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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat madras Year: 1991 Page 1 of about 6 results (0.439 seconds)

Oct 28 1991 (TRI)

Dollar Biscuit Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Oct-28-1991

Reported in : (1992)40ITD390(Mad.)

..... by the madras high court in the case of r.m.chidambaram pillai v. cit[1970] 771tr 494 (fb) that precisely is the legal position of a firm under the indian partnership act as well.23. in the case before us the assessee claims revenue deduction in respect of a sum of rs. 1,39,900, a sum which consists of the excess ..... looked into the facts of the case. we have considered the rival submissions.17. in this case two branches of law, namely the income-tax act, 1961 and the indian partnership act, 1932 meet and cross. under the income-tax act, it is well settled, any expenditure incurred wholly and exclusively for the purpose of business is revenue deductible. here, commercial expediency is one of ..... in the case of bhagwanji morarji goculdas v. alembic chemical works co. ltd. air 1948 pc 100 the indian partnership act, 1932 goes further than the english partnership act, 1890 in recognising that a firm may possess a personality distinct from the persons constituting it. the indian law in that respect is more in accord with the scottish law than with the english law. yet the ..... . cit [1956] 29 itr 535. in that case also the question was whether a firm can enter into a partnership with another firm or individuals. after noticing, inter alia, the aforesaid two reported cases, the supreme court held that even under the indian partnership act, 1932, a firm is not regarded as an entity separate and distinct from the members composing it; and that .....

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Sep 25 1991 (TRI)

Wealth-tax Officer Vs. V.V.V.A. Dinakaran

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Sep-25-1991

Reported in : (1991)39ITD520(Mad.)

..... in the profits would be credited to the current account of the partners concerned. clause-16 stipulated that, as respects matters not covered by the deed, the provisions of the indian partnership act would apply. on 30-11-1986 a deed of retirement was executed, which witnessed the exit of dinakaran and mahendran from the firm from the said date. this was followed ..... hand, and on the other, the sums advanced by him to the firm for the purposes of its business. as elucidated by pollock and mulla in their commentary on the indian partnership act, the principle of sub-section (c) of section 13 is that a partner, as regards the capital brought by him into the business, is not a creditor of the firm ..... have for some specific purposes relaxed their rigid notions and extended a limited personality to a firm. the specific purposes noticed by the supreme court are:- section 49 of the indian partnership act-(i) liabilities of the firm are regarded as those of the partners, only in case they cannot be met and discharged by the firm out of its assets.(ii) liabilities ..... the question whether at all a firm/ association can be a debtor to its partners/members and, if so, in what circumstances. it is here that the provisions of the indian partnership act, 1932 come into the picture.18. it is well settled that, unlike the scottish law, which invests a firm with a personality of its own, the .....

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Apr 15 1991 (TRI)

N. Deivendran Vs. Assistant Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Apr-15-1991

Reported in : (1991)38ITD289(Mad.)

..... auspicious day in the month of chithirai. the net profit or loss shall be divided between us equally. (11) in respect of matters not provided herein, the provisions of the indian partnership act shall apply.18. as pointed out earlier, no deed of retirement was drawn up when the deceased retired from the firm on 16-4-1981. on may 20,1981 the ..... partner, namely the said deceased.15. we may at the outset notice certain well settled principles having a direct bearing on this issue. these are : - (i) section 14 of the partnership act, 1932 expressly declares that the goodwill is an asset of the firm. this is of course subject to contract to the contrary between the partners. (ii) a partner of a ..... points readily suggest themselves. the deed dated june 18,1962 is absolutely silent on the question of goodwill. therefore, under the partnership act as also pursuant to the clear provisions of clause 11 of the deed, the provisions of the said act will have to be applied. this would mean that goodwill was the asset of the firm and that the right of ..... continue notwithstanding the death of a partner. this is because in the absence of a specific term in the deed of partnership to that effect, the partnership act does not operate to extinguish the proprietary right of a partner in the assets of the firm (including goodwill). this is because, as pointed out by the supreme court in .....

