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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: recent Year: 1991 Page 1 of about 204 results (0.082 seconds)

Dec 18 1991 (TRI)

Tourist Lodge (Defunct) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Dec-18-1991

Reported in : (1992)40ITD507(Coch.)

..... fact, the hon'ble high court of kerala in paulson constructions v. cit [ 1990] 181 itr476, held as per head notes as follows: section 47 of the indian partnership act, 1932, says that on the dissolution of a firm, the authority of each partner to bind the firm, and the other mutual rights and obligation of the partners, continue ..... belonging to the fine.the deed is silent, about the ownership of the property by the partnership firm. under the provisions of the partnership act, a partner can certainly assign his interest in the partnership property, though such interest cannot be predicated during the subsistence of the partnership. the sale deed executed by shri kaladharan having specified she share individually in the properties of ..... for that reason, the less effectual in putting an end to his liability--jefferys v. smith [1827] 27 rr 49.no doubt, the indian courts have held that upon assignment or transfer of interest by a partner, the partnership does not come to an end. but such a proposition can be advanced only when there are more than two partners and one ..... the partnership firm, it cannot be said that shri kaladharan has in law conveyed his interest in the partnership property. the .....

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Dec 09 1991 (TRI)

income-tax Officer Vs. Rajendera Trading Co.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Dec-09-1991

Reported in : (1994)48ITD210(Chd.)

..... under rule 2 of the income-tax rules.18. in malabar fisheries co.'s case (supra), their lordships of the hon'ble supreme court have held 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 ..... he emphasised for the purpose that the meaning of the above three has to be taken as assigned to these words in the indian partnership act, 1932. he as such contended that a partner and a firm are the same entity since persons joining hands for a common purpose and economic ends, individually are called partners ..... the indian partnership act, 1932.27. in a way, then with three different capacities of the same person, it can safely ..... , if the assessee-firm is not to be taken a separate legal entity under the general law - indian partnership act, 1932, which it has to be taken as such in view of definitions of "firm", "partner" and "partnership" under clause (23) of section 2 of the income-tax act, 1961. therein, the meaning of the above three words have to be taken as assigned in .....

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Dec 02 1991 (TRI)

Empire Estate Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-02-1991

Reported in : (1992)41ITD23(Mum.)

..... also. it follows that under the income-tax act, a firm is treated as a distinct and separate entity, different from the partners constituting it ..... description of the partners carrying on the business. but for taxing purposes 'a partnership firm' is treated as an entirely distinct, from the persons who constitute the 'firm'. section 2(23) gives the same meaning to the expressions "firm", "partner" and "partnership" as are respectively assigned to them in the indian partnership act, 1932. section 2(31) lays down that a "person" includes a firm ..... .13. where a firm is dissolved either by operation of law or by act of parties and is succeeded ..... assessment years 1977-78,1978-79 and 1979-80. for the sake of convenience, these are consolidated together and disposed of by a common order.2. the assessee is a partnership firm comprising of two partners, viz., shri r.k. mody and miss m.k. mody having equal shares (hereinafter called the "new firm").3. shri r.k. mody and miss .....

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Nov 29 1991 (HC)

income Tax Officer Vs. B. D. Traders, (Also B.D. Traders V. Ito).

Court : Allahabad

Decided on : Nov-29-1991

Reported in : (1993)45TTJ(All)87

..... and that such erroneous action was correctly rectified by the learned dy. commr. (a). our attention was also invited to s. 4 of the indian partnership act for the purpose that the conditions picked up by the learned ito for refusing registration were not there in the provision. according to him any interference ..... conditions are to be satisfied in order that a firm may be entitled to registration : (i) the firm should be constituted under an instrument of partnership specifying the individual shares of the partners; (ii) an application on behalf of and signed by all partners and containing all the particulars as set out ..... the learned ito had not found that any partner was benamidar of other. it was explained that in the assessees case, there was a duly executed partnership deed, profit & losses were being shared and the business was being carried on on behalf of the partners. it was pointed out that since these ..... 880. assessment was framed on 28th march, 1988, on total income of rs. 50,630 under s. 143(3) of the it act, 1961.4. in the present case, a deed of partnership was drawn on 15th march, 1984, between raj kumar agarwal as karta of his huf, smt. rita kumari and km. smita ..... the terms and conditions of the instrument of partnership in the accounting year. once such conditions are satisfied, it is the obligation of the ito under the act to extend the benefit of registration and allow the firm to enjoy the benefits provided by the act'.15. in the light of our preceding discussions .....

