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Judgment Search Results Home > Cases Phrase: formation of contract indian contract act Court: income tax appellate tribunal itat hyderabad Page 1 of about 19 results (0.076 seconds)

Jul 23 1984 (TRI)

income-tax Officer Vs. Ganesh Happy Wine Stores

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)11ITD27(Hyd.)

..... and with an intention not to violate the same. it further held that such partnership agreement does not violate any public policy and does not offend section 23 of the indian contract act. it further summarises the legal position that rule 19(1) directs that a licensee shall not transfer the licence to any other person. however, when a licensee enters into ..... registration in the present case. the contention of the learned departmental representative was that the firm violated rules 38 and 39 of the andhra pradesh foreign liquor and indian liquor rules, which prohibit formation of partnership without permission of the concerned excise authorities. sections 38 and 39 run as under: 38. (1) no licensee shall, except with the prior permission of ..... venkataramana's (supra) observed that: a reading of the above judgment of the supreme court would clearly show that in that case there was a specific prohibition against the formation of a partnership by the licensee-partner. it is also important to note that even with the permission of the competent authority a licence in the name of one partner ..... appeals) ought to have held that the firm violated the rules framed under the andhra pradesh excise act, 1968. in particular, the commissioner (appeals) should have held that the firm violated rules 38 and 39 of the foreign liquor and indian liquor rules, which prohibit formation of partnership without the permission of the concerned excise authorities. it was also submitted that the commissioner .....

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Aug 20 1999 (TRI)

Niraj Petrochemicals Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... of aggarwal chamber of commerce ltd. vs. ganapat rai hira lal (supra), wherein their lordships have held that the persons who are bound under the indian it act, 1922 to make deduction of income-tax at the time of making payment of any income, profits or gains are not concerned with the ultimate result ..... judicial member has already quoted the delhi high court decision in jay engg. works ltd. case (supra) to hold that there is no particular form or format for an application under s. 195(2). now the question is whether the inordinate delay in filing the said application is, in any way, fatal and ..... on delivery of technical documentation (except operating manual) against seller's(c) 33-1/3 per cent upon commencement of commercial production or 4 years after contract is filed with 81. the agreement is provided at pp. 6 to 38 of the assessee's paper-book. the approval of the government of ..... and on the commercial terms and conditions in respect thereto and it is further agreed that this agreement forms the basis for conclusion of a detailed contract containing seller's supply of equipment and licence as well as basic engineering services. in para 19 of the learned judicial member's order, he ..... mechanical guarantees on seller's delivered equipment for a period of 12 months after start-up of the plant or 36 months from the effective date of the contract." art. 8.1 states that the agreement shall become effective on that date on which buyer and seller sign this agreement. the seller signed it on .....

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Aug 31 2004 (TRI)

The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD258(Hyd.)

..... different commodities in different parts of the country. the primary necessity in each instance is to ascertain with precision what are the express terms of the particular contract under consideration. each transaction, therefore, requires to be examined with reference to its terms and conditions and no hard and fast rule can be laid ..... in the case of a chit fund company, which is a non-banking financial company, the chit funds act 1982 in part i and part ii of the schedule specifies the format of balance sheet as well as format of profit & loss account. for ready reference, part ii of the form of profit & loss account ..... but also to his constituent. the pacca arahatias need not inform the members as to how the funds have been utilized or with whom the contracts have been entered into. in the case of pacca arahtias he has a personal interest of his own when he enters into a transaction and he ..... order, judicial notice was not taken of the statutory provisions of the a.p. chit funds act 1971 and chit funds act 1982 and argued that this decision was per incuriam. he relied on section 57 of the indian evidence act and submitted that the court shall take judicial notice of all laws in force in the ..... territory of india. the reason for this, he argues, is that whenever an issue relating a chit fund company is dealt with under the income-tax act, 1961, the law governing .....

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Nov 10 2003 (TRI)

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)90ITD344(Hyd.)

