Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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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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