary decree, the court also directed the commissioner for taking accounts (cta) to take the accounts on the lines of section 48 of the indian partnership act for the period 1-10-1978 to 31-12-1978 taking its base from the balance sheet at exh. 39 dated 30th sept., 1978. the ..... defendant firm while taking the accounts and in this view of the matter, even if it is found that the reference to section 48 of the partnership act was uncalled for and unwarranted and could be avoided by the trial court, it does not, in substance, affect the direction as has been given ..... partner by way of goodwill. the question therefore arises as to whether the goodwill will also include the assets of the firm? section 14 of the partnership act deals with the property of the firm and the same is reproduced as under :--'14. the property of the firm.-- subject to contract between the ..... the surviving/ continuing partners shall carry on the business.'in this view of the matter, there is no question of invoking section 48 of the partnership act in the present case and therefore, this court finds that the trial court has given a direction to the commissioner for taking accounts in a guarded .....Tag this Judgment!
Court : Gujarat
Reported in : (1997)139CTR(Guj)284
..... unit, its meaning even in the context of the it act remains the same as is assigned in the indian partnership act. sec. 2(23) of the said act provides that the expression 'firm', 'partner' and 'partnership' has the meanings respectively assigned to them in the indian partnership act, 1932, but the expression 'partner' shall also include any person who, being a minor, has ..... been admitted to the benefits of partnership. separate provisions are made for assessment of the firms in ..... a bearing on the constitution of the firm. even the scheme under the it act regarding assessment of firm as a distinct assessable unit does not do away with the concept of partnership and rights and duties of partners inter se continue to be governed by the provisions of the indian partnership act. though, for the purpose of taxation a 'firm' is treated as a distinct .....Tag this Judgment!
Court : Gujarat
Reported in : 106ITR821(Guj)
..... divan c.j.1. the petitioner in this case was, prior to its dissolution on august 31, 1963, a partnership firm registered under the provisions of the indian partnership act. though the firm has been dissolved with effect from august 31, 1963, as the subject-matter of the writ petition is pending, the said firm is deemed to continue in ..... in payment of the debts and liabilities of the firm, and to have the surplus distributed among the partners or their representatives according to their rights. section 48 of the partnership act provides for the mode settlement of accounts between the partners. it prescribes the sequence in which the various outgoings are to be applied and the residue remaining is to be ..... the machinery. each partner gets that which was his own in which he along with the other partners was a joint owner during the subsistence of the partnership and under the scheme of the partnership act when the assets are distributed among the partners at the time of dissolution, it cannot be said to amount to utilisation of the machinery in the sense ..... the money representing the value of the property. when the two partners brought in the theatres of their respective ownership into the partnership, the theatres must be deemed to have become the property of the partnership. under section 46 of the partnership act, 1932, on the dissolution of the firm every partner or his representative is entitled, as against all the other partners or .....Tag this Judgment!
Court : Gujarat
Reported in : (1997)142CTR(Guj)115; 224ITR221(Guj)
..... by him as a result of the extinguishment of his interest in the partnership assets.' 5. in malabar fisheries co. v. cit : 120itr49(sc) , tulzapurkar j., speaking for the court, observed as under : 'a partnership firm under the indian partnership act, 1932, is not a distinct legal entity apart from the partners ..... constituting it and equally in law the firm as such has no separate rights of its own in the partnership assets and when one talks of the film's property ..... clearly stated by this court in cit v. mohanbhai pamabhai  91 itr 393 enunciating the nature of interest of a partner in a partnership-firm and the resultant position arising from realisation of such interest on dissolution of the firm or retirement of the partner allowing the other partners ..... partners and there is no question of any extinguishment of the firm's rights in the partnership assets amounting to a transfer of assets within the meaning of section 2(47) of the income-tax act, 1961. there is no transfer of assets involved even in the sense of any ..... extinguishment of the firm's rights in the partnership assets when distribution takes place upon dissolution.' 6. in addanki narayanappa v. bhaskara .....Tag this Judgment!
Court : Gujarat
Reported in : (1983)2GLR1217
..... inter alia contended that the suit was not competent as it was filed by a firm, which was not registered as required under the provisions of the indian partnership act, 1932.4. this matter had come up before this high court on the earlier occasion and the issue no. 6, namely, whether the suit is ..... by a firm, which, though required to be registered with the registrar of firms under section 59 of the indian partnership act, 1932, was not registered and as per section 69(1) of the said act, the suit was incompetent. it is this judgment and decree that are assailed by the original plaintiffs by preferring ..... at the time of the institution of the suit and which was not registered even before that. so, the provisions of section 69(1) of the partnership act stand clearly attracted and no argument cap save the suit from being lost.7. the result is that the appeal fails and stands dismissed, but with ..... come to our assistance. there justice p.n. bhagwati, as he then was, has observed as follows:it is undoubtedly true that under the law of partnership in india, as in england, a firm has no legal existence apart from the partners composing it and is merely a compendious name to describe the ..... . 384 at its face value without going into those niceties, one thing is very clear that though ostensibly there is reference to the dissolution of the partnership, to all intents and purposes, it is a document of retirement of said joshi lalaji hiraji, who had taken his hands off without any accounts being .....Tag this Judgment!