..... "the vendor" which expression shall include, unless repugnant to the context or meaning thereof, its successors) of the one part and the india cements limited, a company incorporated under the indian companies act, 1913 and having its registered office at dhun building, 827, anna salai, madras 600 002 (hereinafter referred to as "the purchaser" which expression shall indlude, unless repugnant to the ..... income under a different source under the same head. the fact that the return of income does not provide for such computation has no bearing on the issue. the format of the return cannot override the specific statutory provisions of section 70.125. under normal circumstances it may make no difference if the income before the grant of depreciation from ..... following manner- "the position that emerges from the three decisions of the supreme court in mugneeram bangur, artex manufacturing company and electric control gears is that if parties have contracted to sell a business as a going concern for a lump sum consideration, without any indication in the agreement or in a contemporaneous document or evidence of its split up ..... court in the case of premier automobiles (supra). .6. it is further pleaded that from the available evidence in the present case, it is evident that the intention of the contracting parties was to sell the cement undertaking as a whole and not its various assets like land, buildings, plant and machinery, furniture and fixtures, intangible and current assets separately, .....

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Oct 05 2004 (TRI)

Amrit Apartments Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD481(Hyd.)

..... agents, servants or employees and the partners can remain inactive but that cannot be a factor to refuse registration. according to section 4 of the indian partnership act, it is not necessary that the business should be carried on by all the partners and that all the partners should participate in running the ..... accounted in the books of the firm. these minor deviations, it was claimed, did not affect the genuineness of the partnership, in regard to the format of the sale deed, it was submitted before the ao that although they referred to ownership of partners of their respective shares, the various other recitals ..... constructed flats the partners are identified or described as owners of their respective plots, which they brought into the appellant-firm at the time of its formation. similarly, how can the firm become a non-genuine one if few partners in their individual returns for the asst. yrs. 1990-91 and ..... v. state of bihar (1963) 49 itr 152 (sc) have held that a partnership is a relationship between more than one person created by contract inter se whether each partner is an agent for the other or others and for the firm and it is the existence of the element of mutual ..... , servants or employees and the partners can remain inactive but that cannot be a factor to refuse registration. according to section 4 of the indian partnership act it is not necessary that the business should be carried on by all the partners and that all the partners should participate in running the business .....

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Nov 27 1986 (TRI)

Rajendra Prasad Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1987)20ITD596(Hyd.)

..... the income-tax proceedings. but, in our opinion, they can be applied as rules of justice, equity and good conscience. section 92 of the indian evidence act states as under : when the terms of any such contract, grant or other disposition of property, or any matter required by law to be reduced to the form of a document, have been proved according ..... by the date of initiation of proceedings except the inspector's report there was no other material available for the competent authority which serve as an objective fact for the formation of his subjective belief about the initiation of acquisition proceedings. we feel that there is no objective material at all to initiate acquisition proceedings.22. now let us consider ..... or concealment of income. the satisfaction of the competent authority for initiation of acquisition proceedings is a subjective satisfaction of the objective facts stated above. the reasons for the formation of the belief must have a rational and direct connection with the material coming to the notice of the competent authority, though the question of sufficiency or adequacy of the ..... concealment. the satisfaction of the competent authority for initiation of the acquisition proceedings is a subjective satisfaction of the objective facts secured into the record. the reasons for the formation of the belief must have rational and direct connection with the material coming to the notice of the competent authority, though the question of sufficiency or adequacy of material is .....

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Nov 22 1993 (TRI)

K. Hari Prasad Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1994)50TTJ(Hyd.)450

..... certificate granted by the excise superintendent dt. 17th sept., 1981, which was filed, shows that the total deposit was rs. 73,90,000. till the formation of a new partnership under the name and style of m/s. venkateswara enterprises, the understanding between shri jangam rao and the assessee remained oral. ultimately ..... 78 onwards. abkari lease commences from october and extends upto end of september next year. in the lease year 1979-80, he had taken some arrack contract in khammam dist. along others. in the same lease year, he was associated with vijayawada tq.group of arrack shops, vijayawada toddy group shops and ..... got back the whole amount.he could not tell how much he got back in each instalment. they have deposited the amount they got back in indian bank, barkatpura, hyderabad. the bank account is opened in his name and the amounts are deposited in his name. he had withdrawn these amounts ..... the witnesses whom he wanted to cross-examine, part from merely asking the departmental to issue fresh summons.... the officer cannot be said to have acted unreasonably or in violation of the principles of natural justice. he was, in the circumstances of the case, entitled to draw an inference that the ..... parties and these amounts were accounted for in his books. these credits were not accepted as genuine and added in the assessments under s. 68 of the it act, 1961. out of the list of 6 creditors given above, the last three creditors, namely, sri k. venkateswara rao shri k. v. subramanyeswara .....

