Judgment Search Results Home > Cases Phrase: limited liability partnership act 2008 section 73 penalty on non compliance of any order passed by tribunal Page 1 of about 392 results (0.322 seconds)

Krishnarao Narayanrao Chawate Vs. Shankar Sahadev Mungekar

Court : Mumbai

Reported in : (1954)56BOMLR973

..... reference was made to section 54 of the partnership act which is as follows :-partners may, upon or in anticipation of the dissolution of the firm, make an agreement that some or all of them will not carry on a business similar to that of the firm within a specified period or within specified local limits; and notwithstanding anything contained in section 27 of the indian contract act, 1872, such agreement shall he valid if the restrictions imposed are reasonable.it was strongly urged that but for this provision the plaintiffs ..... in the firm unless the firm is registered and the person suing is or has been shown in the register of firms as a partner in the firm.it was then said that the exception contained in the first part of sub-section 3(a) of that section which rendered the provisions of sub-section (1) inapplicable to suits for enforcement of any right to sue for the dissolution of the firm or for accounts of a dissolved firm had no bearing on the present case. ..... [his lordship, after narrating the facts and dealing with the evidence in the case, proceeded]:-i now pass to the legal contention which was pressed before me at the very outset of the hearing of this case by mr. ..... of that case were similar to the facts of the madras case except that in this case the amount agreed upon as payable by the plaintiff to the defendant on dissolution was to be paid to a third party in discharge of the defendant's liability to that third party. .....

Kasi Alias Alagappa Chettiar and ors. Vs. Rm. A. Rm. V. Ramanathan Che ...

Court : Chennai

Reported in : (1949)1MLJ298

..... the deceased partner is entitled to call upon the surviving partners to account for the deceased partner's share as it stood on his death and to have his claim satisfied out of the assets of the dissolved partnership after discharging all liabilities incurred before dissolution and such only of the liabilities incurred thereafter by the surviving partners, as are incidental to and necessary for the winding up of the business (sections 46 and 47 of the partnership act). ..... or interest by the retired partner on the ground that the portion of the assets of the dissolved firm used by the surviving partners in the subsequent conduct of the business was well within the limits of their own share of such assets and therefore the retiring partner's share could not be considered to have been used at all by them for the subsequent business. ..... states the rule thus.it is well settled that in certain cases when, on the dissolution of a firm, one of the partners retains assets of the firm in his hands without any settlement of accounts and applies them in continuing the business for his own benefit, he may be ordered to account for these assets with interest, thereon and this, apart from fraud or misconduct in the nature of fraud. ..... several issues were framed in the suit and the court below passed a preliminary decree on 21st december, 1942, declaring that the partnership stood dissolved on 23rd may, 1927, declaring the proportionate shares of the several parties and directing the defendants .....

Kashiram Bhagshet Shete Vs. Bhaga Bhaushet Redij

Court : Mumbai

Reported in : AIR1945Bom511; (1945)47BOMLR470

..... one would be safe in applying to the case of a joint hindu family trading firm the principle of the law of partnership enunciated in the old section 264 of the indian contract act, now re-enacted in section 45 of the indian partnership act, which lays down that notwithstanding the dissolution of a firm, the partners continue to be liable as such to third parties for any act done by any of them which would have been an act of the firm if done before the dissolution, until public notice is given of the dissolution. ..... this consent order was dated april 13, 1939, and being an acknowledgment of liability in respect of the monies due at the foot of the promissory note or the debt secured thereby signed by the agents duly authorised in that behalf of the various members of the defendants' joint family within the period of limitation, started a fresh period of limitation from april 13, 1939, with the result that the present suit filed by the plaintiff to recover the amount together with interest ..... the son applied to set aside the order of adjudication passed against him, contending that he was not liable to adjudication. ..... , however, in the dissenting judgment held that both by the rules of hindu law and by old section 248 of the contract act (which also applied to that case), the son was personally liable for all the debts in respect of non-payment of which he was adjudicated an insolvent. .....

