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Judgment Search Results Home > Cases Phrase: indian partnership act Court: guwahati Page 1 of about 132 results (0.035 seconds)

May 31 1996 (HC)

J.D. Enterprises Vs. Commissioner of Income-tax

Court : Guwahati

..... clause, it is abundantly made clear that the minor was admitted to the benefits of the firm and his rights and liabilities should be governed by section 30 of the indian partnership act and under section 30, a minor cannot be saddled with liabilities and he is not required to share losses though in clause (5), it has been mentioned, 'the profits and ..... .9. before we consider the rival contentions of the parties, it will be apposite to examine the deed of partnership and also to look to some of the relevant provisions of the indian partnership act as well as the income-tax act. we find the deed of partnership at pages 36 to 39 of the paper book. in the said deed, it has been recited as ..... firm to the extent of his share in the firm as per the provisions of sub-section (3) of section 30 of the indian partnership act. the appellate tribunal found that the deed was valid inasmuch as the said deed of partnership specified the shares of the partners in losses. the appellate tribunal, however, found that it was unable to accept the assessee's ..... such shares of profits as has been provided in this instrument with all the rights and liabilities as per section 30 of the indian partnership act. in clause (5) of the deed of partnership it has been recited that the profits and losses of the partnership business shall be divided and borne by the parties in equal proportions after adjustment of all expenses of the .....

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Jan 11 1980 (HC)

P.N. Sarmah Vs. Commissioner of Income-tax

Court : Guwahati

..... the aac, who reversed the order of the ito and allowed registration to the firm for the assessment year 1968-69. the aac, relied on section 30(5), of the indian partnership act, and held that in the instant case six months had not expired from the date of attaining majority by ved prakash and that ved prakash continued to remain as minor ..... sarmah20%nilbut as and when the minor above named attains majority and becomes also a partner in the firm, in accordance with the provisions of section 30(5) of the indian partnership act, 1932, the share of all the then partners shall be 20% both in profit as well as in loss (if any) with effect from the deewali year next commencing after ..... attain majority. it provides that the minor on attainment of majority shall become a partner in the firm in accordance with the provisions of section 30(5) of the indian partnership act, 1932, and further provides that :' the share of all the then partners shall be 20% both in profit as well as in loss (if any) with effect from the deewali ..... the consequence if ' such a person ' does not express, on attaining majority or on obtaining knowledge that he had been admitted to the benefits of partnership all these consequences are expressed in section 30 of the indian partnership act, 1932. section 30 lays down that : (a) a minor cannot be a partner in a firm, but with the consent of all the partners he .....

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Sep 22 1989 (HC)

Commissioner of Income-tax Vs. Jhabarmal Agarwalla

Court : Guwahati

..... a partner in a firm in his individual capacity as well as a karta of the hindu undivided family. it is aware of the provisions of the indian partnership act, 1932. it has clearly provided that where the karta is a partner in a firm and it is found as a matter of fact that he ..... the revenue cannot be treated as a partner in a firm. the rights and obligations of the revenue are regulated not by the contract of partnership but by the provisions of the act. it thus falls in the category of 'third parties' and a partner, who is a karta of a hindu undivided family, functions qua ..... the matter of levy and collection of income-tax on a partner of a firm can be regulated by the terms of the contract of partnership ; (3) whether the income-tax act recognises the dual capacity of a partner for the purpose of assessment; and (4) whether the income from a firm can be assessed ..... interpretation of statutes. we, accordingly, hold that the expression 'individual' used in section 64(1) of the act has to be read in the context of income arising to such individual from the membership of the partnership, etc. if the income does not arise to him, then the section would not apply. in a ..... n. choudhury, learned standing counsel for the revenue, submits that section 64(1) of the act comprehends within it a case of a partnership where the karta of a hindu undivided family is a partner. so far as the partnership is concerned, such a partner has to be considered only as an individual and his representative capacity .....