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Nov 29 1991 (TRI)

income-tax Officer Vs. B.D. Traders

Court : Income Tax Appellate Tribunal ITAT Allahabad

Decided on : Nov-29-1991

Reported in : (1992)43ITD45(All.)

..... deny registration and that such erroneous action was correctly rectified by the 1d. dc (a). our attention was also invited to section 4 of the indian partnership act for the purpose that the conditions picked up by the 1d. ito for refusing registration were not there in the provision.according to him any interference ..... following conditions are to be satisfied in order that a firm may be entitled to registration: (i) the firm should be constituted under an instrument of partnership specifying the individual shares of the partners; (ii) an application on behalf of and signed by all partners and containing all the particulars as set out ..... ito had not found that any partner was benamidar of other. it was explained that in the assessee's case, there was a duly executed partnership deed, profit and losses were being shared and the business was being carried on on behalf of the partners. it was pointed out that since these ..... was framed on 28-3-1988, on total income of rs. 50,630 under section 143(3) of the income-tax act, 1961.4. in the present case, a deed of partnership was drawn on 15-3-1984, between raj kumar agarwal as karta of his huf, smt. rita kumari and km.smita arora ..... the terms and conditions of the instrument of partnership in the accounting year. once such conditions are satisfied, it is the obligation of the ito under the act to extend the benefit of registration and allow the firm to enjoy the benefits provided by the act.15. in the light of our preceding discussions .....

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Nov 25 1991 (TRI)

income-tax Officer Vs. Sandhya Finances

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Nov-25-1991

Reported in : (1992)40ITD424(Hyd.)

..... had time to determine whether he should become a full-fledged partner or not till 19-3-1982 under the provisions of section 30(5) of the indian partnership act, 1932 and therefore since 19-3-1982 falls within six months to 31-3-1982 shri sudershan should be deemed to have enjoyed the same status in ..... parlhasarathy, learned counsel for the assessee contended that in the event of the minor becoming major and in the absence of a new partnership deed, the provisions of section 30(7) of the indian partnership act apply. shri parthasarathy relied upon that the clause of form no. 12 clearly shows that there is no change in the profit ..... feel it very hard to accept this contention of shri parthasarathy, learned counsel for the assessee. under the provisions of section 30(5) of the indian partnership act, 1932, a minor can elect to become a full-fledged partner on attaining majority within six months of the date on which he attains the ..... liable to share in losses also. in case losses arc borne in entirely by only some of the partners the partnership deed would still be a valid one. further section 30(7)(b) of the indian partnership act lays down that where a minor elects to continue as a partner, his share in the property and profits ..... will not have the share of losses and that any sort of agreement in that regard would not offend any provision of the indian partnership act, 1932. in that case also, the tribunal had followed the board circular dated 4-4-1978 cited supra and held that no fresh .....

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Nov 22 1991 (HC)

Commissioner of Income-tax Vs. T. Omer and Company

Court : Orissa

Decided on : Nov-22-1991

Reported in : (1992)102CTR(Ori)36; [1992]196ITR736(Orissa)

..... any part in the specified item of the property did not arise. the contention of learned standing counsel appears to be legally sound.5. a partnership-firm under the indian partnership act, 1932 (hereinafter referred to as 'the partnership act'), 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 firm's property or the firm's assets, all that is meant is property or assets ..... partner may assign his share to another. but what is permissible in that regard is laid down in section 29(1) of the partnership act, that is to say, the right to receive the share of profits of the assignor and accept the account of profits agreed to by the partners. a similar view expressed ..... have a joint or common interest, (see malabar fisheries co. v. cit : [1979]120itr49(sc) .)6. the provisions of sections 14, 15, 29, 32, 37, 38 and 48 of the partnership act, 1932, make it clear that whatever may be the character of the property which is brought in by the partners when the .....

