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

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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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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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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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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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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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 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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Oct 12 1960 (HC)

M.K. Sivagaminatha Pillai Vs. Nataraja Pillai and ors.

Court : Chennai

Decided on : Oct-12-1960

Reported in : AIR1961Mad385; (1961)2MLJ1

..... and his mother kuppammal were trading as partners under the name and style of 'm.k. sivagaminathan' in princess street, bombay. defendants 1 and 2 were carrying on business in partnership in colombo under the name and style of 'jayalakshmi and co.' defendants 1 and 2 borrowed from the plaintiff several sums under hundis drawn on the defendants and made, payable ..... thirty days after sight to the order of the indian overseas bank ltd, colombo. defendants 1 and 2 accepted to pay the amount due under those hundis but failed to pay when they were presented to them on the due ..... 705. the first defendant had filed an affidavit praying for leave to appear and defend the action that statement he denied that he was carrying on business in partnership with the second defendant and contended that he was not aware whether the bills were duly accepted and that there was no consideration for acceptance of the bills. the leave .....

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Sep 08 1960 (HC)

G. R. Ramachari and Co. Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Decided on : Sep-08-1960

Reported in : [1961]41ITR142(Mad)

..... be ascertained and divided among the various partners. on this basis, the department held that this difference of rs. 8,715 represented the profits of the partnership and made the assessment accordingly. in appeal the appellate assistant commissioner confirmed took over the stock in hand it was not equivalent to the taking over of ..... over the entire stock and continued to run the business on his own, is not relevant at all, when we consider the profits or losses of the partnership which has come to an end. it should, therefore, follows that in order to arrive at the correct picture of the function, the valuation of the ..... in the course of the account year from april 13, 1944, to april 12, 1945, disputes arose between the partners which led to the dissolution of the partnership. it resulted in the accounts being taken in respect of the madurai shop from april 13, 1944, to july 7, 1944, and the accounts of the bombay ..... put in issue only its assess ability in law on a true construction of section 4 (1) (b) and section 14 (2) (c) of the act.'this decision is important for the purpose of showing the basis for the valuation of the opening and closing stocks in any year in a consistent ..... price of the stock by transfer to one of the partners at prices fixed by the decree has to take its place.'under section 66 (2) of the act, the following question has been referred to us :'whether on the facts and in the circumstances of the case, the valuation of closing stock as on september .....

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Apr 26 1960 (HC)

S.P.L.P. Narayanan Chettiar Vs. M.A.R. Annamalai Chettiar

Court : Chennai

Decided on : Apr-26-1960

Reported in : AIR1961Mad313

..... instant case.13. that section 8(2) will not apply is evident from the following circumstances, viz., this is not a case where we can apply section 47 of the partnership act, because the firm is not an agriculturist and the partners are not agriculturists. therefore, the payment made by the one cannot be deemed to be on behalf of the others ..... as rs. 10824-3-3 and it was credited in the nadappu account of the firm. subramania died in 1924 and thereafter the business was continued by his wife in partnership with one palaniappa and others, palaniappa in his turn died in 1,930 and thereafter his sons who are defendants 1 and 2 in the suit out of which this ..... re bihar bolts, rivets and engineering works, . the question for consideration in that case was whether the words "due and payable" occurring in section 530(1)(a) of the indian companies act, 1956 would apply to a payment of arrears of sales tax payable by a company in liquidation, sahai j. held that the word "due and payable" were not synonymous and ..... in the official gazette from time to time,6. the learned advocate general for the applicant contends that the term "debt payable by an agriculturist at the commencement of this act" (act iv of 1938) should be construed as a debt owing by an agriculturist on the concerned date irrespective of the fact whether the debt had become eligible or not.7 .....

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Mar 28 1960 (HC)

Gnanam and Sons Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Decided on : Mar-28-1960

Reported in : [1961]43ITR485(Mad)

..... would be applicable if it were assessed on him personally, makes no provision for any deduction form that share in respect of any part of the partnership profits having arisen outside british india. they proceeded to point out the difficulties that would be encountered in determining what part of the income of the ..... bombay :'1. whether the assessment of the share income of the non-resident partner under the second proviso to section 23(5)(a) of the indian income-tax act in the hands of the assessee firm is justified in law ?2. whether the levy of tax at the maximum rate is correct ?'the facts ..... of a person not resident or not ordinarily resident in british india would not be part of his total income within the meaning of the income-tax act. apart from these difficulties, such a contention, in the view of their lordships, would involve reading into the section things which are not there, which ..... the non-residents share of the firms income in assessable and does not render the determination of the taxable income subject to the other provisions of the act. that being so, the department is entitled to consider his share in the firm income as the total income for the purpose of levy of tax ..... firm under the second proviso to section 23(5)(a). in making these assessments, he calculated the tax payable by the application of section 17 of the act, which provides for the levy of the tax at the maximum rate. the assessee, the firm, appealed to the assistant commissioner of income-tax and to .....

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