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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Court: chennai Year: 1960 Page 1 of about 18 results (0.040 seconds)

Jan 18 1960 (HC)

Abdul Gani Minor and ors. Vs. V.M. Periyaswami Chetty and Co.

Court : Chennai

Decided on : Jan-18-1960

Reported in : AIR1960Mad495; (1960)IIMLJ43

..... circumstances such as the position of the other partners of the firm in the business. it is therefore clear that under the limitation act the theory of an implied agency which underlies the conception of a partnership under the indian partnership act is by itself not sufficient to enable a partner to bind the other partners by an acknowledgment of a liability of the firm ..... that the creditor had notice of such a dissolution."that decision dealt with the provisions of ss. 261 and 264 of the indian contract act which subsisted before the indian partnership act. section 264 of the contract act did not contain the proviso now found in s. 45 of the partnership act. it cannot therefore be treated as an authority for deciding a case governed by the present ..... partnership act.(20) following 8 mad lj 261, we are of opinion that defendants 11 to 14 are not bound by the acknowledgment made by khader ..... to acknowledge a debt of the partnership is not one such act provided for under s. 19(2) of the partnership act. but in order to test the validity of an acknowledgment of a debt to conform, to the requirements of the limitation act one has to examine the relevant provisions of the said act. sec. 21(2) of the indian limitation act is as follows:"nothing in .....

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Apr 01 1960 (HC)

N.S.K.R. Karuppan Chettiar and anr. Vs. Ar. Vr. S. Somasundaram Chetti ...

Court : Chennai

Decided on : Apr-01-1960

Reported in : AIR1961Mad122; [1961]31CompCas378(Mad); (1961)1MLJ323

..... counsel appearing for the appellants referred to us several sections of the indian partnership. act and contended that a firm of partnership is as good as an incorporated company. we are unable to perceive the relevance of the reference to the provisions of the indian partnership act; nor can we appreciate the soundness of the contention that a ..... laws of england, vol. ii, 3rd edn. at page 150, paragraph 277, the said terms are defined as follows :'a 'banker' is an individual, partnership or corporation, whose sole or predominating business is banking, that is the receipt of money on current or deposit account and the payment of cheques drawn by ..... defendants firm it must be taken to be an implied term of the contract that the repayment of the debt was to be in india in indian currency. a point, which was stressed by the learned counsel for the appellants to substantiate the contention that the deposits were repayable only at ..... not be open to the defendant firm to insist upon paying in burmese currency at dabein in respect of a loan obtained by him in indian currency.the court can take judicial notice of the fact that the rupee in burma today is of a different value from the rupee in ..... performed.'in the present case all the contracting parties, the plaintiffs and defendants are permanent residents of india. the amounts deposited were in terms of indian currency. it is true that at the time when the deposits were made burma was a part of india. when one nattukottai chettiar lends money .....

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Dec 13 1960 (HC)

P. Chandriah Chetti and anr. Vs. Valchi Madhaviah Chetty and ors.

Court : Chennai

Decided on : Dec-13-1960

Reported in : AIR1961Mad478; (1961)2MLJ67

..... . for example, under ordinary circumstances a partner is not-charged with interest on sums drawn out by him or advanced to him.'even under our indian partnership act, as a general rule, interest on capital subscribed by partners is not allowed in taking accounts between, them unless there is an agreement or trade ..... (d) a statutory provision which entitles him to such, interest; such, for instance is the rule in clause (d) of section 13 of the partnership act, which recognises the right of a partner to charge interest on advances made by him to the firm as distinguished from capital subscriptions.13. bearing all ..... money overdrawn by partners and the practice of the courts not to charge a partner with interest in respect of monies overdrawn by him from partnership funds, or on the balance remaining in his hands, we hold that a partner should not be made liable for interest on his overdrawings. ..... provided by statute interest between partners is not allowed unless there is express stipulation, or particular course of dealing between partner as shown by the partnership books or a trade custom to the contrary. but the court allows interest on the restitution of money from the firm which has been expended ..... on 16-1-1941.the plaintiffs as representing the estate of the late voora sriramulu chetti filed the suit for taking of accounts of the partnership, which became dissolved on 31st march 1941. a preliminary decree was passed on 20-3-1945 for taking of accounts and in pursuance thereof a .....

