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Start Free TrialIndian Partnership Act, 1932 Chapter VI
Title: Dissolution of a Firm
State: Central
Year: 1932
.....that of the firm within a specified period or within specified local limits; and notwithstanding anything contained in section 27 of the Indian Contract Act, 1872, (9 of 1872), such agreement shall be valid if the restrictions imposed are reasonable. Section 55 - Sale of goodwill after dissolution (1) In settling the accounts of a firm after dissolution, the goodwill shall, subject to contract between the partners, be included in the assets, and it may be sold either separately or along with other property of the firm. Rights of buyer and seller of goodwill.(2) Where the goodwill of a firm is sold after dissolution, a partner may carry on a business competing with that of the buyer and he may advertise such business, but, subject to agreement between him and the buyer, he may not,X (a) use the firm name, (b) represent himself as carrying on the business of the firm, or (c) solicit the custom of persons who were dealing with the firm before its dissolution. Agreements in restraint of trade.(3) Any partner may, upon the sale of the goodwill of a firm, make an agreement with the buyer that such partner will not carry on any business similar to that of the firm within a.....
View Complete Act List Judgments citing this sectionIndian Partnership Act, 1932 Chapter 7
Title: Registration of Firms
State: Central
Year: 1932
.....person, on payment of such fee as may be prescribed, a copy, certified under his hand, of any entry or portion thereof in the Register of Firms. Section 68 - Rules of evidence (1) Any statement, intimation or notice recorded or noted in the Register of Firms shall, as against any person by whom or on whose behalf such statement, intimation or notice was signed, be conclusive proof of any fact therein stated. (2) A certified copy of an entry relating to a firm in the Register of Firms may be produced in proof of the fact of the registration of such firm, and of the contents of any statement, intimation or notice recorded or noted therein. Section 69 - Effect of non-registration (1) No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against the firm or any person alleged to be or to have been a partner in the firm unless the firm is registered and the person suing is or has been shown in the Register of Firms as a partner in the firm. (2) No suit to enforce a right arising from a contract shall be instituted in any court by or on behalf of a firm.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Chapter XVI
Title: Special Provision Applicable to Firms
State: Central
Year: 1961
.....in constitution, succession and dissolution Section 187 - Change in constitution of a firm (1) Where at the time of making an assessment under section 143 or section 144 it is found that a change has occurred in the constitution of a firm, the assessment shall be made on the firm as constituted at the time of making the assessment. Proviso omitted by the Finance Act, 1992, with effect from 1st April, 1993. (2) For the purposes of this section, there is a change in the constitution of the firm (a) if one or more of the partners cease to be partners or one or more new partners are admitted, in such circumstances that one or more of the persons who were partners of the firm before the change continue as partner or partners after the change; or (b) where all the partners continue with a change in their respective shares or in the shares of some of them: Provided that nothing contained in clause (a) shall apply to a case where the firm is dissolved on the death of any of its partners. Section 188 - Succession of one firm by another firm Where a firm carrying on a business or profession is succeeded by another firm, and the case is not one covered by section 187,.....
View Complete Act List Judgments citing this sectionCode of Civil Procedure, 1908 Rule 1 to 10
Title: Suits by or Against Firms and Persons Carrying on Business in Names Other Than their Own
State: Central
Year: 1908
.....whom it is sought to make liable. 4. Right of suit on death of partner (1) Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (9 of 1872), where two or more persons may sue or be sued in the name of a firm under the foregoing provisions and any of such persons dies, whether before the institution or during the pendency of any suit, it shall not be necessary to join the legal representative of the deceased as a party to the suit. (2) Nothing in sub-rule (1) shall limit or otherwise affect any right which the legal representative of the deceased may have-- (a) to apply to be made a party to the suit, or (b) to enforce any claim against the survivor or survivors. 5. Notice in what capacity served Where a summons is issued to a firm and is served in the manner provided by rule 3, every person upon whom it is served shall be informed by notice in writing given at the time of such service, whether he is served as a partner or as a person having the control or management of the partnership business, or in both characters, and, in default of such notice, the person served shall be deemed to be served as a partner. 6. Appearance of.....
