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Ganga Metal Refining Co. Pr. Ltd. Vs. Commissioner of Income Tax

Court : Kolkata

Reported in : AIR1967Cal429

..... 'the entity known as partnership under the income-tax act is not the same entity of partnership strictly within the limits of the indian partnership act.24 ..... in support of this distinction, it can be said that 3 limited companies incorporated under the indian companies act, even if they carry on a venture jointly, cannot be said to form a partnership within the meaning of the partnership act ..... 136 of air):'in their lordship's opinion whether a firm is registered or unregistered, partnership does not obstruct or defeat the right of a partner to an adjustment on account of his share of loss in the firm, whether the set off be against other profits under the same head of income within the meaning of section 6 of the act or under a different head (in which case only need recourse be had to section 24(1) ..... . notionally and juristically if two incorporated companies under the indian companies act enter into a partnership, then each company becomes agent for the other and agrees to share the ..... that decision has to be understood in relation to partnership of firms or registration of firms under the income-tax act and not under the formal concepts of the indian partnership act or under the indian companies act.23 ..... . there the assessee was a limited company incorporated under the indian companies act and had also a joint venture with one individual ram kumar benariwalla and where also the joint venture resulted in a loss and the assessee company's share of the loss there was intended to be .....

Commissioner of Income-tax Vs. Hind Commercial Company

Court : Kolkata

Reported in : [1974]96ITR722(Cal)

..... if a partnershiphas been constituted in accordance with the provisions of the indian partnership act and if such partnership firm and a partner carries on the busi-ness as a name-lender the name-lender will have the legal character so far as the partnership firm is concerned. ..... there is force in the argument of counsel for the revenue to the effect that apart from the question whether a particular person is a name-lender or benamidar the court should find out whether a partnership firm should be refused registration under section 26a if the partnership itself is only sham and illusory one and, as such, the firm has been established or the deed of partnership has been executed only as a device to reduce tax liability. ..... -462, which reads as follows :'when a document purporting to be an instrument of partnership is tendered under section 26a on behalf of a firm and application is made for registration of the firm as constituted under such instrument, a question may arise whether the instrument is intended by the parties to have real effect as governing their rights and liabilities inter se in relation to the business or whether it has been executed by way of pretence in order to escape liability for tax and without intention that its provisions .....

Commissioner of Income-tax Vs. Janata Medical Stores

Court : Kolkata

Reported in : (1985)46CTR(Cal)340,[1985]155ITR377(Cal)

..... it was observed by the bench after construing section 4 of the indian partnership act, 1932, that the mere circumstance that a person is to share profits only and not losses did not, by itself, militate against the presumption of partnership. ..... the fact that the exclusive power and control, by agreement of the parties, is vested in one partner or the further circumstance that only one partner can operate the bank accounts or borrow on behalf of the firm are not destructive of the theory of partnership provided the two essential conditions, mentioned earlier, are satisfied.' 10. ..... to appreciate the dispute involved, it is necessary to consider the terms of the deed of partnership :(a) the partners named in the said deed are bhagwati devi agarwal and kaku jayantilal kamani. ..... : [1971]82itr680(sc) , the law in india as laid down by the different high courts recognised that a partnership could be validly constituted in which a partner, or partners by agreement would be exempted from all losses. ..... such an agreement is not necessarily invalid as a nudum pactum; for it is nothing more than an agreement, providing, amongst other things, that some or one of the partners shall indemnify the others against losses ; and the very fact that these latter become, or agree to become, partners is quite sufficient consideration to give validity to a contract that they shall be indemnified. .....

Commissioner of Income-tax Vs. Tapang Light Foundry and Co.

