Court : Supreme Court of India
Reported in : AIR1961SC680a; 41ITR528(SC); 2SCR821
..... among the three others. though kantilal kasherdeo was a minor, he was admitted as a full partner and not merely to the benefit of the partnership, as required by section 30 of the indian partnership act. to the instrument of partnership, kantilal kasherdeo was also a signatory, though immediately after his signature there was the signature of one kasherdeo rungtathe, the natural guardian of the ..... him as a partner ; but it does not render a minor a competent and full partner. for that purpose, the law of partnership must be considered, apart from the definition in the income-tax act. 10. section 30 of the indian partnership act clearly lays down that a minor cannot become a partner, though with the consent of the adult partners he may be admitted ..... to the benefits of partnership. any document which goes beyond this section cannot be regarded as valid for the purpose of registration. registration can ..... march 27, 1946, created a valid partnership (2) if the answer to question no. 1 is in the affirmative, whether the fact that on january 1, 1946, there was no firm in existence would be fatal to the application for registration of the firm under section 26a of the indian income-tax act or whether the firm could be registered with effect from .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1988SC757; (1988)67CTR(SC)43; 169ITR761(SC); JT1987(4)SC349; 1987(2)SCALE1078; 1988Supp(1)SCC193; 1988(Supp)SCC193; 1SCR917
..... v. addl. commr. of income-tax : 115itr858(all) . this full bench ruled that under the general law of partnership under the indian partnership act as well as under section 187 of the act in case of reconstitution of a firm it retains its identity and is assessable in respect of the entire previous year. in view ..... with 17 members. the said deed provided, inter alia, as follows:that where the deed is silent, it shall be governed by the indian partnership act save and except that on the death or demise of any partner the firm shall not be dissolved but shall be carried on with ..... , however, under the scheme of chap. xvi of the act, we are unable to agree; if we were left with general position under the indian partnership act, we might have agreed. that decision of the high court, however, did not deal with the controversy in ..... agreement to treat the firm as continuing notwithstanding the death of a partner, the partners have no option to treat the firm as continuing under the partnership act, 1932, the firm gets dissolved and the income-tax officer is not entitled to ignore this consequence. there is nothing in the language of section ..... from the date other than that of the execution of the instrument and also the terms and conditions on which the partnership had been and was being carried on. the indian income-tax act, 1922, required the income-tax officer to certify and.register the deed itself and the registration of the firm would .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 236ITR350(SC); (1998)8SCC487
..... another firm or individual as the definition of 'person' in section 3(42) of the general clauses act, 1897, cannot be imported into section 4 of the indian partnership act.(3) the law, english as well as indian, has for some specific purposes, relaxed its rigid notions and extended a limited personality to a firm.(4) under the income-tax law a firm is ..... profits of a business carried on by all or any of them acting for all'. the section declares further that the persons who have entered into ..... , defined a 'partnership' as 'the relation between persons who have agreed to share the ..... assessable in the hands of the partnership firm as a taxable entity separate and distinct from the partners there is first a decision under the law of partnership ; therefore, the second question arises, the question as to assessment under the tax law. it is clear, therefore, that reference must be made first to the partnership law.the indian partnership act, 1932, has, by section 4 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2007SC1517; 2007(2)ARBLR1(SC); 2007(2)AWC1858(SC); 2007(4)CTC417; JT2007(4)SC523; 2007(4)SCALE562
..... the court has been curtailed to the minimum possible level. it is the contention of the learned counsel that the rights of the legatee under the partnership act are regulated and conditioned by section 29 of the indian partnership act. and on the said strength he is only entitled to receive the share of the assets of the firm to which the testator, his predecessor ..... ?before we proceed further, it is useful to reproduce.16. section 40 of the arbitration act and sections 46, 47 and 48 of the indian partnership act.40. arbitration agreement not to be discharged by death of party thereto.- (1) an arbitration agreement shall not be discharged by the death of any party ..... of the opinion that in view of the provisions of section 46 read with section 48 of the indian partnership act as well as section 40 of the arbitration and conciliation act, 1996, the application for appointment of an arbitrator under the arbitration clause of the partnership deed was liable to be allowed and the learned chief justice has erred in overlooking the said provisions ..... life time of the partner?c) whether in view of section 46 read with section 48 of the indian partnership act as well as section 40 of the arbitration act, 1999, the petitioner is entitled to claim appointment of arbitrator under the arbitration clause of the partnership deed and the hon'ble chief justice of the allahabad high court has erred in overlooking these provisions .....Tag this Judgment!
