Court : Madhya Pradesh
Reported in : AIR1977MP74; 1977MPLJ74
..... is he who has to undertake the botheration of filing suits; he has to maintain a regular office, employees and account books, both the learned counsel tried to demonstrate before us that a conventional chit fund scheme is a scheme of mutual benefit shared equally and equitably by the subscribers. ..... many depositors of commercial banks probably join chit funds because of a chitty they can get the combined benefits of regular savings and borrowings for specific needs.the banking commission has observed that it was essential to have a uniform chit fund legislation applicable to the whole country to regulate chit funds (vide ..... emphatically urged by both the learned counsel that the impugned act would deprive a large number of people of the unique benefit which chit fund schemes provide to them at the time of their need. ..... it is really a debt in praesenti but permitted to be paid by instalments, the benefit of the said facility being available to the debtor only so long as the instalments are ..... needed; for instance, for a daughter's marriage or children's education, it was argued that the impugned act would deprive not only residents of madhya pradesh but also residents outside madbya pradesh, of the benefit of chit schemes promoted within madhya pradesh. ..... that gambling had been totally prohibited by manu because it destroyed truth, honesty, and wealth, while ether lawgivers permitted it when conducted under the control of the state so as to allow the king a share of every stake. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1969MPLJ295
..... on 29th june, 1950, for the year ending on 31st march, 1949, out of the holders of 3,09,102 shares in the petitioner-company as on 29th june, 1950, holders of only 21 shares opted for cash payment; thus for the first period more than 99.8% and for the second period more than 99.9% of the petitioner's shareholders got the benefit of the shares of the pilani company by way of dividend ; consequently, there was no room whatsoever for the suggestion that ..... by not disclosing the real value of the shares in the two relevant account years the petitioner-company dissuaded its shareholders from accepting the shares of the pilani company in lieu of cash dividend and thus gave the fullest opportunity to the ..... now, if over 99% of the shareholders accepted the pilani shares as dividend, then the basis for the further suggestion that the benefit of investment made by the petitioner-company in purchasing the shares of the pilani company, the distribution of the shares of the pilani company by way of dividend and the bonus shares issued by the pilani company subsequently went to the birla group which was in the control and management of the petitioner-company also disappears. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1969MP82; 1969MPLJ155
..... . only the share-benefit slice can be given relief under section 51 (2).paragraph 5 of the schedule vii provides that, in cases where the deceased's share benefits could have been increased if he had not taken non-share benefits, the non-share benefits shall be treated as share benefits to the extent that they could have been applied in increasing the share benefits ..... last mentioned benefits, or as payments which would have constituted such benefits; or(b) if the first mentioned benefits are brought into the computation made under sub-section (2) of section 17 of the act to the ..... which estate duty would be payable on his death apart from anything in that sub-rule and by virtue of that interest or power benefits accrued to the deceased from the company in those years, or would so have accrued to him if any payments had been made by virtue of rights attached to those shares or debentures, then --(a) if the first mentioned benefits consisted to any extent of payments made out of moneys which, if not so applied, could have been applied in increasing the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1968]70ITR439(MP)
..... . only the share-benefit slice can be given relief under section 51(2).paragraph 5 of the schedule vii provides that, in cases where the deceaseds share benefits could have been increased if he had not taken non-share benefits, the non-share benefits shall be treated as share benefits to the extent that they could have been applied in increasing the share benefits ..... last mentioned benefits, or as payments which would have constituted such benefits; or(b) if the first mentioned benefits are brought into the computation made under sub-section (2) of section 17 of the act to the ..... which estate duty would be payable on his death apart from anything in that sub-rule and by virtue of that interest or power benefits accrued, to the deceased from the company in those years, or would so have accrued, to him if any payments had been made by virtue of rights attached to those shares or debentures, then -(a) if the first mentioned benefits consisted to any extent of payments made out of moneys which, if not so applied, could have been applied in increasing the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1967MP30
..... shah mohandas : [1965]57itr415(sc) a firm was found entitled to be registered under section 26-a of the act although the instrument creating it provided that even the minors, who had been admitted to the benefits of partnership would share the losses to the extent of the capital invested on their behalf in view of these authorities and the recitals of the instrument of partnership dated 29th september, 1954, it should be held that it did ..... commissioner, while agreeing that the minor was merely admitted to the benefits of the partnership, held that there was no indication in the partnership deed how the remaining one fourth share of the loss was to be divided among the three adult partners though it was incorrectly stated in the application for renewal that, the minor too was to share equally with the adults the loss, if any the tribunal concurred ..... paragraph 3 of the application for renewal which also fulfilled all other prescribed requirements and all that is said about it is that the statement therein made to the effect that the minor shared theprofits (or losses) to the extent of one-fourth share was not in accord with the vague term of the deed of partnership relating to the sharing of loss appertaining that share to the benefits of which he had been admitted 4. ..... is so construed in the light of the fact that the minor was admitted to the benefits of the partnership, the position in regard to the losses relating to the minor's share does not remain undefined or unspecified. 7. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1959MP151
