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Judgment Search Results Home > Cases Phrase: formation of contract indian contract act Court: income tax appellate tribunal itat madras Page 1 of about 13 results (0.182 seconds)

Aug 18 1988 (TRI)

income-tax Officer Vs. Dr. C. Kurshid

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)28ITD34(Mad.)

..... brings in immovable property as his capital contribution to the firm.6. we have carefully considered the rival contentions. section 14 of the indian partnership act, 1932 reads as under:-- 14. the property of the firm.--subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stook of the ..... entries. from the aforesaid observation of the madras high court it is clear that the question of contribution of immovable property as share capital is germane only at the formation of contract or partnership and such property becomes the property of the firm by the very intention of the parties evidenced by the agreement to treat such property as belonging to the ..... section it is clear that the partnership property includes all properties 'and rights and interests therein originally brought into the stock of the firm, i.e., at the time of formation of partnership not to speak of property acquired by the firm. the latter part of the section also gives the clue that even when property is acquired with the money ..... entries. he also held that the intention to treat immovable property as the firm's property became germane only on the formation of the partnership, meaning perhaps thereby that such arrangement was not permissible under the law, subsequent to the formation of the partnership. referring to the decision of the supreme court in the case of kartikeya v, sarabhai (supra), where in .....

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Sep 17 1990 (TRI)

Dynavision Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)36ITD1a(Mad.)

..... deceased employees of the new india assurance co. the company claimed this amount as an admissible expenditure under section 10(2)(xv) of the indian income-tax act, 1922.this claim was allowed by the tribunal and the decision of the tribunal was upheld by the bombay high court. the discussion on ..... the benefit of section 15c the new undertaking must be formed by reconstruction of the old business. now, in the instant case, there is no formation of any industrial undertaking out of the existing business since that can take place only when the assets of the old business are transferred substantially to ..... about 5,000 sq. ft., of stores building on an emergency basis and action was to be taken for calling lor quotations and awarding the contract as per the recommendations of the architect. in its reply dated 2-3-1989 addressed to the asstt.commissioner of income-lax, central circle 11( ..... employer and the dealers who trade in the goods of a particular manufacturer was far fetched.67. shri tilak chand next submitted that there was no contract between the appellant-company and the dealers, either written or oral, appointing them as dealers, but that the materials on record showed that the ..... words. it means that no amount was paid by an account-payee cheque, as contemplated in clause 2 of the trustdeed. section 5 of the indian trusts act 1882 deals with trust of immovable and movable properties and reads as follows :- 5. trust of immovable property - no trust in relation to immovable .....

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Jul 12 1991 (TRI)

Stanmore (Anamallay) Estates Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD87(Mad.)

..... place of accrual of income. the following excerpts from the judgment is noteworthy: "they are not saying that the place of formation of the contract prevails against everything else. in some circumstances it may be so, but other matters - acts done under the contract, for example - cannot be ruled out a priori".31. in the case of cit v. anamaltais timber trust ltd. [1950 ..... incorporated into section 9(1) span all the heads of income, save and except the head "salaries", which is dealt with separately in the act.for a fact, this was the position under the indian income-tax act, 1922 also. that the legislative intent was to cast the tax net wide will be evident from the fact that when section 12b dealing with ..... (previous year: year ending on june 30,1973).2. the facts of the case are that at the relevant point of time the assessee was a sterling tea assessed to indian income-tax in the status of a non-resident. it owned three estates, namely stanmore, sirikundra and mulla kattu and two factories, one located at sirikundra estate and the other ..... capital gains was inserted in the old act by section 6 of the indian income-tax and excess profits tax (amendment) act, 1947, section 42 of the old act was simultaneously amended by section 12 of the said amending act so as to render the capital gain earned by a non-resident in india liable to .....

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Apr 30 1982 (TRI)

T.i. Diamond ChaIn Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD473(Mad.)

