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Judgment Search Results Home > Cases Phrase: indian partnership act Page 100 of about 37,547 results (0.095 seconds)

Apr 25 1975 (HC)

Addl. Commissioner of Income-tax Vs. M. Venkata Narasimha Rao and Co.

Court : Andhra Pradesh

Reported in : [1976]104ITR28(AP)

..... relevant facts taken together. it follows from sections 4 and 6 of the indian partnership act that under the law of partnership a firm has no legal existence apart from its partners and it is merely a compendious name to describe its partners. (vide commissioner of income-tax v ..... one another are called individually 'partners' and collectively a firm', and the name under which their business is carried on is called the ' firm name'.' section 6 of the indian partnership act provides that in determining whether a group of persons is or is not a firm, regard shall be had to the real relation between the parties as shown by all ..... said that the two firms were one and the same.5. now, section 2(23) of the income-tax act of 1961 defines 'firm.' as having the meaning assigned to that expression in the indian partnership act, 1932. section 4 of the indian partnership act, 1932, defines 'partnership 'as' the relation between persons who have agreed to share the profits of a business carried on by all or ..... in order xxx, rule 1, civil procedure code. if parliament intended that a firm should be treated as a legal personality under the income-tax act it was wholly unnecessary for parliament to have defined 'firm' by reference to the indian partnership act. what we wish to emphasise is that a firm, which may be a taxable entity, does not on that account acquire or become .....

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Dec 08 1958 (HC)

Addanki Narayanappa and ors. Vs. Bhaskara Krishtappa and ors.

Court : Andhra Pradesh

Reported in : AIR1959AP380

..... personality for all purposes, and also for the settlement of the claims of the partners inter se. the law in india is not different. sections 14 and 15 of the indian partnership act of 1932 speak about what would constitute the property of a firm and declare that such property shall be held and utilised for the purpose of the ..... dissolution of the partnership as such on one of the partners retiring from the partnership. 4. it would be useful to consider the position in law of the right of the share of a partner in a ..... partnership, for, that would determine as to whether it is movable or immovable property what is ..... of the contract act related to the rights determining the partners' mutual relations and sub-section (7) of section 253 enacted that if from any cause whatsoever any member of partnership ceases to be so, the partnership automatically dissolves as between all other members. while this was the position under the contract act, such a position does not arise under the indian partnership act. there is no .....

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Aug 08 1958 (HC)

Jaldu Anantha Raghurama Arya Vs. Jaldu Bapanna Rao and ors.

Court : Andhra Pradesh

Reported in : AIR1959AP448

..... of partnership are set out at p. 302, mulla's indian partnership act (2nd edition) as follows;'(1) there must be an agreement entered ..... maintained that the essence of partnership is an agreement between the parties to share the profits and in the case of legatees or donees that element being absent they could not constitute a partnership.to substantiate this, our attention is invited to the definition. of partnership in section 4 of the indian partnership act as also to some passages in mulla's indian partnership act (2nd edition). the ingredients ..... into by all the persons concerned; (2) the agreement must be to share the profits of a business; and (3) the business must be carried on by all or any of the persons concerned, acting for .....

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Feb 19 1987 (HC)

Commissioner of Income-tax Vs. Puran Das Ranchoddas and Sons.

Court : Andhra Pradesh

Reported in : (1988)63CTR(AP)278; [1988]169ITR480(AP)

..... is expressly excluded from according allowance under section 37(1). we have, therefore, to see whether the amount in dispute is a revenue expenditure. section 4 of the indian partnership act (ix of 1932), for short, 'the partnership act', defines a partnership thus :'partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... with other property of the firm and the outgoing partner thereafter, shall not carry on the business in the name of the old name nor solicit old customers. mukerji on 'indian partnership act', third edition, at page 483, says that 'goodwill is generally valued at so many years purchase of the amount of profits and these annual profits are generally calculated on an ..... that extent, there is no difficulty in concluding that the amount paid in consideration thereof constitutes revenue receipt. goodwill is an asset of the firm under section 14 of the partnership act and all partners as tenants-in-common have a co-extensive right in the goodwill. goodwill is a capital asset attracting the exclusionary clause in section 37(1) of ..... acting for all.'the partners are tenants-in-common. under section 14, goodwill of the business is the property of the partnership and would be subject to the contract between .....

