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2003 (2) TMI 63 - SC - Income TaxWhether an award by which residue assets of a partnership firm are distributed amongst the partners on dissolution of the partnership firm requires registration under section 17 of the Registration Act, 1908? Held that:- The award seeks to distribute the residue after settlement of accounts on dissolution, while distributing their residue the arbitrators allocated the properties to the partners. The award in such circumstances did not requite registration under section 17(1) of the Registration Act. The appeals are accordingly allowed. The judgment of the High Court is hereby set aside. The result would be that the objections against the award dated October 2, 1972, stand rejected and the award is ordered to be made a rule of the court.
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