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Dec 21 2004 (TRI)

N. Sandeep Reddy, S/O N. Mal Reddy Vs. Acit, Circle 1(1)

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)96TTJ(Hyd.)315

..... submitted that the cit (a) came to this hasty conclusion without examining any of the parties to the agreement and that the loi was executed in usa and that the indian stamp act has no application there. he further submitted that tidco is an organization formed by the government of tamilnadu and the development manager, who was a party to the agreement ..... , the question of assigning, surrendering, relinquishment etc. did not arise. even otherwise, he submitted, presuming that a right to licence had accrued to the parties involved, it was contingent upon formation of designated entity and subsequent signing of the agreement by the designated entity and gic.on the contrary, he submitted, the amount received was in lieu of financial benefits as ..... of the assessee's income but could be termed as a normal incidence of the business. the claim for compensation made by the assessee immediately after the termination of the contract showed that the compensation was claimed towards reimbursement of expenses of revenue nature. the detailed claim did not indicate that it was for sterilisation of capital assets. thus, the amount ..... the assessee continued the claim of depreciation on the plant and machinery, the commissioner (appeals) held that there was no impairment of source of income but the cancellation of the contract resulted in loss of profit, for which compensation was received by the assessee; that processing of the return could not be equated to an assessment and it would be sufficient .....

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Dec 27 1993 (TRI)

Jayalakshmi Estates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1994)51ITD417(Hyd.)

..... the same interest in the profit. (4) if the settlement of accounts between the so-called partners as per section 48 of the indian partnership act is worked out, as on the last day of the various accounting periods, the amount receivable by each partner would not only be different ..... left behind by smt. ramanamma and credited the same as their respective capital contributions in the firm.4. now let us look into the facts about formation of m/s. ramaiah & co.m/s. ramaiah & co. was constituted as a partnership firm through a deed dated 18-10-1978 with ..... contrary to the stipulation found in the partnership deed under which it was constituted, the investment made by this firm was without entering into any contract with the owners of the building. m/s. ramaiah & co. have simply been allowed to instal certain fixtures and fittings as mentioned above ..... partnership deed dated 18-10-1978. the above three persons were the partners thereunder. the business of the partnership was stated to be "to enter into contracts with owners of buildings, factories and to own, lease out, provide, maintain, repair, upkeep service facilities such as water, electricity, drainage, lift, telephones ..... his daughter-in-law, smt. b.rama devi and his daughter smt. p. jansi jayalakshmi as partners. the business of the partnership was to enter into contract with owners of buildings, factories and to own, lease out, provide, maintain, repair, upkeep service facilities such as water, electricity, drainage, lift, telephones, .....

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Oct 31 1994 (TRI)

Deputy Commissioner of Vs. A.P. State Textiles Development

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)53ITD142(Hyd.)

..... earlier orders for assessment year 1988-89 and disallowed the claim of the assessee.8. the learned counsel of the assessee shri k. satyanarayana referred to the government order requiring formation of the corporation, its objectives and certain clauses of articles of association. he then referred to certain decisions reported in addl. cit v. surat art silk cloth manufacturers association [1980 ..... agree with the order of the cit (appeals) for assessment years 1988-89 and 1990-91. weavers do the work of the assessee-corporation not as beneficiaries but on 'work contract' basis. they are paid wages for their work and not as beneficiaries of the assessee-corporation. we agree with the cit (appeals) in his observation that the weavers cannot be ..... on business activities. he further submitted that if it was all charitable institution, it should have been registered under section 25 of the companies act, 1956. referring to the decision of the supreme court in cit v. indian sugar mills association [1974] 97 itr 486, he submitted that distribution of dividend clause is inconsistent with the objects of general public utility. in ..... the persons entitled to the dividend or capitalised fund as may seem expedient to the board. whether requisite, a proper contract shall be filed in accordance with section 75 of the act and the board may appoint any person to sign such contract on behalf of the person entitled to the dividend or capitalised fund and such appointment shall be effective. 99. effect .....

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