transferee only to receive the share of profits of the transferring partner, and the transferee shall accept the account of profits agreed ... dissolved or if the transferring partner ceases to be a partner, the transferee is entitled as against the remaining partners to receive the share
partners continued to be a partner, "the addition or deletion of one or the other partner" does not result in unlawful transfer ... tenancy-in-common, one partner has no interest in the share in the property of another partner. Where one partner transfers or relinquishment his share
partnership is transferred either gratuitously or otherwise than for adequate consideration, the transfer being a transfer to which each partner is a party, the value ... happens to be the spouse of the partner who, along with other partners, has effected the transfer, although the transfer is for and on behalf
applied only in cases of transfer to his legal heirs and not in cases of transfer to other partners and that there could ... Further, according to Section 29(2) , if a partner transfers his interest and the transferring partner ceases to be a partner, the transferee is entitled
revaluation surplus to the capital account of partners including
a retiring partner whose amount has; been subsequently transferred to the
loan account, prima facie tantamount ... surplus to the
capital accounts of the partners, including the retiring partner, whose
amount was subsequently transferred to a loan account, did
tantamount to distribution
also accounted for it as a current asset. The partners
transferred the land at cost. As such, there was no profit in the hands ... asset by a partner to a firm, shall be chargeable as the partners income
of the previous year in which the transfer took place
also accounted for it as a current asset. The partners
transferred the land at cost. As such, there was no profit in the hands ... asset by a partner to a firm, shall be chargeable
as the partners income of the previous year in which the transfer took
place
Shares by JV Partners) , Article 21 (Transfer to Affiliates) , Article 22
(Permitted Transfers) , Article 23 (JV Partners' Right of First Refusal)
Article ... remaining JV Partners. The terms of such Transfer by the
Transferring JV Partner shall be decided by mutual consent between
all 3 (three) Partners
dissolved or if the transferring partner ceases to be a partner, the transferee is entitled as against the remaining partners to receive the share ... dissolved or if the transferring partners ceases to be a partner, the transferee is entitled against the remaining partners to receive the share
assessee
firm had five partners which were family members. One of the partners retired
from the partnership and remaining four partners continued the business
with ... firm to the partners.
Some machinery was given to the partners individually and one machine
was given to all the five partners to be held