Court : Delhi
Reported in : AIR2005Delhi323
..... commitments come to an end. he shall take all steps for the winding up of the business of the firm in terms of provisions of the indian partnership act, 1932. during the period the hotel remains under the control of the receiver, none of the parties shall try to interfere with his duties. they ..... mittal do not advance his plea for running the business to the exclusion of the other partners for the reason that neither the provisions of the indian partnership act nor the principles of equity, justice and good conscience permit the court to countenance unfair advantage to those who take law in their hands to gain ..... between the partners and distributing the assets/cash left after meeting the liabilities of dissolved firm. this is the purport of above referred provisions of indian partnership act. the hijacking of the business of a dissolved firm by one of the partners and its running by him to the exclusion of others by ..... hotel now and according to ashwini kapoor, he and his son have been ousted from the business forcibly. section 43 of the indian partnership act, 1932 clearly says that where a partnership is at will, the firm may be dissolved by any partner giving notice in writing to other partners of his intention to dissolve ..... of other partners and only winding up proceedings have to be undertaken in terms of sections 43, 45, 47 and 53 of the indian partnership act. it is argued that sections 41(c) and 41(e) do not permit the grant of any injunction in such situations to permit .....Tag this Judgment!
Court : Rajasthan
Reported in : 42CompCas1(Raj); 1969()WLN498
..... on behalf of the firm. there was, therefore, no question of realising the property of a dissolved firm. after the partition suit the firm began to be governed by the indian partnership act. in this view of the matter, subsection (3) of section 69 will not apply to this case to enable the plaintiffs to file a suit without the registration of the ..... the necessary incidence and the resolution on the demises of the partners, if it could be deemed to have continued after their deaths, stood dissolved under section 42 of the indian partnership act on defendant no. 2's adjudication as insolvent3. that the provisions in the memorandum of association and the articles of association of the company relating to the management are merely ..... the filing of the partition suit, the status of the joint family underwent a change and the business became a partnership business. under section 69 of the indian partnership act, 1932, no suit could have been instituted unless the partnership was registered. section 69 of the indian partnership act, 1932, runs as follows :' (1) no suit to enforce a right arising from a contract or conferred by ..... joint family, even if it was joint, was changed and thereafter as the business was carried on jointly, the firm became an ordinary partnership concern subject to the indian partnership act. as the firm was not registered, section 69 of the partnership act stood in the way of filing the suit without the registration of the firm.8. that in the balance-sheet a sum of .....Tag this Judgment!
Court : Rajasthan
Reported in : 224ITR244(Raj)
..... and to pay to the guardian of his estate an equal share in the profits of the new firm in accordance with the provisions contained in section 37 of the indian partnership act, 1932. the guardian was not to bear the losses which were to be shared equally by the two remaining partners who were to carry on the business. shri abdul razaq ..... invalid merely because the continuing partners and the guardian of the heirs of the deceased noor mohammed, made efforts to give effect to the provisions of section 37 of the indian partnership act.13. regarding the question as to whether payments made to the guardian of the heirs of the deceased shri noor mohammed were deductible as a charge in arriving at the ..... . he held the view that the guardian of the heirs of the deceased partner constituted the third partner in the firm and, therefore, the provisions of section 37 of the indian partnership act, 1932, did not apply to the case.10. having lost its case before the income-tax officer and the appellate assistant commissioner for both the years, the assessee-firm approached ..... december 31, 1958, no profits were attributable to the use of his share in the properties of the firm so as to attract the provisions of section 57 of the indian partnership act, 1932, to the facts of the present case. the income-tax officer, therefore, held that neither the application was signed by all the partners nor were the profits and losses .....Tag this Judgment!
Court : Chennai
Reported in : 72ITR528(Mad)
..... does not appear to cloud or destroy the identity of the partners whose rights and liabilities vis-a-vis each other are governed by the terms of the partnership and the provisions of the indian partnership act. the members of a firm, from a certain point of view, therefore, remain as co-owners in a limited sense and subject to the terms of the ..... the property, though it is true b, by reason of the transaction, becomes entitled to certain rights which are regulated by the terms of the agreement of partnership, as well as the provisions of the indian partnership act. where the making over of tangible assets, movable or immovable, is by a certain set of persons to an incorporated company in which the same set ..... conclusion on this reasoning. apart from the foregoing, there are other weighty reasons for concurring with the view of the tribunal. section 14 of the indian partnership act shows the different process or methods by which a firm of partnership may come to possess property. the section says ' the property of the firm includes all property and rights and interests in property originally brought ..... in which two or more persons combine their efforts and conjointly apply the same to a commercial or business activity with a view to make profit. section 4 of the indian partnership act makes this explicit and says that a ' partnership ' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them .....Tag this Judgment!
Court : Chennai
Reported in : (1997)137CTR(Mad)583; 222ITR445(Mad)
..... and dumb person. a deaf and dumb person cannot be admitted to the benefits of the partnership as per the provisions of s. 30 of the indian partnership act, 1932. sec. 6 of the indian partnership act, 1932, determines the mode of existence of the partnership. expln. 2 to s. 6 of the indian partnership act states, who are all the persons who can receive a share in the profit of ..... the partnership business without making them as partners. sec. 30 of the indian partnership act states that a person who is a ..... along with the persons carrying on the business. it would mean that a major cannot be admitted to the benefits of partnership. admitting a major as a partner to the benefits of partnership was impliedly prohibited under s. 30 of the indian partnership act, 1932. 7. in view of the abovesaid legal position, we are unable to subscribe to the view taken by the tribunal ..... subject may not be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of the partnership. therefore, s. 30 of the indian partnership act provides that a minor cannot be a partner in a firm, but a minor can be admitted to the benefits 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!