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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Page 99 of about 37,633 results (0.165 seconds)

May 10 1985 (HC)

Commissioner of Gift Tax Vs. Harinder Katyal and L/Rs. of Late Bhagwan ...

Court : Delhi

Reported in : (1986)50CTR(Del)108

..... to the benefits of partnership.(1) a person who is a minor according to law to which he is subject may not be ..... son. the position of a minor admitted to the benefits of the partnership is somewhat different to that of a person who becomes a partner. for this purpose, it is necessary to refer to some of the provisions of the indian partnership act, 1932. sec. 30 of this act can be reproduced here with advantage. it reads :'30. minors admitted ..... property. as already analysed, a minor does not become a partner. he can become a partner after the attains majority under the provisions of s. 30 of the partnership act. but, he may refuse to become a partner as he has an option. so, it cannot be said that any interest in the property of the firm ..... entitled on dissolution of the firm to a share in the surplus assets. but this is not actually a correct analysis of the partnership act. no reference was made to s. 30 of the partnership act which leaves it to the partners of the firm to decide what is the actual benefit conveyed to the minor. no doubt, if ..... did not provide for any share to the minors in the goodwill and that, in view of s. 30(2) of the partnership act, the goodwill could only be shared by the assessed 'and his major son and if at all there was a gift, gift-tax could be .....

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May 10 1985 (HC)

Commissioner of Gift-tax, Delhi-ii Vs. Harinder Singh and Virender Sin ...

Court : Delhi

Reported in : [1986]157ITR292(Delhi)

..... admitted to the benefits of partnership. - (1) a person who is a minor according to the law to which he is subject ..... sons. the position of a minor admitted to the benefits of the partnership is somewhat different from that of a person who becomes a partner. for this purpose, it is necessary to refer to some of the provisions of the indian partnership act, 1932. section 30 of this act can be reproduced here with advantage. it reads : '30. minors ..... . as already analysed, a minor does not become a partner. he can become a partner after he attains majority under the provisions of section 30 of the partnership act. but, he may refuse to become a partner as he has an option. so, it cannot be said that any interest in the property of the firm ..... entitled on dissolution of the firm to a share in the surplus assets. but this is not actually a correct analysis of the partnership act. no reference was made to section 30 of the partnership act which leaves it to the partners of the firm to decide what is the actual benefit conveyed to the minor. no doubt, ..... did not provide for any share to the minors in the goodwill and that, in view of section 30(2) of the partnership act, the goodwill could only be shared by the assessed and his major son and if at all there was a gift, gift-tax could be .....

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Jun 06 1985 (HC)

Sangeeta Prints Vs. Hemal Prints and ors.

Court : Mumbai

Reported in : 1985MhLJ413

..... sujata v. manohar, j.1. the petitioners are a partnership firm registered under the indian partnership act. the petitioner firm is a member of sidhpura co-operative industrial society. this co-operative society owns, inter alia, premises on the first ..... the code of civil procedure, 1908 is made applicable to suits and proceedings under section 41 except as otherwise provided in the presidency small cause courts act, 1882.8. hence it is necessary to examine whether under the provisions of the code of civil procedure there is any power in the court to ..... applied to the small cause court....' here also it is provided that if there are any specific provisions relating to procedure in the presidency small cause courts act, 1882 which are inconsistent with such procedure, the specific provisions will be followed. in the schedule to the rules the 1st column specifies the relevant ..... and certain licence fees and rent.' section 41 falls under chapter vii. it provides as follows :'41. (1) notwithstanding anything contained elsewhere in this act or in any other law for the time being in force, but subject to the provisions of sub-section (2), the court of small causes shall have ..... varied by rules made by the high court under this section.'the jurisdiction of the small cause court is set out in chapter iv of the said act. certain specific provisions relating to procedure in suits are set out under chapter v. chapter vii deals with 'recovery of possession of certain immovable property .....

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Jun 11 1985 (TRI)

Miss Gitaben Hasmukhlal Shah Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)14ITD77(Ahd.)

