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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Page 94 of about 36,012 results (0.142 seconds)

May 31 1984 (TRI)

D.M. Ghia Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD163(Mum.)

..... been drawings by a partner beyond the credits, it has to be treated as borrowals only. he relies on section 11 of the indian partnership act, 1932 and clause 9 of the partnership deed. now the issue is not, for the present, whether this represents borrowal or not. the issue is : from where the ..... the decision cited, therefore, need not be considered in detail.24. shri doshi has also made a reference to section 11 of the partnership act. this section merely states that the partners may determine their rights and duties for contract. this is also not very relevant. neither is clause 9 ..... observed : the first thing that we must grasp is that a firm is not a legal person even though it has some attributes of personality. partnership is a certain relation between persons, the product of agreement to share the profits of a business. 'firm' is a collective noun, a compendious expression ..... has been treated somewhat like a current account. his income receipts are credited in that account. so too his drawings and payment of taxes. the partnership deed did not stipulate that partners would be debited with interest.nevertheless, interest has been charged on the debit balances. the accounting years are the ..... would be how the receipts which are credited to his account is to be treated we are of the opinion that section 60 of the indian contract act, 1872, containing the rules of appropriation would be applicable. this section says that where the debtor has omitted to intimate and there are no .....

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Jun 07 1984 (TRI)

PremnaraIn Praveenkumar Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)10ITD272(Kol.)

..... between partners of a firm ... on the dissolution of a firm ....8. the provisions pertaining to the settlement of accounts amongst the partners are contained in section 48 of the indian partnership act, 1932. the said section reads as follows : 48. mode of settlement of accounts between partners.-in setting the accounts of a firm after dissolution, the following rules shall, subject to ..... capital, the balances of capitals remaining unpaid must be treated as so many losses to be met like other losses.the above scheme, as contained in section 48 of the partnership act was also considered by their lordships of the hon'ble supreme court in the case of addanki narayanappa v. bhaskara krishnappa air 1966 sc 1300.their lordships explained the scheme ..... among the partners in the proportions in which they were entitled to share profits.the above section is modelled on the pattern of section 44 of the partnership act, 1890, of the united kingdom. lindley on partnership has explained the above scheme of settling the accounts amongst the partners in the following words : it follows from the rules contained in the above section ..... thrown into the partnership by the partners get merged together and lose their identity, yet all the same, the assets as a whole do belong to the partners. in computing the net wealth of the firm by reference to rule 2 of the wealth-tax rules, if a partner qualified for any of the exemptions provided under the act, such exemptions must .....

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Jun 22 1984 (HC)

Commissioner of Income-tax Vs. P.M. Syed Mohammed Kannu and Co.

Court : Kerala

Reported in : [1984]149ITR441(Ker)

..... conclusive. 7. before examining this contention and the decision cited in support thereof, it will be useful to refer briefly to some of the provisions of the partnership act. under section 4 of the act, partnership is a relation betweenpersons arising from agreement or contract. section 6 provides that in determining whether a group of persons is a firm or not, regard shall be ..... death of a partner or by the adjudication of a partner asinsolvent (section 42). 9. under section 11 of the contract act, a minor's contract is void. section 30of the partnership act, however, permits a minor being admitted to the benefits of partnership. there is probably some anomaly in fitting a minor, incompetent to contract, into a scheme of things which essentially rests ..... a commonplace that a minor can never become a partner but he can be admitted to the benefits of a partnership, and section 30 of the partnership act regulates the rights of a minor who has been admitted to the benefits of a partnership, and broadly speaking the rights of a minor, when he attains majority, are that ho has the option either to ..... by this court in krishna & bros. : [1968]69itr135(ker) , an an arrangement for making the minor's share liable for losses, a course permissible under section 30(3) of the partnership act, and. distinct from making him personally liable. 17. chhotelal ratanlal v. rajmal milapchand, air 1951 nag 448, only laid down that no .....

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Jun 27 1984 (HC)

Madhukantaben Nagindas Sheth Vs. Arvindlal Kantilal and Co. and ors.

