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Judgment Search Results Home > Cases Phrase: indian partnership act Court: guwahati Year: 1977 Page 1 of about 5 results (0.019 seconds)

Mar 31 1977 (HC)

Nagaland Liquor Stores Vs. Commissioner of Income-tax

Court : Guwahati

Decided on : Mar-31-1977

..... the power to enter into contract on behalf of the firm which was invalid in law. he was also of the view that clause 9 of the partnership deed militated against the provisions of the indian partnership act, 1932, but did not specify which particular provision had been violated. there was yet another reason given by the cit which without any further consideration or ..... in so far as it is prejudicial to the interest of revenue '. the possibility of prejudice to revenue arises by reason of there being a lesser rate for a partnership within the meaning of the indian partnership act, than for a mere association of persons (aop), but this possibility will not justify an approach, seeking to find some loop-hole or other in the ..... which we find is substantially one of following what the cit had said, we may set out the principles pertaining to partnership generally and analyse the relevant portions of the partnership deed in question.11. as defined under the indian partnership act, 1932, a partnership is a relation between partners who have agreed to share the profit of the business carried on by all or any ..... any need for severing any portion from the rest. there was a valid partnership which came into existence; we have been unable to find any other provision in the indian partnership act or even a general principle of law relating to partnerships which has been violated such as to render the said partnership invalid. none has been specifically pointed out by the commissioner or the appellate .....

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Mar 31 1977 (HC)

Nagaland Liquor Stores Vs. Commissioner of Income-tax, Assam.

Court : Guwahati

Decided on : Mar-31-1977

..... the power to enter into contract on behalf of the firm which was invalid in law. he was also of the view that cl. 9 of the partnership deed militated against the provisions of the indian partnership act, 1932, but did not specify which particular provision had been violated. there was yet another reason given by the cit which without any further consideration or ..... which we find is substantially one of following what the cit had said, we may set out the principles pertaining to partnership generally and analyse the relevant portions of the partnership deed in question.as defined under the indian partnership act, 1932, a partnership is a relation between partners who have agreed to share the profit of the business carried on by all or any of ..... "erroneous in so far as it is prejudicial to the interest of revenue". the possibility of prejudice to revenue arises by reason of there being a lesser rate for a partnership within the meaning of the indian partnership act, than for a mere association of person (aop). but this possibility will not justify an approach seeking to find some loophole or other in the ..... any need for severing any portion from the rest. there was a valid partnership which came into existence; we have been unable to find any other provision in the indian partnership act or even a general principle of law relating to partnerships which has been violated such as to render the said partnership invalid. none has been specifically pointed out by the commissioner or the .....

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Jan 03 1977 (HC)

Commissioner of Income-tax and ors. Vs. Amsoi Tea Estate

Court : Guwahati

Decided on : Jan-03-1977

..... being made over as a reward for the human capital brought in. section 13 of the partnership act brings into focus this basis of partnership business.'7. this legal position, it was observed, expresses itself in the income-tax act in section 10(4)(b) and section 16(1)(b). the real nature of a ..... services rendered, the agreement should in truth be regarded as a mode of adjusting the amount that must be taken to have been contributed to the partnership's assets by a partner who has made what is really a contribution in kind, instead of contribution in money. hence, all the aforesaid payments ..... same away to a partner as his salary, bonus, commission, remuneration or interest. a partner is bound to find the necessary finances for the partnership and hence any interest on capital supplied by the partner is not deductible. a partner's rendering services to the firm stands on the same footing ..... 10itr292(sc) :'here the first thing that we must grasp is that a firm is not a legal person even though it has some attributes of personality. partnership is a certain relation between persons, the product of agreement to share the profits of a business. 'firm' is a collective noun, a compendious expression ..... employed by his firm, for a man cannot be his own employer.'was approved and it was observed that the indian law of partnership is substantially the same. it was held that a partnership is only the collective name of separate persons and not a legal person in itself and that, therefore, the salary .....

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Jan 03 1977 (HC)

Commissioner of Income-tax, Assam, and Others Vs. Amaio Tea Setate.

Court : Guwahati

Decided on : Jan-03-1977

..... member, nor can he be employed by his firm, for a man cannot be his own employer."was approved and it was observed that the indian law of partnership is substantially the same. it was held that a partnership is only the collective name of separate person and not a legal person in itself and that, therefore, the salary paid to a partner ..... this exempted gross sum, it was held that the said part of the salaries also gets the benefit of the exemption under the act. the following statement of the law as to partnership by lindley on the law of partnership, 12th edition, page 28, that :"in point of law, a partner may be the debtor or the creditor of his co-partners, but ..... portion of the profits being made over as a reward for the human capital brought in. section 13 of the partnershilp act brings into focus this basis of partnership business."this legal position, it was observed, expresses itself in the income-tax act in section 10(4)(b) and section 16(1)(b). the real nature of a salary paid to a partner ..... and must be treated as such for taxation process. consequently, the portion of profits from taxation by a grower which is agricutural in character is excluded from taxation under the act, recognising the constitutional provision excluding taxation by the union, of agricultural income by means of rule 24. it was, therefore, held that 60% of the total income represents the agricultural .....

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Jan 03 1977 (HC)

Smt. Sohani Devi JaIn Vs. Income-tax Officer, a Ward and ors.

Court : Guwahati

Decided on : Jan-03-1977

..... 33. according to the case of the petitioner, she is a resident of tinsukia in the district of lakhimpur. she was a partner in a partnership firm which carried on business at calcutta and other places in assam. she was an assessee within the jurisdiction of the income-tax officer, ' ..... no application to cases where a return has been filed by the assessee and assessment made and thereafter apprehending proceedings under section 34 of the indian income-tax act, 1922, the assessee files another return. unless a notice of reassessment is issued by the income-tax officer, the assessee cannot, after ah ..... additional income-tax officer of that district. on february 23, 1950, the additional income-tax officer issued a notice under section 34 of the indian income-tax act, 1922. in the meantime the assessee filed another return before the principal income-tax officer, district 1(2), calcutta, disclosing a loss of ..... , therefore, held to be invalid and did not deprive the income-tax officer of his jurisdiction to start proceedings under section 34 ol the indian income-tax act, 1922, against the assessee. in commissioner of income-tax v. khemchand ramdas [1938] 6 itr 414 the assessees were registered as a ..... voluntary return is filed, the income-tax officer cannot ignore that return voluntarily filed and issue a notice of reassessment under section 34 of the indian income-tax act, 1922. the decision of the supreme court in commissioner of income-tax v. s. raman chettiar : [1965]55itr630(sc) was also .....

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