Court : Guwahati
..... clause, it is abundantly made clear that the minor was admitted to the benefits of the firm and his rights and liabilities should be governed by section 30 of the indian partnership act and under section 30, a minor cannot be saddled with liabilities and he is not required to share losses though in clause (5), it has been mentioned, 'the profits and ..... .9. before we consider the rival contentions of the parties, it will be apposite to examine the deed of partnership and also to look to some of the relevant provisions of the indian partnership act as well as the income-tax act. we find the deed of partnership at pages 36 to 39 of the paper book. in the said deed, it has been recited as ..... firm to the extent of his share in the firm as per the provisions of sub-section (3) of section 30 of the indian partnership act. the appellate tribunal found that the deed was valid inasmuch as the said deed of partnership specified the shares of the partners in losses. the appellate tribunal, however, found that it was unable to accept the assessee's ..... such shares of profits as has been provided in this instrument with all the rights and liabilities as per section 30 of the indian partnership act. in clause (5) of the deed of partnership it has been recited that the profits and losses of the partnership business shall be divided and borne by the parties in equal proportions after adjustment of all expenses of the .....Tag this Judgment!
Court : Guwahati
..... the aac, who reversed the order of the ito and allowed registration to the firm for the assessment year 1968-69. the aac, relied on section 30(5), of the indian partnership act, and held that in the instant case six months had not expired from the date of attaining majority by ved prakash and that ved prakash continued to remain as minor ..... sarmah20%nilbut as and when the minor above named attains majority and becomes also a partner in the firm, in accordance with the provisions of section 30(5) of the indian partnership act, 1932, the share of all the then partners shall be 20% both in profit as well as in loss (if any) with effect from the deewali year next commencing after ..... attain majority. it provides that the minor on attainment of majority shall become a partner in the firm in accordance with the provisions of section 30(5) of the indian partnership act, 1932, and further provides that :' the share of all the then partners shall be 20% both in profit as well as in loss (if any) with effect from the deewali ..... the consequence if ' such a person ' does not express, on attaining majority or on obtaining knowledge that he had been admitted to the benefits of partnership all these consequences are expressed in section 30 of the indian partnership act, 1932. section 30 lays down that : (a) a minor cannot be a partner in a firm, but with the consent of all the partners he .....Tag this Judgment!
Court : Mumbai
Reported in : 100ITR246(Bom)
..... state that all contracts between a person a, and a and others would be invalid. reference may be made in this connection to the provisions of section 46 of the indian partnership act, 1932, where a partner may enforce as against the firm of which he is a partner certain contractual rights by means of a suit (without dissolution), whereas other can only ..... accordingly it was invalid. in my view, it would be clearly invalid inasmuch as the plurality of persons necessary to constitute the relationship of partners under section 4 of the indian partnership act, 1932, did not exist in that case.11. very strong reliance was placed by the learned counsel for the revenue on the decision of the privy council in lachhman das ..... authorities, or, if erroneously registered, the registration may be subsequently cancelled by the commissioner under his powers under section 33b of the act. the validity of a partnership would have to be decided with reference to the express provisions of the indian partnership act, and, in a case such as the one before us, with further reference to the principles of hindu law. if it ..... the registration. we have to consider whether that is the correct position in law.10. according to mr. hajarnavis, a partnership is a contractual relationship between persons who have agreed to do certain things as provided for under section 4 of the indian partnership act, 1932. according to him, therefore, if there was such an agreement entered into by vandravan purshottam in his one .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1971Bom237; (1971)73BOMLR42; ILR1971Bom457; 1970MhLJ419
..... provides for transfer of goodwill after dissolution and the consequent agreements in restraint of trade.9. it will be noticed from the above arrangement of chapter vi of the indian partnership act that matters pertaining not only to the fact of dissolution and fixing the date thereof but also matters arising out of the fact of dissolution which pertain to the winding ..... separate and distinct matters or they are accessory to the principal object of the instrument. taking into consideration the fact that the legislature itself in the indian partnership act has treated the winding up of partnership as a part of its dissolution and the principles laid down which are set out hereinabove, we have no hesitation in coming to the conclusion that the ..... various ways therein provided, whereas sections 46 to 55 related to winding up and not to dissolution. we, however, find that the entire chapter vi of the indian partnership act tom section 39 to section 55 has been included in the chapter heading 'dissolution of a firm'. the legislature obviously intended to make no distinction between dissolution as such ..... the leading object or are separate and distinct, must in india depend upon the provisions of the indian partnership act, 1932, and the bombay stamp act, 1958.8. chapter vi of the indian partnership act, 1932; deals with 'dissolution of a firm'. section 39 provides that the dissolution of partnership between all the partners of a firm is called the 'dissolution of the firm'. 'dissolution of .....Tag this Judgment!
Court : Mumbai
Reported in : 2001(2)BomCR657; (2001)2BOMLR145; (2001)1CompLJ415(Bom)
..... .5. there is no doubt about the fact that in the case of a partnership registered under the indian partnership act, 1932, the remedy for a dissolution of partnership is also provided in chapter vi of the act. the indian partnership act, 1932 provides for a dissolution of a partnership firm in section 39 and enunciates various modes of dissolution amongst them, in section 40 a ..... present purpose, it is clear that the provisions for winding upof the affairs of a firm which chapter vi of the indian partnership act containsbesides provisions for the dissolution of partnership are left untouched by section590 of the companies act, 1956. the cases cited in support of the respectivecontentions of the parties are not really on the point under consideration ..... company being wound up.'therefore the remedy to seek a dissolution of a registered partnership under the provisions of the indian partnership act, 1932 is not ousted by the provisions of part x of the companies act. 1956. equally, the existence of the remedy under the indian partnership act, 1932 to seek dissolution does not bar the remedy to apply for winding up ..... up and the respondent which is duly registered under the indian partnership act, 1932 is not an 'unregistered company' within the meaning of the expression used in the companies act. 1956.3. it is common ground that the first respondent is a partnership which was registered under the provisions of the indian partnership act, 1932. the question as to the maintainability of the .....Tag this Judgment!
