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Judgment Search Results Home > Cases Phrase: indian partnership act Year: 1976 Page 1 of about 141 results (0.066 seconds)

Jan 23 1976 (HC)

Addl. Commissioner of Income-tax Vs. Visakha Flour Mills

Court : Andhra Pradesh

Decided on : Jan-23-1976

Reported in : [1977]108ITR465(AP)

..... to agree with their view that the provisions of sub-section (2) of section 187 do not change the concept of reconstitution of a firm as understood in the indian partnership act nor do they obliterate the distinction between reconstitution and dissolution and that once a firm is dissolved either by agreement or by operation of law, the question of reconstitution ..... by the new firm. the business has been run uninterruptedly. even if it amounts to dissolution of the earlier firm according to the provisions of section 42 of the indian partnership act, there is no doubt that such dissolution and succession has to be treated as a reconstitution of the firm according to the provisions of section 187(2) of the ..... of section 188 but not section 187 that would apply to the case on hand as, on the death of a partner of a partnership firm, the partnership automatically gets dissolved under section 42(c) of the indian partnership act, 1932, that a new firm for the remaining broken period in each of the two accounting years has come into existence as there ..... clause (23) of section 2 of the act (income-tax act) defines 'firm', 'partner' and 'partnership' as having 'the meanings respectively assigned to them in the indian partnership act, 1932, but the expression 'partner' shall also include any person who, being a minor, has been admitted to the benefits of partnership'. section 4 of the partnership act reads :'definition of partnership--'partnership' is the relation between persons who have agreed .....

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Jan 29 1976 (HC)

Commissioner of Income-tax Vs. Cossipore Properties

Court : Kolkata

Decided on : Jan-29-1976

Reported in : 80CWN571,[1977]107ITR965(Cal)

..... is that the assessee consisting of the two persons do nothing but manage their existing property. he relied on section 4 of the indian partnership act which defined a partnership as the relation between persons who have agreed to share the profits of a business. section 2(b) of the same ..... . both the indian statute and the english law made it clear that persons may be joint or co-owners, but the same would not preclude them from carrying on business with the assets which were originally in joint ownership. he contended that what explanation 1 to section 6 of the partnership act provided was that ..... where the property itself without any further activity on the part of the owners produced profits and the owners qua owners agreed to share such profits without any further activity on their part, then certainly no partnership would arise. he further contended that in ..... well-known treatises of lindley and underhill. the concept 'business' has been analysed at page 10 of the 13th edition of lindley on partnership as follows :'by section 45 of the act, 'business' includes 'every trade occupation, or profession'. thus, virtually any commercial activity or adventureamounts to a business for the purposes of ..... dipak kumar sen, j.1. this is a reference under section 66(1) of the indian income-tax act, 1922, which has been initiated by the commissioner of income-tax, west bengal-iii, calcutta. the facts found and/or admitted as .....

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Aug 06 1976 (HC)

G. S. Dugal and Co. Pvt. Ltd. Vs. Commissioner of Income-tax, Bombay C ...

Court : Mumbai

Decided on : Aug-06-1976

Reported in : [1978]111ITR757(Bom)

..... was considered by the supreme court whether a firm as such can be a partner in another firm. after referring to the definition under the indian partnership act and the provisions of the general clauses act and the law prevailing in scotland the england, the supreme court observed that it has been consistently held in this country that a firm as ..... such is not entitled to enter into partnership with another firm or individuals. it is further pointed out that the word 'persons' in section 4 of the indian partnership act contemplates only natural or artificial, i.e., legal persons and a firm is not a 'person' and ..... to be constituted. section 2(6b) of the act clearly provides that 'firm', 'partner' and 'partnership' have the same meaning respectively as in the indian partnership act, 1932. we have, therefore, to go to the last-mentioned act to ascertain what a firm is and how it can be created. turning to the indian partnership act, 1932, section 4 defines 'partnership', 'partner', 'firm' and 'firm name' in ..... the following manner : '4. definition of 'partnership', 'partner', 'firm' and 'firm name'. - 'partnership' is the relation between persons .....

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Jan 21 1976 (HC)

iqbalnath Premnath Anand Vs. Rameshwarnath Premnath Anand and anr.

