Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 35 liability of estate of deceased partner Page 2 of about 1,046 results (0.246 seconds)

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 .....

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. .....

Commissioner of Wealth-tax Vs. Surajratan R. Mohatta (Huf)

Court : Mumbai

Reported in : (1995)126CTR(Bom)62; [1996]217ITR537(Bom)

..... it seems to us clear that a partnership-firm under the indian partnership act, 1932, is not a distinct legal entity apart from the partners constituting it and equally in law the firm as such has no separate rights of its own in the partnership assets and when one talks of the firm's property or firm's assets all that is meant is property or assets in which all partners have a joint or common interest. ..... from the above provisions, it is obvious that the interest of a partner in a firm is determined not in accordance with the provisions of the partnership act, but in the manner prescribed by the wealth-tax act (which has been done in rule 2). ..... 330 - see [1982] 135 itr 14), where dealing with the question whether exemption under section 5(1)(iv) of the estate duty act was available in respect of a house owned by a firm in which the assessee was a partner, it was stated : 'the board are advised that a firm has no legal existence. ..... since under section 33(1)(n) property belonging to the deceased will qualify for exemption and since the expression 'belong' would include cases where an interest less than full ownership exists, exemption under section 33(1)(n) would be admissible in respect of a house belonging to the firm.' 19. ..... (b) to allocate amongst the partners the net wealth of the firm indicating the nature of assets and liabilities. .....

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? .....

Ashok Kumar Mittal Vs. Ashwani Kapoor and anr.

Court : Delhi

Reported in : AIR2005Delhi323

..... section 43 of the indian partnership act, 1932 clearly says that where a partnership is at will, the firm may be dissolved by any partner giving notice in writing to other partners of his intention to dissolve the firm and the firm shall stand dissolved from the date mentioned in the notice as the date of the dissolution or if no date is mentioned from the date of the communication ..... a question as to whether a receiver should be appointed or not under order 40 rule 1 cpc upon the dissolution of a firm which was at will and came to the conclusion that where the partners had fallen out and debts and liabilities of the firm were to be ascertained and assets and profits distributed, a receiver should be appointed as there was a reasonable apprehension that the partnership property, assets or income were in danger of being misused or dissipated. ..... this provision read with section 46 of the partnership act, which says that every partner has a right to have the property of the firm applied in the payment of the debts and the liabilities of the firm and to have the surplus distributed amongst the partners convey that once the firm is dissolved, no partner has a right to take over and continue its business to the exclusion of others except so far as it may be necessary to wind up the affairs of the firm ..... for the purpose of terminating the business finally and setting the accounts between the partners and distributing the assets/cash left after meeting the liabilities of dissolved firm. .....

Sherbanubai Jafferbhoy Vs. Hooseinbhoy Abdoolabhoy

Court : Mumbai

Reported in : AIR1948Bom292; (1948)50BOMLR89

..... under section 46 of the indian partnership act when there is a dissolution every partner has the statutory right to have the assets of the firm applied in payment of the debts and liabilities of the firm, and section 48 which lays down the mode of settlement of accounts between the partners provides that the assets of the firm shall be applied in the first instance in paying ..... what should the order for the payment of the liabilities of the firm to outside creditors and also what order should be made with regard to the payment of liabilities of the firm to the indo aden salt works and to the estate of seth abdoolabhoy laljee in connection with which there was ..... to be paid by one party to the other, and what order should be made for the payment of the liabilities of the suit firm to outside creditors, if any, and what order should be made for the liabilities, if any, of the firm to the indo aden salt works and to the estate of seth abdoolabhoy laljee, and how the liabilities were to be paid by one of the parties to the other and in such sums or proportions as he might ..... debts and liabilities and the award provides that debts and liabilities should be discharged in equal shares by husseinbhoy and the estate of jafferbhoy. ..... each other, that whereas according to the petitioner hooseinbhoy was liable to pay more than 10 lacs of rupees to her, hooseinbhoy claimed at least 4 to 6 lacs of rupees from the estate of jafferbhoy and that they were taking a risk in taking a consent award from him. .....

