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Judgment Search Results Home > Cases Phrase: indian partnership act Court: allahabad Year: 1973 Page 2 of about 14 results (0.018 seconds)

Sep 12 1973 (HC)

Badri Pd. and Sons Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Sep-12-1973

Reported in : [1975]98ITR657(All)

..... explain the source of the deposits of rs. 15,000 introduced in the business in the accounting year 1967-68?'2. in the account of the partnership fund, an amount of rs. 10,000 was found credited in the account of smt. indra devi and another amount of rs. 5,000 in ..... . 15 of 1965), permitted the making of voluntary disclosure in respect of the amount representing income chargeable to tax under the indian income-tax act, 1922, or the income-tax act, 1961, for any assessment year commencingon or before the 1st day of april, 1964. on such disclosure being made, the amount ..... was that the amount was disclosed voluntarily and had not already been detected by the department. the declaration and assessment under the finance (no. 2) act of 1965 did not involve any investigation into the correctness of the declaration or any determination that the amount belonged to the declarant.6. the tribunal ..... was to be charged to income-tax in accordance with sub-section (3) of section 24 of the act, taking the disclosed income as the taxable income of the declarant. the voluntary disclosure scheme only permitted the bringing forward of income for being taxed; it ..... scheme. the income-tax officer held that the explanation given by the assessee was not satisfactory within the meaning of section 68 of the income-tax act, 1961.3. the assessee went up in appeal. the appellate assistant commissioner of income-tax held that the acceptance of the disclosure petitions by the .....

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Nov 28 1973 (HC)

Juggilal Kamlapat, Bankers Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Nov-28-1973

Reported in : [1975]101ITR40(All)

..... of rs. 8,000 was liable to be added to its income as accrued rent or under section 10(2a) of the indian income-tax act, 1922 ?'2. the assessee is a partnership firm and at the material time carried on the business of banking and derived income from interest on securities and property, etc. it ..... had been showing its income from lease rent on accrual basis and had been assessed as such'. later, the assessee applied under section 35 of the act for rectification of the tribunal's order on the ground that the above-quoted observation of the tribunal was factually incorrect inasmuch as the assessee had never ..... by it. if an assessee chooses to adopt the cash system of accounting in respect of the income assessable under section 10 or section 12 of the act, he cannot be assessed on accrual basis. the option is with the assessee and not with the department so that the department cannot compel an assessee ..... assessment year in question.5. as regards the second limb of the question as to whether this amount can be assessed under section 10(2a) of the act, it is difficult to understand as to how that provision applies. section 10(2a) makes a provision for assessment of any loss, expenditure or deductions allowed ..... there is no question of the sum of rs. 8,000 which is the subject-matter of this reference being taxed under section 10(2a) of the act.6. we, accordingly, answer the question in the negative, in favour of the assessee and against the department. the assessee is entitled to the costs which .....

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Aug 17 1973 (HC)

Commissioner of Income-tax Vs. Govind Narain

Court : Allahabad

Decided on : Aug-17-1973

Reported in : [1975]101ITR602(All)

..... of the family. it was claimed that with effect from 1st april, 1965, the business which had been carried on by the hindu undivided family was taken over by a partnership firm. in support of the claim reliance was placed upon the entries in the books of accounts and a deed of partition dated 1st april, 1965. the claim was rejected ..... family of sri govind narain, even after the complete partition in 1952, in the joint family styled lakshmi narain govind narain within the meaning of section 25a of the indian income-tax act, 1922?' 5. one of the grounds upon which the assessee's claim for partial partition was resisted by the department was that his widowed mother, radha devi, was also ..... assessee and against the department. the assessee will get his costs which we assess at rs. 200. 4. in the connected applications under section 256(2) of the income-tax act, 1961, the commissioner of income-tax has prayed for a direction to the tribunal to refer the following additional question : 'whether, on the facts and in the circumstances of the ..... r.l. gulati, j. 1. this is a consolidated reference for the assessment years 1965-66 and 1966-67 under section 256(1) of the income-tax act, 1961. 2. the assessee, sri govind narain, was assessed to income-tax in the status of an individual up to the assessment year 1963-64. during the assessment proceedings for .....

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Oct 18 1973 (HC)

Commissioner of Income-tax Vs. H.C. Gupta

Court : Allahabad

Decided on : Oct-18-1973

Reported in : [1975]100ITR244(All)

..... arisen in the following circumstances: 3. the assessee, h. c. gupta, was a partner in kailash motors, having 35% share therein. in the accounts of the partnership firm a credit balance of rs. 26,250 stood in favour of the assessee on july 31, 1959. on that date, h. c. gupta transferred his share ..... resulted in a capital gain to h. c. gupta to the extent of rs. 13,750. he, accordingly, taxed him under section 12b of the indian income-tax act, 1922. the assessee went up in appeal. the appellate assistant commissioner allowed the appeal holding that the transaction had caused not a capital gain to the ..... view. any order passed under the gift-tax act in the case of one assessee will not be binding on the income-tax officer while taking assessment proceedings against another' assessee even though the transaction giving ..... to tax by the income-tax officer under section 12b of the income-tax act in assessment proceedings against the assessee, h. c. gupta. in our opinion, the tribunal has committed a clear error of law in taking such a ..... have applied the principle of res judicata in non-suiting the department and held that the decision of the gift-tax officer under the gift-tax act was final and binding on the income-tax authorities in respect of the interpretation or effect of the transaction of exchange which had been brought .....

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