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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 2008 Page 1 of about 1 results (0.051 seconds)

Jun 12 2008 (TRI)

Minnow Trading Company Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-12-2008

..... where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits.the provisions of section 13(c) of the indian partnership act, 1932 being the law of the land, the partners of the firms are entitled to interest on the capital subscribed by them only when such interest could be paid ..... expenses on land development, which were capitalized by them as per their statement of accounts filed with the department.she contended that the provisions of section 13(c) of the indian partnership act, 1932 does not provide that the partners could not provide the allowance of interest on the amount of capital brought by them and in fact, in the case of ..... the capital contributing partner could be expected to take his stipulated interest. this seems to be the principle adopted by the indian legislature in section 13(c) of the indian partnership act and by parliament in section 24, clause 4 of the english partnership act. the law may recognize an exception to this rule where the contract expressly provides for payment of interest regardless of ..... interest on the capital subscribed by them as per the provisions of section 13(c) of the indian partnership act, 1932. learned counsel for the assessee contended that only exception to this legal provision of section 13(c) of the indian partnership act, 1932 is where the partnership deed executed by the partners specifically provides that partners shall be entitled to interest on the capital subscribed .....

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