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Judgment Search Results Home > Cases Phrase: indian partnership act Court: guwahati Page 2 of about 132 results (0.022 seconds)

Mar 31 1977 (HC)

Nagaland Liquor Stores Vs. Commissioner of Income-tax

Court : Guwahati

..... the power to enter into contract on behalf of the firm which was invalid in law. he was also of the view that clause 9 of the partnership deed militated against the provisions of the indian partnership act, 1932, but did not specify which particular provision had been violated. there was yet another reason given by the cit which without any further consideration or ..... in so far as it is prejudicial to the interest of revenue '. the possibility of prejudice to revenue arises by reason of there being a lesser rate for a partnership within the meaning of the indian partnership act, than for a mere association of persons (aop), but this possibility will not justify an approach, seeking to find some loop-hole or other in the ..... which we find is substantially one of following what the cit had said, we may set out the principles pertaining to partnership generally and analyse the relevant portions of the partnership deed in question.11. as defined under the indian partnership act, 1932, a partnership is a relation between partners who have agreed to share the profit of the business carried on by all or any ..... any need for severing any portion from the rest. there was a valid partnership which came into existence; we have been unable to find any other provision in the indian partnership act or even a general principle of law relating to partnerships which has been violated such as to render the said partnership invalid. none has been specifically pointed out by the commissioner or the appellate .....

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Jun 23 1992 (HC)

Deorah and Co. Vs. Commissioner of Income-tax

Court : Guwahati

..... there is, however, no agreement to treat the firm as continuing notwithstanding the death of a partner, the partners have no option to treat the firm as continuing. under the indian partnership act, 1932, the firm gets dissolved and the income-tax officer is not entitled to ignore this consequence. there is nothing in the language of section 187, 188 or 189, according ..... persons. his decision was confirmed by the superior authorities including the tribunal, but the high court overruled the same. it was argued for the revenue that section 42 of the indian partnership act, 1932, which stipulated, inter alia, that subject to contract between the partners a firm is dissolved with the death of a partner, applies only to a ..... of them died, the death being followed by taking in new partners. by virtue of section 2(23) of the act, the expressions 'firm', 'partner', 'partnership', have the same meaning as assigned to them in the indian partnership act, 1932. according to the definition, partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any ..... that pursuant to the wishes or the directions of the deceased partner the surviving partner may enter into a new partnership with the heir of the deceased partner, but that would constitute a new partnership. in this light section 31 of the indian partnership act falls in line with section 42 thereof.' (emphasis supplied).19. the supreme court held that for the relevant assessment year .....

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Jun 18 1993 (HC)

Commissioner of Gift-tax Vs. Pranay Kr. Saharia and anr.

Court : Guwahati

..... a person who is of the age of majority and who is of sound mind and is not otherwise disqualified is competent to contract. sub-section (1) of section 30, indian partnership act, 1932, states that a person who is a minor may not be a partner in a firm, but, with the consent of all the partners for the time being, he ..... each partner rateably what is due to him on account of capital and then the residue shall be divided among the partners.the expression 'goodwill' is not defined in the partnership act. it has been described as denoting the benefits, arising from connection and reputation, as every positive advantage as distinguished from negative advantage that has been acquired by the firm in ..... shall become a partner in the firm on the expiry of the said six months. the mode of settlement of accounts between partners is prescribed in section 48 of the partnership act. the provision is subject to agreement by the partners. losses shall be paid first out of profits, next out of capital, and, lastly, by the partners individually in the proportion ..... its business. it represents the public approbation which has been won by the business. undoubtedly, goodwill forms part of the assets of the firm or partnership. this is clear from the provisions of section 55 of the partnership act, which states that, in settling the accounts of a firm after dissolution, the goodwill shall, subject to the contract between the partners, be included .....

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Jun 05 1981 (HC)

Commissioner of Income-tax Vs. R.D. Sharma

Court : Guwahati

..... follows: '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-tax act, 1961, the tribunal was justified in holding the view that the share of profits arising in the hands of the wife of ..... spouse in a firm carrying on a business in which such individual is a partner.'3. it is very clear that section 64 of the i.t. act speaks about the individual and there appears no scope for further interpretation. the tribunal by the impugned order held that the above question was self-evident and need ..... spouse of such individual. section 64(1)(i) of the i.t. act, 1961, runs as follows :'64. (1) in computing the total income of any individual, there shall be included all such income as arises directly or indirectly--(i) ..... a different point on facts arose in that case, in considering the present position of the case at hand, we feel that section 64 of the i.t. act, 1961, is very clear and needs no interpretation as to whether in computing the total income of any individual (an income) arises directly or indirectly to the ..... firm, m/s. asiatic trading co., was not includible in the assessment of the assessee under section 64(1)(i) of the income-tax act, 1961, and in dismissing the appeal filed by the department on that basis ?'2. the tribunal found that under section 64 of the i.t .....

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Aug 29 2007 (HC)

Radha Krishna Jalan Vs. Commissioner of Income Tax

Court : Guwahati

..... income for the purpose of the it act, 1961, irrespective of the provisions of the indian partnership act, 1932. as stated hereinbefore, a sub-partnership has been recognized in india and registered as a partnership firm under the it act though the term has not been defined in the indian partnership act, 1932. a partnership firm cannot become a partner in another partnership firm for the purpose of the indian partnership act, 1932 since a firm is ..... not a person under this act and is, therefore, not ..... of a firm must sign the application for registration. since a firm is not a partner under the indian partnership act, 1932, the tribunal held that going by the definition of 'partnership' in the partnership act, the sub-partnership in the instant case could not enter into any partnership for the reason that one partner of such firm signing on behalf of the firm would not meet the .....