..... the business of manufacture and selling subject products, which it desired to engage in through the formation of a subsidiary indian company, namely, the assessee. the agreement clearly stipulates that the initial capital of the indian company shall be rs 24 lakhs and the shareholding is to be in the ratio of ..... technical information, data, particulars, specifications, etc., are totally different from the facts and circumstances in which the assessees in the various decisions relied on have contracted to secure such information, data, particulars, specifications, drawings, etc. and this distinction, in fact, in our view, vitally affects the question in issue ..... assessee as share capital. it is these two sums which were claimed as a business expenditure under section 37 of the income-tax act, 1961 ('the act'). the payment was held by the high court to be allowable applying the decision of the supreme court in ciba of india ltd.'s ..... the profits thereof by way of dividend, if necessary, to the extent of 27 1/2 per cent. a limited company, under the companies act, is, subject to statutory provisions, entitled to raise capital or increase its existing capital by issue of shares either for payment in cash or ..... organised and existing under the laws of the state of indiana, us, shortly referred to as 'diamond' and til, a company incorporated under the companies act, 1956, in india ('tii'), dated 11-10-1961. in this agreement, it is stated that 'diamond' has for many years been engaged in the .....

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Dec 31 1992 (TRI)

T.A. Devagnanam (Jr.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)45ITD124(Mad.)

..... of time, the assessees before us were shareholders of m/s. needle industries (india) ltd. ('niil' for short).the said company was initially incorporated as a private company under the indian companies act, 1913, on july 20, 1949, with its registered office at madras and its factory at ketti, nilgiris. the company makes and markets needles for various uses, fishhooks and related ..... ) ltd. ('holding company' for short), a company incorporated in the u.k. in the share capital of the said holding company, ni-studley and newey were equal shares. on the formation of the said holding company, ni-studley and newey transferred to the holding company the equity shares of niil held by them. as a result of this arrangement, the holding ..... by the monetary consideration that the promisee pays directly to the promisor and the second count being represented by the monetary consideration that the promisee pays, under the terms of contract, to a third party.this situation is examplified by a case in which 'a' buys a house property from 'b' by paying (0 the stipulated monetary consideration to 'b' and ..... the transferor, both the payments forming part of a package deal. the said proposition flows logically and directly from the rule that, under the law of contracts, consideration is the very life-breath of simple contracts and that detriment to the promisee is the sine qua non of consideration. in other words, in a given case, the promisee might have suffered detriment .....

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Feb 11 1983 (TRI)

income-tax Officer Vs. A.M. Vaiyapuri Chettiar

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)4ITD606(Mad.)

..... not enable the natural parents to recover the consideration (see the cases cited at note 70 at page 213 of pollock & mulla's indian contract and specific relief acts, ninth edition). in the present case the condition restraining the property being brought back to the reunited family merely waives the rights available ..... of the revenue to suggest that an agreement to keep out any property from the reunited family will be void. under section 23 of the contract act every agreement of which the object or consideration is unlawful is void. the consideration or object of an agreement is lawful unless it is ..... joint hindu family have succeeded in so altering their status as to bring themselves within all the rights and obligations that follow from the fresh formation of a joint undivided hindu family.the basic proposition of hindu law on reunion was given by brihaspati smriti as: 'he who being once ..... defeating the provisions of hindu law because they relate only to adjustments of rights in properties in respect of which the law preserves freedom of contract.hence, such a condition cannot be considered to have defeated the provisions of hindu law. even assuming that such a condition would be opposed ..... point of view the junction of estates being a legal implieation of the agreement to reunite, the coparceners reuniting cannot avoid that consequence by contracting out of that implication as such a condition enabling the coparceners to keep out any of the proper-tics would be void. in such an .....

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Jan 13 1988 (TRI)

income-tax Officer Vs. South India Viscose Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)27ITD501(Mad.)

..... spent for the purpose of the business and hence, the amount paid was not an allowable deduction under section. 10(2)(xv) of the indian income-tax act, 1922. in the said case there was a payment of rs. 73,272 by way of managing agency remuneration as a result of higher depreciation ..... . the ad hoc allotment ordered in para 1 above is subject to the following conditions: (i) the company should execute fresh agreements in the prescribed format on stamped paper with the district forest officer/wild life warden concerned for the supply of pulp wood. (ii) the company should give an undertaking on ..... stamped paper in the prescribed format agreeing to pay whatever price that is finally fixed for the supply of pulpwood from 1-4-1981.it is in pursuance of these orders that ..... counsel, however, contended that the decisions of the commissioner (appeals) allowing these two payments were based on sound principles contained under the payment of bonus act as well as the decision of the madras high court in the case of sivanandha mills ltd. (supra) which is specifically referred to by the commissioner ..... be covered by section 31a of the payment of bonus act he then referred to section 34 of the bonus act which was introduced with effect from 25-9-1975 and contended that all contracts or awards would be subject to the payment of bonus act. shri mohanthy argued that section 31a stood apart as it .....

