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1 - 7 of 7 (0.19 seconds)Section 10 in Income Tax Rules, 1962 [Entire Act]
Income Tax Rules, 1962
The Indian Partnership Act, 1932
Section 48 in The Indian Partnership Act, 1932 [Entire Act]
Section 46 in The Indian Partnership Act, 1932 [Entire Act]
Addanki Narayanappa & Anr vs Bhaskara Krishtappa And 13 Ors on 21 January, 1966
"........in the absence of a special agreement to the
contrary, the right of each partner on a dissolution is to
have the partnership property converted into money by a
sale, even although a sale may not be necessary for the
payment of debts.",
and also upon the decision of this Court in Addanki
Narayanappa and another v. Bhaskara Krishnappa and
others(1). A partner may, it is true, in an action for
dissolution insist that the assets of the partnership be
realised by sale of its assets, but where in satisfaction of
the claim of the partner to his share in the value of the
residue determined on the footing of an actual or notional
sale property is allotted, the property so allotted to him
cannot be deemed in law to be sold to him.
The High Court was, therefore, in our judgment, right in
deciding the question referred in favour of the assessee.
The appeal fails and is dismissed with costs.
G.C.
Appeal dismissed.
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