Skip to content

Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Page 96 of about 37,633 results (0.242 seconds)

Nov 06 1984 (HC)

Modern Stores Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Reported in : (1985)48CTR(AP)8; [1986]157ITR589(AP)

..... 75. on october 31, 1974, prabhakar gupta attained majority. it appears, he exercised the option under section 30(5) of the indian partnership act, 1932, to become a partner in the firm. on december 19, 1974, a fresh deed of partnership was executed among all the partners including the minor, prabhakar gupta, who attained majority. the assessee made an application for registration of ..... accounting year relevant to the assessment year under consideration and the assessee asked for the registration of the firm evidenced by the deed of partnership dated december 19, 1974. under section 185(1) of the income-tax act, 1961, the jurisdiction of the income-tax officer is limited to enquire into the genuineness of the firm and its constitution as specified ..... present case was rendered invalid. 7. for the reasons aforesaid, we hold that the assessee-firm evidenced by the deed of partnership dated december 19, 1974, is bound to be registered under section 185 of the income-tax act, 1961, and the tribunal was in error in rejecting the assessee's claim for registration. we accordingly answer the question referred ..... of the case, the assessee would be entitled to the registration under section 185 of the income-tax act particularly taking into account the provisions of section 62 of the contract act ?' sri dasaratharama reddy, learned counsel for the assessee, contended that the partnership deed executed on december 19, 1974, was perfectly valid in law, as prabhakar gupta, who attained majority .....

Tag this Judgment!

Nov 07 1984 (HC)

P. Subramaniam and anr. Vs. Reserve Bank of India and anr.

Court : Chennai

Reported in : [1985]57CompCas755(Mad)

..... by padmanabhan j., the appellants have filed these appeals reiterating the contentions which they urged before the learned judge. 3. the appellants are partners of the palghat credit corporation, a partnership firm registered under the indian partnership act, 1932. they are also shareholders and directors of palghat chit funds (p.) ltd., a company registered under the companies ..... act, 1956 (hereinafter referred to as 'the company'). the partnership firm receives deposits from and lends money to the members of the public. during financial crises of the company, the partnership firm helps it by paying money to it to discharge ..... such money has not been given by him by borrowing or accepting deposits from the members of the public. as the palghat chit funds (p.) ltd. received deposits from the partnership firm which had received deposits from the members of the public and as the amount of deposits also exceeded the limits specified in the directions, the second respondent filed c ..... the obligations of the company directly or get a credit in the books of the company. as on december 31, 1976, the company owed to the partnership firm a sum of rs. 24,43,601.87 which stood reduced to rs. 6,40,000 as on may 31, 1979. the money advanced by the .....

Tag this Judgment!

Nov 22 1984 (HC)

Commissioner of Income-tax Vs. Udayalaxmi Hardware Stores

Court : Andhra Pradesh

Reported in : [1990]183ITR159(AP)

..... . the gauhati high court has taken a similar view in mahabir prasad kishanlal and co. v. cit . it was held that, where an agreement of partnership was contrary to the relevant provisions of the indian contract act and the indian partnership act and was, therefore, invalid, the income-tax officer had jurisdiction to cancel the registration of the firm, once granted, under section 186(1) of ..... the act. it would be seen that the facts in mahabir prasad kishanalal's case are identical with the facts in the assessee's case. we may ..... the act to cancel the registration already granted to the firm for the assessment year 1972-73. in view of the cancellation of registration for the assessment year 1972-73 ..... as narasimha rao, who was a minor on the date when the partnership deed was executed, was described as a major and was a party to the agreement of partnership and the said minor was also burdened with losses, contrary to the provisions contained in section 30 of the partnership act. the income-tax officer has rightly invoked the provision of section 186 of .....

Tag this Judgment!

Nov 28 1984 (TRI)

income-tax Officer Vs. United Trading Co.

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1985)14ITD373(JP.)