Court : Mumbai
Reported in : 2003(3)ALLMR915; 2003(3)ARBLR75(Bom); 2003(5)BomCR807; 2003(3)MhLj373
..... running business of a hotel.4. the first issue, therefore, with which we are concerned, is whether an application under section 9 of the act of 1996 is maintainable considering section 69 of the indian partnership act, 1996. the partnership agreement contains a clause for arbitration. the petitioners herein have not moved this court or judicial forum for referring the disputes to arbitration. the petitioners ..... the year 1990 was registered on 28th may, 1990. this has been so pointed out, considering section 69 of the indian partnership act as amended in the state of maharashtra. it is contended that this court would have no jurisdiction to hear and entertain the present petition. if that be so, reliefs as ..... have come before this court to protect the assets of the partnership pending decision by the arbitral tribunal consequent upon dissolution of the partnership. the arbitral clause was invoked .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 108ITR465(AP)
..... to agree with their view that the provisions of sub-section (2) of section 187 do not change the concept of reconstitution of a firm as understood in the indian partnership act nor do they obliterate the distinction between reconstitution and dissolution and that once a firm is dissolved either by agreement or by operation of law, the question of reconstitution ..... by the new firm. the business has been run uninterruptedly. even if it amounts to dissolution of the earlier firm according to the provisions of section 42 of the indian partnership act, there is no doubt that such dissolution and succession has to be treated as a reconstitution of the firm according to the provisions of section 187(2) of the ..... of section 188 but not section 187 that would apply to the case on hand as, on the death of a partner of a partnership firm, the partnership automatically gets dissolved under section 42(c) of the indian partnership act, 1932, that a new firm for the remaining broken period in each of the two accounting years has come into existence as there ..... clause (23) of section 2 of the act (income-tax act) defines 'firm', 'partner' and 'partnership' as having 'the meanings respectively assigned to them in the indian partnership act, 1932, but the expression 'partner' shall also include any person who, being a minor, has been admitted to the benefits of partnership'. section 4 of the partnership act reads :'definition of partnership--'partnership' is the relation between persons who have agreed .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2006(4)ALD596; 2006(3)ARBLR575(AP)
..... award.(6) a party aggrieved by such an arbitral award may make an application for setting aside such an arbitral award in accordance with section 34.section 44 of the indian partnership act, reads as under:section 44: dissolution by the court:-at the suit of a partner, the court may dissolve a firm on any of the following grounds, namely:(a) that ..... be allowed to be determined by the arbitrators in the guise of clause 22. further, the learned counsel also drawn the attention of this court to section 44 of the indian partnership act and submitted that in spite of there being a negative recital as to claiming dissolution, since complicated questions of law and facts are involved in this case including dissolution of ..... shall be final, conclusive and binding upon the parties, their heirs, legal representatives and successors.23. in all the matters not specifically provided for in this deed, the provisions of indian partnership act, 1932 for the time being in force shall apply.12. it is also necessary to notice sections 8, 11 and 16 of the arbitration and conciliation ..... act, 1996 as well as section 44 of the indian partnership act, 1932. sections 8, 11 and 16 of the arbitration act reads as under:section 8: power to refer parties to arbitration where there is an arbitration agreement:-(1) a judicial authority .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2002(3)ALT3
..... suit pronotes are independent contracts or transactions as such de hors the existing liabilities in the course of the said business and therefore the provisions of section 69 of the indian partnership act cannot be brought into force, i am not prepared to accept such a submission more so when admittedly, the entire plaint allegations and the case of the plaintiffs ..... is unregistered.17. in a recent decision of the apex court in haldiram bhujiawala v. anand kumar deepak kumar, : 1scr1247 the scope of section 69 (2) of the indian partnership act and the bar created therein has been considered with reference to the very objects and also the historical account and especially by taking into consideration the expression enforcing a right ..... consideration of the evidence on record, decreed the suits holding that since the suits are filed by the plaintiffs in their individual capacity, the provisions of section 69 of the indian partnership act have no application; the execution of the suit pronotes has not been denied and the defendants have failed to prove any coercion in execution thereof. further, the alleged partition ..... execute the suit pronotes and, therefore, the same are not valid and without consideration. further, the plaintiffs' firm being unregistered, the claim is barred under section 69 of the indian partnership act.7. on these and other allegations, the court below has framed the following issues:'o.s. no. 185 of 1983:(1) whether the suit promissory note is true and .....Tag this Judgment!
Court : Allahabad
Reported in : 73ITR423(All)
..... of conveyance as contemplated in section 22 of the indian partnership act, quoted above, becomes imperative. in point of fact, conversion of firm's property into personal property of the partners involves a declaration that the interest of the firm in the ..... or immovable. the contention that a firm cannot own property, even for the purpose of its business, is hardly tenable. such ownership is clearly postulated in section 14 of the indian partnership act 1932, which runs thus:'14. subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock ..... personal property only by means of an instrument in writing. it may be mentioned here that there is no provision in the indian partnership act corresponding to section 22 of the english partnership act, 1890. that being so the legal fiction which permits partnership realty being treated as personalty as between partners infer se is not available here and the need for execution of an instrument ..... . a partner is not entitled to get his share in specie in the movable and immovable properties of the firm. section 48 of the indian partnership act provides that, on dissolution of the firm, its assets must first be applied for payment of the debts and liabilities of the firm and if any residue is left after .....Tag this Judgment!