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S. Balakrishnan

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Registration Act (16 of 1908), s. 17(1) (c)-Partnership assets consisting of immovable property-Relinquishment by one partner of his share-Deed of relinquishment if should be registered. =The members of two Joint Hindu families (Appellants and Respondents) entered into partnership for carrying on business. The members of one family filed a suit in 1949 for dissolution of the partnership and the taking of accounts. The members of the second family raised the defence that the partnership was dissolved even in 1936 and that accounts were then settled between the two families. In support of that plea they relied upon an unregistered document, which showed that the partnership had come to an end. It was contended by the appellants-plaintiffs, that since the partnership assets included immovable property and the document recorded the relinquishment by the members 6f the plaintifffamily of their interest in those assets, the document was compulsorily registerable under s. 17(1)(c) of the Registration Act, 1908; and that as it was not registered, it was inadmissible in evidence to prove the dissolution as well as the settlement of accounts. HELD : The document only records the fact that the partnership had come to an end. It cannot be said to convey any immovable property by a partner to another, expressly or by necessary implication, nor is there any express reference to any immovable property, except a recital of a fact which had taken place earlier. Therefore, the unregistered deed of release by one family of its share in the partnership was admissible in evidence, even though the partnership owned immovable property. [410 D. E] The interest of a partner in partnership assets comprising of movable as well as immovable property should be treated only as movable property. His right during the insistence of the partnership is to get his share of the profits from time to time, as may be agreed upon among the partners, and his right after the dissolution of the partnership, or with his retirement from, the partnership, is only to receive e the money value of his share in the net partnership assets as on the date of dissolution or retirement, after a deduction of Liabilities and prior charges. [406 E; 407 F-G) Case law reviewed. =1966 AIR 1300, 1966( 3 )SCR 400, , ,

PETITIONER: ADDANKI NARAYANAPPA & ANR. Vs. RESPONDENT: BHASKARA KRISHTAPPA AND 13 ORS. DATE OF JUDGMENT: 21/01/1966 BENCH: MUDHOLKAR, J.R. BENCH: MUDHOLKAR, J.R. SARKAR, A.K. WANCHOO, K.N. CITATION: 1966 AIR 1300 1966 SCR (3) 400 CITATOR INFO : F 1967 SC 401 (9) RF 1968 SC 676 (6) D 1974 SC1066 (4,5) R 1977 SC 489 … Continue reading

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