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Judgment Search Results Home > Cases Phrase: formation of contract indian contract act Court: income tax appellate tribunal itat pune Page 1 of about 9 results (0.068 seconds)

Apr 28 2006 (TRI)

ichalkaranji Co-operative Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)102ITD177(Pune.)

..... there is no question of any overriding title. since the promoters received the income as agents of the shareholders within the meaning of section 182 of the indian contract act, 1872, and the promoters did not have any title to the income, which really vested in the shareholders, there was no question of any overriding ..... co-operative bank, or an urban co-operative bank, or a postal savings bank; or (b) any person, collecting the share money for a society in formation, makes use of the funds so raised for conducting any business or trading in the name of a society to be registered or otherwise. these provisions will, ..... appear that they were really nominees or agents of the entire body of the proposed shareholders entrusted with the task of taking the necessary steps for the formation and registration of the proposed co-operative society. if they were agents and there was a statutory obligation on them to deal with the funds of ..... gone through the detailed order of the learned cit(a) as well as that of the ao. if we look to the background and the purpose of formation of the society, it is clear that it is formed for the benefit of the members of the society, i.e., who are power-loom owners. ..... of the learned jm to this effect is incorrect.55. as rightly contended by shri dastur, the object of formation of the society is to promote the economic interest of its members by doing acts specified and also the society is empowered to do such other works, which will boost the economic interest of .....

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Jul 14 1997 (TRI)

Parakh Foods Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1998)64ITD396(Pune.)

..... commercial profits and profits fixed by statute for its specified purpose. it has been further held that profits under section 10(1) of the indian indian income-tax act, 1922 are not profits regulated by any such statute, but are profits of the business carried on by the assessee computed on commercial principles ..... a unit. as already observed by us, the partners of pfi had only 27.59% shareholding in the assessee-company at the time of formation of the partnership firm. if the motive of the assessee had been to claim higher deduction under section 80hhc, rest of the shareholders who had ..... cases, the question was whether different business carried on by the assessee were the same business for the purpose of section 24(2) of indian income-tax act, 1992. those cases proceeded on the basis that different businesses were admittedly carried on by the assessee and there was no dispute on these ..... year 1991-92 which were never purchased or sold by the assessee in the past. (3) pfi firm is validly constituted and registered under indian partnership act, 1932. it is also registered with various government authorities. even the registration and continuation of registration have been granted by the income-tax authority ..... details which had some discrepancies. he referred to pages 747 to 756. according to him, the sugar appeared to be imported by pfi, while contract was with the assessee-company. he also referred to para 13.4 of the assessment order to indicate that the assessee did not have proper .....

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Mar 14 1997 (TRI)

Kalyani Steels Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)59TTJ(Pune.)316

..... be reduced. it was under these compelling reasons that the company had to take the decision of spinning off of tube division.59. the learned counsel further urged that the formation of kalyani seamless tube (p) ltd. in 1990 was by one of the business associates of the assessee-company for undertaking a small value project. the learned counsel further ..... makes it clear that the funds of the steel division and tube division were separate.33. as regards the contention of the assessee regarding gains on cancellation of forward contracts, the learned senior departmental representative contended that these gains are adjusted from pre-operative expenses of the tube project and not declared separately as income by the assessee.34. ..... , the cost of imported equipments went up considerably. with increase in the cost, the import duty burden on these equipments also shot up.(2) general inflationary trend in the indian economy increased the cost of indigenous equipment and also the pre-operative expenses.(3) the company, in consultation with the technical collaborators, changed the specifications of certain equipment. this, ..... put to use. this capitalisation implies inclusion of such interest in the "actual cost" of the asset for the purposes of claiming depreciation, investment allowance, etc., under the it act.as this was never the legislative intent nor does it conform to accepted accounting practices, with a view to counteracting tax avoidance through this method and placing the matter beyond .....

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Jan 11 2002 (TRI)

Smt. Aruna A. Bhat Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)81ITD218(Pune.)

..... obvious. the most essential ingredient of the partnership is the existence of element of agency between parties to the agreement as per section 4 of indian partnership act, 1932. no doubt, the agreement of partnership may be oral one, but in such case, the parties to the agreement must produce the relevant ..... any capital.there was no business of sale and purchase of land conducted by the firm. assessee retired from the firm within three months of its formation without giving required notice. thereafter, the firm was dissolved. the land was retained by the company. assessee in consideration got shares worth rs. 10 ..... v. shah, which was operated by both of them. they also received various amounts from the members of the association in pursuance of the development contract.3. attention was invited on the fact that both the parties were engaged in real property business. the market yard property which was said to ..... venture and was being operated by both of them. they also received various amounts from the members of the association in pursuance of the development contract.after the unfortunate death of her husband in a car accident, the assessee as his heir, stepped into the shoes of her husband to ..... venture and was being operated by both of them. they also received various amounts from the members of the association in pursuance of the development contract.3. unfortunately shri a.v. bhat died on 26th oct., 1990, in a car accident and the assessee herself was also very seriously injured .....

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Mar 07 2003 (TRI)

Kirloskar Electrodyne Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)87ITD264(Pune.)