Court : Gujarat

Reported in : (1985)2GLR1169

..... matter of fact, such a wider question was not put before the said court. apart from that, a reference may be made in this connection to section 42 of the indian partnership act, 1932 which provides for dissolution on the happening of certain contingencies. one of such contingencies is that a firm is dissolved by the death of a partner subject to contract ..... was made to sundarlal haveliwala v. smt. bhagwati devi and ors. : air1967all400 of the judgment it has been observed as under:13. a perusal of section 39 onwards of the partnership act makes it clear that even after dissolution the partners are called partners though they are partners of the dissolved firm. for example, section 46 lays down that:on the dissolution ..... their representatives according to their rights.similarly the partners of the dissolved firm are referred to as partners in sections 47 to 55 of the partnership act. consequently, the word 'partner' used in clause 9 of the partnership agreement in question must be given the same meaning and this clause shall govern partners even after the dissolution of the firm and disputes among ..... will it is open to partner even if there is no dispute between the partners whatsoever to dissolve the firm by virtue of section 43 of the partnership act. in the present case the facts are different. the question whether a partner has a right to dissolve the firm is; or is not covered by an arbitration clause is .....

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Jul 04 1984 (HC)

Porbandar Commercial Cooperative Bank Ltd. Vs. Bhanji Lavji and ors.

Court : Gujarat

Reported in : AIR1985Guj106; (1985)1GLR49

..... from the liability in view of the fact that the partner who signed the surety bonds could not bind the other partners in view of section 19 of the indian partnership act. hence the partnership firms, opponents-original defendants nos. 2 and 3 were exonerated from their liabilities. the tribunal further held that in that case there was no evidence of ratification by other ..... for full amount was passed against all partners of the firm as sureties. the tribunal has exonerated the rest of the partners in the light of s. 19 of the indian partnership act. still however, the award passed by nominee's court against partners who actually signed the bond was also set aside by the tribunal. mr. desai seeks restoration of that limited ..... the claim even if the other partners of the concerned firms might get exonerated because of the finding reached by the tribunal in the light of section 19 of the indian partnership act. mr. desai further submitted that in seeking decrees personally against the signatories of the surety ship agreement, no new case is being made out as from the very beginning the ..... business firm caring on commercial activities. in that view of the matter section 19 cannot be pressed in service by mr. desai for the petitioner-bank. section 22 of the indian partnership act also cannot be of much assistance to mr. desai for the petitioner-bank for the simple reason that it is merely a procedural provision which shows how a partner can .....

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Jul 06 1984 (TRI)

Ahmed HussaIn Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)10ITD525(Hyd.)

..... section 187(1) as interpreted by us ... (p. 492) the aforesaid observations themselves are clear that where there is a dissolution of the firm because of the provisions of the indian partnership act, the income of the different periods has to be assessed separately. so, we come to the conclusion that on facts, there has been a dissolution in the present case by ..... representative was that this subsequent deed cannot play a part in determining whether there was dissolution or not of the earlier firm.under the provisions of section 42 of the indian partnership act, 1932, in the absence of an agreement to the contrary, a firm will dissolve on the death of a partner. such agreement has to be between the erstwhile partners while ..... the provisions of section 42. however, the provisions of section 42 are not the only provisions under which a partnership can be dissolved. the provisions relating to dissolution of partnership start with the provisions of section 39 and section 40 of the indian partnership act expressly provides that a firm may be dissolved with the consent of all the partners or in accordance with a ..... contract between the partners. the statement in the instrument of partnership dated 10-1-1981 by sakeena bee and khairunnisa begum, the two surviving partners, that by mutual agreement the .....

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Jul 17 1984 (HC)

Commissioner of Income-tax Vs. Phair Laboratories

Court : Kerala

Reported in : [1985]154ITR141(Ker)

..... a minor had been admitted as a full partner in violation of the principle embodied in section 11 of the indian contract act, 1872 (act 9 of 1872), and section 30 of the indian partnership act, 1932. no registration, he says, could have been granted on the strength of such instrument. such a firm ..... who was admitted as a full partner, and not merely to its benefits as permitted under section 30 of the indian partnership act, 1932, such instrument is not valid for the purpose of registration under the act and any registration granted on that basis is liable to be cancelled. see cit v. dwarkadas khetan & co ..... is not a genuine firm. he, therefore, contends that the law does not countenance the continuance of an invalid registration founded on an invalid instrument of partnership and, accordingly ..... of cyriac. the officer who granted registration was apparently fully satisfied as to the existence during the relevant previous year of a genuine partnership consisting of well qualified major partners with their shares clearly specified in the instrument. the mere fact that cyriac was not a major ..... as to the ambit of the power under section 186 of the i.t. act, 1961 (the 'act'), and they were accordingly referred to a full bench.3. the assessee is a firm of seven partners. the partnership is evidenced by an instrument dated december 10, 1963. the object of the .....

