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Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
The complaint of dishonour of cheque was challenged for lack of necessary averments against the partners. Partnership Act provisions establish partners' liability for firm's business. Partners are agents and jointly/severally liable for firm's acts. In a partnership, all working partners are responsible for firm's business. Directors of a company have different responsibilities. Without public notice of retirement, partners remain liable. Court quashed the complaint against one partner (a sleeping partner) but allowed it to proceed against others. The High Court disposed of the petition.
The complaint of dishonour of cheque was challenged for lack of necessary averments against the partners. Partnership Act provisions establish partners' liability for firm's business. Partners are agents and jointly/severally liable for firm's acts. In a partnership, all working partners are responsible for firm's business. Directors of a company have different responsibilities. Without public notice of retirement, partners remain liable. Court quashed the complaint against one partner (a sleeping partner) but allowed it to proceed against others. The High Court disposed of the petition.
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