Court : Mumbai

Decided on : Jan-21-1976

Reported in : AIR1976Bom405; 1977MhLJ51

..... of the plaintiff was to dissolve the firm by exercising his right in law to do so by a notice of dissolution under section 43 of the indian partnership act, 1932, (hereinafter referred to as 'the act') is clear from paragraph 2 of the letter dated the 19th june, 1973 (which has been set out above) and that at the worst it may be ..... important to notice that unlike the position in england what is a partnership at will has been defined by section 7 of the indian partnership act. section 7 reads follows:'where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is 'partnership at will.'in so far as the dissolution of a firm ..... only be decided and determined in the light of the provisions of the indian partnership act, 1932.29. it requires to be noticed that there are specific provisions in the act concerning the nature of a partnership; the rights of the partners concerned as to dissolution; and when a partnership can be said to determine by efflux of time or otherwise. now it is ..... provisions) but also to the relevant provisions of the indian partnership act of 1932.28. no doubt the court may obtain assistance from english as well as indian authorities as also from learned commentaries such as lindley on partnership and s. t. desai on the law of partnership but the question as to the nature of the partnership involved and the rights of the partners concerned can .....

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Nov 03 1976 (HC)

Commissioner of Income-tax Vs. Sree Kaliswari Colour Match Works

Court : Chennai

Decided on : Nov-03-1976

Reported in : [1978]112ITR346(Mad)

..... does not appear to cloud or destroy the identity of the partners whose rights and liabilities vis-a-vis each other are governed by the terms of the partnership and the provisions of the indian partnership act. the members of a firm, from a certain point of view, therefore, remain as co-owners in a limited sense and subject to the terms of the ..... the property, though it is true b, by reason of the transaction, becomes entitled to certain rights which are regulated by the terms of the agreement of partnership, as well as the provisions of the indian partnership act......once we regard a firm as not a legal entity,we fail to recognise any half way house. it should follow, therefore, that when a, as ..... in which two or more persons combine their efforts and conjointly apply the same to a commercial or business activity with a view to make profit. section 4 of the indian partnership act makes this explicit and says that a 'partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... an individual, hands over his property to a and b constituting a firm of partnership, there is no transfer of property involved.' 7. this decision was followed by another .....

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Jun 25 1976 (HC)

T.V. Mathew and Sons Vs. Commissioner of Agricultural Income-tax

Court : Kerala

Decided on : Jun-25-1976

Reported in : [1977]108ITR47(Ker)

..... . in other words, whether the execution of the deed was merely a cloak for covering the real position of there being no partnership. this position is clear from section 6 of the indian partnership act, 1932, as well. after having defined 'partnership' in section 4 as the relation between the parties to share the profits of a business carried on by all or any of ..... all. the agreement must provide for the sharing of profits. even in cases where no specific provision is made in the partnership deed regarding the manner in which losses should be shared, section 13(b) of the indian partnership act, 1932, has provided that in the absence of a contract the partners are obliged to contribute equally to the losses. when these conditions are ..... satisfied registration must be granted unless for reasons the taxing authorities are able to come to the conclusion that the partnership deed does not indicate the real state of ..... case, the agricultural income-tax officer is justified in refusing to grant registration under section 27 of the agricultural income-tax act, 1950, to the firm, t. v. mathew & sons, on the ground that the partnership deed is not genuine?'2. the partnership deed referred to in the question is dated december 7, 1964, and is at page 17 of the paper book .....

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Sep 08 1976 (HC)

Shivyogi Gurumurtippa Wale Vs. Santosh Jivraj Shah

Court : Mumbai

Decided on : Sep-08-1976

Reported in : (1979)81BOMLR42

..... with effect from november 5, 1964 and he would attain his majority on december 26, 1978.15. it is true that under section 30 of the indian partnership act, 1932 a person who is a minor, according to the law to which he is subject, may not be a partner in a firm, but, ..... using the suit premises for the purpose of their retail cloth shop.4. it was undisputed that the plaintiff santosh was a partner in the two registered partnership firms viz. m/s. pravinchandra chandrakant bhasme and m/s. chandrakant jivraj bhasme. both these firms were situate at municipal house no. 903, west ..... needed directly and substantially for his occupation, and merely because the landlord required the accommodation for his partnership business, it did not fulfil the conditions of section 12(1) (1) of the madhya pradesh accommodation control act (41 of 1961) because having regard to the rigour of d. (f) of section 12( ..... clause (g) of section 13(1) of the bombay rent act, that the clauses did not require that the claim for eviction by the landlord should be for his exclusive business; and therefore reasonable and bona fide requirement for the partnership business in which the landlord was a partner would fall within ..... as by all the other partners of the partnership firm.17. with respect, the division benches in v. danmull v. syed ali and in rajniklal & co. v. vithal pandurang have taken a correct view under the provisions of the relevant rent and accommodation control act, when they held with respect to the clauses .....

