Court : Allahabad
Reported in : AIR1981All324
..... receiver shall certify the result 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. ..... ' the manner of taking accounts of 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 ..... having heard learned counsel for the parties, i find that, after taking the evidence, which it did, on the question whether the partnership was dissolved before the institution of the suit the lower appellate court noticed the fact that the partnership was a partnership at will and that, therefore, the plaintiff could dissolve it only by giving a notice in writing according to sub-section (1) of section 43 of the indian partnership act, or alternatively it could have been dissolved only by mutual agreement in view of section 40 of that act. .....
Tag this Judgment!Court : Allahabad
Reported in : [2005]147TAXMAN125(All)
..... besides, a minor shri raju barman was also admitted to the benefits of partnership according to section 30 of the indian partnership act, 1932. ..... on the interpretation of the clause 5 of the partnership deed the minor shri raju barman shall get the benefit of partnership as specified in para 3 and shall also be liable for the loss to the extent of his share according to section 30 of indian partnership act. ..... same shall be borne by the partners according to their shares, and the amount of loss shall be debited to their respective accounts according to their shares.besides this shri raju barman minor shall get the benefit of partnership as specified in para 3 and shall also be liable for the loss to the extent of his share according to section 30 of indian partnership act.'5. ..... therefore, the partnership deed was not entitled for registration under the income tax act as the partnership was void in view of section 30 of the partnership act. ..... the income tax officer noticed the language of clause 5 of the aforesaid partnership deed stating that the minor was liable for the loss to the extent of his share according to section 30 of the partnership act. ..... in the absence of any agreement to the contrary, it would be inferred that the partners would share losses falling to the share of minors in the same ratio in which they agreed to share losses up to 40 per cent. .....
Tag this Judgment!Court : Allahabad
Reported in : [2005]273ITR485(All)
..... department has placed reliance upon the following cases in support of his argument that as in the present case the minor has also been made liable to share the losses to the extent of his share, according to section 30 of the indian partnership act, the firm is not entitled for grant of registration. ..... this sub-section in our opinion, has nothing to do with sub-section (1) of section 30 of the indian partnership act, which provides that a minor can be admitted to the benefits of partnership. ..... sub-section (3) of section 30 of the indian partnership act makes the minor's share liable for the acts of the firm, should be construed accordingly for the debts of the firm in which a minor is admitted to the benefit of partnership. ..... the appellate commissioner while allowing the appeal lost sight of the fact that sub-sections (1) and (3) of section 30 of the indian partnership act operates in different fields.17. ..... the contention of the revenue is that since the minor has been made liable to share the losses also, the minor has been admitted as full-fledged partner in the firm and, as such partnership agreement being void, no registration can be granted to such firm under the income-tax act. ..... losses falling to the share of the minors, in the absence of any agreement to the contrary, it was held that it will be inferred that the partners share in losses falling to the share of minors in the same ratio in which they agreed to share the losses up to 40 per cent. .....
Tag this Judgment!Court : Allahabad
Reported in : (2005)194CTR(All)347
..... it will not include sharing of losses by a partner or minor.the appellate commissioner while allowing the appeal lost sight of the fact that sub-sections (1) and (3) of section 30 of the indian partnership act operates in different fields.in view of the above discussions, we are of the opinion that the order of the tribunal granting registration to the assessee-firm under the income tax act, 1961, is legally not correct. ..... department has placed reliance upon the following cases in support of his argument that as in the present case the minor has also been made liable to share the losses to the extent of his share, according to section 30 of the indian partnership act, the firm is not entitled for grant of registration. ..... the contention of the revenue is that since the minor has been made liable to share the losses also, the minor has been admitted as full-fledged partner in the firm and, as such partnership agreement being void, no registration can be granted to such firm under the income tax act. ..... losses falling to the share of the minors, in the absence of any agreement to the contrary, it was held that it will be inferred that the partners share in losses falling to the share of minors in the same ratio in which they agreed to share the losses up to 40 per cent. .....