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May 13 1980 (HC)

Commissioner of Income-tax Vs. Gaurishankar Agarwalla

Court : Guwahati

..... -tax act, 1961, the tribunal was justified in holding that the assessee-individual, shri gaurishankar agarwalla, was not the partner of the firm, m/s. chandulal ..... numbered applications are under section 256(2) of the i.t. act, 1961, asking this court to call for a statement from the tribunal on the following question of law : 'whether, on the facts and in the circumstances of the case, and on a proper construction of section 4 of the indian partnership act, 1932, section 2(23) and section 64 of the income ..... the hands of the minor sons of the assessee in the said firm were not includible in the assessment of the assessee under section 64(ii) of the income-tax act, 1961?' 2. we have very carefully perused the order of the tribunal and find that there is a categorical finding recorded by the tribunal to the effect that shri gaurishinkar .....

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Mar 22 2005 (HC)

M.S. Associates, Vs. Union of India (Uoi) and ors.

Court : Guwahati

..... of 2000 :(a) the case of the petitioner in this writ petition is, in brief, as follows :the petitioner, m/s. m. s. associates, is a partnership firm, duly registered under the provisions of the indian partnership act, 1931 with smt. jyoti limbu and smt. tilmaya chong as its two partners, having its registered office at connaught place, new delhi, and branch office at ..... the possession of the revenue is quite immaterial. in maharaj kumar kamal singh v. cit : [1959]35itr1(sc) , the supreme court, while construing section 34(1)(b) of the indian income-tax act, 1922, has held that the word 'information' appearing therein should be treated to mean not only facts or factual materials, but should also include information as to the true ..... valuable article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act (hereinafter in this section referred to as the undisclosed income or property),then,--(a) the director general or director or the chief commissioner or commissioner, as ..... not, produce or cause to be produced, any books of account or other documents which will be useful for, or relevant to, any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act, or(c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other .....

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Mar 22 2005 (HC)

M.S. Associates, Vs. Union of India (Uoi) and ors.

Court : Guwahati

Reported in : (2005)196CTR(Gau)318,[2005]275ITR502(Gauhati)

..... of 2000 :(a) the case of the petitioner in this writ petition is, in brief, as follows :the petitioner, m/s. m. s. associates, is a partnership firm, duly registered under the provisions of the indian partnership act, 1931 with smt. jyoti limbu and smt. tilmaya chong as its two partners, having its registered office at connaught place, new delhi, and branch office at ..... the possession of the revenue is quite immaterial. in maharaj kumar kamal singh v. cit : [1959]35itr1(sc) , the supreme court, while construing section 34(1)(b) of the indian income-tax act, 1922, has held that the word 'information' appearing therein should be treated to mean not only facts or factual materials, but should also include information as to the true ..... valuable article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act (hereinafter in this section referred to as the undisclosed income or property),then,--(a) the director general or director or the chief commissioner or commissioner, as ..... not, produce or cause to be produced, any books of account or other documents which will be useful for, or relevant to, any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act, or(c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other .....

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Jan 12 2001 (HC)

Pranab Kumar Saha Vs. State of Tripura and ors.

Court : Guwahati

..... liabilities were settled by the partners mutually and again there is no material to show that there was any public notice for retirement as contemplated by section 32 of the indian partnership act. further, according to the respondents, as per annexure-r/1 the petitioner continued to be a member of the firm even on 2.6.1991 as per declaration made by ..... assessed in the individual name of the petitioner as partner of the firm after the date of retirement.9. the provision regarding retirement is contained in section 33 of the indian partnership act, 1932 and the same is reproduced below: -"retirement of a partner.-(l) a partner may retire,-(a) with the consent of all the other partners,(b) in accordance with an ..... the liabilities of the petitioner. again, as per sub-section (3) of section 32 of the indian partnership act, as noted above, the retiring partner shall continue to be liable as partner to the third parties for any act done by the firm which would have been an act of the firm if done before the retirement, until public notice is given of the retirement ..... and liabilities shall be dealt with in accordance with the provision-' of indian partnership act, 1932."8. a perusal of clause-17 extracted above, can never lead to any conclusion that partnership was a partnership at will. (see air 1961 sc 1225, air 1991 sc, 1020 & 2000(1) glj, 469). regarding retirement from partnership mr. lodh submitted that by issuing notice dated 18,2.1991 (annexure .....