Commissioner of Wealth-tax, Madras and ors. Vs. S. Ramaswami and ors.

Court : Chennai

Reported in : [1983]140ITR606(Mad)

..... this order of the tribunal, which is a common order in all the assessee's cases, the question of law referred to us for our consideration is as follows: 'whether, on the facts and in the circumstances of the case, it has been rightly held that provision for gratuity should be deducted in determining the value of the shares either in a partnership firm or in a private limited company ..... their order, the tribunal referred to the provisions for gratuity made in the balance-sheets of the two companies and of the partnership firm as having been made on the basis of actuarial valuation of the gratuity liability. ..... was whether the initial contribution by the three concerns to the respective gratuity funds as well as the subsequent years' annual contributions can be regarded as contingent liabilities and hence to be disregarded in the compultaion of the net worth of these concerns or whether they should be held to be 'other liabilities' which have got to be deducted from the assets without question, for the purpose of computing the net worth of these concerns as on the relevant valuation ..... relying on the balance-sheet provisions and their actuarial base the tribunal proceeded to hold that the provision so made for gratuity liability was an ascertained liability, although the actual liability for payment of the gratuity would not arise till the death or retirement ..... to any provision made in the balance-sheet for meeting any future or contingent liability. 5 ..... act ..... act, 1961, relating to ..... act ..... act .....

Wind World (India) Limited and Others Vs. Enercon GmbH and Another

Court : Mumbai

..... . even if part of the disclosure was agreed by the petitioners nos.2 and 3, the disclosure sought by the respondents being contrary to the provisions of limited liability partnership act, 2008 and companies act, could not have been ordered by the majority arbitrators and that also without following agreed procedure under iba rules and contrary to section 27 of the arbitration act. 70 ..... . no interim measures could be passed against those limited liability partnerships and other partners of whatsoever nature against them directly or indirectly which would impose any restriction against them from exercising their rights and powers available to them under the provisions of limited liability partnerships act, 2008 or as shareholders of the said private limited company ..... . be that as it may, in my view the majority arbitrators could not have passed such interim orders by which the two partners have been directed to preserve the assets of the limited liability partnerships or to prevent any distribution of assets of such limited liability partnership or to dispose of or deal with or diminishing the value of the assets except with the prior permission of the tribunal or otherwise. 79 ..... . it is submitted that according to the petitioners herein, those four limited liability partnership firms were dormant companies and/or non business firms, however the cross examination of the petitioner no.2 disclosed the total contrary facts and the diversion of funds was proved .....

Commissioner of Income-tax, West Bengal Vs. Khetan and Co.

Court : Kolkata

Reported in : [1962]45ITR170(Cal)

..... tribunal expressed the opinion that the deed of partnership expressly stated that the minor was admitted to the benefits of partnership and expressly mentioned that this case was subject to section 30 of the indian partnership act and, therefore, he read clause 5 of the partnership deed as subject to section 30 of the partnership act with the result that he was of the view that clause 5 should be read, so far as the minor was concerned, as a liability for the loss for his share only without any personal liability ..... section (6) of section 30 of the partnership act proceeds to provide as to who shall have the burden of proving the fact that the minor had not knowledge of admission into partnership, a consideration which is not relevant for the purpose of deciding the point in this appeal and we shall pass it by.sub-section (7) of section 30 of the partnership act ..... a partnership.fourthly, sub-section (4) of section 30 of the partnership act gives a limited right ..... and sections in the following terms :'it should be remembered in this connection that the registration of firms under the income-tax act is not a general right but it is a mere privilege given to the partnership in order to ..... compliance with rules 2 and 6 and it was held it could not be because the rules enjoined that the partners must personally sign.if the purpose of registration of a firm is kept in view, then there is little scope for misunderstanding these conditions and requirements of section 26a of the income-tax act .....

