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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Year: 1973 Page 12 of about 140 results (0.067 seconds)

Oct 16 1973 (HC)

Smt. Nripendrakumari Bhandari Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Oct-16-1973

Reported in : [1976]105ITR158(Mad)

..... from outsiders at the rate of 7 1/2 per cent. interest which is the rate of interest that was paid to the minors. under section 13(d) of the partnership act a partner making for the purpose of the business any payment or advance beyond the amount of capital he has agreed to subscribe is entitled to interest thereon at the ..... ) of the indian income-tax act, 1922. considering the matter from the first principles and without reference to any authority, the learned judges felt that the right to receive the interest was the consequence of the membership of the wife in the firm or the admission of the minors to the benefits of the partnership, that section 13(d) of the partnership act having provided ..... the benefits of the partnership even when the firm was constituted, section 64(ii) of the act of 1961 had no application in her case and that the interpretation placed by the supreme court in commissioner of income-tax v. sodra devi : [1957]32itr615(sc) on the corresponding provision in section 16(3)(a)(ii) of the indian income-tax act, 1922, to the ..... effect that the expression 'individual' does not include the female of the species should continue to apply to a firm which had come into existence prior to the commencement of the act of 1961. alternatively, it was contended by the assessee that the interest portion of the income of the two minors received from the partnership .....

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Oct 18 1973 (HC)

Commissioner of Income-tax Vs. H.C. Gupta

Court : Allahabad

Decided on : Oct-18-1973

Reported in : [1975]100ITR244(All)

..... arisen in the following circumstances: 3. the assessee, h. c. gupta, was a partner in kailash motors, having 35% share therein. in the accounts of the partnership firm a credit balance of rs. 26,250 stood in favour of the assessee on july 31, 1959. on that date, h. c. gupta transferred his share ..... resulted in a capital gain to h. c. gupta to the extent of rs. 13,750. he, accordingly, taxed him under section 12b of the indian income-tax act, 1922. the assessee went up in appeal. the appellate assistant commissioner allowed the appeal holding that the transaction had caused not a capital gain to the ..... view. any order passed under the gift-tax act in the case of one assessee will not be binding on the income-tax officer while taking assessment proceedings against another' assessee even though the transaction giving ..... to tax by the income-tax officer under section 12b of the income-tax act in assessment proceedings against the assessee, h. c. gupta. in our opinion, the tribunal has committed a clear error of law in taking such a ..... have applied the principle of res judicata in non-suiting the department and held that the decision of the gift-tax officer under the gift-tax act was final and binding on the income-tax authorities in respect of the interpretation or effect of the transaction of exchange which had been brought .....

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Oct 20 1973 (HC)

Additional Commissioner of Income-tax, Kanpur Vs. Uttam Kumar Promod K ...

Court : Allahabad

Decided on : Oct-20-1973

Reported in : [1974]97ITR730(All)

..... thus not parties to this document. in our opinion, the minors cannot be admitted to the benefits of partnership unless they are parties to the agreement through their guardians. section 30(1) of the indian partnership act says that a minor may not be a partner in a firm, but, with the consent of all the ..... partners for the time being, he may be admitted to the benefits of partnership. sub-section (5) of the section provides that a minor ..... losses.'the supreme court further observed :'it follows from the above discussion that as long as a partnership deed does not make a minor full partner, a partnership deed cannot be regarded as invalid on the ground that ..... full partners or does it only confer benefits of partnership on them ?(2) is any clause of the deed void ?'the observation of the supreme court is in the following terms :'first it is clear from sub-section (2) of section 30 of the partnership act that a minor cannot be made liable for ..... partners. in our opinion, any agreement in which the minors are not parties cannot be validly made to admit the minors to the benefits of partnership under section 30 of the act. the same view was taken by this court in hardutt ray gajadhar ram v. commissioner of income-tax [[1950] 18 i.t.r. .....

