Judgment Search Results Home > Cases Phrase: indian partnership act 1932 section 54 agreements in restraint of trade Page 6 of about 106 results (0.162 seconds)

Mahabir Prasad Kishanlal and Co. Vs. Commissioner of Income-tax

Court : Guwahati

..... the income-tax officer held that the renewal of registration for the assessment year 1955-56 was erroneous as the minor partners were made liable for losses also in the partnership deed on the basis of which registration was granted and which is contrary to the provisions of section 30 of the indian partnership act, 1932. ..... it is thus found that the agreement of partnership in question is contrary to the relevant provisions of the indian contract act and the indian partnership act itself. ..... the definition of partnership contains three elements: (1) there must be an agreement entered into by all the persons concerned ; (2) the agreement must be to share the profits of a business ; and (3) the business must be carried on by all or any of the persons concerned, acting for all. 13. ..... from the agreement of partnership, a copy of which is in the paper book, we find that eight persons have agreed to enter into the partnership and out of these eight persons, three are admittedly minors, on whose behalf their respective fathers have agreed. ..... so, the agreement that is essential to be made by the partners for a partnership cannot be made by a minor. ..... under the indian contract act an agreement to have the force of legal contract must be made by the free consent of the parties who are competent to contract for a lawful consideration and with a lawful object. ..... a minor thus cannot be a competent party to an agreement enforceable in law. .....

Minnow Trading Company Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... not entitled to interest on the capital subscribed by them, when there are no profits with the partnership firms as per the provisions of section 13(c) of the indian partnership act, 1932 we find that the provisions of section 13(c) of the indian partnership act, 1932 provides- subject to contract between the partners where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits.the provisions of section 13(c) of the indian partnership act, 1932 being the law of the land, the partners of the firms are entitled to interest on the ..... we find that the plea of the assessee that the clause-7 of the partnership deed stands amended with the agreement between the partners of the firms dt. ..... the agreement abut charging of interest is contained in clause 7 & 8 of the partnership deed. ..... the assessing officer has doubted the authenticity of the agreement dt.20.10.99 between the partners of the firms amending clause-7 of the original partnership deeds and has held the same as self-serving documents. ..... once it is accepted that the agreement to levy interest on capital has been lawfully modified the assessment of interest on such capital is without any foundation and may be deleted. 9. ..... these clauses have been modified by agreement among the partners. .....

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

Court : Mumbai

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

..... . it was felt, when the indian partnership act, 1932, came to be drafted, that a special provision should be made with respect to goodwill ..... after referring to various sections of the indian partnership act, the supreme court held as follows, at p. ..... . the incidence of these two rights are those which would be contained in the deed of partnership or where the deed of partnership is silent or where the indian partnership act expressly makes any agreement between the partners subject to the provisions of that act, the rights contained in the act ..... (3) where a partner's share in the goodwill passes to the surviving partner by the terms of a deed of partnership, the case fell under section 26 of the act and the value of such partner's share in the goodwill is not liable to be included in the principal value of his estate.12. ..... before, however, getting lost in this maze of citations we would prefer to consider the matter independently by ourselves on first principles and on interpretation of the relevant sections of the act with the assistance of such authorities as are binding upon us and such others as furnish a direct guidance in determining the questions which arise before us, and thereafter discuss the various authorities which have been cited. .....

Mansha Ram Vs. Tej Bhan

Court : Punjab and Haryana

Reported in : AIR1958P& H5

..... ' i cannot, therefore, hold that the above plea, disentitles the defendant from claiming the benefit of the opportunity underlying section 37 of the indian partnership act, 1932 especially where it was covered by issues 6, 7 and 8. ..... surviving or continuing partners carry on the business of the firm with its capital or assets without any final settlement of accounts as between the firm and the outgoing partner or his estate, then, in the absence of any agreement to the contrary, the outgoing partner or his estate is entitled at the option of himself or his representatives to such share of the profits made since the dissolution as the court may iind to be attributable to the use of his share ..... a partner, instead ofwinding up the partnership affairs, retains the whole assets in the trade, so that in effect the partnership continues, he must account for a share of the profits. ..... as therefore they never proposed to him any terms, which he was bound to accept, the consequence is, that continuing to trade with his stock, and at his risk, they came under a liability for whatever profits might be produced by that stock. ..... speaking, a partner is not a trustee of the other partner, but there is no denying the fact, that the partners stand in a fiduciary relation to one another and in such a case equity will never permit the surviving partner to trade, or to utilize the property of the other for his exclusive personal profit. .....

