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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat hyderabad Page 1 of about 79 results (0.056 seconds)

Nov 17 1994 (TRI)

Sarvaraya Textiles Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)54ITD612(Hyd.)

..... family carries on a family business. this position in law has been given statutory recognition, by section 5 of the indian partnership act, 1932. after laying down that the relation of partnership arises from contract and not from status, it proceeds to declare that the members of a hindu undivided family carrying on ..... a family business as such are not partners in such business. the reason is not far to seek. while partnership is a matter of contract, a hindu undivided family is a matter of status.(b) the relationship between the state and its servants is ..... and the legal condition create by it is determined by the law, and cannot be modified by the agreement of the parties. a business partnership, on the other hand, pertains to the law of contract and not to that of status." status thus is a condition of membership of ..... another typical example supreme court in the case of roshan lal tandon v. union of indian air "it is true that the origin of government service is contractual. there is an offer and acceptance in every case. but once appointed ..... invariably incorporate the following conditions or terms : "obligation to comply with requirement of acts, and terms and conditions of supply we further undertake to comply with all the requirements of the indian electricity act, 1910, the electricity (supply) act, 1948, the rules thereunder, provisions of the tariffs, scale of miscellaneous and general .....

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Oct 05 2004 (TRI)

Amrit Apartments Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD481(Hyd.)

..... servants or employees and the partners can remain inactive but that cannot be a factor to refuse registration. according to section 4 of the indian partnership act, it is not necessary that the business should be carried on by all the partners and that all the partners should participate in running ..... or employees and the partners can remain inactive but that cannot be a factor to refuse registration. according to section 4 of the indian partnership act it is not necessary that the business should be carried on by all the partners and that all the partners should participate in running ..... their capital in the firm.4. the appellant-firm was granted registration under section 185(1)(a) of the it act for the asst. yr. 1982-83 by order dt. 9th ..... minor who was admitted to benefits of partnership owned certain contiguous plots of land at somajiguda, hyderabad. these different contiguous plots were thrown into the common stock of the appellant-firm as their capital contribution in terms of section 14 of the indian partnership act. the other partners contributed cash towards ..... the shape of contiguous plots, which were thrown into common stock of the firm as capital contribution in terms of section 14 of the partnership act.other partners contributed cash towards their share of capital. the firm carried on business and was assessed as the registered firm till asst. .....

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Oct 29 2004 (TRI)

Smt. Durdana Khatoon Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)93ITD15(Hyd.)

..... , i.e. sections 45 to 55 have not been followed by the assessee and that there was neither settlement of accounts nor distribution of assets under section 48 of the indian partnership act and that it was not a case of dissolution of the firm.11. the learned dr further submitted that there was no extinction or breaking up of relationship between all ..... of the retiring partner was drawn up and settled in full and that it was a mutually agreed statement. he submitted that the legal requirements of section 40 of the indian partnership act regarding the drawing up of account of the retiring partner etc. should have been held to have been satisfied once the matter was mutually agreed between the partners in the ..... contention that the retirement deed executed on 30-9-1999 with retrospective effect from 31-3-1999, does not wipe but the legal consequences of section 43(1) of the indian partnership act. the deed mentions that it is effective from 31-3-1999 arid nothing happened on that date and the firm stood dissolved from 21-1-1989 itself. he submitted that ..... received by the other partners. he vehemently contended that on issual of a notice for dissolution of the firm, the legal consequences as specified. under section 43(1) of the indian partnership act follow and that the legal consequences cannot be wiped out or wished away. he vehemently contended that the later actions of execution of retirement deed etc. have no legal sanctity .....

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Nov 30 1983 (TRI)

Sardar Harbansingh Vs. Assistant Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)8ITD180(Hyd.)