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Jan 12 2001 (HC)

Pranab Kumar Saha Vs. State of Tripura and ors.

Court : Guwahati

..... liabilities were settled by the partners mutually and again there is no material to show that there was any public notice for retirement as contemplated by section 32 of the indian partnership act. further, according to the respondents, as per annexure-r/1 the petitioner continued to be a member of the firm even on 2.6.1991 as per declaration made by ..... assessed in the individual name of the petitioner as partner of the firm after the date of retirement.9. the provision regarding retirement is contained in section 33 of the indian partnership act, 1932 and the same is reproduced below: -'retirement of a partner.-(l) a partner may retire,- (a) with the consent of all the other partners, (b) in accordance with an ..... the liabilities of the petitioner. again, as per sub-section (3) of section 32 of the indian partnership act, as noted above, the retiring partner shall continue to be liable as partner to the third parties for any act done by the firm which would have been an act of the firm if done before the retirement, until public notice is given of the retirement ..... and liabilities shall be dealt with in accordance with the provision-' of indian partnership act, 1932.' 8. a perusal of clause-17 extracted above, can never lead to any conclusion that partnership was a partnership at will. (see air 1961 sc 1225, air 1991 sc, 1020 & 2000(1) glj, 469). regarding retirement from partnership mr. lodh submitted that by issuing notice dated 18,2.1991 (annexure .....

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May 19 1975 (HC)

Mahabir Prasad Kishanlal and Co. Vs. Commissioner of Income-tax

Court : Guwahati

..... is not a genuine firm in existence the income-tax officer is required to consider the validity of the deed of partnership. if such a deed of partnership is invalid in law offending any of the provisions of the indian contract act or the indian partnership act, 1932, the income-tax officer may legally hold that the registration was obtained without there being a firm in existence ..... partnership. it is thus found that the agreement of partnership in question is contrary to the relevant provisions of the indian contract act and the indian partnership act itself. that being so, the partnership deed is invalid, and, therefore, the income-tax officer in exercising his power for cancellation is justified ..... behalf of the minors. it is not a caseof the partners agreeing to admit some minors to the benefits of the partnership as provided under sub-section (1) of section 30 of the indian partnership act. the partnership in terms has sought to make the minors also full fledged partners and it has been stated that their respective fathers have agreed to enter into the ..... and such registration is liable to be cancelled in exercise of powers under rule 6b.12. section 4 of the indian partnership act defines 'partnership' as the relation between persons who have agreed to share the profits of a business carried on by all or any of them .....

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May 26 1972 (HC)

Tolaram Bijoy Kumar Vs. Commissioner of Income-tax

Court : Guwahati

..... will pass by survivorship, but the male issue of the acquirers do not take interest in it by birth. if it is partnership property, it is governed by the provisions of the indian partnership act, 1932, so that the share of each of the joint acquirers will pass on his death to his heirs,and not by ..... concerned showing the business to be a joint family business. even without taking note of the above conduct, the tribunal took note of the deed of partnership as well as the deed of partition, mentioned above, wherein ' there is an open solemn admission that the members have been treating the business as ..... previous year, rejected the assessee's claim. that is how the matter has now come to us on a reference under section 66(1} of the indian income-tax act, 1922. 6. the question of law referred by the tribunal on the application of the assessee is as follows: ' whether, on the facts ..... vested in equal proportion in all the parties.' on september 19, 1950, an application was made for passing an order under section 25a of the indian income-tax act, 1922, to record the partition. the income-tax officer allowed the partition by his order dated august 17, 1954, with effect from the last ..... as members of a joint family, but as members of an ordinary trade partnership resting on contract, in which case the property will be deemed to be partnership property.' the supreme court had to consider a similar question under the wealth-tax act in n.v. narendranath v. commissioner of wealth-tax, [1969] 74 i .....

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