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Nov 12 1991 (TRI)

Mercantile Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Nov-12-1991

Reported in : (1992)40ITD516(Coch.)

..... therefore, the erstwhile minor became a full-fledged partner in the previous year ending on 16-1-1982 either in terms of section 30(5) of the indian partnership act or on his own volition. but the previous year ending on 16-1-1982 is in relation to the assessment year 1982-83. however, for that assessment ..... place? it is on record that the minor became a major on 10-2-1981.under the provisions of section 30(5) of the indian partnership act, at any time within six months of his attaining majority or on his attaining knowledge that he had been admitted to the benefits of ..... in the ratio of the decision of the allahabad high court in badri narain kashi prasad v. addl. cit [1978] 115 itr 858 (fb). the partnership deed dated 17-1-1979 does not provide for sharing the loss on the minor becoming a major and therefore in the case of the assessee we have ..... the return on 30-6-1983 requesting for continuation of registration and the income-tax officer noticed that shri mohammed shareef (s.no. 11 in the original partnership deed dated 17-1 -1979) who was a minor had attained the age of majority during the previous year relevant to the assessment year under appeal and, ..... the assessee against the order under section 185(1)(b) of the income-tax act, 1961.2. the assessee is a partnership firm. originally, it consisted of eight adult members and seven minors admitted to the benefits of partnership and the said partnership was evidenced by an instrument in writing dated 19-2-1972. the constitution at .....

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Oct 28 1991 (TRI)

Dollar Biscuit Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Oct-28-1991

Reported in : (1992)40ITD390(Mad.)

..... by the madras high court in the case of r.m.chidambaram pillai v. cit[1970] 771tr 494 (fb) that precisely is the legal position of a firm under the indian partnership act as well.23. in the case before us the assessee claims revenue deduction in respect of a sum of rs. 1,39,900, a sum which consists of the excess ..... looked into the facts of the case. we have considered the rival submissions.17. in this case two branches of law, namely the income-tax act, 1961 and the indian partnership act, 1932 meet and cross. under the income-tax act, it is well settled, any expenditure incurred wholly and exclusively for the purpose of business is revenue deductible. here, commercial expediency is one of ..... in the case of bhagwanji morarji goculdas v. alembic chemical works co. ltd. air 1948 pc 100 the indian partnership act, 1932 goes further than the english partnership act, 1890 in recognising that a firm may possess a personality distinct from the persons constituting it. the indian law in that respect is more in accord with the scottish law than with the english law. yet the ..... . cit [1956] 29 itr 535. in that case also the question was whether a firm can enter into a partnership with another firm or individuals. after noticing, inter alia, the aforesaid two reported cases, the supreme court held that even under the indian partnership act, 1932, a firm is not regarded as an entity separate and distinct from the members composing it; and that .....

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Oct 28 1991 (HC)

Oriental Bank of Commerce, New Delhi Vs. M/S. S.R. Kishore and Co. and ...

Court : Delhi

Decided on : Oct-28-1991

Reported in : AIR1992Delhi174; ILR1992Delhi812

..... no. 1 even then he is liable to pay the amount claimed on the basis of principle of holding out as contained in section 28 of the partnership act.it is in the following words:'28. holding out - (1) any one who by words spoken or written or by conduct represents himself, or knowingly ..... proper to examine the relevant provisions of law before embarking upon a detailed discussion of law and evidence. section 18 of the partnership act provides, 'subject to the provisions of the said act a partner is an agent of the firm for the purposes of the business of the firm'. section 19 of the ..... fate of the present suit, and have given my anxious thoughts thereto. section 6 of the partnership act deals with the mode of determination of existence of partnership. it is in the following words: '6. mode of determining existence of partnership :-- in determining whether a group of persons is or is not a firm, or whether ..... partnership act deals with the implied authority of a partner as an agent of the firm. it runs as under:'subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, ..... his actions by a letter or a notice to the plaintiffbank. in the circumstances stated above the inevitable conclusion is that the partnership agreement is a genuine and real document and the same was acted upon and is not a sham and bogus transaction. issue no. 4 is decided accordingly.13. this brings me to .....

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