https://www.taxtmi.com/caselaws?id=461019 Property contributed to a partnership and brought into the firm's stock becomes firm property under Section 14 of the Indian Partnership Act, 1932, with the legal consequences attaching to that status. The declaration was therefore to be read as operating in favour of the firm alone, not the partners individually. The deceased partner's interest would devolve on his legal heirs only to the extent permitted by the last partnership deed and in accordance with law. The document thus clarifies that contributed assets are treated as partnership property and that succession to a partner's share is governed by the partnership arrangement. en-us Wed, 09 Mar 2022 00:00:00 +0530 Fri, 07 Mar 2025 19:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461019 Property contributed to a partnership and brought into the firm's stock becomes firm property under Section 14 of the Indian Partnership Act, 1932, with the legal consequences attaching to that status. The declaration was therefore to be read as operating in favour of the firm alone, not the partners individually. The deceased partner's interest would devolve on his legal heirs only to the extent permitted by the last partnership deed and in accordance with law. The document thus clarifies that contributed assets are treated as partnership property and that succession to a partner's share is governed by the partnership arrangement. Case-Laws Indian Laws Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461019