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

Court : Rajasthan

Reported in : [1997]224ITR244(Raj)

..... 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. ..... mentioned that earlier there was no corresponding provision like section 37 in the repealed sections 239 to 266 of the indian contract act, 1872, which were replaced by the present indian partnership act, 1932. ..... the firm, whichever is earlier, if the firm was constituted in that previous year, (ii) before the end of the previous year in any other caseaa (b) where the firm is registered under the indian partnership act, 1932 (ix of 1932), or where the deed of partnership is registered under the indian registration act, 1908 (xvi of 1908), before the end of the previous year of the firm, and (c) where the application is for renewal of registration under rule g for any year, before the 30th ..... this year we find that the validity of the partnership has been challenged on the ground that the profits of the business were in reality distributed amongst three persons whereas the agreement of partnership was entered into between two persons. ..... by the tribunal, the remaining two partners had continued to carry on the same business though they had not entered into a new partnership agreement nor had they filed any registration application with the income-tax department. .....

A.B.P. Pvt. Ltd. Vs. Mrs. Jyoti JaIn and anr.

Court : Kolkata

..... on the query from the court as to the effect of no notice contemplated under section 45 of the indian partnership act, 1932 read with section 72 thereof, he submits that, the evidence on record does not disclose a public notice contemplated under the provisions of the indian partnership act, 1932 to have been issued by his client. ..... therefore, by dint of the provisions of section 45 of the indian partnership act, 1932, the plaintiff continues to remain liable as a partner of the dissolved partnership firm in absence of the public notice. ..... the defence of the defendant no.1 that, the dissolution of the partnership firm on november 1, 2000 with her coming out of the partnership does not help her in view of section 45 read with section 72 of the indian partnership act, 1932. ..... there is no evidence on record to show that, a public notice contemplated under section 45 and 72 of the indian partnership act, 1932 was issued by the defendant no.1. ..... section 45 of the indian partnership act, 1932 requires a partner of a dissolved partnership firm to issue public notice with regard to 3rd parties transacting with the partnership. ..... section 72 lays down the manner and mode of publication of public notice contemplated under section 45 of the indian partnership act, 1932. ..... on the issue of section 45 of the indian partnership act, 1932 he refers to volume 74 company cases page 407 (mayo pharmacy versus aboobacker haji).he relies upon paragraph- 8 thereof. ..... there is no agreement as to interest. .....

Gandamal and Sons Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)101ITD368(Pune.)

..... therefore, it has to be clearly established that the land did not belong to the firm as per the proper interpretation, which can be placed in section 14 of the indian partnership act.3.3 coming to the applicability of section 45(4), the learned counsel clearly conceded that the ratio of the decision in the case of malabar fisheries co. ..... section 14 of the indian partnership act, clearly provides that any property obtained by the means of partnership from time to time during its continuation, whether by way of purchase or by employment in the business, is the partnership property unless contrary is established. ..... 3,08,743 was made from the land leaving no land with the firm on 31-3-1988.3.2 the learned counsel referred to section 14 of the indian partnership act. ..... no such evidence has been produced and, therefore, it is held that the land belonged to the firm.4.2 the second question to be decided in this case is whether the provisions of section 45(4) are applicable on the facts of the case.the case of the assessee was that the firm dissolved on 1-4-1988, but the land was distributed to the partners on 31-3-1988. ..... therefore, the gap between the valuation date and the date of agreement to sell was only about two years. ..... it is carrying on the business of trading in vegetables, potatoes, onion, fruits, eggs, chicken, firewoods, etc. .....