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Oct 31 1973 (HC)

Controller of Estate Duty Vs. Smt. Shanta Ben Mani Lal Patel

Court : Rajasthan

Decided on : Oct-31-1973

Reported in : [1975]100ITR229(Raj); 1973()WLN722

..... was not correct, the tribunal might have indicated as to on what basis, it concluded, that the entire assets and liabilities were taken over by the partnership firm. in our opinion, the present case is governed by the fourth proposition of law laid down in scindia steam navigation company ltd.. the learned ..... conclusion reached by the tribunal on the first part of the second question, namely, on the ground that there was no evidence to show that the partnership firm inherited all the assets and liabilities of the sole proprietary concern of the deceased, manilal. in commissioner of income-tax v. sri meenakshi mills ..... on the legality of the conclusion reached by the tribunal. in particular, the learned counsel urged that there was no evidence to show that the partnership firm which came into being in 1953 had inherited all the assets and liabilities of the sole proprietary concern of the deceased and, therefore, in ..... as fair and reasonable. on the point of rs. 29,322 the tribunal held that since the whole of the refund amount was kept in the partnership business one-fourth share of this amount fell to the share of the other partner, namely, purshottamdas patel, and, therefore, the whole amount could not ..... it is for the person who has applied for a reference to challenge these findings first by an application under section 66(1) of the indian income-tax act, 1922. if he has failed to file an application under section 66(1) expressly raising a question about the validity of the findings of .....

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Nov 02 1973 (HC)

Bhagwanji Devraj Vs. the Union of India (Uoi) and anr.

Court : Gujarat

Decided on : Nov-02-1973

Reported in : (1975)16GLR357

..... or more partners is joint or several liability of each all of the partners. the analogy advanced by mr. shah clearly militates against the provisions of section 25 of the indian partnership act and cannot, therefore, be accepted.14. the next argument which mr. shah has raised before me is that rule 443 is penal in character and that, therefore, it should be ..... oil mills. that proposition submitted by mr. shah is quite correct. however, the liability of a partner must be determined in light of the provisions of section 25 of the indian partnership act to which i have referred earlier. it may be noted at this stage that the petitioner has not ceased to be a partner of shakti oil mills.13. the next ..... of the telephone installed in the name of the firm. the analogy which mr. shah has given does not hold good on account of provisions of section 25 of the indian partnership act. personal liability of a partner is not the liability of all the partners constituting the firm. what section 25 provides is that the liability of a ..... the privy council in bhagwanji a for goculdas v. alembic chemical works co. ltd. and ors. . it has been laid down by the privy council in that decision that a partnership firm, under the indian partnership act, possesses a distinct personality. that observation has been made by the privy council in the context of change in the constitution of the .....

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Nov 09 1973 (HC)

Controller of Estate Duty Vs. N.A. Merchant

Court : Gujarat

Decided on : Nov-09-1973

Reported in : [1975]101ITR270(Guj)

..... reassessment must be reflected in the individual assessment of the partner because of the allocation of the share of the profits or the income of the partnership to a particular partner concerned and to the extend to which any rectification became necessary in the assessment of the partner for the relevant year, ..... decisions up to that date : 'where the income-tax officer validly initiates reassessment proceedings by issuing a notice under section 34(1)(a) of the indian income-tax act, 1922, in respect of a particular item he can, during the reassessment proceedings, deal with all items falling under clause (a) though they may ..... and approving their own earlier decision in income-tax officer v. s. k. habibullah held that there was nothing in section 35(5) of the indian income-tax act, 1922, to show that completed assessment of a partner in a firm must take place after april 1, 1952, i.e., the date on ..... a completely new power was conferred on the controller by section 59 and it is comparable to the power conferred by section 34 of the indian income-tax act 1922, which shows that there is a vast distinction between the remedies provided by the old section 62 and the new remedy provided by ..... ., delivering the judgment of the supreme court, has pointed out the scope and nature of the power of reassessment under section 34 of the indian income-tax act, 1922. it is not necessary for the purpose of appreciating these observations to refer to the facts of that particular case but it was .....

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Nov 15 1973 (HC)

M.S.M. Ratnaswami Nadar Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Nov-15-1973

Reported in : [1975]100ITR669(Mad)

..... to this object we have to consider the meaning of the word' adequate consideration' in the provision. the word 'consideration' has not been defined in the act. the indian contract act defines 'consideration' as : 'when, at the desire of the promisor, the promisee or any other person has done or abstains from doing, or does, ..... of the deeds the match factory buildings leased out to everest match factory were settled on jayaprakash and natesan. these minors leased the premises to the same partnership for an annual rent of rs. 6,000. the value of the properties so settled amounted to rs. 1,38,000. by the other deed, ..... . he was carrying on business at kovilpatti under the name and style of meenakshi match factory. he had also leased out certain factory buildings to a partnership firm called everest match factory on an annual rent of rs. 6,000. the assessee's capital in the books of meenakshi match factory as on ..... under the deedsdated february 5, 1956, was liable to be included in the total income ofthe assessee under section 16(3)(a)(iv) of the indian income-tax act, 1922,in respect of the assessment years 1961-62 and 1962-63 ?' 7. it has been found that the settlement deeds were irrevocable, that ..... the income-tax officer accepted the settlements as irrevocable and genuine and did not apply the provisions of section 16(3)(a)(iv) of the indian income-tax act, 1922. 3. for the assessment years 1959-60 and 1960-61, the income-tax officer included the income from these properties as the income .....