..... which the partner gets is on dissolution of the firm and that too after making good the losses, etc., contemplated under section 48 of the indian partnership act, 1932. so, it is argued that the revenue is not entitled to evaluate the share of the deceased in the goodwill of the two firms ..... learned judges of the full bench in prem nath's case (supra) that the ratio is clearly opposed to section 14 of the indian partnership act and also to the observations of the hon'ble supreme court in the case of khushal khemgar shah v. mrs. khorshed banu dadiba boatwalla ..... in clause (a) and sub-clauses (i), (ii) and (iii) of clause (b) of section 48 of the indian partnership act, 1932. where under the provisions of a deed of partnership, a partnership is not dissolved by the death or retirement of a partner but the surviving partners become entitled to carry on the ..... passing' illusory property on the death of the deceased. a mere spes successionis cannot be transferred under section 57 of the indian succession act, 1925, or under schedule iii of the indian succession act. it is further contended that context of section 16 does not apply to the case of an insurance policy. lastly, ..... an uncertain contingent right dependent on an uncertain event.therefore, the provisions under section 6 of the transfer of property act and the restriction under schedule iii of the indian succession act are not applicable. therefore, we hold that the money paid under the accident benefit clause in the policy is governed .....

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Sep 09 1986 (TRI)

K. Gopala Rao Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)19ITD1(Hyd.)

..... that case was arrived at but from the facts of that case it should be inferred that it was a lump sum consideration. to this situation section 48 of the indian partnership act was attracted. he pointed out that the bombay high court did not dissent from the gujarat high court in order to say that the andhra pradesh high court preferred to ..... by the partners in this case on different dates, to provide for different occasions, show that they were treating the land as belonging to the partnership. he pointed out relying upon section 14 of the indian partnership act, 1932 that the site on which the theatre was built was always treated as the property of the firm and it is unthinkable that the partners ..... regarded only the superstructure as the assets of the partnership and not the land on which the superstructure was built. placing reliance on the decision of the ..... to any distribution of capital assets upon dissolution of a firm. the bombay high court after examining the provisions of the act, the decisions of the supreme court and the gujarat high court and the views expressed by lindley on partnership, thirteenth edn. at p. 474, held that a retiring partner while going out and while receiving what is due to him .....

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Mar 23 1996 (TRI)

Lenses Centre Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)60ITD11(Hyd.)

..... had been taken over as a going concern by the other partner, the same profit will be taxed again when actually realised. sec. 48 of the indian partnership act, 1932, gives the rules for settling the accounts of the firm after dissolution and is subject to the agreement by partners. when the partners had accepted ..... held that an agreement express or implied with reference to taking of accounts has been held to be applicable only to the case of a continuing partnership and not when the firm is finally dissolved or when one of the partners has retired. therefore, on the dissolution of a firm, the stock ..... dissolves and one of the partners takes over the stock on hand, in order to arrive at the correct picture of the trading results of the partnership on the date when it ceases to function, the valuation of the stock on hand should made on the basis of the prevailing market price. therefore ..... mad 758 correctly sets out the mode of taking accounts regarding the assets of a firm. while the valuation of assets during the subsistence of the partnership would be immaterial and could even be notional, the position at the point of dissolution is totally different. the following passage from the said decision, ..... be withdrawn while determining the profit at the time of dissolution. this is because while the valuation of the assets during the subsistence of the partnership will be immaterial and could even be notional, the settlement of account at the time of dissolution has to be on a real basis as .....

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Jul 23 1996 (TRI)

Lenses Centre Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)57TTJ(Hyd.)359

..... had been taken over as a going concern by the other partner, the same profit will be taxed again when actually realised. sec. 48 of the indian partnership act, 1932, gives the rules for settling the accounts of the firm after dissolution and is subject to the agreement by partners.when the partners had accepted ..... held that an agreement express or implied with reference to taking of accounts has been held to be applicable only to the case of a continuing partnership and not when the firm is finally dissolved or when one of the partners has retired. therefore, on the dissolution of a firm, the stock ..... dissolves and one of the partners takes over the stock on hand, in order to arrive at the correct picture of the trading results of the partnership on the date when it ceases to function, the valuation of the stock on hand should made on the basis of the prevailing market price. therefore ..... mad 758 correctly sets out the mode of taking accounts regarding the assets of a firm. while the valuation of assets during the subsistence of the partnership would be immaterial and could even be notional, the position at the point of dissolution is totally different. the following passage from the said decision, ..... be withdrawn while determining the profit at the time of dissolution. this is because while the valuation of the assets during the subsistence of the partnership will be immaterial and could even be notional, the settlement of account at the time of dissolution has to be on a real basis as .....

