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Judgment Search Results Home > Cases Phrase: indian partnership act Year: 1978 Page 1 of about 162 results (0.141 seconds)

Jan 17 1978 (HC)

S. Arunagiri Chettiar Vs. Third Income-tax Officer and anr.

Court : Chennai

Decided on : Jan-17-1978

Reported in : [1979]117ITR308(Mad)

..... sought to be made out by counsel on behalf of therevenue on the basis of the provision in section 25 of the indian partnership act.' 14. it is this passage which is very much relied upon by mr. k. srinivasan, learned counsel for the petitioner, under the general law of ..... even otherwise, we do not understand this decision to be an authority for this extreme proposition that the liability of the petitioner under section 25 of the partnership act also would not arise because the liability to pay arrears is not a contractual obligation. all that was held in ito v. radha krishan : [1967] ..... partnership act cannot be imported into the income-tax act.' 13. in so doing the full bench at page 148, referring to the facts of ito v. radha krishan : [1967]66itr590(sc) , held : 'the firm consisted of four partners a, b, c and d. the firm had been registered under section 26a of the indian income-tax act ..... , 1922. a represented his hindu undivided family in the partnership and his share was 8 annas. in assessing a under section 23(5)(a) for the year the income-of a from ..... partnership. the fallacy in this extreme argument is ito v. radha krishan : [1967]66itr590(sc) , a case which arose under section 26a of the indian income-tax act of 1922. in fact, the full bench itself notes at page 151 and says .....

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Feb 14 1978 (SC)

Tolaram Bijoy Kumar Vs. Commissioner of Income Tax, Assam

Court : Supreme Court of India

Decided on : Feb-14-1978

Reported in : AIR1978SC504; [1978]112ITR750(SC); (1978)2SCC98; [1978]2SCR834; 1978(10)LC180(SC)

..... male issue of the acquirers does not take interest in it by birth (section 221, sub. section 2). if it is partnership property, it is governed by the provisions of the indian partnership act, 1932, so that the share of each of the joint acquirers will pass on his death to his heirs, and not ..... whether the property so acquired is joint family property, or whether it is merely the joint property of the joint acquirers, or whether it is ordinary partnership property. if it is joint family property, the male issue of the acquirers take an interest in it by birth (section 221, sub-section ( ..... .3. we then come to the relevant assessment year 1960-61, when tolaram made a similar claim to separate assessment of income derived from, the partnership business in petrol amounting to rs. 21,746/-. the income-tax officer rejected this claim. the appellate assistant commissioner also, on an appeal, after ..... deed of partnership executed by the three brothers on 7th april, 1949. in this deed, it was admitted that the business had been carried on previous to the partition as hindu undivided family business.2. on 19th september, 1950, an application was made under section 25a of the income-tax act, 1922, ..... to record and register the partition. this was done on 17th august, 1954. on 28th march, 1959, the firm of m/s. nathmal tolaram was dissolved and a new firm nathmal tolaram (petrol depot) came into existence. in the assessment year, 1959-60 tolaram claimed that his share in the partnership .....

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Mar 27 1978 (HC)

Surajmall Gouti Vs. Controller of Estate Duty

Court : Kolkata

Decided on : Mar-27-1978

Reported in : [1979]119ITR182(Cal)

..... the accountable person, reiterated the contentions of the assessee in the earlier proceedings. he also drew our attention to the following statutory provisions.14. the indian partnership act:' 14. the property of the firm.--subject to contract between the partners, the property of the firm includes all property and rights and interests in ..... of a partner in a firm has severely restricted rights. under section 29 of the indian partnership act, noted hereinbefore, a transferee is only entitled to a share of the profits, of the firm as long as the partnership continues. even if the firm is dissolved the transferee is only entitled to accounts as ..... inter alia, as follows:'11. in case of death or retirement of any partner or of any minor admitted to the benefits of the partnership, the partnership business shall not stand dissolved but outgoing partner or legal representative of the deceased partner shall be entitled to be paid the capital and the ..... immovable property as a partner in a firm had to be valued as per the balance-sheet of the partnership. reliance was also placed on section 36 of the e.d. act and it was contended that the deceased's share in the firm could not be sold in open market ..... in pari materia with section 36 of the e.d. act. (c) perpetual executors and trustees association of australia ltd. v. commissioner of taxes [1954] 25 itr (suppl.) 47. here the principal asset of a testator was his interest in a partnership, the deed whereof, inter alia, conferred options on the .....

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Sep 12 1978 (HC)

Mathra Singh and anr. Vs. Arjan Singh and ors.

Court : Punjab and Haryana

Decided on : Sep-12-1978

Reported in : AIR1979P& H40

..... (hereinafter referred to as the act), which is as follows:--'29(1). a transfer by a partner of his interest in the firm, either absolute or by ..... partnership and rendition of accounts. this proposition of law is also admitted correct by mr. thapar, learned counsel for the appellants and in may view he has done so rightly, as there cannot be any dispute about this proposition. in this regard reference may be made to s. 29 of the indian partnership act ..... argue that mathra singh sold his share in the partnership to bakhshish singh and harnam singh to some of the defendant. he submits that the transferees are parties to the litigation. according to him, ..... respectful agreement with the above observations. in that case the assignors were not made parties till more than three years after the dissolution of the partnership. the suit was consequently dismissed on this ground.10. faced with this difficulty, mr. thapar, learned counsel for the appellants, sought to ..... the plaintiffs stated that the original partners had transferred their respective shares, but under law transferees alone could not bring a suit for dissolution of partnership and for accounts etc. and therefore the suit had been filed by mathra singh, plaintiff no. 1, the original partner and bakhshish singh, .....

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Mar 28 1978 (HC)

P. Krishnamurthi Vs. Assistant Collector of Central Excise, I.D.O

Court : Chennai

Decided on : Mar-28-1978

Reported in : 1978(2)ELT628(Mad)

..... and that he had never seen the petitioner in the factory nd had not come across any documents signed by the petitioner.5. section 30(1) of the indian partnership act states that a person who is a minor according to the law to which he is subject may not be a partner in a firm, but, by the ..... consent of all the partners for the time being, he may be admitted to the benefits of partnership. sub-section (2) states that such minor has a right to such share of the property and of the profits of the firm as may be agreed upon, ..... magistrate should not have framed any such charges so far as the petitioner is conceorned in view of the fact that at the time of the entering into the partnership he, the petitioner, was a minor and was represented by his mother and guardian and the licence issued to the first accused firm itself mentions that the ..... not know anything about the transaction. the learned chief judicial magistrate has framed a charge against the accused in the following terms :-'that you a-1 is a partnership firm, and you a-2 to a-4 are partners of that firm. on 2-9-1973, you a-l to a-4 removed 843 bundles of anil ..... offence punishable under section 9(1)(b) and (bb) of the central excises and salt act. the respondent laid a complaint against petitioner who was the 4th accused in the trial court and three others of whom the first accused is the partnership firm and the second and third accused are partners of the firm. the petitioner is also .....

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Mar 09 1978 (HC)

M.A. Rangaswami and ors. Vs. AmIn Chand Payarelal Firm, Bombay

Court : Mumbai

Decided on : Mar-09-1978

Reported in : AIR1979Bom130; (1978)80BOMLR250

..... and personal penalty. the 3rd appellants before us, who were the 3rd respondents to the misc. petition, are the union of india.6. the petitioners are a partnership firm registered under the indian partnership act. on 8th august 1961 the petitioners were granted a licence valid till 28th february 1962 for the import of galvanised plain sheets. the petitioner's case is that ..... the first column of the following schedule shall be punishable to the extent mentioned in the third column of the same with reference to such offences respectively:offencessection of this act to which offence has referencepenalties. ......... ...... ......... ...8. if any goods tbe importation or exportation of which is for the time being prohibited or restricted by or under chapter iv of ..... . rana appearing for the original petitioners, we may briefly indicate the statutory provisions under which action of confiscation and imposition of penalty was taken.10. chapter xiv of the customs act. 1962, deals with confiscation of goods and conveyances and imposition of penalties, we are concerned with sub-section (d) of section 111, and the same reads as follows:--'111. ..... liable to confiscation;-- xxx xxx xxx (d) any goods which are imported or attempted to be imported or are brought within the indian customs waters for the purpose of being imported, contrary to any prohibition imposed by or under this act or any other law for the time being in force; xxx xxx xxx' (underlining supplied). 11. section 112 provides for .....

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Jun 09 1978 (HC)

Commissioner of Income-tax, Karnataka-i Vs. Jagadish Jakati and Co.

Court : Karnataka

Decided on : Jun-09-1978

Reported in : [1979]119ITR19(KAR); [1979]119ITR19(Karn); 1978(2)KarLJ369

..... him as a partner; but it does not render a minor a competent and full partner. for that purpose, the law of partnership must be considered, apart from the definition in the income-tax act. 10. section 30 of the indian partnership act clearly lays down that a minor cannot become a partner, though with the consent of the adult partners he may be admitted ..... to the benefits of partnership. any document which goes beyond this section cannot be regarded as valid for the purpose of registration. registration can ..... rules the ito was only empowered to register a partnership which was specified in the instrument of partnership and of which registration was asked ..... to the benefits of partnership under s. 30 of the partnership act the document was not invalid, but must be read as giving to the minor the rights laid down in the partnership act. on the other hand, in hoosen kasam dada v. cit : [1937]5itr182(cal) , the high court of calcutta had held that under s. 26a of the indian i. t. act, 1922, and the .....

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Sep 12 1978 (HC)

National Small Industries Corporation Limited Vs. Punjab TIn Printing ...

Court : Delhi

Decided on : Sep-12-1978

Reported in : AIR1979Delhi58; ILR1979Delhi381; 1979RLR289

..... to refer disputes to arbitration. in view of section 19 of the indian partnership act it is essential that all the partners agree to refer dispute to arbitration. the defendant no. 5 who alone admittedly signed the agreement in question was thereforee not competent ..... but only to 'actual reference'. i do not agree with this view. without any agreement of reference there cannot be any arbitration. in section 19(2)(a) of the indian partnership act the word 'submit' thereforee also includes 'agreement to refer'. when the hire purchase agreement in question was executed all the partners of the firm defendant no. 1 did not agree ..... 5 in the present application. the other allegations in the said application are also denied by the plaintiff. section 19 of the indian partnership act. 1932 is as follows : '19.(1) subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way. business of the kind carried on by the firm binds ..... of the firm to arbitration'. (b) .............. (c) .............. (d) .............. (c) ............... (f) .............. (g) .............. (h) ...............'(7) under section 19(2)(a) of the indian partnership act a partner has no implied authority on behalf of the firm to submit dispute relating to the business of the partnership firm to arbitration. the argument is that the word submit in clause (a) of section 19(2) of the .....

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May 02 1978 (HC)

Badri NaraIn Kashi Prasad Vs. Addl. Commissioner of Income Tax. Fancy ...

Court : Allahabad

Decided on : May-02-1978

Reported in : [1978]115ITR858(All)

..... does not have to execute any agreement with the existing partners because the consent of the existing partners is already there.s. 42(c) of the indian partnership act provides that normally a firm dissolves on the death of partner, unless there is a contract to the cantrary. if the partners agree that on the ..... firm used in different places in those sect ions. for that we must turn to the law contained in the indian partnership act.' (see : [1972]84itr233(all) ).under the indian partnership act a minor is admitted to the benefits of the partnership; he is not a partner. parliament knew this position and for that reason it, in s. 2(23 ..... four annas while the other has siz annas and the third two annas. the shares being unequal, the presumption under s. 13(b) of the indian partnership act, that the share in losses will be in the same proportion in which the profits are shared will not solve the problem, because the share in ..... partners were to share the losses, if any. since the shares in the profits were unequal, the general presumption under s. 13(b) of the indian partnership act, that the losses must be shared in the same proportion as the profits, was not applicable. it was held that even if the adult partners bore ..... adult partners will share losses equally, i.e., one-fourth each. chandi prasad will be liable under s. 30(7)(b) of the indian partnership act to share losses to be extent of two annas eight pies only. there is no provision that he will share losses equally with the other .....

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May 25 1978 (HC)

Badri NaraIn Kashi Prasad Vs. Addl. Commissioner of Income-tax

Court : Allahabad

Decided on : May-25-1978

Reported in : [1988]115ITR858(All)

..... have to execute any agreement with the existing partners because the consent of the existing partners is already there. 41. section 42(c) of the indian partnership act provides that normally a firm dissolves on the death of a partner, unless there is a contract to the contrary. if the partners agree that ..... ' used in different places in those sections. for that we must turn to the law contained in the indian partnership act.' (see : [1972]84itr233(all) ). 36. under the indian partnership act a minor is admitted to the benefitsof the partnership; he is not a partner. parliament knew this positionand for that reason it, in section 2(23), ..... four annas while the other has six annas and the third two annas. the shares being unequal, the presumption under section 13(b) of the indian partnership act, that the share in losses will be in the same proportion in which the profits are shared will not solve the problem, because the share ..... partners were to share the losses, if any. since the shares in the profits were unequal, the general presumption under section 13(b) of the indian partnership act, that the losses must be shared in the same proportion as the profits, was not applicable. it was held that even if the adult partners ..... partners will share losses equally, i.e., one-fourth each, chandi prasad will be liable under section 30(7)(b) of the indian partnership act to share losses to the extent of two annas eight pies only. there is no provision that he will share losses equally with the .....

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