Law of Partnership (principles, Practice and Taxation)

Dr. Avtar Singh has prepared an excellent commentary on the subject by deriving the principles through an indepth analysis of the entire up-to-date Indian case-law, as reported in all major law reports and by referring also to regional reports. In this edition foreign cases have also been extensively surveyed. Important topics such as those relating to the registration of firms, taxation of firms and partners, salary provisions for partners, etc. have been carefully analysed and explained and draft deeds provided. Company executives, chartered accountants and company secretaries find this work to be an extremely useful guide in their day to day work. It is also extremely useful to the legal profession and students of law, CA, CS, ICWA and other professional courses. Special features of this title include: Incorporation of Amendments - State Amendments and Amendments in Rules particularly those relating to registration of firms and tables of fee have been incorporated into this new edition at appropriate places. Critical Analysis of provisions and suggested Amendments - the developing concept of partnership and the changing relationships between partners inter se and to the outside world, requires a more clear perception. From time to time, expert committee reports have recommended amendments. Proposals of this kind have been collected from various sources and have been usefully incorporated at due places. Judicial Contribution to the law of Partnership - Judicial contribution to the growth and development of the subject has been of considerable significance, the greater portion of this growth coming from revenue decisions. The issues that have attracted judicial attention are: partnerships vis-a-vis HUF and joint family businesses; partner 's contribution to capital in kind or services; the mode of settlement of accounts, partner 's liability for firm 's tax dues; interpretation of Section 69; the concept of goodwill, its valuation, and nature of the partner 's share in it; liability of partner for criminal acts of other partner/s; post-retirement position of a partner; and, status of unregistered firms. The trend of the decisions is to rescue the businessman rather than to handicap him. The concept of salaried partners has become an established fact and salary to partners is treated as expenditure for tax purposes. One of the important results of this development has been the role of the partnership firm as an employer of its partners, something in the nature of a separate personality from that of its partners. The courts have had to accept that there is no provision in the Partnership Act that compels them to deny legal personality to a partnership. Several other important points have emerged from judicial decisions that have been dealt with lucidly and analytically by the author. A profusion of headings and sub-headings has been provided so as to facilitate easy location of the point under consultation. An enlarged table of contents and subject index has also been arranged for easy reference and consultation. Written in simple and lucid style, with clear and uncomplicated language, the book is vastly popular and easy enough even for the layman to follow.