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Judgment Search Results Home > Cases Phrase: indian partnership act Court: orissa Year: 1970 Page 1 of about 1 results (0.033 seconds)

Mar 05 1970 (HC)

Simhadri Narasingh Prusty and ors. Vs. Commissioner of Income-tax

Court : Orissa

Decided on : Mar-05-1970

Reported in : [1971]79ITR219(Orissa)

..... to appreciate the point in issue. simhadri narasingh prusty and chinnam judhistir patro constituted a partnership business. they carried on business from 1948-49 onwards. it had been granted registration under the indian income-tax act, 1922, up to and including the assessment year 1959-60 judhistir patro was a ..... his minor son, budhibaman patro. the partition was effected by a registered deed and was given effect to under section 25a of the indian income-tax act, 1922. from january 6, 1959, budhibaman patro was shown as a partner in the books of the firm and the capital ..... standing to the credit of his father was credited in his name. subsequently, it was realised that the partnership with the minor was contrary to law and as such judhistir desired to constitute a fresh partnership ..... the promissory note was genuine. admittedly it was ante-dated. the tribunal should have examined whether, in fact, the recitals in the partnership were correct, after taking into consideration not only the promissory note but other surrounding circumstances and evidence. if after such examination it came to ..... on these matters.8. on the aforesaid analysis we would answer the question thus :without recording a finding that the arrangement in the partnership deed dated october 1, 1959, was a mere subterfuge, the application for registration cannot be rejected. if the arrangement is found to be .....

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