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Aug 05 2004 (HC)

Samyuktha Cotton Trading Company Vs. Bheemineni Venkata Subbaiah and o ...

Court : Andhra Pradesh

Reported in : AIR2005AP1; 2004(5)ALD497; 2004(5)ALT534

..... clearly disentitle the appellant from blocking the proceedings in the e.p. it was also contended that neither the partnership deed nor the retirement deed were registered, and for that reason, the claim itself is barred by section 69 of the indian partnership act. a further plea was raised to the effect that an immovable property could not have been brought into the ..... fold of the partnership or relinquished thereafter, except in accordance with section 17 of the indian registration act.4. sri m. chandrasekhara rao, learned counsel for the appellant submits that ..... appellant-firm, and that the 7th respondent has no right, interest or claim in respect of the firm. according to the learned counsel, the bar under section 69 of the partnership act, does not operate, since the appellant-firm was registered by the time it submitted the claim. learned counsel also submits that registration, as contemplated under section 17 of the ..... khan : [1989]3scr484 , held that registration of a firm during the pendency of a suit does not cure the defect arising out of non-complaince with section 69 of the partnership act. in raptakos brett and company limited v. ganesh property (supra), the supreme court discussed the matter at length, in relation to the contentions that subsequent registration of a firm .....

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Mar 03 1960 (HC)

Mathura Datt Bhatt Vs. Prem Ballabh Khulba

Court : Allahabad

Reported in : AIR1961All19

..... whether a partner stands in a fiduciary capacity to the other partner or not.7. in this connection, we will first examine the relevant provisions of the indian partnership act (act ix) of 1932. the nature of 'partnership' there is defined by section 4 as being 'the relationship between persons who have agreed to share the profits of a business carried on by all or ..... as a matter of law independently of the circumstances of any particular case. we think that this submission is too broadly made.19. from the examination of the partnership act, the trusts act and english, indian and american authorities cited hereinbefore, it would appear that it cannot be said that there is no fiduciary relationship between the partners, although on the basis of the ..... the partnership act. section 9 of the said act states that:--'partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner or his legal representative.'we will now refer to the indian trusts act ..... decision in 1894-1 ch. 343, one partner receiving assets of the partnership on account of himself and his co-partners is not liable as a person acting in a fiduciary .....

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Jul 17 1973 (HC)

Banwari Lal and ors. Vs. the Pilibhit Co-operative Development Federat ...

Court : Allahabad

Reported in : AIR1974All269

..... was not, in our opinion, substituted wholly by the deed of dissolution subsequently executed and the one was to supplement the other.4. section 46 of the indian partnership act provides:'on the dissolution of a firm every partner or his representative is entitled as against all the other partners or their representatives to have the property of the ..... dissolution, the earstwhile partners continue to remain entitled to certain rights with regard to the liquidation of the debts and liabilities of the erstwhile partnership and to the distribution of the surplus. section 47 of the indian partnership act also leads to the same conclusion. this was a case where a dispute had been raised by respondent no. 1 that the appellant had ..... embezzled considerable funds belonging to the partnership while the partnership was still existing. the dispute related to proceedings for liquidation of the assets, debts and liabilities ..... civil judge committed no error of law apparent on the face of the record in dismissing the application under section 33 of the indian arbitration act.5. learned counsel invited our attention to clause 12 of the partnership agreement which runs as follows:'any dispute touching the business of patroleum distribution between the federation and the appellant shall be referred to .....

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Jan 14 1958 (HC)

Haji Abdul Shakoor Vs. the Rent Control and Eviction Officer, Kanpur a ...