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Nov 16 1973 (HC)

Nahar Hirasingh and ors. Vs. Mst. DukalhIn and ors.

Court : Madhya Pradesh

Decided on : Nov-16-1973

Reported in : AIR1974MP141; 1974MPLJ257

..... land' has expressly been excluded. for instance, entry no. 6 is as follows: 'transfer of property other than agricultural land ............' entry no. 7 is as follows:'contracts, including partnership, agency contracts of carriage, and other special forms of contracts, but not including contracts relating to agricultural land.' no such exception was expressly mentioned in entry no. 5 because this ..... but, if the land tenure legislation itself makes the personal law of the parties applicable in that event certainly the hindu succession act, 1956, or any other personal law, such as the moham-madan law or the indian succession act, 1925, will be applicable.23. the real difficulty that we are finding in accepting the view of the division bench of ..... , in our opinion, this is the only rational line of reasoning, which will harmonise the different statutory provisions avoiding any conflict. there is a presumption that the legislatures act within their power may be either the state legislature or the parliament and the presumption is against the unconstitutionally. therefore, although some doubt may have been thrown on the ..... , whatsoever, or if such legislation specifically makes the personal law of the parties applicable to devolution of agricultural tenures; in that event the provisions of the hindu succession act, 1956, will be applicable to bhumiswamis who are hindus and as regards the other bhumiswamis having different personal laws, their personal law will be applicable to them as .....

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Nov 16 1973 (HC)

Gopi Krishan Khanna and ors. Vs. Kailash Wati and ors.

Court : Delhi

Decided on : Nov-16-1973

Reported in : AIR1975Delhi38

..... civil proceeding which was instituted or commenced in any court before the commencement of this act unless such appeal satisfies the provisions of that clause as amended by this act,'7. mr. vohra, learned counsel for the petitioners contended that suit no. 259/1949 for dissolution of partnership and rendition of -accounts -wag instituted before the commencement of the constitution and the ..... day. the federal court was authorised in addition to the jurisdiction conferred on it by the government of india act 1935, and the federal court (enlargement of jurisdiction) act no. i of 1948 to have the same jurisdiction to entertain and dispose of indian appeals and petitions as his majesty in council has by virtue of his majesty's prerogative or otherwise, ..... before the appointed day were to stand transferred to the federal court and to be disposed of by it in the exercise of the jurisdiction conferred on it by this act. 5. on 26th january, 1950, the constitution of india came ..... immediately before the appointed day. all proceedings in respect of any indian appeals pending be fore his majesty in council immediately .....

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Nov 17 1973 (HC)

Ramdas Khimji Brothers Vs. Commissioner of Income-tax, Bombay City I

Court : Mumbai

Decided on : Nov-17-1973

Reported in : [1974]97ITR361(Bom)

..... on which tax was at any time charged under the provisions of the indian income-tax act, 1918 (7 of 1918), is succeeded in such capacity by another person, the change not being merely a change in the constitution of a partnership, no tax shall be payable by the first mentioned person in respect of ..... the son transferred the business to a limited company, and for the assessment year 1948-49, he claimed relief under section 25 (4) of the indian income-tax act, 1922 and the question which arose was, whether on the facts stated above, there was a succession to the business within the terms of the said ..... facts and in the circumstances of the case, the firm of m/s. ramdas khimji bros. was entitled to relief under section 25 (4) of the indian income-tax act, 1922, in respect of the profits from its business for the period from october 1, 1951, to december 28, 1951, relevant to the assessment year 1953 ..... partners as a proprietary concern. 2. the said firm of ramdas khimji bros. claimed to be entitled to relief under section 25 (4) of the indian income-tax act, 1922, in respect of the profits from its business for the period from october 1, 1951, to december 28, 1951, the relevant assessment year being ..... the income from which had been charged to income-tax under the indian income-tax act of 1918. it was first charged to super-tax in 1920-21. the constitution of that firm was changed from time to time and some of the partnership deeds relating to the name are on record. on 11th december, .....

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