Court : Kerala
Reported in : 120ITR644(Ker)
..... 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 others can only ..... shri k.s. krishnadas as their representative to carry on the business of partnership by their power-of-attorney. shri k. s. krishnadas joined the document of ..... three sons as representatives of his estate, who were to carry on the partnership in his place along with the other partners in the original deed. this was quite permissible and quite consistent with the provisions of clause 13 of the partnership deed as well as section 37 of the indian partnership act. in accordance with the devolution of interest, the three heirs had constituted ..... that the surviving or continuing partners could carry on the business of the firm with the estate of the deceased partner, so that section 37 of the partnership act would have been attracted if this fresh partnership had not been executed, and that the position was directly covered by the decision of the bombay high court in cit v. raghavji anandji and co .....Tag this Judgment!
Court : Kerala
Reported in : 132ITR497(Ker)
..... that 'in the other respects, not hereunder expressly provided for, the rights and liabilities of the firm as well as among the partners inter se, shall be governed by the indian partnership act'. the minors attained majority on december 26, 1963, august 28, 1966, august 14, 1967, and february 23, 1969, respectively, during the relative assessment years 1965-66, 1967-68, 1968-69 ..... ' means a person by whom agricultural income-tax is payable and under section 2(m) 'person' means, inter alia, a firm. section 2(k) states that 'firm' 'partner' and 'partnership' have the same meanings respectively as in the indian partnership act, 1932, and that the expression 'partner' shall also include any person who being a minor has been admitted to the benefits of the ..... partnership. section 18(5)(a) provides that when the total income of a registered firm has been assessed, the sum payable by the firm itself shall not be determined but the ..... laxmi narain v. cit : 68itr696(all) was a case under section 26a, indian i.t. act, 1922, and it supports the conclusion of the commissioner. it was held in that case that while under the partnership act it was not necessary for a minor on attaining majority to execute a partnership deed along with the existing partners as he would be deemedto have become .....Tag this Judgment!
Court : Kerala
Reported in : 96ITR348(Ker)
..... that judgment. we shall extract a paragraph from that judgment :' the question is not whether there is any rule of law discernible either from section 13(b) of the indian partnership act, 1932, or from any general principle from which it is possible to discern the proportion in which the losses should be shared but as to whether section 184 insists ..... partners to third parties '. though the wording in clause 15 of the partnership deed is not very clear as to what are the provisions of the indian partnership act that are intended to be made applicable it may not be unreasonable to construe that clause to refer to chapters iii and iv of ..... avaran koya. 25% ............................. 15. in matters wherein no specific mention is made hereunder, the provisions of the indian partnership act, 1932, shall prevail with respect to the relationship between the partners and the firm and third parties.' 3. chapter iii of the indian partnership act, 1932 (for short ' the act ') deals with ' relations of partners to one another ' and chapter iv thereof deals with ' relations of ..... the partnership act. so construed, the provisions in the act dealing with 'relations of partners to one another' will be attracted. the provisions in section .....Tag this Judgment!
Court : Kerala
Reported in : 204ITR141(Ker)
..... for abdulla koya, husbandof smt. kadishabi. from the statements of smt. kadishabi and smt. ayishabi, it is clear that a partnership as contemplated under section 4 of the indian partnership act has not been constituted.5. the definition of partnership in section 4 of the indian partnership act contains three elements, viz., (i) there must be an agreement entered into by all the partners concerned, (ii) the agreement ..... refused for that reason. furthermore, the assessing officer has found the partnership deed to be not genuine which finding was confirmed by the appellate assistant commissioner ..... with the business as stated by them, a partnership as defined in section 4 of the act is not constituted.6. only a partnership firm is entitled to present an application for registration under section 184(1) of the income-tax act, 1961. since the firm constituted by annexure-d is not a partnership as defined under the indian partnership act, the request for registration has to be .....Tag this Judgment!
Court : Kerala
Reported in : II(2003)BC486; (2003)182CTR(Ker)424; 261ITR292(Ker); 2003(1)KLT765
..... taken the same view. the tribunal, however, referred to the provisions of section 11(1) of the companies act and held that since the partnership firm was registered under the indian partnership act and also obtained licence under the money lenders act the requirements of section 11(1) are satisfied and, therefore, the assessee firm is entitled to registration.5 ..... it has to be registered under the companies act, or under the money lenders act, partnership act or under any other indian law such as travancore cochin literary, scientific and charitable societies registration act or under the societies registration act. so far as partnership is concerned it is governed by the provisions of the indian partnership act. what is contemplated under section 11 of ..... the companies act is that in respect of a partnership with more than ten persons for carrying on banking business it must be formed under the indian partnership act and consequently the partnership so formed must be registered under the partnership act. sub-sections (4) and (5) ..... fact the tribunal has rightly understood this position and held that since the assessee firm is registered under the indian partnership act besides holding licence under the money lenders act the provisions of section 11 of the companies act is satisfied. in other words the inhibition contained under section 11 is not attracted. we are perfectly in agreement .....Tag this Judgment!