United India Fire and General Insurance Co. Ltd. Vs. Pelaniappa Transp ...

Court : Andhra Pradesh

Reported in : AIR1986AP32

..... 69 (1) and (2) of the indian partnership act, 1932 (act ix of 1932). ..... 69(2) of the indian partnership act does not apply to the facts of this case. ..... 69 of the indian partnership act. ..... 69 of the indian partnership act. ..... rathina, air 1948 mad 187, it was held :'partnership act places no prohibition upon an unregistered partnership making contracts either between the partners inter se or with some third party, nor upon an unregistered partnership acquiring property or assets. ..... no provision from the partnership act has been cited to show that an unregistered firm is not entitled to do business or to legally assign its assets to another person who himself is competent to maintain a suit. ..... 59 of the partnership act by the registrar. ..... 69 partnership act, two conditions must exist before a suit can be dismissed. ..... the letter of subrogation and the letter of assignment of right to indemnification are not helpful to the appellant for the reason that the suit itself is not maintainable at the instance of an unregistered partnership firm and that the assignments were made with a view to avoid the rigour of the provisions of s. ..... janki dass, air 1937 lah 241, the facts were that there was an unregistered partnership firm that it filed a suit to recover the amount due and that the suit to recover the amount due and that the suit was dismissed. ..... section 6(e) of the transfer of property act prohibits assignment or transfer of a mere right to sue. .....

N. Renuka Devi Vs. E. Lalitha and Another

Court : Chennai

..... years, both residing at no.919, poonamallee high road, madras-600 010; hereinafter called the "vendors" (ii) m/s.lakshmi builders, a partnership firm, registered under the indian partnership act, 1982, having its office at 624, anna salai, madras-600 006 and represented herein by its partners (i) mr.p.g.saranyan, ..... convey the properties set out in the schedule hereunder; (2) that the defendants herein do (a) execute a proper re-conveyance of the properties more particularly described in the schedule hereunder, in favour of the plaintiff herein according to the agreement aforesaid dated 24.03.1959 and (b) deliver possession to the said plaintiff herein, the said properties as set out in the said schedule hereunder, immediately after such re-conveyance; (3) that the income in respect of the aforesaid ..... decision in jaladi suguna, we are also of the view that in an eviction proceeding, when a legatee under a will intends to represent the interest of the estate of the deceased testator, he will be a legal representative within the meaning of section 2(11) of the code of civil procedure, for which it is not necessary in an eviction suit to decide whether the will on the basis of which substitution is sought for, is a suspicious one or that the parties must send the ..... other hand, pressure of whatever character, whether acting on the fears or the hopes, if so exerted as to overpower the volition without convincing the judgment, is a species of restraint under which no valid will can be .....

Commissioner of Income-tax Vs. Sri Krishna Re-rolling Mills

Court : Rajasthan

Reported in : (1988)70CTR(Raj)175; [1989]175ITR366(Raj); 1988(2)WLN128

..... 765) 'by virtue of section 42(c) of the indian partnership act, 1932, a firm was dissolved by the death of a partner but as the section provided, that was subject to the contract between the partners. ..... clause (c) of section 42 of the indian partnership act, 1932, which lays down the general principle of dissolution of a firm on the death of a partner is clearly subject to a contract to the contrary in the terms of the partnership deed. ..... the same thing has been repeated by the tribunal thereafter by saying that in the partnership deed there was no contract to the contrary that after the death of a partner, the firm shall not stand dissolved ; and so in view of section 42(c) of the indian partnership act, after the death of a partner, the firm automatically stands dissolved. ..... as already indicated, there was a contract to the contrary in the partnership deed as a result of which the partnership firm did not stand dissolved in accordance with the general principle contained in section 42(c) of the indian partnership act on the death of two of the six partners. ..... after this decision of the supreme court, it cannot be doubted that the general principle of dissolution of a partnership firm according to section 42(c) of the partnership act on the death of a partner is subject to a contract to the contrary where the number of surviving partners is two or more. .....