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Jul 20 1984 (HC)

Narnauli Jewel Corporation Vs. Commissioner of Income-tax

Court : Rajasthan

Reported in : [1987]163ITR293(Raj)

..... tribunal had material and evidence on record to hold that smt gyan devi did not consent under section 13 of the contract act to become a partner and the appellant firm did not exist under section 6 of the indian partnership act ? 4. whether in view of the individual assessment of smt. gyan devi, s. v. s. chandra mohan and bal krishan, the learned ..... the business conducted through some person employed by the partners or someone authorised by them. the income-tax authorities should not have misconstrued the provisions of the partnership deed upon irrelevant considerations. correct it is that mere registration of a firm under the partnership act will not entitle the firm, as of right, to be registered under section 185 of the income-tax ..... act, 1961, because the question of tax is involved. the income-tax authorities are of course expected to take into consideration the facts and circumstances of a given case ..... assessee-firm submitted on application to the income-tax officer in form no. 11 on december 26, 1967, for granting registration under section 184 of the act. the application was accompanied by the original partnership deed and was found technically complete in all respects.5. during the course of assessment proceedings, the income-tax officer wanted to ascertain the genuineness of the .....

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Jul 28 1984 (TRI)

Sri Ganganagar Fertilizer Corpn. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1985)13ITD467(JP.)

..... the firm is postulated in section 14 and also referred to section 15 regarding application of property in the firm. they also referred to sections 19 and 22 of the indian partnership act. they observed that unless contrary intention appears among the partners, the firm's property shall remain with the firm. in the light of the above they considered that since there ..... by the partners and in respect of house property exemption under section 33(1)(n) wherever admissible shall be allowed. shri saraf argued that sections 14 and 15 of the indian partnership act clearly give the powers to the partners as to what is to be treated as the firm's assets or the firm's property. the provisions of sections 14 and ..... co-owners in respect of income from such properties. in between they also considered the requirement of section 17(1)(b) of the indian registration act and remarked that such instrument must need registration. the important sections as per the indian partnership act binding the partners, vis-a-vis, the property under sections 14 and 15 are sections 19 and 22. section 14 details with ..... by the learned authorised representative on behalf of the assessee that section 40 of the indian partnership act, 1932 provides what would be the property of the firm and section 15 of the indian partnership act provides what is the application of the property of the firm. it is argued that the partnership property and its application is, therefore, subject to contract between the partners and it .....

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Jul 30 1984 (HC)

Raj Construction Co. Vs. Additional Commissioner of Income-tax

Court : Rajasthan

Reported in : (1985)49CTR(Raj)348; [1986]157ITR734(Raj)

..... the proportion in which the three adult partners were to share the losses. there was, of course, a clause providing that the partnership was according to the stipulations in the deed and according to the provisions of the indian partnership act, 1932. the question for consideration before their lordships of the supreme court was whether the firm was entitled to registration under section ..... 26a of the 1922 act. the principle enunciated in the case was that the income-tax officer before allowing the application for registration under ..... (sc) and relied on hyderabad stone depot's case : [1977]109itr686(ap) and held that there was no infirmity in the partnership nor was there any violation of any of the provisions of section 26a of the indian income-tax act, 1922. consequently, registration was granted. at the instance of the commissioner, the matter was referred for the opinion of the high ..... was drawn up on october 1, 1958, whereunder some minors, who had been admitted to the benefits of partnership, became partners. the assessee-firm filed an application for the registration of the firm under section 26a of the indian income-tax act, 1922, on january 20, 1959. the application contained the names of the partners and the minors who had been .....

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