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Sep 04 1981 (TRI)

Chittalur Pedda Venkata Subbaiah Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1982)2ITD67(Hyd.)

..... that, therefore, there was a dissolution of the firm on the date of filing of the above suit. he referred to section 43(1) of the indian partnership act, 1932 ('partnership act'), and the following rulings in support of his stand-sathappa chetty v. s.n. subrahmanyan chetty air 1927 pc 70, manohar lal motilal [1974] 76 plr ..... after satisfying the liabilities set out in clause (a) and sub-clauses (i), (ii), (iii) of clause (b) of section 48 of the partnership act. the question that now arises is whether the partners of a dissolved firm would constitute an aop. on this point the entire case law was discussed by ..... property as well as in regard to the computation of capital gains, were acquired by the firm after it was formed. under section 48 of the partnership act, in settling the accounts between the partners on dissolution in the absence of the contract to the contrary, the residue after settling the items in clause ..... . in banarsi das kundanlal v. kanshi ram air 1963 sc 1165, the supreme court referred to section 43(1) and 43(2) of the partnership act and observed that the firm could be dissolved as from the date mentioned in the notice as the date of dissolution or, if no date is so ..... the date of the service of summons accompanied by a copy of the plaint cannot be regarded as the date of dissolution of the partnership and section 43 of the partnership act would be of no assistance. however, the supreme court proceeded to observe that even assuming that the term "notice" in the above .....

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Nov 25 1991 (TRI)

income-tax Officer Vs. Sandhya Finances

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1992)40ITD424(Hyd.)

..... had time to determine whether he should become a full-fledged partner or not till 19-3-1982 under the provisions of section 30(5) of the indian partnership act, 1932 and therefore since 19-3-1982 falls within six months to 31-3-1982 shri sudershan should be deemed to have enjoyed the same status in ..... parlhasarathy, learned counsel for the assessee contended that in the event of the minor becoming major and in the absence of a new partnership deed, the provisions of section 30(7) of the indian partnership act apply. shri parthasarathy relied upon that the clause of form no. 12 clearly shows that there is no change in the profit ..... feel it very hard to accept this contention of shri parthasarathy, learned counsel for the assessee. under the provisions of section 30(5) of the indian partnership act, 1932, a minor can elect to become a full-fledged partner on attaining majority within six months of the date on which he attains the ..... liable to share in losses also. in case losses arc borne in entirely by only some of the partners the partnership deed would still be a valid one. further section 30(7)(b) of the indian partnership act lays down that where a minor elects to continue as a partner, his share in the property and profits ..... will not have the share of losses and that any sort of agreement in that regard would not offend any provision of the indian partnership act, 1932. in that case also, the tribunal had followed the board circular dated 4-4-1978 cited supra and held that no fresh .....

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Jun 18 2003 (TRI)

Asstt. Commissioner of I.T. Vs. Arun Chemical and Pharmaceutical

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD286(Hyd.)

..... detrimental to the interest of the business. 18. that in all other matters which are not specifically mentioned in this deed the provisions of the indian partnership act 1932 shall apply. 19. that the partners named hereinabove the right to add, alter, delete and/or amend any of the clauses of this ..... in the case of additional cit( v. m. venkata narasimha rao & co.--(104 itr 29) in which it was held as under: "under the partnership act, 1932, a partnership firm has no separated legal existence a part from its partners. it is merely an association of persons who constitute the 'firm'. the firm's name is ..... terms mentioned above, the same shall be brought by executing a deed of amendment to the partnership on a valid stamp paper of rs. 5/-... 21. with regard to any other terms not touched by this agreement, the partnership act in force shall be applicable." it may be observed that the deed dated 24.2. ..... only a compedious disignation of the persons, who have agreed to carry on business in partnership. the same concept of 'firm' in imported into the income-tax act, 1961, by section 2(23). though the firm is treated aw a distinct unit apart from the partners, for the ..... b) in case of death of any partner, the legal heir of such partner shall succeed him in partnership if agreed by the other partners. c) the retirement, death or insolvency of any partner shall not act as the dissolution of the firm. 16. drawings : partners have the right to withdraw some amount as " .....

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