View Complete Act List Judgments citing this sectionAgricultural Income-tax Act, 1957 Section 26
Title: Assessment in Case of Discontinued Company, Firm or Association or Dissolved Firm
State: Karnataka
Year: 1957
.....thereof, or on the recipient, as the case may be, a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section 18 and the provisions of the Act shall, so far as may be, apply accordingly, as if the notice were a notice issued under that sub-section.] (6) Where such an order has not been passed in respect of a company, firm or association hitherto assessed as the business not discontinued or in respect of a firm or 42 association hitherto assessed as not dissolved, such firm or association shall not be deemed to have been dissolved or the business of such company, firm or association shall not be deemed to have been discontinued, for the purpose of this Act. (7) Notwithstanding anything contained in sections 32A, 34, 35, 36, 37 or 55, in cases where before the discontinuance of business or dissolution of the firm or association, hitherto assessed as firm or association or on such company the crop is harvested and disposed of but full payment has not been received for such crop, or the crop is harvested and not disposed of proceedings to assess or reassess the income from such crop or to revise any assessment, or.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 184
Title: Assessment as a Firm
State: Central
Year: 1961
.....name called, made by such firm to any partner of such firm shall be allowed in computing the income chargeable under the head Profits and gains of business or profession and such interest, salary, bonus, commission or remuneration shall not be chargeable to income-tax under clause (v) of section 28.] _________________________________________ 1. Substituted by the Finance Act, 2003, with effect from 1st April, 2004. Prior to substitution, sub-section (5) stood as under: (5) Notwithstanding anything contained in the foregoing provisions of this section, where, in respect of any assessment year, there is on the part of a firm any such failure as is mentioned in section 144, the firm shall not be assessed as such for the said assessment year and, thereupon, the firm shall be assessed in the same manner as an association of persons, and all the provisions of this Act shall apply accordingly.
View Complete Act List Judgments citing this sectionIndian Partnership Act, 1932 Section 19
Title: Implied Authority of Partner as Agent of the Firm
State: Central
Year: 1932
(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 the firm. The authority of a partner to bind the firm conferred by this section is called his "implied authority". (2) In the absence of any usage or custom of trade to the contrary, the implied authority of a partner does not empower him toX (a) submit a dispute relating to the business of the firm to arbitration, (b) open a banking account on behalf of the firm in his own name, (c) compromise or relinquish any claim or portion of a claim by the firm, (d) withdraw a suit or proceeding filed on behalf of the firm, (e) admit any liability in a suit or proceeding against the firm, (f) acquire immovable property on behalf of the firm, (g) transfer immovable property belonging to the firm, or (h) enter into partnership on behalf of the firm.
View Complete Act List Judgments citing this sectionIndian Partnership Act, 1932 Section 63
Title: Recording of Changes in and Dissolution of a Firm
State: Central
Year: 1932
(1) When a change occurs in the constitution of a registered firm any incoming, continuing or outgoing partner, and when a registered firm is dissolved any person who was a partner immediately before the dissolution, or the agent of any such partner or person specially authorised in this behalf, may give notice to the Registrar of such change or dissolution, specifying the date thereof; and the Registrar shall make a record of the notice in the entry relating to the firm in the Register of Firms, and shall file the notice along with the statement relating to the firm filed under section 59. Recording of withdrawal of a minor.(2) When a minor who has been admitted to the benefits of partnership in a firm attains majority and elects to become or not to become a partner, and the firm is then a registered firm, he, or his agent specially authorised in this behalf, may give notice to the Registrar that he has or has not become a partner, and the Registrar shall deal with the notice in the manner provided in sub-section (1).
View Complete Act List Judgments citing this sectionIndian Partnership Act, 1932 Section 53
Title: Right to Restrain from Use of Firm Name or Firm Property
State: Central
Year: 1932
After a firm is dissolved, every partner or his representative may, in the absence of a contract between the partners to the contrary, restrain any other partner or his representative from carrying on a similar business in the firm name or from using any of the property of the firm for his own benefit, until the affairs of the firm have been completely wound up: Provided that where any partner or his representative has bought the goodwill of the firm, nothing in this section shall affect his right to use the firm name.
View Complete Act List Judgments citing this sectionKarnataka Tax on Luxuries Act, 1979 Section 8B
Title: Liability of Firms
State: Karnataka
Year: 1979
(1) Where any firm is liable to pay any tax or penalty or other amount under this Act, the firm and each of the partners of the firm shall be jointly and severally liable for such payment. (2) Where a partner of a firm liable to pay any tax or penalty or other amount under this Act retires he shall, notwithstanding any contract to the contrary, be liable to pay the tax or penalty or other amount remaining unpaid at the time of his retirement and any tax or penalty or other amount upto the date of retirement, though unassessed. (3) When a firm liable to pay the tax or penalty under this Act is dissolved or discontinued, the assessment of the tax and imposition of penalty shall be made as if no dissolution or discontinuance of the firm had taken place and every person who was, at the time of dissolution or discontinuance, a partner of the firm and the legal representative of any such person who is deceased, shall be jointly and severally liable to pay the tax or penalty assessed or imposed.
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