Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 35 liability of estate of deceased partner Page 1 of about 1,046 results (0.166 seconds)

Liberty Cinema Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)4ITD618(Kol.)

..... extract of entry passed in journal in respect of liability under section 37 of the indian partnership act, 1932 to the estate of the deceased partner, n.l, jalan, for the year ended on 31-3-1979. 10. ..... extract of entry passed in journal in respect of liability under section 37 of the indian partnership act, 1932 to the estate of the deceased partner, n.l. ..... extract of entry passed in journal in respect of liability under section 37 of the indian partnership act, 1932, to the estate of the deceased partner, n.l. ..... the assessee came in appeal before the commissioner (appeals) and contended that clause 16 of the old deed provided that the assets and liabilities of the partnership upon dissolution shall be dealt with in accordance with the provisions of the indian partnership act and since the account of the deceased partner was not settled, the legal heirs were entitled to one-third share in view of sections 14 and 37 of the partnership act. ..... the clauses contained in the two partnership deeds read with section 37 of the partnership act create statutory liability upon the continuing partners to pay a sum as indicated in section 37 of the partnership act to the legal representative. ..... the learned counsel for the appellant has laid a great emphasis upon section 37 of the partnership act according to which it was obligatory on the surviving partners to make a provision of the deceased partner's share to the legal representatives. .....

Pl. Rm. Arunachalam Chettiar Vs. Controller of Estate Duty

Court : Chennai

Reported in : [1970]75ITR28(Mad)

..... further pointed out that there is nothing on record to show that there was anything like an administration of the firm's assets and liabilities involving the various steps contemplated by section 48 of the indian partnership act, 1932, before the residue was divided between the sharers, and from this standpoint too, the deceased's interest in his one-fourth share in the firm's assets was immovable property. ..... section 29 of the indian partnership act, 1932, which deals with the rights of transfer of a partner's interest, lays down by its second sub-section that, if a firm were dissolved the transferee from an erstwhile partner of his share in the quondam partnership is entitled, as against the remaining partners, to receive his share of the assets of the firm to which the transferring partner was entitled, and, for the purpose of ascertaining that share, to an account as from the date of ..... no doubt that, if what is in question is immovable property outside the indian territories, section 21(1) of the estate duty act clearly directs that such property shall not be included in the property passing on the death of the deceased. ..... of the accountable person, this reference under section 64 of the estate duty act, 1953, has been made of the following question :'whether on the facts and in the circumstances of the case, the share of the deceased in the partnership known as 'ar. pl. ..... the accountable person treated the immovable properties as outside the scope of the estate duty aci, 1953. .....

Addl. Commissioner of Income-tax Vs. Hassan Chand and Sons

Court : Rajasthan

Reported in : [1997]224ITR244(Raj)

..... they had further decided and agreed to keep the share capital of the deceased partner in the business and to pay to the guardian of his estate an equal share in the profits of the new firm in accordance with the provisions contained in section 37 of the indian partnership act, 1932. ..... he held the view that the guardian of the heirs of the deceased partner constituted the third partner in the firm and, therefore, the provisions of section 37 of the indian partnership act, 1932, did not apply to the case.10. ..... and whereas the share capital of the deceased partner has been decided to be kept in the business, it has been decided to pay to the guardian of his property equal share in the profits of the new firm in accordance with section 37 of the indian partnership act, 1932, to which the guardian has agreed by appending his signatures to this deed.' 5. ..... section 37 in fact lays down, inter alia, the substantive law relating to the liability of the surviving partners in utilising the assets of the firm without settling accounts with the representatives of a deceased partner continuing the business as their own, since the principle underlying section 37 is based on the equitable jurisdiction of the court to grant relief in a case, the merits of the given case shall have to be examined for the applicability of this section. .....

Additional Commissioner of Income Tax Vs. Hassan Chand and Sons.