..... ). thus, there is no partner remaining, who could issue or the dead partner cannot issue any such a situation, section 42 of the indian partnership act, clause (c) would come into play, which provides for the dissolution of the firm by the death of a partner. since the partners have died ..... of the firm. according to this report, only business seems to have been discontinued. shri ruhela relied on the provisions of section 47 of the indian partnership act, 1932, as also the ratio of judgment in laxminarayan sawalram v. dwarkaprasad rudmal air 1964 mp 55 that till the firm is fully dissolved and ..... dissolution of the firm, which firm has been constituted by the partners as at will, is provided for in section 43 of the indian partnership act. according to this section, a partnership at will can be dissolved by a notice served by a partner or another partner. in the instant case, the partner, who ..... firm shall be deemed to be in existence.4. on behalf of the assessee, shri choudhary, the learned representative for the assessee, submitted that the partnership was at will and the partners died. this fact has not been disputed. there were only four partners, two of whom retired and there were ..... -10 years from the date of the auction. it could, therefore, be construed that only the firm had discontinued its business, but that the partnership stood dissolved on the death of the partners.the commissioner (appeals) on these facts came to the conclusion that provisions of section 189 were not .....

Tag this Judgment!

Nov 29 1984 (HC)

Commissioner of Income-tax, Andhra Pradesh Vs. Phabiomal and Sons

Court : Andhra Pradesh

Reported in : [1986]158ITR773(AP)

..... order in writing refusing to register the firm.' 6. 'firm', 'partner' and 'partnership' are not defined under the income-tax act. but, sub-section (2) of section 2 says that they have the same meaning as assigned under indian partnership act. 7. section 4 of the partnership act defines 'partnership' as : ''partnership' is the relation between persons who have agreed to share the profits of a ..... is seen from this definition that partnership involves an agreement to carry on business. the expression ..... business carried on by all or any of them acting for all.' 8. it ..... the activity is not a business activity. the tribunal held to the contra observing that it comes under 'occupation' within the meaning of section 2(b) of the partnership act. on a reference, it was held by the madras high court that the activity of taking premises on lease, putting up constructions as annexe thereto and letting them out .....

Tag this Judgment!

Dec 05 1984 (HC)

Additional Commissioner of Income-tax Vs. Emery Stone Mfg. Co.

Court : Rajasthan

Reported in : (1985)47CTR(Raj)204; [1985]153ITR150(Raj)

..... ceasing to be partners or one or more new partners being admitted. it deals with cases of retirement of partners and introduction of new partners but the firm under the indian partnership act would continue in such a case. therefore, all that section 187(2) points out is that with the retirement of one or more of the partners, so long as one ..... relevant previous year. on those facts, it was held (p. 526) :' ......that section 187 applies only where a firm is reconstituted in accordance with sections 31 and 32 of the indian partnership act, namely, when a new partner is taken or an existing partner retires with the consent of all the partners or without their consent if the contract of ..... for mr. n. p. gupta, learned counsel for the asses-see-firm.6. the partnership deed dated april 12, 1965, inter alia, provides that the partnership shall be 'at will'. clause (15) of the partnership deed dated april 12, 1965, is as follows :'(15). the provisions of the indian partnership act, 1932, and the statutory modification thereof shall govern the relationship between the partners on the ..... matters not provided for in these presents.'7. section 42 of the partnership act deals with dissolution on the happening of certain contingencies. the relevant part of section 42 is as follows :'section 42. dissolution .....

Tag this Judgment!

Dec 07 1984 (HC)

Commissioner of Income-tax Vs. Narang Dairy Products

Court : Allahabad

Reported in : (1985)49CTR(All)311; [1986]159ITR243(All); [1985]22TAXMAN286(All)