Tag this Judgment!Court : Allahabad
Reported in : [1969]73ITR423(All)
..... of the indian partnership act, 1932, are based mainly on the english partnership act, 1890, and the wordings of the principal sections of the english enactment have been maintained in the indian enactment without substantial ..... clearly postulated in section 14 of the indian partnership act 1932, which runs thus ..... place, the property in question is the property of the firm, within the meaning of section 14 of the indian partnership act, and it has to be held and used exclusively for the business of the firm ..... the indianpartnership act lays down that a partner is not authorised, by reason of hisimplied authority, as an agent of the firm, to transfer immovable propertyof the firm in the absence of any usage or custom of trade to the contrary, section 19 runs as ..... lindley observed as follows in his book on partnership (12th edition, at page 370):' it is competent for partners by mutual agreement amongst themselves to convert that which was partnership property into the separate property of an individual, ..... (g) of sub-section (2) provides that such implied authority of a partner does not empower him to transfer immovable property belonging to the firm, in the absence of any usage or custom of trade to the contrary. ..... this clause clearly postulates that where j there is no usage or custom of trade to the contrary, a partner has the implied authority to transfer immovable property ..... (2) in the absence of any usage or custom of trade to the contrary, theimplied authority of a partner does not .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1964All53
..... defendant is not supported bythe above said observations of their lordships of the supreme court the learned counsel for the respondent further submits that a suit for rendition of accounts of a dissolved partnership will be governed by the provisions of the indian partnership act 1932, and since other co-parceners of shyam manohar could not be, in law, the partners of the dissolved firm, and they being strangers had no right to file a suit for the ..... section 46 of the indian partnership act ..... what their lordships of thesupreme court have laid down is that the membersof the joint family in such a case cannot take partin the management of the partnership and theycannot file a suit for dissolution of the partnership.under section 46 of the indian partnershipact of 1932 on the dissolution of a firm everypartner or his representative is entitled as againstall other partners or their representatives to havethe surplus distributed amongst the partners or ..... he held that although ram ratan could give a valid discharge to the defendant within the meaning of section 7 of the limitation act yet his failure to do so could not bar the suit inasmuch as a fresh agreement came into existence between ram ratan and the defendant that there could not be any final accounting till all the outstandings of ..... could give a valid discharge within the meaning of section 7 of the limitation act, time will begin to run against ram ratan and the plaintiff and the agreement if any would not in law stop the running .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1974All269
..... section 46 of the indian partnership act provides:'on 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 ..... the document shows that while the partnership had been dissolved, the rights and liabilities of the parties in relation to the partnership agreement incurred during the continuance of the partnership had not ceased to exist. ..... learned counsel invited our attention to clause 12 of the partnership agreement which runs as follows:'any dispute touching the business of patroleum distribution between the federation and the appellant shall be referred to the registrar, co-operative societies, uttar pradesh, lucknow for the decision by arbitration in accordance ..... we are consequently in agreement with the view taken by the learned single judge that the learned civil judge committed no error of law apparent on the face of the record in dismissing the application under section 33 of the indian arbitration act.5. ..... sometime on the 20th february, 1963, the appellant filed an application under section 33 of the indian arbitration act for a declaration that clause 12 of the agreement had become inoperative and ineffective after execution of the deed of dissolution. .....
Tag this Judgment!Court : Allahabad
Reported in : (1998)144CTR(All)582; [1998]231ITR625(All)
..... is of immense significance as it is in accordance with section 30(3) of the indian partnership act, 1932.' 8. ..... that was possible is that the minor will be liable for losses as per the provisions of section 30(3) of the indian partnership act and he will not be personally liable for the same. ..... 1976]102itr1(sc) is clearly distinguishable as in that case there was no reference to sharing of losses of the firm by the partners in the partnership deed while in the case before us so far as the minor's liability for losses is concerned, a specific clause has been inserted indicating therein that he shall be minor liable to the loss to the extent of his share (sic) according to section 30 of the indian partnership act. . .. ..... the assessing officer in his order passed under section 185(1)(b) of the act held that the partnership deed is defective and the firm is not entitled to ..... being so, the registration could not have been refused on the ground that there was no clear stipulation in the partnership deed as to how the losses falling to the share of the minors would be borne by themajor partners. ..... besides the major partners following minors were also admitted to the benefits of the partnership : 1.ram kumar s/o khyal chandall minor partners20%2.pradeep kumar s/o ram shog,,20%3.deepak kumar s/o ..... in the absence of any agreement to the contrary it will be inferred that the partners will share losses falling to the share of minors in the same ratio in which they agreed to share losses up to 40 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1983)3ITD559(All.)
..... lordships laid down the proposition that the only restriction placed by section 30 of the indian partnership act ('the act'), was that a minor cannot be held personally liable for the losses in the partnership and it was argued that where in the present case, the liability of the minors was limited only to the accumulated profits standing to the credit of the account in the books of the partnership, there is no question of the partnership deed violating the provisions ..... he, therefore, submitted that the condition of contribution of capital for the minor being admitted to the benefits of partnership did not militate or offend either the provisions of the indian partnership act or the indian contract act and on this account the partnership deed cannot be said to be invalid.proceeding further shri gulati read to us the various portions of the partnership deed which, for facility of reference, are reproduced below : and whereas as mutually agreed upon, rafat qaiyum, ..... that even if there was a condition of capital contribution in the minor being admitted to the benefits of partnership, it is one of the terms on which the benefits of partnership was being conferred and it was for the guardian of the minor either to accept this term or to refuse to accept the benefits of partnership and even if in some cases such an agreement by guardian may be avoided by the minor if it was not entered into for his benefit, the ..... to the ruling of the bombay high court in the case of rajendra trading co. v. .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1976All141
..... section 92 of the evidence act, in these circumstances, can have no application to the facts of the present case and the transaction of the business of the partnership will toe governed by the indian partnership act or by the partnership ..... even if the manager had the power of the general management under the terms of the agreement, such an agreement could be varied by the consent of the partners and, indeed, by the resolution dated 16th august, 1942, the partners authorised rai bahadur babu sheo prasad to purchase ..... exclusion of evidence of oral agreement:-- when the terms of any such contract, grant or other disposition of property, or any matter required by law to be reduced to the form of a document, have been proved according to the last section, no evidence of any oral agreement or statement shall be admitted, as between the parties to any such instrument or their representatives in interest for the purpose of contradicting, varying, adding to, or subtracting from, its terms. (1) ..... (2) ..... ..... responsibility of the partners is joint and several, it was fully competent to the partners by an agreement to entrust rai bahadur sheo prasad with purchase of the new machinery. ..... (4) the existence of any distinct sub-sequent oral agreement to rescind or modify any such contract, grant or disposition of property, may be proved, except in cases in which such contract, grant or disposition of property is by law required to be in writing, or has been registered according to the law in .....
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