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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat cochin Page 1 of about 46 results (0.105 seconds)

Nov 20 1986 (TRI)

Gift-tax Officer Vs. Smt. Saralaben S. Mehta

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1987)20ITD69(Coch.)

..... the dissolution of the firm to a share in the assets of the firm after satisfying the liabilities set out in section 48 of the indian partnership act, 1932. this is well settled by the decision of the supreme court in addanki narayanappa v. bhaskara krishnappa air 1966 sc 1300. it ..... (supra) relied on by the revenue is also distinguishable. in that case the new partners were minors. they were admitted to the benefits of partnership only. the minors were not sharing any losses. they did not contribute any capital. but in the instant case the new partner is sharing in ..... as under: ... the departmental authorities, in the present case, never treated all the assets and property of the assessee which were transferred to the partnership pertaining to his proprietary business as a gift nor has any suggestion been made before us on behalf of the revenue that the property and assets ..... is not on all fours with the case before us. in that case, the proprietary business was, for the first time, converted into a partnership business. in those circumstances, their lordships held that the amount of rs. 1 lakh brought by the son can be considered as a consideration ..... learned departmental representative that the aac erred in holding that the capital contributed by the incoming partner was adequate consideration for her admission into the partnership. the alleged consideration did not pass to the assessee and, therefore, the capital contribution cannot be taken to be consideration for the reduction of .....

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Mar 23 2007 (TRI)

ito Vs. Pulimoottil Silk House

Court : Income Tax Appellate Tribunal ITAT Cochin

..... salary to the working partners is provided. it is not the case of the assessing officer that salary provided is not as per the terms of deed of partnership. it was further argued that as per the indian partnership act, the partnership is created by the contract between the parties and parties are at liberty to determine the terms of their contact. the income tax ..... act does not provide how the partnership should determine the terms in respect of determining the quantum of salary or remuneration agreed to be payable to the working partner but by ..... no. 739 25-3-1996. the assessing officer was of the opinion that no deduction under section 40(b)(v) of the act is admissible in respect of remuneration or salary paid to the working partner unless the partnership deed either specified the amount of remuneration payable to each individual working partner or lays down the manner of quantifying such remuneration. the ..... the capital of the partner which is as under: 6. the net profit of the partnership as provided in clause 5 above shall be after providing salary to working partners and interest on the capital of the partners as per provisions of the income tax act applicable from time to time. it is expressly provided and agreed to by the partners that .....

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Dec 18 1991 (TRI)

Tourist Lodge (Defunct) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)40ITD507(Coch.)

..... fact, the hon'ble high court of kerala in paulson constructions v. cit [ 1990] 181 itr476, held as per head notes as follows: section 47 of the indian partnership act, 1932, says that on the dissolution of a firm, the authority of each partner to bind the firm, and the other mutual rights and obligation of the partners, continue ..... belonging to the fine.the deed is silent, about the ownership of the property by the partnership firm. under the provisions of the partnership act, a partner can certainly assign his interest in the partnership property, though such interest cannot be predicated during the subsistence of the partnership. the sale deed executed by shri kaladharan having specified she share individually in the properties of ..... for that reason, the less effectual in putting an end to his liability--jefferys v. smith [1827] 27 rr 49.no doubt, the indian courts have held that upon assignment or transfer of interest by a partner, the partnership does not come to an end. but such a proposition can be advanced only when there are more than two partners and one ..... the partnership firm, it cannot be said that shri kaladharan has in law conveyed his interest in the partnership property. the .....

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May 29 1986 (TRI)

Joint Receivers in the Case of Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1986)18ITD556(Coch.)

..... such income. now we have to see whether each of the concepts pressed before us by the learned counsel for the assessee are correct under law. section 47 of the indian partnership act is as follows : after the dissolution of a firm the authority of each partner to bind the firm and the other mutual rights and obligations of the partners, continue notwithstanding ..... court of subordinate judge, for a declaration that the firm, united film exhibitors, stands dissolved as on 22-5-1978 that the accounts, of the said partnership should be taken under the provisions of the indian partnership act, 1932 and for that purpose an enquiry is to be made into the assets, properties, movable and immovable including books of accounts, documents belonging to the ..... argued that we cannot say that a firm and an association of pesons are one and the same within the meaning of the indian partnership act. therefore, ultimately his argument is that the legislature either by innocent or deliberate omission has left out the post-dissolution income of the firm from the incidence of income-tax. ..... up the business and adjusting the rights of the partners and for these purposes and these only, the authority, rights and obligations of the partners continued. section 25 of the indian partnership act speaks about the continued liability of the partner for the acts of the firm as follows : every partner is liable, jointly with all the other partners and also severally, for all .....

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Sep 13 1985 (TRI)

V. Madhava Menon Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1987)23ITD289(Coch.)

..... rajasthan high court in amber corpn.'s case (supra) where it was held in the head-note of the decision as follows : on a reading of section 14 of the indian partnership act, 1932, it would be clear that all property and rights and interests which the partners may have brought into the common stock as their contribution to the common business are ..... only to 5 per cent of the profits is under an obligation to manage the day-to-day conduct of the business of the firm. under section 14 of the indian partnership act, 1932 the property of the firm represents all the property as well as the rights and interests in the property originally brought into the stock of the firm (i) or ..... purposes and in the course of the business of firm and (hi) the goodwill of the business. in the partnership deed, before us there is no clause which runs contrary to the effect of section 14. section 48(b)(iii) of the indian partnership act states in what way the assets of the firm should be distributed after dissolution of the firm and during ..... the firm and stated as follows : ... if the partners agreed to treat the property of any of them as partnership property, such property will become partnership property and section 14 of the partnership act becomes applicable. the said act is not similar to the unilateral act on the part of a coparcener who throws his separate property into the family hotchpot. the legal results which flow .....