Court : Allahabad

Reported in : AIR1959All440

..... a certificate of the registrar of firms, uttar pradesh, to prove that the firms had been duly registered under section 68 of the indian partnership act.4. the rent control and eviction officer heard all the four applications and the petitioner's objection together on 10-9-1956. he ..... below).the fact that there was no intention to create a partnership was clear from the deed and the surrounding circumstances considered together. learned counsel relied on section 6 of the indian partnership act, which lays down that regard must be had to the real relation between the parties, ..... intention of the parties who executed the deed of partnership. did they have any intention to enter into a contract of partnership? he contended that they had none. mr. kakkar conceded that the terms of the deed were not in contravention of the partnership act (this is not quite correct as discussed by me ..... it out of the statute prohibiting usury, 'the wit of man could mot find a shift to take it out of the act.' a transaction may be ostensibly a partnership but in reality an usurious loan. in that case, the court will be entitled to examine the circumstances and see whether the ..... principal defence was that the two notes in question were given for wagering contracts and were therefore void under section 30 of the indian contract act and under the bombay act iii of 1865. the plaintiffs contention in that case was very similar to the petitioner's in this present petition.it was contended .....

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May 13 1971 (HC)

Commissioner of Income-tax Vs. Ganeshi Lal

Court : Allahabad

Reported in : [1973]88ITR29(All)

..... could not be compelled to furnish more capital than that he had agreed to do. moreover, provisions of section 12(c) and (d) of the indian partnership act showed that a partner is entitled to interest on the capital subscribed by him. such interest is to be paid only from out of the profits. it ..... to the wife and minor sons at least indirectly because of their capacity mentioned in section 16(3)(a)(i) and (ii) of the indian income-tax act, a persual of this decision shows that the supreme court proceeded on the footing that various decisions of several high courts wherein it had been ..... which the assessee is a partner are liable to be included in his total income under section 16(3)(a)(i) and (ii) of the indian income-tax act, 1922?'6. for the assessment years 1958-59 and 1959-60 the decision of the tribunal was against the revenue. the commissioner of income-tax, ..... year 1957-58 the decision of the tribunal was against the assessee, he moved an application before the appellate tribunal, under section 66(1) of the indian income-tax act, 1922, for making a reference to this court. the tribunal has accordingly submitted a statement of the case in respect of the following question:5. ..... and ramgopal, the minor son of the assessee in his individual income under the provisions of section 16(3)(a)(i) and (ii) of the indian income-tax act, 1922.3. the assessee went up in appeal against the assessment orders made in respect of all the three years. the appellate assistant commissioner upheld the .....

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Dec 06 1972 (HC)

P.C. Kapoor Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1973]90ITR172(All)

..... case there was no transfer of licence as contemplated by rule 337.16. learned counsel for the revenue next argued that section 12 of the indian partnership act provides that subject to contract between the partners every partner has a right to take part in conducting the business of a firm. in this ..... name is entered in the licence as a salesman he may as well participate in the sale of liquor.18. the partnership agreement does not, by virtue of section 12 of the indian partnership act, vest the non-licensee to carry on the activity of sale of intoxicant without obtaining a licence. section 12 provides that ..... to carry on the required business without a licence.17. we are unable to accept this submission. section 4 of the indian partnership act lays down that partnership is a relationship between persons who have agreed to share the profits of a business carried on by all or any of them ..... those in whose names the licence had been issued. we, accordingly, reject the argument of learned counsel for the revenue based on section 12 of the partnership act.19. decisions of the patna high court in the cases of commissioner of income-tax v. prakash ram gupta : [1969]72itr366(patna) and mohd. warasat ..... in breach of any of the conditions of the licence, he is to be punished with fine which may extend to rs. 200. the act of a licensee entering into partnership in contravention of condition no. 4 of the licence is, therefore, an offence punishable under section 64. such a contract, therefore, is .....

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