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Feb 22 1960 (HC)

C. S. Y. Appavoo Pillai and Sons Vs. Commissioner of Income-tax, Madra ...

Court : Chennai

Decided on : Feb-22-1960

Reported in : [1961]41ITR636(Mad)

..... that business the family was assessed to income-tax under the 1918 act. in 1920 gnanadhikam, on behalf of the family, entered into a partnership with arunachalam to carry on the business of contracts, mainly contracts with the south indian railway company obtained in name of arunachalam. the family was to ..... finance the business, and, in addition to the interest on the sums advanced to the partnership, the family was entitled to a third share of the profits ..... . on the share income of these profits also the family was assessed to tax as an association of persons under the 1918 act. arunachalam died on january 5, 1927. gnanadhikam ..... provision in the document was that it should be conducted by the three members of the family lourdusami, innasimuthu and sandanasami, as constituting a partnership. this partnership took over the contracts that had been obtained by the family in the name of lourdusami. paragraph 6 of annexure 'a' provided :'further ..... points one way, that till arunachalams death there was no break in the business in contracts, the business which the family conducted in partnership with arunachalam. on arunachalams death the family succeeded to the whole of that business by arrangement with the legal representatives of arunachalam. that .....

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Jan 06 1960 (HC)

Muniyammal, Proprietrix, Salem Vs. Third Additional Income-tax Officer ...

Court : Chennai

Decided on : Jan-06-1960

Reported in : AIR1960Mad366; [1960]38ITR664(Mad); (1960)IIMLJ96

..... in which the person who applied for inspection or copies is either actually or constructively the party who made such statements.in a case of partnership or a hindu undivided family, the person who submits returns or filed statements in support thereof would have done so only as representing the other ..... whether the second respondent would be a person entitled to inspect the income-tax returns made by the deceased. there is no provision in the indian income-tax act enabling a right of inspection of the income-tax returns or statements made in respect thereof. we have already pointed out that rule 85 ..... , would be entitled to.(12) yet another contention was urged on behalf of the second respondent. reliance was placed upon s. 76 of the indian evidence act which would entitle every person, who has right to inspect a public document, to obtain copies of the same on payment of legal fees therefor. ..... the real question that had to be decided was whether those certified copies were admissible in evidence.while holding that s. 54 of the indian income-tax act did not bar the reception of the evidence, the learned judges also held that the widow of the deceased assessee was entitled to obtain ..... income-tax authorities, and that, therefore, the grant of the copies to the 2nd respondent would contravene the provisions of s. 54 of the indian income-tax act. that position is denied by the second respondent. she claims that she is also one of the legal representatives of the deceased, rangaswami naidu, .....

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Apr 05 1960 (HC)

Amrutanjan Ltd. Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Decided on : Apr-05-1960

Reported in : [1961]41ITR21(Mad)

..... manufacture and sale of amrutanjan, a pain balm. the company, the amrutanjan ltd., was formed in september, 1936, and was duly registered under the indian companies act. the business relating to the manufacture and sale of the pain balm and allied products was transferred to the company, for consideration. the authorised capital ..... the holder of an ordinary share. there was no difference in the voting powers of the preference and ordinary shareholders. the company was managed by a partnership concern. it is sufficient, for the purpose of this reference, to state that, after the death of nageswara rao the firm of partners, who ..... appeal. the following questions were, thereupon, referred for the decision of this court under section 66 (1) :'(1) whether section 23a of the indian income-tax act is intra vires ?(2) whether the serving of the orders on april 1, 1953, for the assessment years 1947-48 and 1948-49, makes them ..... mills ltd. v. commissioner of income-tax the bombay high court held that the expression 'public', in the explanation to section 23a of the indian income-tax act was used in contra-distinction to the directors, and that it could not be given its ordinary natural meaning. it was held that if ..... easter africa. the provisions of section 21 of the income-tax ordinance no. 8 of 1940, uganda were identical with section 23a in the indian income-tax act. at the relevant period, the respondent in the case held nearly 73.96 per cent. of the voting power while his brother held 25 .....

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Feb 16 1960 (HC)

Janab A. Syed Jalal Sahib (Deceased) by Legal Representative Syed Usma ...

Court : Chennai

Decided on : Feb-16-1960

Reported in : AIR1961Mad21; [1960]39ITR660(Mad); (1961)1MLJ107

..... adverted to by bajpai j. in 1940-8 itr 187 at p. 213: (air 1940 all 154 at p. 167) (fb):"the object of the indian act is to the tax in come, a term which it does not define. it is expanded no doubt into income, pfotits and gains. but the expansion is ..... a hobby, to the assessee. the assessee appeared before me and in a sworn statement declared that he owns four horses at present solely and 3n partnership with others. these horses are trained at madras and bangalore by trainers appointed by the assessee. the assessee also keeps a sort of race book showing ..... horses in those races. subsequently he acquired horses of his own which he entered for some of the races. some of these horses he owned in partnership with others. when exactly the assessee started entering his horses for races is not clear. the racing horses of course were left in charge of the ..... more a matter of words than of sub stance. income their lordships think under this act connotes periodical monetary return coming in with some sort of regularity or accepted regularity from definite sources. the source is not necessarily one which is expected to ..... certainly not elaborate. the tribunal should certainly have been aware of the difference between the several heads of income listed in section 6 of the income-tax act. these heads are mutually exclusive. the department treated the income as falling under the head "business" of which the tribunal was conscious. that was set .....

