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of <h1>Partnership Firm Liable for Partner's Misapplication of Funds under Section 27, Indian Partnership Act, 1932.</h1> Under Section 27 of the Indian Partnership Act, 1932, a partnership firm is liable for the misapplication of money or property received from a third party if it occurs under two circumstances: first, when a partner, acting within their apparent authority, receives and misapplies the funds; second, when the firm receives funds in the course of its business, and any partner misapplies them while in the firm's custody. In both scenarios, the firm must compensate for the loss incurred by the third party.
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