Partnership firm

arun (Querist) 12 October 2015 This query is : Resolved
Request for a legal opinion
My question is,In a partnership firm, consisting of 3 partners, the managing partner cheats on income tax. He has never shown the accounts or income tax statements to the other partners till date.
The other partners came to know about it accidentally.
What remedial actions can be taken against the managing partner?
The shares, what he had paid the other partners are based on the cheated IT statements filed.
So we have to recover our due shares and also make him, to pay the correct taxes.
He won’t do it voluntarily.
Thank you
arun

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K.S.Srinivas (Expert) 13 October 2015
Issue Legal notice to your Partner through Advocate for recovery of your due shares. Pay the income tax dues, other all the partners are held responsible for default of payment of income tax.

Dr J C Vashista (Expert) 15 October 2015
Is it a registered partnership or unregistered?
Issue proper notice to active partner and get the accounts audited.

Rajendra K Goyal (Expert) 15 October 2015
Get the accounts audited and dissolve the partnership immediately. Partnership can not continue practically in absence of faith and trust.

Guest (Expert) 15 October 2015
As already advised by Shri Rajendra K Goyal, dissolution of the firm is the best solution.

T. Kalaiselvan, Advocate (Expert) 19 October 2015
I agree with the opinion and views of expert Mr. Rajendra K Goyal.

V R SHROFF (Expert) 19 October 2015
ALL PARTNERS HAVE RIGHT TO INSPECT ACCOUNTS. ALL ARE EQUALLY LIABLE AS WORKING AS AGENTS FOR EACH OTHER AND BINDING ON ALL.
IF U DI NOT CHECK A/C ; YOUR FAULT..

SEND A LEGAL NOTICE; RETIRE FROM PARTNERSHIP, ASKING YOUR SHARE.

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