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Citedby 63 docs - [View All]
Suvarna Cements Limited And Anr. vs Union Of India And Ors. on 10 December, 2001
Thacker & Co. vs Commissioner Of Income-Tax, ... on 16 September, 1965
United Hardwares vs Commissioner Of Income-Tax on 10 August, 1973
G.S. Dugal And Co. Pvt. Ltd. vs Commissioner Of Income-Tax on 5 August, 1976
Rolls Print And Company (Pvt.) ... vs B.M. Singh And Son on 13 May, 1977

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[Complete Act]
Central Government Act
Section 13 in The Indian Partnership Act, 1932
13. Mutual rights and liabilities. Subject to contract between the partners-
(a) a partner is not entitled to receive remuneration for taking part in the conduct of the business;
(b) the partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm;
(c) where a partner is entitled to interest on the capital subscribed by him such interest shall be payable only out of profits;
(d) a partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest thereon at the rate of six per cent. per annum;
(e) the firm shall indemnify a partner in respect of payments made and liabilities incurred by him-
(i) in the ordinary and proper conduct of the business, and
(ii) in doing such act, in an emergency, for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his own case, under similar circumstances; and
(f) a partner shall indemnify the firm for any loss caused to it by his wilful neglect in the conduct of the business of the firm.
The property of the firm.