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Judgment Search Results Home > Cases Phrase: formation of contract indian contract act Court: allahabad Year: 1980 Page 1 of about 2 results (0.021 seconds)

Jul 07 1980 (HC)

Commissioner of Income-tax Vs. Gupta Brothers

Court : Allahabad

Decided on : Jul-07-1980

Reported in : (1980)19CTR(All)342; [1981]131ITR492(All)

..... in the contract act or the partnership act. the observations of the privy council that a partnership can be formed with a junior member by the karta qua ..... take the shape of capital, but it may also take the shape of labour and skill. this view is amply borne out by the relevant provisions of the partnership act, and the contract act. we may refer to them :''partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... the partnership. it cannot be read as being exhaustive of cases where consideration may take other forms. now, as labour and. skill would also be consideration as contemplated by the contract act, a valid partnership had come into existence, which ought to have been registered.10. we find ourselves in agreement with the view expressed by the mysore high court in i ..... junior member brings his separate property that will constitute consideration for the contract of partnership. but as all that is required under the contract act is that there should be consideration for the reciprocal promises, the privy council's decision should not be taken as imposing any limitation for formation of a partnership contract between a karta and a junior member, other than as contained .....

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Dec 16 1980 (HC)

Commissioner, Sales Tax Vs. Steel Engineering Corporation

Court : Allahabad

Decided on : Dec-16-1980

Reported in : [1981]48STC432(All)

..... 35 i.t.r. 1 (s.c.), this court laid down that the expression 'has escaped assessment' in section 34(1){b) of the indian income-tax act, 1922, is applicable not only where the income has not been assessed owing to inadvertence or oversight or owing to the fact that no return has been ..... it would be seen that the gross turnover declared by the assessee represented sales of tabular sheds, m. s. tubes and agricultural implements and receipts from contract work. so far as the sales of agricultural implements are concerned, exemption had been rightly allowed and that item did not figure in the proceedings under ..... section 21 of the act. as regards the out-turn in respect of the contract work, since the question is not free from doubt as to whether this out-turn represented sales or supplies made in ..... then it would be a case of non-application of mind and certainly the action would be justified. on behalf of the assessee reliance was placed on indian and eastern newspaper society v. commissioner of income-tax [1979] 119 i.t.r. 996 (s.c.). in that case action had been taken under ..... belief regarding escaped assessment constitutes the sine qua non for taking action under this section. the grounds for formation of belief must be relevant and have a nexus with the formation of belief regarding escaped assessment. escapement of assessment may be due to various reasons. the whole or any part of the .....

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