Court : Punjab and Haryana
Decided on : Feb-26-1970
Reported in : 79ITR164(P& H)
..... this act gives the definition of partnership as the relation between persons who have agreed to share the profits of a business ..... counsel for the assessee has been that every time there was a new and an independent partnership, and the last partnership, that is, the assessee, stands by itself, not being a continuation of any of the previous partnerships. the learned counsel has referred to the provisions of the indian partnership act, 1932 (9 of 1932), in support of this part of his argument. section 4 of ..... carried on by all or any of them acting for all, and collectively the partners are called ..... the business of. generation and distribution of electricity in the town of hoshiarpur and its suburbs. a copy of this partnership deed has not been produced. on the same date they made an application under section 3 of the indian electricity act, 1910 (act 9 of 1910), to the punjab state government for the grant of a licence for the purposes for which they .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-06-1970
Reported in : AIR1971Cal317
..... that the court alone has jurisdiction to dissolve a partnership under the said sub-sections. it is quite possible that the parties may agree to have the question of dissolution of ..... respondent has served a noticeof the dissolution of the partnership. further the suit as framed has been instituted not only on the basis of the notice of dissolution of the partnership but also on the grounds that it is just and equitable to dissolve the partnership under section 44(f) and (g) of the indian partnership act it appears from the words in the said language ..... partnership under section 44(f) and fg) also decided by arbitration. but in the present ..... an application under section 34 of the indian arbitration act, 1940 for stay of a suit filed by the respondent kamal kumar agarwal. the petitioners, ganesh chandra dey and ghanashyam das and the respondent are the partners of a firm known as 'esbi cycle industries' at no. 7, ganesh chandra avenue. calcutta, under a deed of partnership dated november 2g, 1963. it provides .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Mar-09-1970
Reported in : AIR1971AP58
..... the decision is impliedly an authority for the view the partners are personally liable for the satisfaction of firm's debts. section 49 of the indian partnership act categorically provides for recourse against the personal assets of partners for the satisfaction of firm's debts. when the personal liability is made out, ..... in prison for the satisfaction of the debts of the firm. counsel was not able to draw my attention to any provision of the indian partnership act which lends support to his thesis that there is an inhibition on the creditor's rights to seek such remedies as the civil procedure code allows for ..... the relation of the decretal debt from the partners. section 25 of the indian partnership act makes it plain that every partner is liable jointly with all the other partners and also severally for all acts of the firm done while he is partner. thus, the statute renders the partners liable ..... there is, however, no enunciation of a principle by the author, which precludes the mode of execution by arrest for the recovery of a partnership debt from an individual partner. the passage relied on by the learned counsel does not support his proposition. at page 278 the learned author dealt ..... (hereinafter referred to as the debtor) and that a partner cannot be subjected to the coercive process of arrest for the recovery of a partnership debit in respect of which such personal liability has not been expressly undertaken by the partner concerned. it is further urged by him that the .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Dec-21-1970
Reported in : 85ITR422(P& H)
..... 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 tolawyers, english or indian, be totally repugnant to the subject of partnership law as they know and understand it to be. it is in this view of the matter ..... that it has been consistently held in this country that a firm as such is not entitled to enter into partnership with ..... vocation on which tax was at any time charged under the provisions of the indian income-tax act, 1918, ?s 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 ..... ; (b) to a business, profession or vocation on which income-tax was at any time charged in the hands of a company under the indian income-tax act, 1886 (ii of 1886), or on which income-tax would have been charged in the hands of a company for the assessment year ending on ..... , are as under :'25. (3) where any business, profession or vocation on which tax was at any time charged under the provisions of the indian income-tax act, 1918 (vii of 1918), is discontinued, then, unless there has been a succession by virtue of which the provisions of sub-section (4) have .....Tag this Judgment!
Court : Delhi
Decided on : Sep-04-1970
Reported in : AIR1971Delhi138; 80ITR206(Delhi)
..... partner in the trading assets of a partnership with reference to the provisions of the indian partnership act, 1932. their lordships observed as follows:-'it seems to us that looking to the scheme of the indian act no other view can reasonably be taken. the whole concept of partnership is to embark upon a joint venture ..... any exclusive right over the property which he had brought in as trading assets of the partnership for making gifts of specified amounts.10. the view taken by the appellate tribunal, in our opinion, was correct. the gifts made by kartar ..... of the case as well the account has not been referred to as a composite or mixed account but as capital account. the incidents of partnership as applicable to trading assets or capital account have, thereforee, to be applied. as a partner kartar singh was not free to claim or exercise ..... was a permissible deduction?2. messrs. new india colour co., delhi a partnership firm registered under section 26-a of the income-tax act, is the assessed in the case. the assessment years under reference are 1957-58 and 1958-59; the relevant previous ..... been referred by the income-tax appellant tribunal (delhi bench 'b') under provisions of section 66 (1) of the indian income-tax act, 1922 (hereinafter referred to as 'the income-tax act').'whether on the facts and in the circumstances of the case, the interest credited to the amounts of the four donees .....Tag this Judgment!
