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Checking relevance for S. V. Chandra Pandian VS S. V. Sivalinga Nadar...
1993 0 Supreme(SC) 29 : Yes, a working partner has a claim and ownership interest in the assets owned by the partnership firm. Under the Indian Partnership Act, 1932, each partner has a beneficial interest in the entire property of the firm, even though no partner can claim a definite or earmarked portion of any specific asset. This interest is not fixed but fluctuates depending on factors such as profits, losses, advances made by partners, and capital contributions. The interest of each partner in the firm''''s assets is determined only after the settlement of accounts upon dissolution, and each partner is entitled to a share in the residue (if any) in proportion to their share in profits. The firm itself is not a legal entity, and the partners jointly own the firm''''s assets in common. Therefore, a working partner has a proportionate, undefined, and beneficial interest in all partnership assets, both movable and immovable, which becomes determinable only after the accounts are settled and the residue is distributed.Checking relevance for Sunil Siddharthbhai: Kartikeya V. Sarabhai VS Commissioner Of Income Tax, Ahmedabad: Commissioner Of Income Tax...
1985 0 Supreme(SC) 325 : A working partner has a shared interest in the assets of the partnership firm, but not exclusive ownership. When a partner contributes personal assets to the partnership capital, their exclusive rights in the asset are transformed into a shared interest with other partners. The partner does not retain exclusive rights over the asset, nor can they deal with any portion of the partnership property as their own during the subsistence of the partnership. The partner''''s right is to receive their share of profits from time to time and, upon dissolution or retirement, to receive a share in the net partnership assets after deducting liabilities and prior charges. This right exists during the partnership''''s subsistence but is not isolated from the value of the partner''''s interest in the totality of the partnership assets.Checking relevance for Commissioner Of Income Tax, M. P. , Nagpur And Bhandara VS Dewas Cine Corporation...
1967 0 Supreme(SC) 319 : Under the Partnership Act, 1932, property brought into the partnership by partners becomes the property of the partnership. A working partner, like any other partner, is entitled to a share in the surplus of the partnership assets upon dissolution, as per Section 46 of the Act. This right arises from the partner''''s ownership interest in the partnership, which includes a claim to the value of the partnership''''s assets after discharge of debts and liabilities. The distribution of the residue among partners on dissolution is not a sale but an adjustment of partners'''' rights, and it does not amount to a transfer of assets. Therefore, a working partner has a legal claim to a share in the assets of the partnership firm, which is recognized and protected under the law.Checking relevance for Controller Of Estate Duty, Gujarat VS Mrudula Nareshchandra...
1986 0 Supreme(SC) 193 : A working partner in a partnership firm has a marketable interest in all the capital assets of the firm, including goodwill, even during the subsistence of the partnership. This interest is recognized as property under section 2(15) of the Estate Duty Act, 1953, and is not extinguished by the partner''''s death. The partner''''s rights include a share in profits, the right to see that firm assets are used for business purposes, and the right to receive the value of their share in the net assets upon dissolution. These rights establish that a partner has a proprietary interest in the firm''''s assets, including goodwill, despite not having individual ownership of specific assets.Checking relevance for Shashi Kapila VS R. P. Ashwin...
2001 1 Supreme 254 : A working partner in a partnership firm has no automatic claim or ownership in assets owned by the partnership firm unless such assets were specifically brought into the firm''''s stock or acquired for the firm''''s purposes. According to Section 14 of the Indian Partnership Act, 1932, the property of the firm includes only those assets that were originally brought into the firm''''s stock, acquired by purchase or otherwise for the firm, or acquired for the purposes and in the course of the business of the firm. Any right or interest a partner has in property that is not part of the partnership property remains his individual asset. The mere fact that a person is a partner does not result in the incorporation of all his individual properties as assets of the partnership. Therefore, a working partner does not have ownership in partnership assets unless such assets were expressly contributed to or acquired for the firm.
