Court : Madhya Pradesh
Reported in : [1990]183ITR445(MP)
..... we fully share the view of the high court that there was nothing to prevent the legislature from giving the benefit of a reduced rate to a registered firm for the purpose of tax, but withhold the same when it committed a default and became liable to imposition of penalty'.'22. ..... it seems that, on account of the benefits available to a registered firm, parliament intended to take a more stringent view in the matter of imposition of penalty if it was a case of a registered firm. ..... if a firm got itself registered, the partners were entitled to certain benefits and advantages. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1987)65CTR(MP)160; [1988]169ITR588(MP)
..... did not leave any room for doubt that it had been made obligatory that if the income arising to the minor child from a partnership firm was referable to the fact of admission of that child to the benefits of the said partnership firm, then such income was includible in the total income of the assessee and the question of source of investment in the firm by the minor was not relevant or decisive for making the ..... of law to this court for its opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the interest earned by a minor on his capital invested in the firm to the benefits of which he has been admitted could not be clubbed along with the share income and taxed in the hands of the parent under section 64(1)(iii) of the income-tax act ?' 2. ..... the material facts giving rise to this reference, briefly, are as follows : the minor sons of the assessee were, during the relevant assessment year 1976-77, admitted to the benefits of the partnership firms carrying on business under the name and style as m/s. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1988)67CTR(MP)98; [1988]173ITR547(MP)
..... we, therefore, find no difficulty in holding that deposits made by a partnership in a bank are in law held by partners in proportion to their shares in the partnership and that the partners are entitled to the benefit of the exemption contained in section 5(1)(xxvi) in their individual assessments to the extent of the maximum prescribed by section 5(1a).'5. ..... down by this court in the case of narsi-bhai patel : [1981]127itr633(mp) , namely, that even during the subsistence of a partnership, the deposits made by the partnership in a bank are in law held by the partners in proportion to their shares in the partnership, it would be seen that notwithstanding reconstitution of the firm, ramji narayan patel & co. ..... cases that a partner has no exclusive right over any such property and he cannot also exercise any right in such property even to the extent of his share in the partnership because his right during the subsistence of the partnership is to get his share of profits from time to time as may be agreed upon among the partners and after dissolution of the firm to get the value of his share in the net partnership assets as on the date of dissolution. ..... such a property really vests in the partners collectively in proportion to their shares although the right of ownership of each partner in respect of that property is restricted by the contract of partnership and the very nature and character of the collective business called the partnership business for which the property is to be .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : II(1988)ACC565; AIR1988MP215; 1988MPLJ213
..... number of years of the man's estimated span of life and the said amount should be discounted so as to arrive at the equivalent in the form of lump sum payable on his death; fourthly, further deductions must be made for the benefit accruing to the widow from the acceleration other interest in his estate and fifthly further amounts have to be deducted for the possibility of wife dying earlier if the husband had lived the full span of life. ..... the pecuniary loss has to be ascertained only by balancing on the one hand the loss to the claimants of the future pecuniary benefits and on the other any pecuniary benefits which, from whatever source come to them by reason of death i.e. ..... tribunal further concluded that the claimants have benefited thus from the death of the deceased. ..... under section 1a of the fatal accidents act, damages are to be based on reasonable expectation of pecuniary benefit or benefit reducible to money value. ..... 12000/- and thus she has benefited from her husband's death and hence her claim was satisfied. 5. ..... (d) claimant due to the death of her husband has inherited 2 acres of land and 1/3 share in the family house valued at rs. ..... 10,000/- from family benefit fund along with rs. ..... 12000/- as share from the ancestral house of the deceased. ..... 10,000/- from family benefit fund. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1988)72CTR(MP)34; [1988]171ITR398(MP)
..... assessment proceedings for the relevant year were reopened and a question arose as to whether the surrender of his 40% share by the assessee in favour of his sons amounted to a gift within the meaning of the act, liable to ..... basis, it has been urged that even on a bare perusal of the said clause, it was clear that no consideration had passed for surrender of the 40% share by the asses-see in favour of his sons at the time of execution of the said agreement. ..... major sons of the asses-see were given 171/2% share each and the two minor sons were admitted to the benefits of the partnership to the extent of 5% share each. ..... besides the above, we have noted that the assessee by surrendering 40% of his share in the profits of the old firm acquired the services of experienced persons and not only that but as per clause 10 of the partnership deed, the new partners agreed to contribute their major portion of ..... on this basis, it was urged that at any rate, the surrender of the share of the assessee in favour of his minor sons was without any consideration and amounted ..... by the assessee, however, did not find favour with the gift-tax officer and the commissioner of gift-tax (appeals), with the result that the surrender of his 40% share by the assessee was taken to be a gift for the purposes of the act. ..... and sons, and on reconstitution of the firm, the benefit of their expertise was available to the reconstituted firm and this constituted consideration for the surrender of the assessee's 40% share. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1987]168ITR605(MP)