Court : Kolkata

Reported in : [1984]147ITR581(Cal)

..... act, 1961, which provides the definition of a ' firm' and ' partnership' and states that they have the same meaning assigned to them by the indian partnership act, 1932. ..... that the assets of the partnership business shall be the assets of the firm and no partner shall have any right title or interest in whole or in part thereof save and except as is provided under the indian partnership act. 18. ..... section 4 of the partnership act states that partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. ..... therefore, where a mutawalli of a wakf or infants were partners in the firm which was sought to be registered, the partnership could not be treated as one between the remaining partners and registered as such, under section 26a, nor could a wakf or infant partners be treated as partners in a loose sense in such cases and the partnership be considered as one that could be registered under section 26a. ..... the learned judge observed that, even if the contention about the disability to sign the declaration under an income-tax return was to be upheld, the admitted income of the idols from the debutter estate did not become immune from assessment because of the special nature of income-tax proceedings. '6. ..... , the liability to pay the tax on the profits earned by him regardless of their destination or enjoyment. .....

Premsukh Ganeshmull Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1977]106ITR1004(Cal)

..... pal, namely, that under section 13(b) of the indian partnership act, 1932, those minors have equal shares in their collective share, but the minors are not the partners of the firm and, therefore, section 13(b), in our opinion, ..... the madras high court that the firm was entitled to be registered under section 26a of the act by following the decisions of the supreme court mentioned earlier and by applying section 13 of the indian partnership act in the facts and circumstances of that case. ..... but, as already stated, section 13 of the indian partnership act and those two decisions of the supreme ..... the appellate assistant commissioner allowed the appeal filed by the assessee, on the ground that in the absence of any specification of the individual shares of the partners the presumption under the partnership act, namely, that the partners shall have equal shares in the profit of the firm should apply in the case of minors and, therefore, those minors have equal share in their collective ..... any partner but all the male heirs of the deceased will automatically step into his share so far as this partnership is concerned with all his assets and liabilities.' ..... the only portion of the partnership deed on which reliance was placed on behalf of the assessee was that the two minors were admitted to the benefits of the partnership as male heirs of balubhai by virtue of clause (6) of the earlier deed of partnership and that since, as male heirs, their shares in the estate of balubhai would be equal, .....

Messrs. Hoosen Kasam Dada Vs. Commissioner of Income-tax, Bengal.

Court : Kolkata

Reported in : [1937]5ITR182(Cal)

..... such being the case, i do not appreciate how a wakf cant be partner in a firm, for section 4 of the indian partnership act defines 'partnership' as the relation between person who have agreed to share the profits of a business carried on by all or any of them acting for all. ..... 17,18,19 and 20 cannot, properly speaking, be partners by reason of the provisions of section 30 of the indian partnership act. ..... sub-section (1) of section 26-a of the income-tax act, 1922, which is now the material section provides that 'application may be made to the income-tax officer on behalf of any firm, constituted under an instrument of partnership specifying the individual shares of the partners, for registration for the purposes of this act and of any other enactment for the time being in force relating to income-tax or super-tax. ..... indian income-tax rules which says thus : 'on the production of the original instrument of partnership or on the acceptance by the income-tax officer a certified copy thereof, the income-tax officer shall enter in writing at the foot of the instrument or copy, as the case may be, the following certificate, namely, this instrument of partnership (or this certified copy of an instrument of partnership) has this day been registered with me, the income-tax officer, under clause (14) of section 2 of the indian income-tax act .....

M/S.B.Anandkumar and Co. Vs. Southern Petrochemicals Industries Corpor ...

Court : Chennai

..... , 37.in terms of section 30 (7) of the indian partnership act 1932, when a minor becomes a partner, then his rights and liabilities as a minor continue upto the date on which he becomes a partner, but he also becomes personally liable to third parties for all acts of the firm done since he was admitted to the benefit of the parntership and his share in the property and profits of the firm shall be the share to which he is entitled as a minor. ..... as per section 25 of the indian partnership act, 1932 every partner is liable jointly with all other partners and also severally for all acts of the firm done while he is a partner.33. ..... 38.as a matter of fact, as per section 30 of the indian partnership act, a minor cannot become a partner though, with the consent of adult partners he may be admitted to the benefits of partnership. ..... /- paid by the defendants to the respondent/plaintiff from and out of the total suit claim of rs.4,09,799/- and this kind of procedure adopted by the trial court is not a correct one as per the principal of appropriation as per section 60 of the indian partnership act. .....