Banshi Lal Vs. Jamuna Prasad

Court : Allahabad

Reported in : AIR1981All324

..... of the accounts to the trial court within the time to be fixed by it and the trial court shall thereafter proceed to pass a final decree after settling the accounts in accordance with section 48 of the indian partnership act, 1932.18. ..... a dissolved firm is prescribed as under by section 48 of the indian partnership act:--'in settling the accounts of a firm after dissolution, the following rules shall, 'subject to agreement by the partners be observed:--(a) losses, including deficiencies of capital shall be paid first out of profits, next out of capital, and lastly, if necessary, by the partners individually in the proportions in which they were entitled to share profits;(b) the assets of the firm, including any sums contributed by the partners to make up deficiencies of capital, shall be ..... the assets of the firm, including the sums, if any, contributed by the partners to make up losses or deficiencies of capital, shall be applied first in paying the debts and liabilities of the firm to persons who are not partners and secondly in paying to each partners rateably what is due from the firm to him in respect of advances as distinguished from capital, thirdly in paying to each partner rate-ably what is due from the firm to him in respect of capital, ..... appendix-d, it is necessary to appoint a receiver of the partnership estate and effects with the direction that he has to get in all the outstanding debts and claims of the partnership and to take and settle accounts in accordance with the .....

income-tax Officer Vs. Hotel Manasarovar

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)9ITD480(Hyd.)

..... section 2(23) of the income-tax act, 1961 ('the act') reads as under : 'firm', 'partner' and 'partnership' have the meanings respectively assigned to them in the indian partnership act, 1932 (9 of 1932) ; but the expression 'partner' shall also include any person who, being a minor, has been admitted to the benefits of partnership ; in the case of cit v. ..... according to the aforesaid ratio, as soon as a partnership starts its commercial life, having its own capital and its own assets and liabilities, it becomes an entity which could be regarded as 'carrying on business' within the meaning of section 4 of the indian partnership act.15. ..... it may be observed that as soon as a partnership starts its commercial life having its own capital, its own assets and liabilities, its own employees and its own credit in the market--in short as soon as it becomes business entity it would be regarded as 'carrying on business' within the meaning of section 4, indian partnership act. ..... gopalakrishna, one of the managing partners of the firm, would be deemed to be the property of the firm and all the rights and liabilities which went with the said approval shall accrue and attach to the firm. ..... 14,000 and mortgage liability to the extent of rs. .....

income-tax Officer Vs. Dr. C. Kurshid

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)28ITD34(Mad.)

..... made show the intention to treat the property as the property of the firm but it is not sufficient to satisfy the test in section 14 of the indian partnership act, 1932, wherein, special transfer of property is involved whereby the individual partner divests his exclusive interest in the property contributed as initial capital for share interest in the net partnership asset as on the date of dissolution or retirement. ..... doubt that the book entries made, show the intention to treat the property as the property of the firm, but yet it was not sufficient to satisfy the test in section 14 of the indian partnership act, 1932, whereunder individual partner must divest the exclusive interest in the property contributed as initial capital for shared interest in the net partnership assets as on the date of dissolution or retirement ..... . batoola hospital on 1-5-1979, in terms of section 14 of the indian partnership act, 1932 and (u) whether the income from the said property for the period commencing from 1-5-1979 to 31-3-1980 is includible in the hands of the assessee in her ..... namely, by passing credit and debit entries only on 1-5-1979 in the books of the firm avoidance of the liability to income-tax and also to wealth-tax on the part of the assessee has been camouflaged in a well ..... was rendered by their lordships when rule 7c of the estate duty rules, 1953 was challenged as ultra vires section 21(1) and section 85 of the estate duty act, 1953.the contention of the asses-see was negatived .....

Pannalal Paul and ors. Vs. Sm. Padmabati Paul and ors.

Court : Kolkata

Reported in : AIR1960Cal693,64CWN816

..... by section 46 of the indian partnership act, on the dissolution of the firm, every partner is entitled, as against all the other partners, 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 according to their rights. ..... sen next contends that the award is in contravention of sections 46 and 48 of the indian partnership act inasmuch as the entire assets of the dissolved firms have been allotted to the appellants without providing for payment of the liabilities of the dissolved firms out of the assets in the first instance and that consequently the award is in excess of the powers conferred on the arbitrators by the order of reference and is also erroneous in law on the face of it. ..... every partner has the right as against the other partners to insist that the assets of the dissolved firm be applied in accordance with the provisions of sections 46 and 48 of the indian partnership act. ..... if the equities of the case so require, the court has the power to direct that the properties be allotted to the partner who is willing to take them at a valuation fixed by the court and that the proceeds be applied for the purposes mentioned in section 46 of the indian partnership act. ..... the appellants pannalal paul, chunilal paul and lakshman chandra paul are the sons of one hari narayan paul, deceased, and each of them had one-fourth share in the profits and losses of the two partnership businesses. .....