..... usually followed by the word "from" and it means : "get, to trace from a source; arise from, originate in, show the origin or formation of". in this case the assessee was engaged in processing prawns and other seafood which it exported. it also earned some import entitlements granted by the ..... engaged in manufacture and sale of capital goods is to ensure proper installation, commissioning and running of the equipment during the warranty period. the contract of sale invariably contains the clause regarding installation and commissioning. though it is theoretically possible that a may manufacture and sell the equipment and b ..... derived from industrial undertaking and hence has been excluded while computing relief under section 80-i. in this connection, ao has placed reliance on the decisions in indian aluminium co. ltd. v.cit (1980) 122 itr 660 (cal) and addl. cit v. vellore electric corporation ltd. (1979) 119 itr 523 ..... interest on unpaid sale proceeds of machinery are attributable to priority industry. these were held eligible for deduction under section 80-i of the act. the court held that carrying out of repairs to machinery manufactured and sold by the assessee was an activity, which had a direct nexus ..... entitlements that it had earned to others.its total income included the sale proceeds from such import entitlements. relief under section 80hh of the act was claimed on such sale proceeds. the apex court held that the source of import entitlements could only be said to be the export .....

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Sep 03 1985 (TRI)

Sixth Income-tax Officer Vs. Communidade De Mapusa

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1986)15ITD591(Pune.)

..... v. shanmugham & co.'s case (supra).he pointed out that the assessee before the supreme court was assessable under section 41 of the indian income-tax act, 1922. it was a case of partnership wherein the matters had reached the court for dissolution of partnership and for taking of the accounts ..... result of the advantage which the private parties take with the consent of the communidades. this is purely a liability arising out of a contract of providing some facilities to the strangers. as regards the so-called power to levy fines and order confiscation under article 298, the learned ..... robinson referred to article 64(9) under which the communidades were given powers regarding permission of centres of agricultural labourers, formation of reserve fund for agricultural development and fisheries, formation of reserve fund and investment in foundation of institutions of social assistance and providence for the benefit of its components and ..... law in force. under article 19 of the code, all the fines established in the code and those mentioned in the clauses of contract or auction will be recovered according to the terms contained in title v when not paid voluntarily and shall be credited to pensioner's savings ..... two assessees is that of local authority and, consequently, that they are eligible for exemption under section 10(20) of the income-tax act, 1961 ('the act'). though the facts of the cases are slightly different from each other, it is convenient for the disposal of these appeals to pass .....

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Aug 10 2000 (TRI)

Smt. Aruna A. Brat Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)75TTJ(Pune.)675

..... obvious. the most essential ingredient of the partnership is the existence of element of agency between parties to the agreement as per section 4 of indian partnership act, 1932. no doubt, the agreement of partnership may be oral one, but in such case, the parties to the agreement must produce the relevant ..... any capital. there was no business of sale and purchase of land conducted by the firm. assessee retired from the firm within three months of its formation without giving required notice. thereafter, the firm was dissolved. the land was retained by the company, assessee in consideration got shares worth rs. 10 ..... . shah, which was operated by both of them. they also received various amounts from the members of the association in pursuance of the development contract.attention was invited on the fact that both the parties were engaged in real property business. the market yard property which was said to be ..... venture and was being operated by both of them.they also received various amounts from the members of the association in pursuance of the development contract. after the unfortunate death of her husband in a car accident, the assessee as his heir, stepped into the shoes of her husband to ..... venture and was being operated by both of them. they also received various amounts from the members of the association in pursuance of the development contract unfortunately, shri a.v. bhat died on 26-10-1990, in a car accident and the assessee herself was also very seriously injured. though .....

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Mar 14 1997 (TRI)

Kalyani Steels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)62ITD233(Pune.)

..... be reduced. it was under these compelling reasons that the company had to take the decision of spinning off of tube division.59. the learned counsel further urged that the formation of kalyani seamless tube (p) ltd. in 1990 was by one of the business associates of the assessee-company for undertaking a small value project. the learned counsel ..... makes it clear that the funds of the steel division and tube division were separate.33. as regards the contention of the assessee regarding gains on cancellation of forward contracts, the learned senior departmental representative contended that these gains are adjusted from pre-operative expenses of the tube project and not declared separately as income by the assessee.34. ..... , the cost of imported equipments went up considerably. with increase in the cost, the import duty burden on these equipments also shot up. (2) general inflationary trend in the indian economy increased the cost of indigenous equipment and also the pre-operative expenses. (3) the company, in consultation with the technical collaborators, changed the specifications of certain equipment. this, ..... put to use. this capitalisation implies inclusion of such interest in the "actual cost" of the asset for the purposes of claiming depreciation, investment allowance, etc., under the it act. as this was never the legislative intent nor does it conform to accepted accounting practices, with a view to counteracting tax avoidance through this method and placing the matter beyond .....

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May 17 2004 (TRI)

Maharashtra Scooters Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)85TTJ(Pune.)808

..... : "when priya scooter is ready for delivery, the dealer shall send an intimation writing to the customer by registered post a.d. in the standardised format available with you. the dealer will reserve the scooter for the customer for 14 days from the date of posting the intimation letter. if the customer ..... as expenditure for the purposes of deduction in the computation of income. this view is also supported by the supreme court's decision in the case of indian molasses co. ltd. v. cit (1959) 37 itr 66 (sc), wherein it has been held that for the amount to qualify for business expenditure, ..... agents and employees and others having dealings with the company and to guarantee the performance of contracts, by such persons, firms of companies but the company will not do banking business as defined in the banking regulation act, 1949.29. the main argument of mr. dastur, the learned authorised representative of the assessee ..... of the cit(a). the submissions made by him are summarised below : --that the principle of res judicata did not apply to the proceedings under the it act. --that sr. no. 16 of the memorandum of association of the assessee-company does not support the assessee's case. --that the interest income was ..... in para 9 above. though it is a settled position in law that the principle of res judicata does not apply to the proceedings under the it act, we agree with the learned authorised representative of the assessee that the disallowance of rs. 17,44,486 made by the ao had neither any .....

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