Court : Gujarat
Reported in : (2001)4GLR3168
..... 50 of the act. he also referred to the following decisions:(1) k.k. shah vs. khorshed banu, air 1970 sc 1147(2) anant madaan v., state ..... and to enter into a new partnership with any other person. till rights and liabilities are determined, accounts are settled and partnership firm is legally dissolved, no action could have been taken by respondent no.1 except referring the dispute to arbitrator. in this connection, he drew my attention to various provisions of indian partnership act, 1932 and particularly sections 43 to ..... sincerity, the other partners were not working with devotion. it was, therefore, not possible to carry on business in the partnership and as the partnership was partnership at will, in accordance with the provisions of section 43 of the partnership act, the partnership shall be deemed to be dissolved with effect from january 31, 1999. by another notice dated 7th march, 1999, ..... the present petition is not maintainable. it is not in dispute by and between the parties that partnership firm was entered into between the parties. it is also undisputed that partnership was partnership at will. in accordance with provisions of the partnership act, therefore, such partnership could be dissolved by any partner at any time. only thing required was that there must be .....Tag this Judgment!
Court : Gujarat
Reported in : (2001)4GLR2840
..... a.r. dave, the matter has been placed before this bench.2. the petitioners nos. 2 and 3 are the partners of petitioner no.1, a partnership firm registered under the indian partnership act, 1932. they have filed this petition inter alia praying that the town planning scheme regulation (hereinafter referred to as the regulation), annexure-b, the provisions contained in ..... section-18(j) of the bombay town planning act, 1955 (hereinafter to as the old town planning act), the general development control regulation (hereinafter referred to as the ..... 13. the present petitioners have come out with the case that they had no opportunity to challenge the constitutional validity of the provisions contained in the old town planning act, development act, regulations and development regulations. notice was issued to the petitioners in the aforesaid petition as to why they should not be directed to pay compensation, and, it ..... was occupying the shops in the building which were constructed unauthorisedly and in utter disregard to the provisions contained in various provisions, such as the b.p.m.c. act, development act, building regulations, by-laws, etc. it was made clear that the building was constructed for the purpose of residence. it was made further clear before the court .....Tag this Judgment!
Court : Gujarat
Reported in : 61ITR241(Guj)
..... shall next deal with the point whether a business which has been carried on by a partnership could be regarded as a business carried on by a partner. a 'partnership' is defined by section 4 of the indian partnership act, as 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. when a firm carries on business, it ..... is a business carried on by the partners of that firm. one partner is the agent of the other in carrying on that business. when a partnership ..... position prevailing in the relevant year of account but also the position which prevailed prior to the amendment made in section 23(5) by the finance act 1956, with effect from 1st april, 1956. prior to the amendment, the position was as follows : where the firm was unregistered, the tax ..... made at the instance of the commissioner raises a short but interesting question of law relating to the interpretation of section 15c of the income-tax act, 1922, in its application to a registered firm. it arises out of an assessmet made on the assessee, a registered firm, for the assessment .....Tag this Judgment!
Court : Gujarat
Reported in : 202ITR869(Guj)
..... would stand on the same footing as any other partner and cannot charge the co-partners with any sum in shape of salary or commission. (see indian partnership act by pollock and mulla, fifth edition, at page 47). it appears to us that section 40(b), on its plain reading, does not envisage ..... person who is a partner were to fall outside the scope of the above provision. 8. the provisions of section 12 and 13 of the indian partnership act which deal with relations of partners to one another, inter alia, provide that subject to contract between the partners, each partner is bound to ..... disallowed and that they permissible deductions in computing the income of the firm. the high court, after referring to the relevant provision of the partnership act, held that every partner is bound to attend diligently to his duties in the conduct of the business and is not entitled to receive remuneration ..... of any expenditure incurred by the firm for doing its work through persons other than partners. the partnership acts through its partners and, therefore, when partners get work done of the partnership firm or for the partnership firm, the expenditure which is deductible ought to be deducted and it is only the real ..... obliged to do under the terms of the contract of the statutory provisions, is the work which is in effect done by the partnership firm itself, the partner acting as its agent. therefore, whatever expenditure is incurred by the partner in respect of such work done for the firm, cannot be .....Tag this Judgment!
Court : Gujarat
Reported in : AIR1990Guj190; (1990)2GLR992
..... summons and has failed to appear: provided that nothing in this sub-rule shall be deemed to limit or otherwise affect the provisions of section 30 of the indian partnership act, 1932 (9 of 1932). (2) where the decree-holder claims to be entitled to cause the decree to be executed against any person other than such ..... served as a partner with a summons and has failed to appear. as pointed out above, in this case the decree has been passed against the partnership firm. there is nothing on record to show that the present petitioners were individually served as partners with summons in that suit or that they were adjudged ..... order xxx.' 2. a bare reading of the rule makes it clear that a decree passed against a firm can be executed against any property of the partnership, or any person who has appeared in his own name under rule 6 or rule 7 of order xxx or who has admitted on the pleadings that ..... force and be subject to the same conditions as to appeal or otherwise as if it were a decree. (4) save, as against any property of the partnership, a decree against a firm shall not release, render liable or otherwise affect any partner therein unless he has been served with a summons to appear and answer ..... 50. execution of decree against firm:- (1) where a decree has been passed against a firm, execution may be granted:- (a) against any property of the partnership; (b) against any person who has appeared in his own name under rule 6 or rule 7 of order xxx or who has admitted on the pleadings that .....Tag this Judgment!