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Oct 25 1976 (HC)

State Vs. Prem Nath

Court : Punjab and Haryana

Decided on : Oct-25-1976

Reported in : AIR1977P& H62; [1977]106ITR446(P& H)

..... goodwill of a firm is property which passes on the death of such a person.4. it is useful to mention at this juncture that under section 14 of the indian partnership act, the goodwill of the business of a firm is expressly stated to be the property of the firm and section 55 also provides for the sale of the goodwill either ..... in the principal value of the estate of the deceased.' the observation of the learned judges that 'goodwill has no value in a going concern of partnership' is clearly opposed to section 14 of the indian partnership act and the observations of the supreme court in khushal khemgar shah v. mrs. khorshed banu dadiba boatwalla : [1970]3scr689 already extracted by us. nor can the ..... property of the firm after dissolution of the firm. in khushal khemgar shah v. mrs. khorshed banu dadiba boatwalla : [1970]3scr689 , the supreme court referred to section 14 of the partnership act and observed:--'goodwill of the firm is expressly declared to be the property of the firm.' referring to section 55 which makes provision for the sale of goodwill after dissolution ..... , the accountable persons as legal representatives of the deceased partner, narayanaswami naidu, will be entitled to the deceased's share in all the partnership assets including the goodwill on devolution and sections 39, 42 and 46 of the partnership act dealing, with the concept and consequences of the dissolution of the firm cannot be said to extinguish the proprietary right of the deceased .....

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May 04 1976 (HC)

Tiwari Pradyumna Kumar Vs. State of Rajasthan and ors.

Court : Rajasthan

Decided on : May-04-1976

Reported in : 1976WLN164

..... sales-tax due from the firm and in this connection reference has been made to section 49 of the indian partnership act. this objection is also not. well founded, inasmuch as under section 25 of the indian partnership act every partner of the firm is liable jointly with all the other partners and also severely for all ..... acts of the firm done while he is a partner. section 49 has no relevance to the present case. it ..... the payment of the debts of the firm. this section formulates rules which are to be observed in the distribution of the assets in whatever manner the partnership may be dissolved. as i have already stated, it has no relevance in the present case.10. in my opinion, no case has been made ..... he has sustained substantial injury by reason of such irregularity or mistake there is, in fact, a specific provision contained in section 247 of the act itself, wherein it is mentioned that 'no sale shall be set aside on such ground unless the applicant proves to the satisfaction of the collector that ..... alternative method's of recovering the arrears by sale of immoveable property of the defaulter as mentioned in clause (e) of section 228 of the act. the second contention of of the petitioner is that the estimated value of the property was not mentioned in the proclamation of sale as required by .....

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Aug 02 1976 (HC)

N. Guruva Reddy Vs. the District Registrar, Hyderabad

Court : Andhra Pradesh

Decided on : Aug-02-1976

Reported in : AIR1976AP417

..... be held to be two distinct matters or transactions and the charage cannot be said to be merely ancillary to the dissolution of the partnership. under the indian partnership act, there is no implied right or statutory right in favour of an outgoing partner for the security of his share in the assets of the ..... at the time of dissolution. mr. v. rajagopala reddy has very fairly stated at the bar that there is no provision in the indian partnership act similar to the provision for a charge in favour of the unpaid vendor under section 55(4) of the transfer of property ..... partnership which he is entitled to seek at the time of retirement or dissolution. since there is no such implied right in favour of ..... division bench of calcutta high court that the document under consideration was both an agreement for dissolution of a partnership as well as a bond and hence it was chargeable under section 5 of the indian stamp act with an aggregate of duties with which two such separate instruments would be chargeable.15. we are unable ..... b.j. diwan, c.j.1. in this reference under section 57 of the indian stamp act the following question has been referred to us for our opinion.'whether the document under reference is a 'deed of dissolution or partnership as also a 'mortgage deed' and also other points of law.'the facts giving rise to this reference .....

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