..... specific performance of the agreement dated 28th feburary 1941 compelling them to execute an assignment in his favour of the two and half annas share with ail the benefits accruing in respect thereof after 28th feburary 1941 and for an account of the amount that might have become due and payable to him under the said ..... basis of the profits accruing on two and half annas share from 28th february 1941 upto the date of the suit and on the basis of the average benefit further damages for the unexpir-ed period of the managing agency ..... with all the benefits accruing therefrom as founded on the award dated 8-2-1941' and he valued the two and half annas share proportionately on the valuation of the five annas share belonging to brijlal ..... days after the award was delivered, govindram approached him with an offer to make him a partner in the managing agency firm by assigning to him two and half annas share out of the share of bilasrai and brijlal which he was to get under the award.the plaintiff took time to consider the offer, and after some discussion and negotiations a draft of the agreement ..... offering it to the other partners as re-quired by clause; (14) of the partnership agreement of 1935 and whether for that reason the agreement was unenforceable; and secondly whether the plaintiff was entitled to a share in the profits of the managing agency firm from the date of the agreement ex. p/1. in the view we have taken of the matter, these points do not in any way affect our conclusion .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1965]57ITR213(MP); 1965MPLJ156
..... agreements, which mannalal concluded, were without the consent of other partners.the further objection that as sir hukumchand and his son, rajkumar singh, had not disclosed in their returns of income the shares of profits received by them from the assessee-firm and that as those profits were actually included in the total income of a private limited company, namely, sir sarupchand hukumchand, therefore, ..... of the firm but under a separate agreement with mannalal which was not a part of the partnership agreement; and consequently, registration of the firm could not be refused on the ground that the share of profits was allotted otherwise than in accordance with the terms of the partnership deed.another contention advanced on behalf of the department, which had been rejected by the appellate assistant commissioner and which was ..... also, in his dissenting judgment, observed :'it is open to a partner who receives his share in the profits of the firm to dispose of that share in any manner he pleases, and no inference from the distribution of the share of such profits alone can lead to the inference that the persons who ultimately received the benefit of the profits are partners of the firm which had distributed the profits'.we may also refer to another decision of the ..... shares taken by the co-partners belonged not to the individuals but are the shares held by them for the benefit of their branch of the family which is still joint and that they therefore together form only one share .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1982]136ITR583(MP)
..... of which the persons mentioned in clauses (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessee or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income of such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in this section referred to as relevant ..... the other provisions of the said section are not relevant for the purpose of this referenceit cannot seriously be disputed that the individual share of the persons on whose behalf or for whose benefit the income was receivable by the assessee in the original deed of trust are indeterminate or unknown and the beneficiaries and their individual shares were made determinate and known by the provisions of the supplementary deed of the trust executed by the trustees. ..... 2 and 4 the learned counsel for the assessee contended that it cannot be said that in any given assessment year the shares of the beneficiaries in the original deed of trust were indeterminate and unknown and, therefore, the provisions of s. ..... the ito taxed the income of the assessee at 65% holding that the shares of the beneficiaries were indeterminate and unknown as per the original trust deed dated october 4, 1963, authorising the trustees to make amendment in the original trust deed. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1981)21CTR(MP)4; [1982]134ITR601(MP)
..... even assuming that prakashchandra elected to become a partner during the accounting year relevant to the assessment year 1967-68, that would not make any change in the constitution of the firm or as to the shares specified in the deed of partnership and that the shares in the profits and losses of the respective partners will have to be worked out in accordance with section 30(7)(b) read with section 13(b) of the partnership act.6. an application for a continuation of the ..... question relating to continuation of registration, it is first contended by the learned counsel for the assessee that there was no change in the constitution of the partnership or in the shares of the partners during the accounting year relevant to the assessment year 1967-68, as prakashchandra became major within six months before the end of the accounting year. ..... prakashchandra became a major the presumption under section 30(7)(b) would be that he started sharing the profits to the extent of 2 annas 3 pies which was his share in the benefits of the partnership when he was a minor ..... -2-30-4-0 0-9-01-0-0 and the partners also agree to admit the following minors to the benefits of the partnership and further agree to allot the shares in only profits of the firm in the following manner : 1 ..... not have met the losses in respect of the shares to the benefit of which the minors were admitted ..... , awadhbihari, prakashchandra and subhashchandra were admitted to the benefits of the partnership and they were to receive 1/7th share each in profits. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1975]98ITR306(MP)
..... in paragraph 3 of the application for renewal which also fulfilled all other prescribed requirements and all that is said about it is that the statement therein made to the effect that the minor shared the profits (or losses) to the extent of one-fourth share was not in accord with the vague term of the deed of partnership relating to the sharing of loss appertaining to that share to the benefits of which he had been admitted.6. ..... 1965]57itr415(sc) a firm was found entitled to be registered under section 26a of the act although the instrument creating it provided that even the minors who had been admitted to the benefits of partnership would share the losses to the extent of the capital invested on their behalf. ..... it is not that in the case before us, the individual shares of partners, including the share to the benefits of which the minor, has been admitted are, in that sense, ..... while agreeing that the minor was merely admitted to the benefits of the partnership, held that there was no indication in the partnership deed how the remaining one-fourth share of the loss was to be divided among the three adult partners though it was incorrectly stated in the application for renewal, that the minor too was to share, equally with the adults, the loss, if any. ..... case is so construed in the light of the fact that the minor was admitted to the benefits of the partnership, the position in regard to the losses relating to the minor's share does not remain under fined or unspecified.10. .....
Tag this Judgment!