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Sep 30 1991 (TRI)

First Income-tax Officer Vs. Sree Tirupathi and Co.

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Sep-30-1991

Reported in : (1992)40ITD456(Mad.)

..... the same question was considered by the supreme court in the case of dulichand laxminarayan v. cit [1956] 29 itr 535 and the supreme court held that, even under the indian partnership act, 1932, a firm is not regarded as an entity separate and distinct from the members composing it, and that this position in law is not in any way altered merely ..... a short-hand name for a collection of persons, commercially convenient but not legally recognised". it is this principle that has been incorporated, inter alia, in section 13 of the indian partnership act, 1932. that section deals with the mutual rights and liabilities of the partners. sub-section (c) of the section stipulates that where a partner is entitled to interest on the ..... morarji goculdas v. alembic chemical works co. ltd. air 1948 pc 100, even though the indian partnership act, 1932 goes further than the english partnership act, 1890 in recognising that the firm may possess a personality distinct from the persons constituting it, yet the indian act, like the english act, avoids making a firm a corporate body enjoying the right of perpetual succession.in the case of ..... the case law on the subject, the nagpur high court ruled that, even though the indian partnership act, 1932 treats the firm as distinct from its members in certain respects, yet it does not invest the firm with a it gal personality capable of entering into a partnership with another firm or individuals. in that regard, the court further ruled that the definition .....

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Apr 30 1991 (TRI)

Seva Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Apr-30-1991

Reported in : (1991)38ITD409(Mad.)

..... which the asset makes the income being immaterial." 11. in g.r. narasimier and co. v. cit [1969j 73 itr 257 (mad.) a partnership firm carried on a powerloom factory up to april 12,1954 and thereafter the manufacturing was stopped and the machines and the buildings were lying idle. ..... ltd., the assessee-trust, the beneficiaries under the trust, the trustees appointed under the assessee-trust as well as the two partners of the partnership firm called varalakshmi agencies, were common and if a consolidated view of all the documents under which the several persons came into existence would show ..... the income of the whole year with maximum marginal rate. it is next contended that the distributorship was later leased out to varalakshmi agencies, a partnership firm from whom the assessce trust was receiving only licence fee which should be treated as 'income from other sources' but not business income. ..... more exactly under the terms of the agreement dated 1-4-1984 the distributorship rights of the assessee-trust were made over to a partnership firm m/s varalakshmi agencies, in which shri parthasarathy and shri jawahar palaniappan were the only two partners.a copy of the said agreement ..... activity from december 1953. at the instance of several creditors winding up proceedings were filed before the high court. under section 153 of the indian companies act, 1913, the high court with the approval of both the assessee and its creditors evolved scheme whereunder the business assets of the company was .....

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Sep 05 1991 (TRI)

income-tax Officer Vs. A.Y. Nithyanandam

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Sep-05-1991

Reported in : (1992)41ITD49(Mad.)

..... , the property would not be the separate property of each of the persons concerned, unless there is evidence to show that the joint acquirers did so in partnership resting on a contract and not as members of joint family, (see - page 133, ibid) 20. summing up his arguments, shri srinivasan contended that ..... case of sreelekha barterjee v. cit [1963] 49 itr 112.28. the learned departmental representative, it may be recalled, argued that by taking loans from indian bank for constructing the subject-property, the assessee, as karta of the family, had created a liability to the family. this contention is fit to be rejected ..... not included in the estate duty return of the estate of late sri yathiraj mudaliar, or even the fact that the dividend from the shares of indian sugars ltd., which was allotted to his branch of the family was returned by shri nithyanandam in his individual return of income are not conclusive of ..... that the land belonged to the huf of which the assessee is karta. (vii) the said joint declaration, inter alia, shows that certain shares in indian sugars & refineries ltd. came to be allotted to the huf of which the assessee is karta. but the dividend income from the said shares had all ..... the said document dated 11-4-1975 evidences gifts made by the assessee to his minor daughters - gifts which are exigible to tax under the gift-tax act. (x) that, the assessee had inter-mingled his individual funds with that of the joint family is evidenced by the fact that on 30-6-1975 .....

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