Court : Rajasthan

Reported in : (1996)133CTR(Raj)284

..... by the legal representative of any such partner who is deceased, and shall, for any year of assessment upto and including the assessment for the year ending on the 31st march, 1953, be made before the 28th day of february, 1953 and for any year of assessment subsequent thereto, be made) -(a) where the firm is not registered under the indian partnership act, 1932 (ix of 1932) or where the deed of partnership is not registered under the indian registration act, 1908 (xvi of 1908) and the ..... property of the firm :provided that where by contract between the partners an option is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner, and that option is duly exercised, the estate of the deceased partner, or the outgoing partner or his estate, as the case may be, is not entitled to any further or other share of profits; but if any partner assuming to act in exercise of the option does not in all material respects comply with the terms thereof, he is liable to account under the foregoing provisions of this section. ..... 37 in fact lays down, inter alia, the substantive law relating to the liability of the surviving partners in utilising the assets of the firm without settling accounts with the representatives of a deceased partner continuing the business as their own. .....

Sardar Harbansingh Vs. Assistant Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)8ITD180(Hyd.)

..... out of the 18 propositions, proposition numbers 8,10 and 16 are felt relevant for our purposes and they are, therefore, extracted below: (8) upon the dissolution of a firm, the right of a partner in the dissolved firm is to a share in the assets of the firm which remain after satisfying the liabilities set out in clause (a) and sub-clauses (i), (ii) and (iii) of clause (b) of section 48 of the indian partnership act, 1932. ..... (16) in the valuation of a deceased partner's share for the purposes of the estate duty act, 1953, it is not open to the department to pick up only one item out of the partnership properties or the assets of the firm and proceed upon the basis that the deceased had a specified share in it, because no partner has a defined share in the individual assets or properties of the firm. ..... have a defined share in the assets of the firm, he would have a share in the totality of the properties of the firm less the liabilities thereof, the share of the deceased in the goodwill of the firm cannot be valued as a separate item apart from other assets of the firm and included its value in the estate of a deceased partner under section 5.after elaborately discussing both on first principles as well as with reference to a long series of decisions, the bombay high court summarised the .....

Controller of Estate Duty Vs. M. Thangapandian

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)13ITD396(Mad.)

..... he further pointed out that section 14 of the indian partnership act, 1932 says that the firm can own property.he relied upon a decision in smt. ..... similarly, for the proposition that a partnership firm under the indian partnership act is not a distinct legal entity apart from the partners constituting it and equally in law a firm as such has no separate rights of its own in the partnership assets, and all that is meant by 'firm's assets' is property or assets in which all partners have a joint or common interest, the learned counsel relied upon a decision of the supreme court in malabar fisheries co. v. ..... it is the entirety of the interest of the deceased partner in the firm that would pass and such interest of the deceased partner in the firm, which necessarily includes goodwill, would be includible in the estate.8. ..... to any share of profit for the proportionate period of the accounting year in which the deceased died and are not entitled to any share in the 'reserve fund' created by the firm and he is also not entitled to any share in the goodwill.according to the learned counsel appearing for the accountable person since there is a contract between the partners, as abovesaid, the rights and liabilities of the partners are subject to the contract entered into by the parties. .....

The Controller of Estate Duty Vs. Shri Mohd. Ismail

Court : Mumbai

Reported in : (1978)80BOMLR436

..... section 14 of the partnership act provides as follows:subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of the business of the firm, and includes also the goodwill of the business.thus section 14 of the partnership act treats goodwill of the business as the property of a partnership ..... effect of clause 5 of the first partnership deed dated july 7, 1937, when it provides that the net profit or loss of business shall be divided between the partners equally and further that the assets and liabilities of the firm shall be owned and managed by the firm is that each of the two partners had an equal share in the assets ..... the income-tax appellate tribunal in the appeal filed by the accountable person took the view that the partnership deed of 1937 provided that the assets and liabilities which were transferred to the firm 'shall be owned and managed by the firm' and that a similar clause was also incorporated in the deed ..... been referred under section 64(1) of the estate duty act, 1953, at the instance of the controller of estate duty, poona:(1) whether on the facts and circumstances of the case, it could be rightly held that only 1/3rd share of the goodwill and riot the full value of the goodwill passed on the death of the deceased for the purposes of estate duty act, 1953? .....

