Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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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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