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Oct 10 1991 (TRI)

Lachmandas and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)40ITD3(Coch.)

..... old firm was dissolved with effect from 1-10-1981 by the mutual consent of all the partners. this is one of the modes prescribed under section 40 of the indian partnership act, 1932, which reads as follows : -- 40. dissolution by agreement - a firm shall be dissolved with the consent of all the partners or in accordance with a contract between the partners ..... for interpretation in cit v. raj bros [1987] 165 itr 720 (ap). their lordships of the andhra pradesh high court held as follows : -- a partnership firm is essentially governed by the provisions of the indian partnership act and the dissolution of the partnership could be brought about statutorily under the indian partnership act by any of the modes referred to in sections 40 to 44 of the said ..... . the dissolution of a partnership firm by any of the modes set out in sections 40 to 44 brings about the legal death of a ..... contention that by introducing the proviso after sub-section (2) of section 187 of the income-tax act, 1961, the act sought to recognise only a dissolution brought about by death of any of the partners within the meaning of section 42(c) of the indian partnership act and to derecognise all other forms of dissolution envisaged by sections 40 to 44 is wholly insupportable .....

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Dec 15 1982 (TRI)

income-tax Officer Vs. P.M.B. (Agencies)

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1983)5ITD330(Coch.)

..... have to be shared in the same ratio as the profits.where the sharing of profits was equal, of course, he stated, the provisions of section 13(6) of the indian partnership act, 1932 would be applicable and it would be presumed that the losses are also to be shared equally. in the present case, the profits were to be shared in proportion ..... all partners'. it should also be noticed that in all the applications for registration made by the assessee-firm under section 26a of the act the three partners have been shown to share the profits of the partnership firm equally. there is also the other circumstance that in the books of accounts for all the years, since its commencement from november 1 ..... , madhya pradesh [1967] 63 itr 485 (sc) is that although the application for registration should strictly be in accordance with the act and the rules, in ascertaining whether the application is in conformity with the act and the rules, the partnership deed has to be construed in a reasonable manner and the deed read as a whole and in the context of the ..... ] 56 itr 219 (sc) that, although the application for registration of a firm under section 26a of the act had strictly to be in conformity with the act and the rules, in ascertaining whether the application was in conformity with the rules, the deed of partnership had to be reasonably construed. . . . (p. 489) 12. in the present case, we would state that a .....

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Oct 31 1983 (TRI)

income-tax Officer Vs. Sreehari Lodge

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1984)7ITD282(Coch.)

..... by shri haridas was in his individual capacity and not by the firm. the implied authority conferred on the partners by section 19 of the indian partnership act by constituting him as an agent of the firm for the purpose of the business of the firm will not authorise him to transfer any ..... appeals), however, accepted the contention of the assessee. he held that the transfer of a partner's interest is recognised by section 29 of the indian partnership act, 1932, that when one of the partners transfers his interest and subsequently the other partners release their interest to the purchaser, there is no ..... of the|property as his own nor can he assign his interest in a specific item of the partnership property to anyone. it is true that under section 29 of the indian partnership act, a partner can transfer his interest in the firm. but he cannot transfer his interest in any particular ..... would not have been possible to effect a dissolution from an earlier date. the partnership deed had not mentioned how the dissolution should be effected. the matter was, therefore, governed by section 40 of the indian partnership act and the dissolution could, therefore, have been effected only with the consent of all ..... entries in the books of accounts and that till there is an effective partition or dissolution, the assets should be deemed to belong to the partnership for the purpose of computing the capital gains.7. as against this, the arguments of the learned representative for the assessee were to the .....

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Nov 12 1991 (TRI)

Mercantile Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)40ITD516(Coch.)

..... therefore, the erstwhile minor became a full-fledged partner in the previous year ending on 16-1-1982 either in terms of section 30(5) of the indian partnership act or on his own volition. but the previous year ending on 16-1-1982 is in relation to the assessment year 1982-83. however, for that assessment ..... place? it is on record that the minor became a major on 10-2-1981.under the provisions of section 30(5) of the indian partnership act, at any time within six months of his attaining majority or on his attaining knowledge that he had been admitted to the benefits of ..... in the ratio of the decision of the allahabad high court in badri narain kashi prasad v. addl. cit [1978] 115 itr 858 (fb). the partnership deed dated 17-1-1979 does not provide for sharing the loss on the minor becoming a major and therefore in the case of the assessee we have ..... the return on 30-6-1983 requesting for continuation of registration and the income-tax officer noticed that shri mohammed shareef (s.no. 11 in the original partnership deed dated 17-1 -1979) who was a minor had attained the age of majority during the previous year relevant to the assessment year under appeal and, ..... the assessee against the order under section 185(1)(b) of the income-tax act, 1961.2. the assessee is a partnership firm. originally, it consisted of eight adult members and seven minors admitted to the benefits of partnership and the said partnership was evidenced by an instrument in writing dated 19-2-1972. the constitution at .....

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Jul 27 1995 (TRI)

Chakkiath Bankers Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1996)57ITD629(Coch.)

..... just an indigenous banker or money-lender coming under the purview of kerala money-lenders act. since the assessee is a partnership, it is also governed by the indian partnership act. thus, the assessee falls both under the partnership act and kerala money-lenders act. it has also obtained a licence under the money lenders act to carry on business in money lending. section 11(1) of the companies ..... on the business of banking within the purview of banking regulations act but carries on money-lending business in partnership consisting of more than 10 members but duly registered under the indian partnership act and the kerala money lenders act. therefore, it cannot be said to be in contravention of section 11 of the companies act so as to declare it as an illegal association. the assessee ..... act reads as follows : no company, association or partnership consisting of more than 10 persons shall be formed .....

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