Chiranjilal Bajoria and Ors. Vs. Sudhir Jalan and Ors.

Court : Kolkata

..... mr.mitra has referred to section 37 of the indian partnership act, 1932 and submits that if at the trial it is established that notwithstanding the death of deokinandan jalan, the surviving or continuing partners carry on the business of the firm with the property of the firm without any final settlement of accounts as between them and the representative of the deceased partner or his estate then, the estate of the deceased partner is entitled to maintain a suit for the rendition of accounts and for dead partner s share in profits of the business under section 37 and the ..... the applicants have erroneously applied section 5 and section 58 of the limitation act, 1963 without realising that so long the firm is not dissolved the right of the representation of the deceased partner to receive the share of the deceased with the corresponding liability continues and it was for that purpose a suit for dissolution has been filed. ..... the hon ble supreme court in laxmidas dayabhai kabrawala versus nanabhai chunilal kabrawala reported at air1964sc11has held that the said section lays down substantive law relating to the liability of a surviving partner, who, without settlement of accounts with legal representatives of deceased partner (or other outgoing partner).utilises assets of partnership for continuing business as his own. .....

Controller of Estate Duty, Bombay City-i Vs. Fakirchand Fatehchand Sac ...

Court : Mumbai

Reported in : (1981)25CTR(Bom)376; [1982]134ITR268(Bom)

..... where the surviving partners are bound by the terms of the deed of partnership to pay to the legal representatives of the deceased partner the value of his share in the estate, such right would pass to the surviving partners burdened with the liability to make payment of the value of the deceased partner's share in the firm. ..... ratnaji raghunath in which the deceased was a partner was property which passed on his death and as such was includible in his estate under section 5 of the estate duty act, 1953 (2) whether, on the facts and in the circumstances of the case, the value of 7 annas share of the deceased's son in the goodwill of the partnership firm of m/s. ..... it was felt, when the indian partnership act, 1932, came to be drafted, that a special provision should be made with respect to goodwill. ..... it deducts from it the capital account, then the deceased partner's capital account is taken separately and is deducted, and then from the total so arrived at, the total liabilities of the firm excluding reserve are deducted, and the net total is apportioned, and the principal value of the deceased partner's share is then arrived at by adding to the proportionate share of the deceased his share in the capital of the firm plus his share in the goodwill. .....

Smt. Bhavani C. Kundar Vs. Assistant Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)9ITD785(Mad.)

..... the share of the deceased in the profit due to revaluation of the assets, he held it to be 'property' within the meaning of section 2(15), explanation 2 of the estate duty act, 1953 ('the act') and that though it was not claimable by the legal representative in view of clause 13 of the partnership deed, its benefit accrued to the remaining partners. ..... under section 14 of the indian partnership act, 1932, property of the firm includes also goodwill of ..... death, her interest in the partnership including goodwill and revaluation of the assets has passed to her legal heirs.it is true that in clause 13 of the partnership deed it is stated that on retirement or death of a partner he or his legal representatives are not entitled to claim any goodwill or a revaluation of the assets and liabilities of the firm. ..... partners that the name, the place of business and the reputation of the firm are to be utilised by the surviving partners will not necessarily warrant an inference that it was intended that the heirs of the deceased partner will not be entitled to a share in the goodwill.in this decision, it has been held that the goodwill is an asset of the firm, which devolves on the death of a partner upon his legal representatives along with bis share in the assets and liabilities ..... for the assessee submitted that as per clause 13, on retirement or death of any party he or his legal representatives are not entitled to claim any goodwill or revaluation of the assets and liabilities of the firm. .....