M/S Shree Ganesha Enterprises Vs. Sandeep Gullah

Court : Delhi

..... section 14 of the indian partnership act, 1932 expressly stipulates that the property of the firm will include the goodwill ..... air 1968 sc 676 are worth noting wherein the court observed thus: "under the partnership act, 1932, property which is brought into the partnership by the partners when it is formed or which may be acquired in the course of the business becomes the property of the partnership and a partner is, subject to any special agreement between the partners, entitled upon dissolution to a share in the money representing the value of the property ..... the learned counsel appearing on behalf of the defendant that the defendant is entitled to take the cs (os) no.2683/2011 page 16 of 20 benefit of his earlier prior user right in the previous business, he carried out being a partner under the partnership act, 1932. ..... of the partnership act, 1932, on the dissolution of-the firm every partner or his representative is entitled, as against all the other partners or their representatives, to have the property of the firm applied in payment of the debts and liabilities of the firm, and to have the surplus distributed among the partners or their representatives ..... the dissolution of a firm every partner or his representative is entitled, as against all the other partners or their representatives, to have the property of the firm applied in payment of the debts and liabilities of the firm, and to have the surplus distributed among the partners or their representatives according to .....

Gouri Dutt Ganesh Lall Firm Vs. Madho Prasad and Others

Court : Privy Council

..... indian partnership act, provides: every partner is liable, jointly with all the other partners and also severally, for all acts of the firm done while he is a partner ..... indian partnership act ..... the first contention therefore of the plaintiffs at the trial was that madho was a partner from the start of the business in 1923, and of madho that he never was interested in it because no partnership had ever been concluded and that he was not liable in respect of his alleged signature in the ..... judge of chaibassa, the plaintiffs obtained a decree for rupees 61,070.7.6 against both sets of defendant and no question arises now as to the amount or the liability of the first set, though owing to the death of bhola nath the persons against whom the decree stands have undergone some change. ..... averred, was that a partnership existed from the start, that madho concealed his interest from the public so long as he was in the employment of the railway, but declared it after his retirement, and that he undertook no fresh liability by signing the hatchita, but merely acknowledged a liability which existed all along. ..... the two sets of defendants as a result of which madho at one time refused to advance further money, that attempts were made to reconcile the two parties and to agree terms of partnership, and that a partnership agreement bearing as its only date the year 1929 was actually drafted but never signed. ..... sons are, liable to the plaintiffs to the extent of the estate which passed to them on his death. .....

M/S Bhagwan Dass Khanna Jewellers Vs. Bhagwan Das Khanna Jewellers Pvt ...

Court : Delhi

..... said principle is itself recognized by the partnership act in the section 42 of the indian partnership act, 1932.26. ..... the entitlement of the estate of deceased partner or his legal representative shall be the share of the profits as per the mode of the computation as prescribed under the provisions of the partnership act unless there is a contract to the ..... during the insistence of the partnership is to get his share of the profits from time to time, as may be agreed upon among the partners, and his right after the dissolution of the partnership, or with his retirement from, the partnership, is only to receive e the money value of his share in the net partnership assets as on the date of dissolution or retirement, after a deduction of liabilities and prior charges. ..... court time and again in this respect relied upon the often quoted passage from lindley on partnership (12ed at page375) which reads as under: what is meant by the share of a partner is his proportion of the partnership assets after they have been realised and converted into money, and all the partnership debts and liabilities have' been paid and discharged. ..... 46 of the partnership act, 1932, on the dissolution of-the firm every partner or his representative is entitled, as against all the other partners or their representatives, to have the property of the firm applied in payment of the debts and liabilities of the firm, and to have the surplus distributed among the partners or their representatives according to their .....