Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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The SC affirmed that property contributed by a partner to a partnership firm becomes firm property under Section 14 of the Partnership Act. In this case, the late Bhairo Prasad Jaiswal acquired property in 1965, formed a partnership in 1972, and subsequently constructed a hotel building on the land with his brother and partner. This demonstrated clear intention to contribute the property to the partnership. The Court relied on Addanki Narayanappa v. Bhaskara Krishnappa, which established that regardless of property character, it becomes partnership property when contributed. The High Court correctly determined the decree should favor only the partnership firm, as individual claims to such property are extinguished upon contribution. Appeal dismissed.
The SC affirmed that property contributed by a partner to a partnership firm becomes firm property under Section 14 of the Partnership Act. In this case, the late Bhairo Prasad Jaiswal acquired property in 1965, formed a partnership in 1972, and subsequently constructed a hotel building on the land with his brother and partner. This demonstrated clear intention to contribute the property to the partnership. The Court relied on Addanki Narayanappa v. Bhaskara Krishnappa, which established that regardless of property character, it becomes partnership property when contributed. The High Court correctly determined the decree should favor only the partnership firm, as individual claims to such property are extinguished upon contribution. Appeal dismissed.
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