..... mind the law in force relating to the manner in which the accounts are settled between the partners on the dissolution of the firm, (iv) relevant provisions contained in the indian partnership act, 1932, as well as the manner in which the accounts are settled between the partners on dissolution of the firm, take into consideration the goodwill irrespective of the fact whether ..... has been contributed by them. the residue of the net wealth of the firm or association shall be allocated among the partners or members in accordance with the agreement of partnership or association for the distribution of assets in the event of dissolution of the firm or association, or, in the absence of such agreement, in the proportion in which ..... provisions relating to partnership interest in section 4 could only be rationalisation of the computation to make it easy and, if necessary, reduce the liability.any interpretation, therefore, of the impugned provisions of section ..... the charging and computation sections against the assessee. in other words, while the provisions of section 7 would straightaway have enabled the wto to include the market value of the partnership share in his net wealth under the normal law and without further clear directions to this effect, the quantum of such inclusion cannot be enhanced. the purpose of the specific .....

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Jul 16 1985 (HC)

Commissioner of Income-tax Vs. Vijendra Pal Singh

Court : Rajasthan

Reported in : [1987]163ITR115(Raj)

..... v. bhaskara krishnappa : [1966]3scr400 , brought out the nature of partnership clearly in thefollowing words (at p. 1303) :'from a perusal of these provisions, it would be abundantly clear that whatever may be ..... partner has a right to take any portion of the partnership property and to say that it is his exclusively. no partner has any such right, either during the existence of the partnership or (in the absence of agreement) after it has been dissolved.' 10. after referring to the provisions of the indian partnership act, 1932, their lordships of the supreme court in addanki narayanappa ..... income-tax officer was of the view that the transaction amounted to a sale of the petrol tanker by the assessee to the partnership firm and he calculated the profit to the assessee under section 41(2) of the act at rs. 10,002, which was added to the total income of the assessee. the assessee filed an appeal before the appellate ..... and the amount received by the individual from the firm was profit assessable under section 41(2) of the income-tax act ?'2. the assessee, shri vijendra pal singh of ajmer, owned a petrol tanker, which he transferred to a partnership firm in which he also became one of the partners. the value of the tanker was estimated by the assessee at .....

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Aug 13 1985 (HC)

Commissioner of Income-tax Vs. Surajbhan Om Prakash

Court : Rajasthan

Reported in : [1986]160ITR833(Raj); 1985(2)WLN5

..... by them is dated august 31, 1957. the relevant two clauses of the aforesaid partnership deed are 6 and 11 which are as follows : ' 6. that the partnership is a partnership at will. 11. that all other relations of the parties shall be governed by the provisions of the indian partnership act save and except that on the death or demise of any partner, the firm ..... shall not stand dissolved but shall remain continued by the surviving partner and the legal heirs or representatives of the deceased on such terms and conditions as may be agreed upon by them thereafter.' 3. according to clause 11 of the partnership deed, on ..... appeal. the tribunal considered the authorities cited by the assessee as well as the departmental representative. it also examined the provisions of section 42(c) of the partnership act (act no. ix of 1932) (for short ' the partnership act'). the tribunal was of the opinion that after the death of surajbhan on july 1, 1974, the old firm was dissolved and after its dissolution, a ..... with dissolution of a firms. section 42 which occurs in chapter vi relates to the dissolution on the happening of certain contingencies. the relevant portion of section 42 of the partnership act for our purpose is as follows; ' 42. dissolution on the happening of certain contingencies.--subject to contract between the partners a firm is dissolved--...... (c) by the death of a .....

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Aug 21 1985 (HC)

Addl. Commissioner of Income-tax Vs. Murlidhar and Company

Court : Rajasthan

Reported in : [1986]160ITR882(Raj)

..... in their individual capacity and were working partners. baldeo and devidas, as mentioned above, were minors and they were admitted to the benefits of the partnership under section 30 of the indian partnership act. the only other partner, namely, vasumal, was an outsider.3. the asses see-firm claimed registration for the assessment year 1968-69, which was allowed by the income ..... mannalal & co. : [1970]78itr18(sc) , which was relied upon by the appellate tribunal. it was held by their lordships ofthe supreme court in the aforesaid case that the partnership will not be invalidated merely because two or more of its partners were members of a hindu undivided family and represented the interest of the family. their lordships also observed ..... , consisting of the following partners :(1) mirchumal,(2) laxmandas,(3) udhavdas,(4) vasumal,(5) baldeo, } minors(6) devidas who were admitted to the benefits of the partnership. mirchumal entered into a partnership representing the hindu undivided family known as chanchaldas sobhrajmal, of which he was the karta. sliri laxmandas and udhavdas were major members of the hindu undivided family but ..... of a hindu undivided family is at liberty to contract with any other individual including another member of the hindu undivided family, subject to the restrictions provided by the indian contract act. this court has already taken the view, in the case relating to the assessee-firm itself for the assessment year 1970-71, that the assessee-firm was validly .....

