Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Page of 4792
Press 'Enter' after typing page number.
1021 to 1040 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