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Aug 08 1991 (HC)

Commissioner of Income-tax Vs. Jhabarmal Agarwalla,

Court : Guwahati

..... law point involved is the same, that is the interpretation of section 2(23) and section 64(1) of the income-tax act, 1961, for short the 'act', and section 4 of the indian partnership act, 1932. 3. income-tax reference no. 13 of 1985 relates to the assessment year 1978-79, income-tax reference no. 3 ..... section 64 of the income-tax act, 1961, the assessee-individual was not the partner of the firm and whether the share of profits arising in the hands ..... , 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(1) of the income-tax act, 1961, the tribunal was justified in dismissing the departmental appeals impliedly holding the view that the share of profits from ..... application under section 256(2) of the act. by the said application the following question was sought to be referred to this court (at p. 420): 'whether, on the fads 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 ..... of the tribunal. thus we find that no specific law was laid down regarding section 64 of the act regarding' the question as to whether the income of the wife/minor child from a partnership firm can be included in assessing the income of a person who was also a partner of the .....

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Aug 11 1980 (HC)

Controller of Estate Duty Vs. Kanta Devi Taneja and Laxmi Devi Taneja

Court : Guwahati

..... is not disputed that the goodwill is a part of the asset of the firm in view of the legal position contained in the act as well as the indian partnership act. 26. in perpetual executors and trustees association v. commr. of taxes [1954] 25 itr 47, the question of law that came ..... up for consideration was whether the value of goodwill could be included in the computation of the deceased partner's share when the partnership deed specifically ..... which passed on his death. 30. in khushal khemgar shah : [1970]3scr689 , the supreme court has observed that section 55 of the partnership act does not provide that goodwill may be taken into account only when there is a general dissolution of the firm and not when the representative of ..... contract between the original partners that the partnership should not be dissolved on the death of any of them was inferred. though the partnership there was only between two partners, the question of the inapplicability of section 42(c) of the partnership act to such a partnership was neither raised nor decided therein. ..... , if the deceased was at the time of his death domiciled in australia. on a consideration of the provisions in the australian and the indian acts, the tribunal held that the two provisions were different and, therefore, the principle laid down therein was of no assistance to the department. for .....

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Jul 18 1990 (HC)

Commissioner of Income-tax Vs. JaIn Hardware Stores

Court : Guwahati

..... person being a partner in a firm in his individual capacity as well as as a karta of a 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 is a partner representing ..... its karta and cannot enter into an agreement with any individual, but can be a partner in a firm and cannot exercise all rights of a partner under the partnership act. a coparcener of a hindu undivided family can lay claim against the karta to monies received on behalf of the hindu undivided family. the coparceners of the hindu undivided family ..... the well-accepted principles of interpretation of statutes. we, accordingly, hold that the expression 'individual' used in section 64 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 case where the karta ..... a. raghuvir, c.j. 1. this reference is made under the income-tax act, 1961, at the instance of the commissioner of income-tax, north eastern region. the assessee is a partnership firm consisting of four partners, and one among the four is dindayal jain. the firm paid to dindayal jain rs. 2,340 in the relevant assessment year 1978-79, rs. .....

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May 31 2004 (HC)

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

Court : Guwahati

..... .facts in w. p. (c) no. 1552 of 2000:4. the petitioner, m/s. m. s. associates, is a partnership firm duly registered under the provisions of the indian partnership act, 1932. smt. jyoti limbu and smt. tilmaya chong are the two partners of the firm having its registered office at connaught place, ..... road, silpukhuri, guwahati, has been disputed by the respondents in paragraph 3 of their affidavit-in-opposition. no certificate under section 61 of the partnership act has also been placed on record. the said two notices and the audit report are not relatable to any action or any place within the jurisdiction ..... 26itr736(sc) , is relatable to the framing of questions of law for the purpose of adjudication of an application under section 66(2) of the indian income-tax act, 1922. the hon'ble supreme court by the aforesaid observation in para. 5 of the judgment in dhirajlal : [1954]26itr736(sc) apparently did not ..... which represent either wholly or partly income or property and not disclosed, or would not be disclosed for the purpose of the indian income-tax act, 1922, or the act of 1961 may invoke the powers of authorisation for the purpose of search and seizure.41. the averments in the writ petitions ..... 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 .....

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May 23 2003 (TRI)

Assistant Commissioner of Vs. Shri Debajit Bezbarua

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2004)89ITD387(Gau.)

..... account for and pay to the firm all profits made by him in that business/transaction." 8.4. from reading of section 16 of the indian partnership act we find that this section starts with "subject to contact between the partners". sub-clause (a) of section 16 makes a partner liable to ..... 36 itr 18 (sc). 8.3. since the claim of the assessee is on the basis of clause 11 of the partnership deed, section 16(b) of the indian partnership act and section 88 of the indian trust act, therefore, it is necessary to take note of the same:- "16. personal profits earned by partners - subject to contract ..... an agent of the firm and he has to safeguard the best interest of the firm. clause 11 of the partnership deed, section 16(b) of the indian partnership act and section 88 of indian trust act read together would show that the assessee is statutorily bound to make over his private profit from m/s. altron ..... further addition of rs. 7,766/- without basis is totally unjustified." reliance was also placed that in view of section 16 of indian partnership act read with clause 11 of the partnership deed of m/s. p & d traders dated 31-03-93 and the case laws as submitted in the written submissions referred ..... accounted for and made over the private profit so earned to m/s. p & d traders in terms of specific provision of the partnership deed and section 16 of the indian partnership act, 1932.the profit from proprietary business m/s. altron electronics stood diverted by overriding title to m/s. p & d traders for .....

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