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Aug 21 1985 (HC)

Rama Shanker Gupta Vs. Wealth-tax Officer.

Court : Allahabad

Reported in : [1986]17ITD25(NULL)

..... firm or as a member of an association of persons and the assets of such firm or association include any urban assets, then notwithstanding anything contained in the indian partnership act, 1932 (9 of 1932), or in any other law for the time being in force, the interest of the assessee in such firm or association, to ..... by the wto was erroneous insofar as it was prejudicial to the interest of the revenue, initiated proceedings under section 25(2) of the wealth-tax act, 1957 (the act). in the notice issued on 10-2-1983 under the above section, to the assessee, the commissioner pointed out two errors to the value of ..... road property of the assessee whose valuation has been taken at rs. 5 lakhs. that too is subject to exemption under section 5(1)(iv) of the act to the extent of rs. 1 lakh. in any case, additional wealth-tax is not chargeable when the value of the urban assets does not exceed rs ..... there is considerable force in the submission placed on behalf of the assessee. we will quote below the relevant portions of part i of the schedule to the act :'(2) in addition, in the case of every individual and hindu undivided family, where the net wealth the individual or hindu undivided family includes the value ..... of the commissioner was also invited to the definition of business premises appearing in rule 1 of paragraph b of part i of schedule i of the act. this contention was rejected by the commissioner in view of rule 3 of part i of schedule i thereof. we will have occasion to deal with .....

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Aug 22 1985 (HC)

L.M. D'Costa Vs. Water Pinto and Ors.

Court : Mumbai

Reported in : 1986(2)BomCR403

..... for satisfying the liabilities which were unconnected with the business of the firm. secondly, shri kurup contended that under section 47 of the indian partnership act, 1932, after the dissolution of the firm no partner could claim any part of the assets as his own. shri kurup stated that ..... is not the exclusive owner thereof. as already stated, a partner has, undefined ownership along with the other partners over all the assets of the partnership. if he chooses to use any of them for his own purposes he may be accountable civilly to the other partners. but he does not ..... of the bank of america, addressed a reminder to the income-tax officer to return the said amounts to the bank for being deposited in the partnership account of m/s. poinnari recruiting agency, from which account the two amounts had been paid.7. sometime in february 1984 the complainant filed a ..... and rs. 15,000/- with the 2nd income-tax officer, bsd (south) towards the payment of the personal liability of accused no. 1 from the partnership account of m/s. poinnari recruiting agency. thereupon the said supervisor of the bank of america sawardekar addressed a letter dated 7-4-1983 to the ..... the facts leading to the present revision application are the following :---the petitioner herein, who will hereinafter be referred to as 'the complainant', entered into a partnership agreement with respondent no. 1, who will hereinafter be referred to as 'accused no. 1, to carry on business of recruiting employees for posts in the .....

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Sep 10 1985 (HC)

income-tax Officer Vs. Sita Ram Tekriwal, Huf.

Court : Allahabad

Reported in : [1986]15ITD663(NULL)

..... : [1979]120itr49(sc) . it was held in this case :'having regard to the above discussion, it seems to us clear that a partnership firm under the indian partnership act, 1932, is not a distinct legal entity apart from the partners constituting it and equally in law the firm as such has no separate rights ..... of its own in the partnership assets and when one talks of the firms property or firms assets all that is meant is ..... refer to the deed of dissolution and in particular the following paragraph from its preamble :'whereas both the aforesaid parties were partners in a registered partnership firm known as vijai picture palace mohalla purdilpur, cinema road, gorakhpur and whereas the said firm was dissolved the firm and understood the entire account ..... rights between the partners and there is no question of any extinguishment of the firms rights in the partnership assets amounting to a transfer of assets within the meaning of section 2(47) of the act. in our view, therefore, there is no transfer of assets involved even in the sense of ..... any extinguishment of the firms rights in the partnership assets when distribution takes placed upon dissolution. (p. 59)in view of the .....

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