Court : Gujarat
Reported in : 100ITR297(Guj)
..... in favour of his legal representatives. 11. we find that these contentions of the learned advocate of the accountable persons suffer from a serious misapprehension as regards the incidence of partnership agreement. 12. sections 14 and 15 of the indian partnership act preclude any partners from claiming any property or any specific share in any property of the firm so long as the ..... partnership subsists and the accounts thereof are not taken. this is because of the community of interest which all the partners have in the properties of the firm. but this does ..... further contended that, on account of the dissolution of the firm resulting from the death of a partner, new rights come into existence as provided by section 46 of the partnership act in favour of his legal representative. according to shri pathak, therefore, extinguishment of the deceased partners and emergence of new rights in favour of his legal representatives show that there ..... , the interest of the deceased extended even to it. as held by the supreme court in k. k. shah v. khorshed banu, section 55 of the partnership act does not provide that goodwill of a partnership firm can be taken into account only when there is a general dissolution of the firm, and not when the representatives of a deceased partners claim his .....Tag this Judgment!
Court : Rajasthan
Reported in : (1988)70CTR(Raj)175; 175ITR366(Raj); 1988(2)WLN128
..... with the remaining partners together with the heir and representative of the deceased partner. it was expressly held that (at p. 765) 'by virtue of section 42(c) of the indian partnership act, 1932, a firm was dissolved by the death of a partner but as the section provided, that was subject to the contract between the partners.' reference was also made in ..... is distinguishable forany reason.7. as already indicated, there was a contract to the contrary in the partnership deed as a result of which the partnership firm did not stand dissolved in accordance with the general principle contained in section 42(c) of the indian partnership act on the death of two of the six partners. this is also evident from the fact that the ..... together with the heir of the deceased partner being taken in as a partner. it is the terms of this partnership deed which governed the case at the time of death of the two partners. clause (c) of section 42 of the indian partnership act, 1932, which lays down the general principle of dissolution of a firm on the death of a partner is ..... , the firm shall not stand dissolved ; and so in view of section 42(c) of the indian partnership act, after the death of a partner, the firm automatically stands dissolved. this is the only basis on which the tribunal has come to the conclusion that the partnership firm stood dissolved on the death of the two partners. this finding is not based on any .....Tag this Judgment!
Court : Chennai
Reported in : AIR1992Mad227; (1991)IMLJ346
..... second respondent in support of his contention is ex.b8. ex.b8 is the certified copy of form a maintained by the registrar of firms under s. 59 of the indian partnership act relating to the firm raja theatres. ex. x1 is the original of ex.b8. ex.b2 is an application dated 1-3-1989 presented by one kumar to the registrar ..... as early as on 31-12-1978. the agreement as ex. b5 and the certified copy of form 'a' maintained by the registrar of firms under s. 59 of the indian partnership act marked as ex. b.8 in this case will go to show that the first respondent was not having any interest in the ..... there was no consent of all other partners for his retirement. as a result a notice in writing expressing his intention to the partnership act (sic). admittedly such a notice as contemplated in s. 32(1)(c) of the partnership act was not given by the first respondent to the other partners of the firm. in such circumstances, the case of the second respondent ..... /s. raja theatres. ex.a1 shows that the partnership m/s. theatres is a partnership at will. in the case of a partnership at will, a partner can retire from the partnership by giving notice in writing to the other partners as contemplated in s. 31(1)(c) of the partnership act. s. 32(1) of the partnership act provides that a partner may retire with the consent .....Tag this Judgment!
Court : Chennai
Reported in : AIR1965Mad424; 56ITR569(Mad)
..... the previous year; and (2), before the end of the previous year in any other case; (b) where the firm is registered under the indian partnership act, 1932, or where the deed of partnership is registered under the indian registration act, 1908 before the end of the previous year of that firm; and (c) where the application is for renewal of registration under rule 6, ..... year of assessment subsequent thereto be made......... (a) where the firm is not registered under the indian partnership act, 1932, or where the deed of partnership is not registered under the indian registration act, 1908 and the application for registration is being made for the first time under the act, (1) within a period of six months of the constitution of the firm or before the ..... assessee could make the application before the end of the previous year. in the other class of cases where the firm is registered under the partnership act or where the deed of partnership is registered under the indian registration act, the application should be made before the end of the previous year.looking at the rule closely, it is seen that there are only ..... really two classes. where the firm had been already in existence in the past, whether it was registered under the partnership act or the deed of partnership had been registered .....Tag this Judgment!
Court : Chennai
Reported in : 75ITR28(Mad)
..... in the instant reference.3. the law seems to be so well settled now that it is impossible to accept mr. thyagarajan's proposition mentioned above. section 29 of the indian partnership act, 1932, which deals with the rights of transfer of a partner's interest, lays down by its second sub-section that, if a firm were dissolved the transferee from an ..... is nothing on record to show that there was anything like an administration of the firm's assets and liabilities involving the various steps contemplated by section 48 of the indian partnership act, 1932, before the residue was divided between the sharers, and from this standpoint too, the deceased's interest in his one-fourth share in the firm's assets was ..... of each partner is, in the words of lindley : 'his proportion of the partnership assets after they have been all realised and converted into money, and all the ..... and particularly the following passage in it:'it is abvious that the act contemplates complete liquidation of the assets of the partnership as a preliminary to the settlement of accounts between partners upon dissolution of the firm and it will, therefore, be correct to say that, for the purposes of the indian partnership act, and irrespective of any mutual agreement between the partners, the share .....Tag this Judgment!