Court : Allahabad
Decided on : Feb-14-1991
Reported in : 192ITR387(All)
..... cases of as many as 47 persons were transferred under the said order. the petitioner is mentioned under serial no. 47. the petitioner is a partnership firm engaged in auditing work of other asses-sees, a raid was conducted on the premises of the petitioner and certain documents pertaining to the other ..... in that case was passed, the explanation appended tosuch section (7a) of section 6 of the indian income tax act, 1922, was not. there, (the said explanation corresponding to the explanation to section 127 of the 1961 act was inserted in the year 1956). the first contention is, accordingly, rejected.3. on the second ..... direction in respect of any year.'a reading of the aforesaid explanation makes it clear that the expression 'case' used in section 127 of the act comprises not only a pending proceeding but also proceedings which may have been completed on or before the date of transfer. indeed, it also includes ..... any person whose name is specified in any order or direction issued thereunder, means all proceedings under this act in respect of any year which may be pending on the date of such order or direction or which may have been completed on or before ..... so far as the first contention is concerned, it has to be rejected in the light of the explanation appended to section 127 of the income-tax act, which defines the expression 'case'. the explanation reads as under :'explanation. -- in section 120 and this section, the word 'case1, in relation to .....Tag this Judgment!
Court : Allahabad
Decided on : Mar-07-1991
Reported in : (1992)100CTR(All)179; 193ITR543(All)
..... to see how the above passage advances the case of the petitioner. indubitably, the plant and machinery which was transferred by the assessee to the partnership do constitute capital assets.for the above reasons, the question referred is answered in the affirmative, i.e., in favour of the revenue and against ..... a. j. vasanaik : 116itr110(kar) , but also it took pains to point out that the transfer of assets of an individual to a partnership of which he is a partner stands on a different footing from a case where the assets are distributed amongst the erstwhile partners following the dissolution. be ..... took place or the money was utilised.'the question that arises for our consideration is where a person places his personal individual assets in a partnership of which he is a partner, whether it amounts to a transfer of those assets within the meaning of section 34(3)(b). this ..... machinery or plant installed after the 31st day of december, 1957, in any assessment year under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922), and subsequently -(i) at any time before the expiry of eight years from the end of the previous year in ..... claimed development rebate during the said year which was granted to him. the said proprietary business was converted into a partnership business on and with effect from april 1, 1972. the partnership consisted of the petitioner and his two sons wherein the assessees share was 1/3rd. the income-tax officer held .....Tag this Judgment!