..... (7) where registration is granted to any firm for any assessment year, it shall have effect for every subsequent assessment year : provided that- (i) there is no change in the constitution of the firm or the shares of the partners as evidenced by the instrument of partnership on the basis of which the registration was granted; and (ii) the firm furnishes, before the expiry of the time allowed under sub-section (1) or sub-section (2) of section 139 ..... what clause (ii), therefore, contemplates is that if there has been no change in the constitution of the firm qr the shares of the partners as stated therein, the benefit of continuation of registration shall be available for the whole year whereas if there has been dissolution of the firm, it shall be available only up to the date of dissolution ..... clause (ii) of sub-rule (4) of rule 22, on the otherhand, prescribes the procedure for making an application for registrationafter the end of the relevant previous year where any change or changesin the constitution of the firm or the shares of the partners have takenplace during the said previous year and/or after the end of the previousyear, but before the date of the application. ..... (ii) of sub-rule (2) of rule 22 prescribes the procedure for making an application for registration before the end of the relevant previous year whereany change or changes in the constitution of the firm or the shares of thepartners have taken place during the previous year before the dateof the application. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1990MP80
..... it is the case of the plaintiff that mohammed bhai assigned his half share to seth rajab ali on 7-10-1948 and pratap chand chandak assigned his half share to shivram poddar on 24-12-1947, with the result that entire 'khairagarh bada' was held by these four with an undivided 1/4th share therein. ..... the plot on which two rooms covered by the earlier suit existed seems to have been allotted to the share of pratap chand chandak. ..... he was promised 1/4th share of the profit earned. ..... according to him, he being the most experienced person was required by the plaintiffs to do development and plotting work and sell the plots for the benefit of all. ..... he claimed to be a partner of the firm and in possession of the suit properties since 1947, because of his share in the business. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1991)95CTR(MP)269; 1990MPLJ727
..... the aac, in appeal, affirmed that order and rejected the contention that if the income of the assessee is nil, the benefit earned by his minor sons from the partnerships could not be included and taken into consideration, while assessing the total income in the hands of the ..... iii) of the act empower the ito to include the share income arising to the minor children of an individual on their admission to the benefits of the partnership in a firm under s. ..... decision by this court :'whether on the facts and in the circumstances of the case, the tribunal was correct in holding that the income arising to the minor sons of the assessee from their admission to the benefits of partnership was not liable to be included in computing the total income of the assessee ?'.2. ..... tribunal rejected the departments contention that there is no requirement of the parent, in whose hands the minors share income is sought to be assessed, having any other income before the provisions of s. ..... , the share income arising to the minor children of an individual on their admission to the benefits of the partnership in firm, notwithstanding the fact that the total income of such an individual assessee is either less than the minimum liable to tax or that such an individual has no income at all from any source ..... is not disputed and it is also clear from the record that shri nanakram, father of the minor sons admitted to the benefit of the two partnership, is assessee within the meaning of the term, as defined in s. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1990(0)MPLJ727
..... for the aforesaid reasons, we are satisfied that the provisions of section 64(1)(iii) of the act empower the income-tax officer to include the share income arising to the minor children of an individual on their admission to the benefits of partnership in a firm under section 64(1)(iii) of the act, in the total income of such individual assessee, notwithstanding the fact that the total income of such individual assessee is either less than the ..... appellate assistant commissioner, in appeal, affirmed that order and rejected the contention that, if the income of the assessee is nil; the benefit earned by his minor sons from the partnerships could not be included and taken into consideration, while assessing the total income in the ..... tribunal rejected the department's contention that there is no requirement of the parent in whose hands the minor's share income is sought to be assessed having any other income before the provisions of section 64(1)(iii), requiring the ..... disputed and it is also clear from the record that shri manakram, father of the four minor sons admitted to the benefit of the two partnerships, is an 'assessee' within the meaning of the term, as defined in section 2(7) of ..... , the share income arising to the minor children of an individual on their admission to the benefits of partnership in a firm, notwithstanding the fact that the total income of such an individual assessee is either less than the minimum liable to tax or that such an individual has no income at all .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1993(0)MPLJ371
..... a third partner was inducted with four annas share and two minor sons of the first partner were admitted to the benefits of the partnership, with a right to a share of 12% and 13%, respectively, in the profits ..... in the present case, what is claimed is a payment to an erstwhile partner of a certain amount in lieu of his share of goodwill in the partnership when, in fact, despite such withdrawal of the partner, the partnership continues, accounts have not been settled between the outgoing partner and the remaining partners and the dues to ..... fail to see any basis for the tribunal's observation that the question of claiming any share in the goodwill of the firm by shri parmanandbhai patel does not arise. ..... in this state of law, it may be said without any hesitation that the share of parmanandbhai in the goodwill of the partnership had money value which, on parmanandbhai's withdrawal from partnership and on settlement of accounts, would have been paid to ..... may be mentioned that, presumably because parmanandbhai still wanted to join the firm back on his ceasing to be a member of the council of ministers in this state, no final settlement of account was done nor was parmanandbhai paid his share in the assets of the partnership including goodwill. ..... is no agreement to the contrary that, on his retirement or on dissolution of the partnership, he would not get any share in the goodwill, when regarding smt. ..... out of two remaining partners, the share of one was reduced from seven annas to four .....
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