..... (mad) , it was held that in order to find out whether a firm could come into existence, it is necessary to look only to the provisions of the indian partnership act, 1932. it is that act which regulates the constitution or creation of thefirm. one of the conditions necessary for the constitution of a firm is that there must be business carried on by ..... counsel for the revenue that the assessee was not a genuine firm in the assessment year 1971-72, based on section 4 and explanation 1 to section 6 of the partnership act, cannot, therefore, be appropritely gone into in this reference.14. the question which, therefore, really arises for our consideration is whether the assessee which continued to be a genuine firm ..... year. as regards the income received by the assessee from leasing out the milk spray plant, reliance was placed by sri katju on explanation 1 to section 6 of the partnership act which provides that sharing of profits or gross returns arising from property by persons holding a joint or common interest in that property does not of itself make such persons ..... this connection, he placed reliance on section 2(6b) of the old act [corresponding to section 2(23) of the 1961 act] which provides that 'firm', 'partner' and 'partnership' have the same meanings respectively as in the partnership act. he also placed reliance on section 4 of the partnership act which, inter alia, provides that ' partnership ' is therelation between persons who have agreed to share the profits of .....

Tag this Judgment!

Dec 18 1984 (TRI)

income-tax Officer Vs. Swashraya

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)12ITD218(Ahd.)

..... revenue before us and very forcefully argued by shri malik, loses sight of the basic issue relating to the obligation of the trustees under the indian trusts act and the rights and obligations of a partner under the indian partnership act, 1932. the concept of dual capacity is well recognised in the case of cit v. bagya-lakshmi & co. [1965] 55 itr 660 ( ..... regarded as an illegal partnership at all. in the present case, registration was granted earlier and it was continued for the subsequent ..... form the partnership. for the purposes of registration, the capacity in which a person becomes a partner in a firm is of no significance, even if that is of importance for the purposes of assessment. under section 4 of the indian partnership act, there is no impediment for the constitution of a partnership by representatives of persons acting for them. such a partnership cannot be ..... of the trusts in a particular case. this section itself provides by way of exceptions for delegation of specific powers in appropriate case. section 20 of the indian trusts act also does not apply. the partnership by itself, therefore, cannot be held as illegal, opposed to public policy or in any way contrary to law. registration has, therefore, to be granted .....

Tag this Judgment!

Dec 19 1984 (TRI)

income-tax Officer Vs. Maleh Narasimhaiah Setty

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)12ITD55(Hyd.)

..... ). in these circumstances to import the definition of the word 'person' occurring in section 3(42) of the general clauses act, 1897, into section 4 of the indian partnership act will, according to lawyers, english or indian, be totally repugnant to the subject of partnership law as they know and understand it to addanki narayanappa v. bhaskara krishnappa air 1966 sc 1300, 1303 the ..... view taken by this court accords with the position above stated. the necessary inference from the premise that a partnership is only a ..... english lawyers do not recognise a firm as an entity distinct from the members composing it. our partnership law is based on english law and we have also adopted the notions of english lawyers as regards a partnership firm. the life of the indian law of partnership depends on its own terms although habitually courts, as a hangover of the past, have been referring ..... court : it is clear from the foregoing discussion that the law, english as well as, indian, has, for some specific purposes, some of which are referred to above relaxed its rigid notions and extended a limited personality to a firm. nevertheless, the general concept of a partnership, firmly established in both systems of law, still is that a firm is not an .....

Tag this Judgment!

Dec 21 1984 (HC)

Arunachalarn and Co. and ors. Vs. M. Sadasivarn

Court : Chennai

Reported in : AIR1985Mad354

..... dissolution of partnership and in the end dispraised the appeal.5. the defendants have filed the second appeal and a ..... this court was not raised during the trial of the suit. in appeal, learned appellate judge has dealt with the question as to whether the suit for dissolution of the partnership is not maintainable in view of sec. 43 of the indian partnership act, which requires a notice of dissolution.7. it should be noted that the prayer for dissolution of the ..... and granted preliminary decree in favour of the plaintiff for dissolution of partnership and accounting.4. in appeal the learned appellate judge, concurred with the findings of the trial court that the plaintiff has not retired from the partnership and also held that want of notice linder s, 43 of the indian partnership act will not be a bar for maintainability of a suit for ..... partnership is only an alternative prayer in the plaint. further the question whether the partnership is a partnership at will has not been adverted to. the appellate court has proceeded on the basis that the partnership is a partnership at will. the two .....

Tag this Judgment!

Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //