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Judgment Search Results Home > Cases Phrase: indian partnership act Year: 1995 Page 1 of about 177 results (0.063 seconds)

Oct 13 1995 (HC)

Coromandel Lubricants Vs. Commissioner of Commercial Taxes, Andhra Pra ...

Court : Andhra Pradesh

Decided on : Oct-13-1995

Reported in : [1996]102STC274(AP)

..... . 15. it becomes, now, necessary to notice the consequence of dissolution of a firm since the sale in the instant case was necessitated by the dissolution of the firm. the indian partnership act, 1932, gives the meaning of dissolution of a firm and the liabilities of the firm and its partners upon the dissolution. section 39 of the ..... indian partnership act reads : '39. dissolution of a firm. - the dissolution of partnership between all the partners of a firm is called the 'dissolution of the firm'.' 16. section 45 of the partnership act provides for the liability of the partners to third parties even after dissolution of the firm ..... , continue so far as may be necessary to wind up the affairs of the firm and to complete the unfinished transactions. section 55 of the partnership act provides for the sale of goodwill, separately or along with other property of the firm. all these transactions are the steps to be taken in the winding up of the ..... in certain circumstances, until public notice was given. under section 46 of the partnership act, the partners have a right to wind up the business after dissolution. section 47 of the partnership act makes it plain that the authority of the partner to bind the firm, and the mutual rights and obligations of the partners .....

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Sep 11 1995 (HC)

Commissioner of Income-tax Vs. P.M.S. (Agencies)

Court : Kerala

Decided on : Sep-11-1995

Reported in : [1996]219ITR16(Ker)

..... firm which would show how the profit or loss had been actually apportioned between the partners and also by having recourse to section 13(b) of the indian partnership act, 1932. sri p.k.r. menon (senior), learned standing counsel appearing forthe revenue, submits that since the original grant of registration to the assessee ..... and 1981-82, the income-tax officer refused to continue registration on the ground that the partnership deed did not specify the share of losses to be borne by each partner and it contained only provisions relating to the share of profit. ..... they arise out of income-tax assessments for the assessment years 1980-81 and 1981-82. the assessee is a firm constituted by a deed of partnership dated november 1, 1973, with nine partners. the firm was granted registration till the assessment year 1979-80. but for the assessment years 1980-81 ..... has held that where no minor is admitted to the benefits of the partnership, a firm cannot be refused registration either under section 27 of the agricultural income-tax act, 1950, or under section 184 of the income-tax act, 1961, only on the ground that the shares of the individual partners in ..... the loss of the firm have not been specifically mentioned in the instrument of partnership. in the absence of indications to the .....

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Apr 10 1995 (HC)

Shah Shaileshkumar Vinodkumar and anr. Vs. Ashokkumar Vajeraj

Court : Gujarat

Decided on : Apr-10-1995

Reported in : AIR1996Guj102

..... carrying on business of cloth and the applicants are also dealing in business of cloth. applicant no. 2 is the partnership firm registered under the indian partnership act and applicant no. 1 is a partner thereof. between the parties, there was business , relationship. the opponent-firm filed the suit for non-payment of dues arising out and during ..... successfully shown that-(1) the subordinate court has exercised a jurisdiction not vested in it by law, or (2) has failed to exercise a jurisdiction so vested, or (3) has acted in exercise of its jurisdictionillegally or with material irregularity. none of the aforesaid requisite elements is found from the facts of the present case requiring interference of this court. the .....

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Aug 16 1995 (HC)

Essar Steels Vs. Union of India (Uoi)

Court : Madhya Pradesh

Decided on : Aug-16-1995

Reported in : 1995LC21(MP); 1996(83)ELT38(MP)

..... a petition under articles 226 and 227 of the constitution of india.2. briefly stated, the facts of the case are that the petitioner is a firm registered under the indian partnership act. the petitioner firm has set-up a factory at mandsaur to manufacture twisted bars. the products of the petitioner are subject to central excise duty under the central excise tariff ..... is not proper to examine the merits of the matter or to adjudicate upon the question which is required to be answered by the appellate authority constituted under the relevant act.10. in the result, this petition is dismissed as incompetent leaving the petitioner free to pursue the appeal presented by it and obtain adjudication of the issue, common in this ..... (annexure i) demanding duty of rs. 1,09,761/- under rule 9(2) of the central excise rules, 1944 read with proviso to section 11a of central excises and salt act, 1944 and also imposed penalty of rs. 20,000/-. the petitioner felt that it is entitled to exemption under notification no. 202/88. dubbing the aforesaid order (annexure i), as .....

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Feb 18 1995 (HC)

Akberali Sons Estate Vs. the Pen Shop

Court : Karnataka

Decided on : Feb-18-1995

Reported in : ILR1995KAR1400; 1995(6)KarLJ206

..... cannot be said to be opposed to law. therefore, in my opinion, the court below has erred in holding that keeping in view the provisions of section 15 of the indian partnership act, the co-owners (partners) are not entitled for seeking eviction on the ground of their personal necessity.15. in the present case, as discussed above, in my opinion, the landlords ..... of section 6 read with explanation (1) thereof, they cannot be said to be 'partners' in the statutory sense.14. now turning to the provisions of section 15 of the indian partnership act, it provides that subject to the contract between the partners, the property of the firm has to be held and used by the partners exclusively for purposes of the business ..... plea of personal necessity to be a mere desire and not based on true need.12. for dealing with the plea of the tenants based on section 15 of the indian partnership act, 1932, i may first notice the statutory provisions in this regard. these are -'section 6. in determining whether a group of persons is or is not a firm, or whether ..... narayanappa and anr. v. bhaskara krishnappa (dead) by his heips and ors.] : [1966]3scr400 . therefore, in terms of section 15 of the indian partnership act, the partnership property can be held and used by the partners for the purpose other than the partnership business provided they have agreed between themselves to that effect. in the present case, as noticed above, all the three partners, namely .....

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Feb 28 1995 (HC)

Gift-tax Officer Vs. R. Sambasive Rao.

Court : Chennai

Decided on : Feb-28-1995

Reported in : [1995]55ITD485(Mad)

..... the other, the sums advanced by him to the firm for the purposes of its business. as elucidated by pollock and mulla in their commentary on the indian partnership act, the principle of sub-section (c) of section 13 is that a partner, as regards the capital brought by him into the business is not a ..... is a partner, because as a person having control over the affairs of the firm, can expect a prompt repayment of the money. section 13 of the partnership act lays down thus:13. subject to contract between the partners:....(d) a partner making, for the purposes of the business, any payment or advance beyond the ..... to be paid the advances, and ranks the right only next in order to the debts of the firm to third parties.34. the scheme of the partnership act thus clearly recognises the fact that, vis-a-vis the firm, the partners may have two capacities - one that of a partner as such, and the ..... by a partner is in reality a mode of division of the firms profits. it is this principle which is incorporated in section 13(c) of the partnership act and emphasized by the use of the words ionly out of profits'.30. section 13(d), in contrast, does not contain the words 'only out of ..... a debtor of the firm. this legal position is well-settled not only by the specific provisions contained in section 13 of the partnership act, but also by reported cases.28. section 13 of the partnership act defines the mutual rights and liabilities of partners. sub-sections (c) and (d) of that section, providing as they do a .....

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Sep 08 1995 (HC)

Commissioner of Income-tax Vs. M. Manickasundaram

Court : Chennai

Decided on : Sep-08-1995

Reported in : [1996]220ITR133(Mad)

..... years in question, which is not chargeable to tax under the act and, yet, so long as it remains a 'firm' under section 2(23) of the act (which only says that the said term 'firm' has the meaning assigned to it in the indian partnership act, 1932) and so long as it is not a 'registered ..... firm' under section 2(39) of the act, it should necessarily come within the definition of the term ..... 'unregistered firm' under section 2(48) of the act. there is no dispute that in the present ..... section (1) of section 185 or under that provision read with sub-section (7) of section 184.' 9. in other words, if a firm under the partnership act gets registered under section 185(1)(a) or under the said provision read with section 184(7), then only, it is a 'registered firm'. but, if ..... applicable. in other words, according to him, though the abovesaid firm is an unregistered firm under the partnership act, it cannot be treated as 'unregistered firm' as defined under section 2(48) of the act since in the relevant assessment years in question, the said firm was having only agricultural income which was .....

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Dec 21 1995 (HC)

Banyan and Berry Vs. Commissioner of Income Tax

Court : Gujarat

Decided on : Dec-21-1995

Reported in : (1996)131CTR(Guj)127; [1996]222ITR831(Guj)

..... of capital liable to be applied for payment of debts and distributed amongst the partners in accordance with the terms of agreement to dissolve read with relevant provisions of the indian partnership act. realisation of amount on award having made in favour of the claimant cannot, in the circumstances, be said to be a realisation through carrying on business by the ..... against the govt. in respect of the transaction completed before transfer of the business to the company and after dissolution of the firm they acted in unison in terms of s. 47 of the indian partnership act for the purpose of realising the actionable claim and for distribution of the assets of the dissolved firm. applying the test laid in the ..... be carried is also part of that freedom. business is carried on individually, collectively, by constituting partnership firm, or forming an aop or by company. the formation and dissolution of partnerships are governed by statutory provisions under indian partnership act. the very concept of partnership is founded on agreement between the persons who share the profits of business carried on by all or ..... any of them acting for all. collectively persons who have agreed to share the profits of business carried .....

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Feb 02 1995 (HC)

The Lakshmi Vilas Bank Limited Vs. Sun Finance and ors.

Court : Chennai

Decided on : Feb-02-1995

Reported in : (1996)1MLJ76

..... of notice of change in the constitution or dissolution of the firm to be presented or forwarded to the registrar of firms for filing under section 63(1) of the indian partnership act. three decisions cited by mr. s.p. subramaniam, learned counsel for the appellant, may be usefully looked into in this regard. the first is reported in jwaladutt r. pillani v ..... defendants 2, 4 and 5 from the 1st defendant firm to the plaintiff, they are, in our view, also liable for the suit claim. section 45 of the indian partnership act says that a partnership continues as to third persons who deal with the members thereof as partners until public notice of dissolution is given, even though, as between the partners, the firm has ..... , in law, the partners are liable to pay the suit claim since, according to mr. s.p. subramaniam, certain provisions of the indian partnership act have not been complied with. section 45 of the indian partnership act reads as follows:45. liability for acts of partners done after dissolution: (1) notwithstanding the resolution of a firm, the partners continue to be liable as such to third parties ..... clear that until receipt of such notice by the plaintiff and the receipt of acknowledgment by the defendants from the bank for the same, and notwithstanding any provisions of the indian partnership act, 1932, the plaintiff shall be entitled to regard each of them as partners of the firm and accordingly entitled to honour their respective signatures in the firm's name as .....

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May 31 1995 (TRI)

Gurujyothi Enterprises Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Decided on : May-31-1995

Reported in : (1996)56ITD117(Bang.)

..... agreement to treat the firm as continuing notwithstanding the death of a partner, the partners have no option to treat the firm as continuing. under the indian partnership act, 1932, the firm gets dissolved and the income-tax officer is not entitled to ignore this consequence. there is nothing in the language of section 187 ..... allowed to carry on the business under the same trade name with the entire goodwill, privileges and rights. on 3-11-1974, a new deed of partnership was executed with the aforesaid remaining partner and four new partners. the cit(a) discussed that for assessment year 1975-76, the ito had made two ..... case where income had escaped assessment due to the 'oversight, inadvertence or mistake' of the ito must fall within section 34(1)(&) of the indian i.t. act, 1922. it appears to us, with respect, that the proposition is stated too widely and travels farther than the statute warrants in so far ..... , 188 or 189, according to the high court, which precludes the application of the partnership law principles even under the income-tax act. it was accordingly held by the high court that where the partnership deed of a firm did not contained any provision that the death of a partner would not ..... from the record itself, then such a case would fall within the scope of section 147(&) of the act'.12. it would thus appear that the supreme court, in either of the judgments as reported in indian & eastern newspaper society's case (supra) or a.l.a. firm's case (supra), rendered .....

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