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Mar 01 1960 (HC)

Commissioner of Income-tax, Madras/Bombay Vs. Express Newspapers Ltd.

Court : Chennai

Decided on : Mar-01-1960

Reported in : [1960]40ITR38(Mad)

..... securities and as such the securities which it possessed constituted the stock-in-trade of its business. the firm had paid income-tax under the indian income-tax act, 1918. the question was whether the interest received on the securities held by the assessee formed part of the assessees business income for the purpose ..... the stock-in-trade. it was held that, where the assessee firm had paid tax on its business under the indian income-tax act of 1918, it would be entitled to relief under section 25(3) on its dissolution, and, for that purpose, the income, profits and ..... income-tax v. chugandas and co. [1960] 38 i.t.r. 688 was concerned with the interpretation of section 25(3) of the indian income-tax act in a case where the purchase or sale of securities was as much the assessees business as earning interest on the securities which constituted part of ..... invested with all the powers as such liquidator, in addition to those granted under clauses (b), (e) and (h) of section 179 of the indian companies act. one of the resolutions passed on that date stated :'resolved further that the liquidator shall not carry on business for any purpose and that the business ..... company which is struck off from the register is one which could not be found. the company, unlike a partnership, has a legal existence independent of its share-holders. in the case of a partnership, a mere dissolution of the firm cannot mean that the assessee could not be found so long as the .....

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Mar 01 1960 (HC)

V. S. P. Subramanian Chettiar Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Decided on : Mar-01-1960

Reported in : [1961]42ITR278(Mad)

..... property had been taken that excess was treated as the trading profit of the money-lending business. independent of such acquisitions of immovable property the assessee purchased in 1941, in partnership with one subramania pillai a tea estate known as cattaratenne estate. the assessee had a two-thirds share, and subramania pillai had the remaining one-third. the purchase price was ..... that finding, it explained in paragraph 6 of the statement of the case it submitted when referring the question for determination of this court under section 66(2) of the act. the tribunal stated :'it [tribunal] therefore came to the conclusion that the income arose in its business of purchase and sale of estates and was not merely an adventure in ..... commissioner and the tribunal failed and the assessment was confirmed.under the directions of this court, the tribunal referred the following question under section 66(2) of the income-tax act :'whether on the facts and in the circumstances of the case, the sum of rs. 1,10,637 being the profit realised by the assessee on the sale of his .....

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Mar 04 1960 (HC)

M.K. Krishnamurthy, Ex-proprietor, Photo Litho Press, Madras 1 Vs. Ind ...

Court : Chennai

Decided on : Mar-04-1960

Reported in : AIR1961Mad285; [1961(2)FLR94]; (1960)IILLJ430Mad; (1960)IILLJ430Mad

..... . v. labour appellate tribunal of india, 1954 ii l.l.j. 424, wherein a limited company took over the business previously run by a partnership concern as a running business and the question was whether the limited company was liable to pay bonus even tor the period before it took over the ..... discontinuance of business by the owner that would not amount to an industrial dispute as defined in the industrial disputes act.this is made clear by the decision of a bench of this court in the indian metal and metallurgical corporation v. industrial tribunal, madras : (1952)illj364mad to which one of us was a ..... of moveables can take place by delivery alone without any formal sale deed. we are thus satisfied that the grounds upon which the tribunal refused to act upon this letter are without any substance.4. in refusing to interfere with this conclusion of the tribunal, rajagopalan j. took the view that the ..... document does not specify by whom it was executed. the letter is signed by the appellant and the heading of the letter shows that he was acting in his capacity as proprietor of the photo litho press, the further criticism of the tribunal that this document does not indicate when, the sale ..... about his failure to bring about conciliation. thereupon the government of madras in exercise of their powers under section 10(1)(c) of the industrial disputes act, xiv of 1947, referred the dispute on 7-7-1953 to the industrial tribunal, madras, for adjudication. in the order of reference the dispute was .....

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