Court : Madhya Pradesh
Decided on : Oct-07-1970
Reported in : AIR1971MP109; 1971MPLJ44
..... and to an account.'9. the law in india on this subject is exactly the same and has been borrowed from the english law. sections 14 and 15 of the indian partnership act restrict the rights of the partners which they would normally have as joint owners. section 14 lays down what property is to be deemed to be ..... the adjudication of a person as insolvent his property shall vest in the court or the receiver. on dissolution of a partnership, section 46 of the partnership act gives the power of winding up of the affairs of the firm to the partners. section 47 goes on to provide that even after dissolution the power of the partners ..... is a proviso to section 47 which is as follows:--'provided that the firm is in no case bound by the, acts of a partner who has been adjudicated insolvent;.....'10. we are, therefore, of opinion that the position of partnership property is so different from other property which is in co-ownership of three persons that the principles of co-ownership ..... his personal benefit under section 16 if any partner derives any personal benefit from the partnership property, he has to account for it and pay it to the firm. the definition of 'property' in the provincial insolvency act is given in section 2(1)(d) of the act and is as follows:--' 'property' includes any property over which or the profits of which .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Nov-23-1970
Reported in : 93ITR271(MP)
..... amount to transfer of the privilege. in those cases merely transferring of the privilege in any way was prohibited. there was no prohibition against entering into partnership. even in cases where only transfer of privilege is prohibited, other high courts like the allahabad high court in jer and co. v. commissioner of income ..... far as would not make it illegal. we are unable to agree with this line of argument. as stated above, the prohibition of entering into partnership regarding the working of the privilege has been made absolute and is couched in wide terms. it cannot be truncated in the manner attempted by learned ..... be expressed may be shortly stated as follows. four persons, viz., ramlal sethi, ramlal anand, sukardutt anand and vikramajit sethi, were carrying on business, in partnership and were running a hotel and restaurant in the name of pagoda hotel. partner no. 1, ramlal sethi, was, in his personal capacity, running a shop ..... no reason why the firm so far as the hotel business is concerned should not be registered under the income-tax act. 8. our answer to the question, therefore, is that the partnership so far as it relates to the wine shops is illegal and cannot be registered, but so far as it relates ..... c.j. 1. this is a reference at the instance of the commissioner of income-tax, m. p., under section 66(1) of the indian income-tax act, 1922. the question referred is: 'whether, on the facts and in the circumstances of the case, the assessee-firm was an illegal firm not .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Mar-09-1970
Reported in : AIR1971MP30; 1970MPLJ583
..... from some other undisclosed sources, the inference of the tribunal that the said amount of rs. 38000/- could be explained by the additional income assessed in prior years of the partnership firm vrajlal manilal and company which were outside the books of accounts of the firm and out of those profits the assessee's share would come to more than rs ..... /- could be the cash balance with him out of those amounts which represented his share of earned profits in the partnership business and to which he was assessed by the tribunal beyond the amounts included in the books of accounts of the partnership. it is further urged that as there was no suggestion in the proceedings before the income-tax authorities that ..... and there was no error of law in its approach and hence its order did not raise any question of law.6. the application under section 66 (2) of the act made by the commissioner of income-tax is, therefore, dismissed. in the circumstances of the case, we do not make any order as to costs. ..... bhargava, j.1. this application under section 66(2) of the indian income-tax act, 1922 (hereinafter called the act) is filed by the commissioner of income-tax, madhya pradesh, for a direction requiring the income-tax appellate tribunal, bombay, to state the case of the assessee shri chintamanraobalaji, sagar, .....Tag this Judgment!