K. Laxminarayana Reddy, Since Died Per L Vs. Vardhi Reddy Dasrath Ram ...

Court : Andhra Pradesh

hon'ble sri justice c.v. nagarjuna reddy c.r.p.no.1554 o 9. 4-2012 k. laxminarayana reddy, since died per l.r. k. ranganadha reddy vardhi reddy dasrath ram reddy (died)and others head note: counsel for petitioner : sri m.v.s. suresh kumar counsel for respondent nos.2 & 9 : sri jithender rao veeramalla counsel for respondent no.3 : sri d. prakash reddy,senior counsel for sri p. venka reddy counsel for respondent nos.4 & 5 : sri p. venugopal counsel for respondent no.7 : sri ch. siva reddy ?cases referred:1. air 196.s.c.

M/s. Amritlakshmi Machine Works and Another Vs. The Commissioner of Cu ...

Court : Mumbai

..... in any manner dealt with partnership firm registered under the limited liability partnership act, 2008 and the liability of its partners under section 112(a) of the act. ..... for transhipment referred to in the proviso to sub-section (1) of section 54]; (n) any dutiable or prohibited goods transitted with or without transhipment or attempted to be so transitted in contravention of the provisions of chapter viii; (o) any goods exempted, subject to any condition, from duty or any prohibition in respect of the import thereof under this act or any other law for the time being in force, in respect of which the condition is not observed unless the non-observance of the condition was sanctioned by the proper ..... elt 600) referred to in passing by the division bench in textoplast industries (supra) seems inappropriate as the observations therein to the effect that we uphold the impugned order of the tribunal imposing penalty on the partners and the firm of partnership were casual observations. ..... officer; (p) any notified goods in relation to which any provisions of chapter iva or of any rule made under this act for carrying out the purposes of that chapter .....

Lalit Kumar Jain Vs. Union Of India

Court : Supreme Court of India

..... a company as defined in clause (20) of section 2 of the companies act, 2013 (18 of 2013), a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the limited liability partnership act, 2008 (6 of 2009), or any other person incorporated with limited liability under any law for the time being in force but shall not include any financial service provider; (8) "corporate debtor" means a corporate person who owes a debt to any person; *** (10) "creditor" means any person to whom a debt is owed and ..... an independent provision, by separating personal guarantors of corporate debtors and by the same amendment, placing the personal guarantor's debt before one tribunal/forum namely the nclt, is that such a forum would apply the procedure in part iii, in regard to personal guarantors for ..... the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub- section (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor ..... sections covered by questions 1 and 2 ultra vires, that part of section 2 of the part c states (laws) act, 1950, which empowers the central government to extend laws passed by any ..... non-application of mind, because the central government failed to bring into effect section 243 of the code, which would have repealed the presidency towns insolvency act, 1909 ( pti act hereafter) and the provincial insolvency act .....

J. Seetha Rama Sastry Vs. State of Karnataka and Another

Court : Karnataka

Reported in : ILR1991KAR3053; [1993]199ITR588(KAR); [1993]199ITR588(Karn)

..... registration is required only for certain limited purposes and non-registration affects the procedural rights of the partners, as per section 69 of the partnership act; even here, the firm or the partners may have the effect of non-registration removed, by getting it registered at the time of filling a suit. ..... those whose liability to pay tax was discovered by one method could be proceeded against at any time and no limitation would apply in their case, and in the case of other the limitation laid down by sub-section (1) so section 34 would apply. ..... in the matter of formation of a partnership, its constitution, the rights and liabilities of the partners and their relationship to the firm and in the mode of carrying on of the trade, non-registration of the firm under the partnership act has no relevancy at all.19. ..... in order to pass the test, two conditions must be fulfilled, namely (1) that the classification must be founded on an intelligible differential which distinguished those that are grouped together from other and (2) that that differential must have a rational relation to the object sought to be achieved by the act. 8. ..... whether person who evade tax are discovered by means of a finding given by tribunal or they are discovered by any other method, they really belong to the same category and therefore require equal treatment. .....