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Dec 31 1991 (TRI)

Tamil Nadu State Marketing Corpn. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD349(Mad.)

..... supplemented his arguments with a note containing written submissions. the points made by shri a. banerjee may be summarised as follows : (1)(a) the prohibition act and the tamil nadu indian-made foreign spirits (supply by wholesale) rules, 1983 authorise the levy of both excise duty or countervailing duty on the one hand and vend fee and ..... . by article 298 of the constitution, the executive power of the state extends to the carrying on of any trade or business and to the making of contracts for any purpose.** ** ** the power of the government to charge a price for parting with its rights and not the mode of fixing that price is ..... before us is one that is marked by inter-play of three streams of law, namely the constitution of india, the prohibition act and the rules made thereunder, and the income-tax act, 1961.21. the indian constitution, basically federal in form, is marked by the existence, side by side, of a central polity (the union at ..... the one hand and vend fee including addl. vend fee on the other. (c) that this is so will be clear from the format of inspection books which are to be maintained in form gib as required by and under rule 29 of the rules. drawing our attention to the ..... format shri banerjee vehemently contended that the rules themselves do not make any distinction between licence fees. vend fee, sales-tax, customs duty etc. this .....

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Apr 30 1991 (TRI)

Seva Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)38ITD409(Mad.)

..... activity from december 1953. at the instance of several creditors winding up proceedings were filed before the high court. under section 153 of the indian companies act, 1913, the high court with the approval of both the assessee and its creditors evolved scheme whereunder the business assets of the company was ..... follows : "what then are the facts found by the appellate tribunal apart from its findings under section 10a. the findings are that after the formation of the company the assessee firm was left with no business at all. the company purchased the leasehold rights in the land and buildings where the ..... another agent for a fixed price agreed upon. thus the amounts received under the sub-distributorship contracts were received passively. the assessee withdrew itself from business. it ceased to carry on the business from 1-4-1984 itself or in the ..... accounting year relevant to the assessment year 1986-87. thus in this case the intention of the parties in entering into the sub-distributorship contract dated 1-4-1985 would appear to be that the assessee-trust wanted to insulate itself from commercial risk and leave the actual exploitation to ..... fee cannot be characterised as business income. the whole of the expenditure concerning the distributorship of the periodicals under the explicit terms of the contract dated 1-4-1984 was taken over by m/s.varalakshmi agencies. the following recital in the agreement dated 1-4-1984, which is .....

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May 28 1987 (TRI)

P. Sarada Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1987)23ITD604(Mad.)

..... mean that the business should have been in existence even when the persons came together and agreed to form the partnership. in the commentary on the indian partnership act by a.k.aggarwal (1982 edition at page 51), there are the following observations :- in sita ram kalani v. manmal gattani, the business ..... in short as soon as it becomes a business entity it would be regarded as 'carrying on business' within the meaning of section 4, indian partnership act.the term carried on business as used is in all commercial and general terms. here the partnership deed stated that it had its own capital ..... business as per the objects of the partnership deed and ultimately dissolved on 31-3-1976. be that as it may, as per the indian partnership act, 1932, the firm cannot be recognized as a real entity as it did not carry on any business. i would therefore agree with the ..... view of the matter, in adverse possession.13.we have considered the rival submissions. section 14 of the partnership act reads as under :- 14. the property of the firm :- subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into ..... signatories. it was mentioned that "whereas the urban land ceiling and regulations act, 1976 was passed subsequent to the formation of the partnership and the act received the assent of the president of india on 17-1-1976 and the act had the object of providing imposition of ceiling on vacant land and regulating .....

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