Report No. 12
D-Other provisions.
197. List of other provisions.-
(1) Besides the provisions contained in this Chapter, the following are the provisions of this Act specially relevant in respect of firms-
| Section 6, clause (2) | [4A(b)] relating to residence of firms. |
| Section 28(ii) | [10(5A) part] relating to charge of compensation etc. for managing agency. |
| Section 40(b) | [10(4)(b)] relating to inadmissibility of interest, salary, commission or remuneration paid to a partner. |
| Sections 76 & 77 | [24(1), 2nd proviso, part, 24(2) proviso (c) and (d) part] relating to loss of a registered firm or an unregistered firm treated as registered. |
| Section 78 | [24(1), 2nd proviso, part, and 24(2) proviso (c) part] relating to loss of an unregistered firm. |
| Section 79(1) | [24(2), Proviso (e)] relating to set off of losses in cases of change of constitution in a firm. |
| Section 123 | [10(5A), part] relating to computation of tax on compensation etc. |
| Section 138, clause (1) | [38(1)] relating to information and returns by a firm |
| Section 165 | [23(6)] relating to intimation of shares. |
| Sections 280(2) and 280(4) | [28(1), proviso (d) and 28(2)] relating to computation of penalty in the case of firms and penalty for wrong apportionment of shares. |
| Section 320 (2)(a) | [63] relating to service of notices in the case of firms.1 |
| Section 321 (2) | [Newly added section in Misc. Chapter] relating to service of notices in the case of dissolved firms.1 |
1. Provision applicable only to partners have not been included.
[New] [24(2), proviso]
(2) The list of provisions given in sub-section (1) is for convenience of reference only.
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