Court : Karnataka
Decided on : Jun-09-1970
Reported in : AIR1970Kant299; AIR1970Mys299; (1970)2MysLJ27
..... the petitioner contended that the suit ought to have been dismissed by the trial court as the mandatory requirements of section 69(2) of the indian partnership act have not been fulfilled on the ground that the plaintiff has not produced the extract of register of firms showing sri panchamal vasudev kamath as ..... firms showing sri panchamal vasudev kamath as a partner of the firm on the date of suit as required by section 69(2) of the indian partnership act. the learned civil judge held that under section 69(2), it is not incumbent upon the plaintiff-firm to produce the extract of register ..... provisions of section 69(2) of the indian partnership act; and (ii) whether the amount claimed by the plaintiff is payable by the defendants? 6. in view of the production of the acknowledgment of registration, ..... the firm entitled to represent the alleged firm. they, therefore, contended that the suit is not maintainable in view of section 69(2) of the indian partnership act. 5. the learned civil judge framed the following points for determination in the suit: (i) whether the suit is maintainable in view of the ..... thus fell into error in relying on the evidence of p. w. 1 and holding that the requirements of section 69(2) of the partnership act were satisfied. the plaintiff's suit should have been dismissed on this ground.' this decision no doubt supports the case of the petitioners. i agree .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Mar-24-1970
Reported in : AIR1971AP63
..... is preferred by the defendants. 4. the first contention urged by the learned counsel for the appellants is based on section 69(2) of the indian partnership act. it was pleaded by the defendants that the registration of the firm does not show that the plaintiffs 1 to 3 are partners and it is ..... on demand and hence the suit was filed. 2. the defendants challenged the maintain ability of the suit on the ground that the partnership was not registered under the indian partnership ac, and that the names of the partners who are suing were not entered as such in the certificate of registration. they dent ..... or certified by any of the partners suing in the name of the firm. the expression suing as partners occurring in section 69(2) of the partnership act, must be read and understood in the light of the provisions of order 30. it is not unreasonable to infer that the requirement contemplated by the ..... merchants, through n.r. nagpal, partner and manager, nagnal verified the plaint under his signature and he described himself as the manager and partner. the partnership was register, but the name of nagpal was shown in the register of firms as a partner of the firm it was held by a division bench ..... as partners. the dismissal of the suit was upheld on the ground that the heirs of the deceased partner having become partners by reason of the partnership agreement the omission of addition of their names in the registrar of firms brought the case within the mischief of sub-section (2) of section 69 .....Tag this Judgment!
Court : Allahabad
Decided on : Nov-13-1970
Reported in : 79ITR749(All)
..... which their business is carried on is called the 'firm name'.' 10. it is true that the expression 'firm name' has been defined in section 4 of the indian partnership act. but it does not follow that firm name is an essential ingredient of the constitution of a firm. it is possible for a firm to carry on business without ..... (23) of section 2 of the income-tax act, 1961, the expressions 'firm', 'partner' and 'partnership' have the same meaning as in the indian partnership act. we have, therefore, to turn to the definition of these terms in the indian partnership act.9. these terms have been defined in section 4 of the indian partnership act. section 4 states:''partnership' is the relation between persons who have agreed to ..... share the profits of a business carried on by all or any of them acting for all. persons ..... who have entered into partnership with one another are called individually ' .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Oct-07-1970
Reported in : AIR1971MP109; 1971MPLJ44
..... and to an account.'9. the law in india on this subject is exactly the same and has been borrowed from the english law. sections 14 and 15 of the indian partnership act restrict the rights of the partners which they would normally have as joint owners. section 14 lays down what property is to be deemed to be ..... the adjudication of a person as insolvent his property shall vest in the court or the receiver. on dissolution of a partnership, section 46 of the partnership act gives the power of winding up of the affairs of the firm to the partners. section 47 goes on to provide that even after dissolution the power of the partners ..... is a proviso to section 47 which is as follows:--'provided that the firm is in no case bound by the, acts of a partner who has been adjudicated insolvent;.....'10. we are, therefore, of opinion that the position of partnership property is so different from other property which is in co-ownership of three persons that the principles of co-ownership ..... his personal benefit under section 16 if any partner derives any personal benefit from the partnership property, he has to account for it and pay it to the firm. the definition of 'property' in the provincial insolvency act is given in section 2(1)(d) of the act and is as follows:--' 'property' includes any property over which or the profits of which .....Tag this Judgment!
Court : Karnataka
Decided on : Mar-07-1970
Reported in : 85ITR448(KAR); 85ITR448(Karn)
..... entitled to interest on the amounts due at 5 per cent. per annum. in regard to the remaining two firms, by virtue of section 37 of the indian partnership act, the legal heirs of the deceased because entitled to interest at 6 per cent. on the amount of the deceased's share in the properties of the ..... carried on the business of the said five firms even after the death of the assessee's husband. by virtue of the provisions of section 37 of the indian partnership act, 1932, the assessee who is the legal representative of the deceased, j. b. pinto, became entitled to interest at the rate of 6 per cent. ..... assessee. the question of law referred for our opinion is : 'whether, on the facts and in the circumstances of the case, and the provisions of the partnership act, the sum of rs. 50,000 was properly assessable in the previous year relevant for the assessment year 1962-63 ?' 2. the material facts as found by ..... firms. therefore, by virtue of the statute and also by virtue of the terms of the partnership deeds, the assessee became entitled to interest from the death of her husband; the interest accrued to her as found by the income-tax officer between july ..... of accounting it was not open to the income-tax officer, unless he proceeds to act under the proviso to sub-section (1) of section 145, to make the assessment on the cash basis. under there of the five partnership deeds, accounts were to be taken as on the date of death of one of .....Tag this Judgment!