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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat ahmedabad Page 1 of about 74 results (0.059 seconds)

Jul 09 1992 (TRI)

Banyan and Berry Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1992)43ITD272(Ahd.)

..... had been examined in paras 4 & 5 of the order that certain aspects of the partnership act were relevant and it was observed that in view of section 47 of the indian partnership act the partnership firm was entitled to pursue the claim, nothwithstanding the dissolution of the firm. it had also ..... been observed that the covenant in the deed of dissolution could not change the nature or character of the receipt or the recipient of the amount further the question related to contract executed by the partnership ..... far more extreme step than mere retirement of some partner. another unusual feature is that even after dissolution certain important elements of the partnership were continued. the claims were treated as an actionable claim, jointly enforceable as tenants-in-common by the parties thereto. further, each ..... was submitted that the decision was concerned with a totally different issue regarding section 25(4) of the indian income-tax act, 1922 for which there was no corresponding provision in the it act, 1961. according to the learned d.r., the decision of the supreme court that mere change in ..... section 176(3a) read with section 189 of the income-tax act, 1961.2. the assessee has been assessed in the status of "firm" for the year under consideration, le.. assessment year 1988-89. a partnership deed was originally executed on16-ll-1982 with 16 partners and .....

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Jul 09 1992 (TRI)

Banyan and Berry Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1993)45TTJ(Ahd.)58

..... had been examined in paras 4 and 5 of the order that certain aspects of the partnership act were relevant and it was observed that in view of s. 47 of the indian partnership act the partnership firm was entitled to pursue the claim, notwithstanding the dissolution of the firm. it had ..... also been observed that the covenant in the deed of dissolution could not change the nature or character of the receipt or the recipient of the amount. further, the question related to contract executed by the partnership ..... far more extreme step than mere retirement of some partner. another unusual feature is that even after dissolution certain important elements of the partnership were continued. the claims were treated as an actionable claim, jointly enforceable as tenants-in-common by the parties thereto. further, each ..... it was submitted that the decision was concerned with a totally different issue regarding s. 25(4) of the indian it act, 1922 for which there was no corresponding provision in the it act, 1961. according to the learned departmental representative the decision of the supreme court that mere change in the constitution ..... under s. 176(3a) r/w s. 189 of the it act, 1961.2. the assessee has been assessed in the status of "firm" for the year under consideration i.e., asst. yr. 1988-89. a partnership deed was originally executed on 16th nov., 1988 with 16 partners .....

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Aug 24 1995 (TRI)

Deputy Commissioner of Income Tax Vs. Bajaria Bros. (Also Bajaria Bros ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)54TTJ(Ahd.)151

..... the firm is to be treated as in existence even in asst. yr. 1974-75, the year in which the assessee firm received rs. 36,000 under s. 47 of indian partnership act, 1932 and the amount so refunded was assessable in the hands of the firm. on the basis of this case law which is said to be a direct decision on ..... decision on this point and decides the matter in favour of revenue after considering the provisions of s.41(1) r/w s. 189 of the said act and that of s. 47 of indian partnership act. we accordingly follow the said decision that has also discussed for this very purpose the decision of honble supreme court in the case of cit vs. hukumchand ..... ) and thus conclude that the amount in question is to be taxed in the hands of assessee under s.41(1) r/w s. 189 of it act and further r/w s. 47 of indian partnership act.19. the second alternative plea of the revenue is that the amount in question is taxable in the hands of assessee firm in view of the provisions ..... of s. 176(3a) of it act read with s. 189(1) and the view taken by the tribunal in the first inning was not justified. the learned departmental .....

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Jan 29 1996 (TRI)

Deputy Commissioner of Vs. Coal Ash Distributors

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)58ITD58(Ahd.)

..... their representative capacity on behalf of their respective huf did not actually contribute any capital in the years under consideration would not render the partnership illegal either under the provisions of contract act or under the provisions of indian partnership act or under the provisions of any other law.48. the next point which was raised on behalf of the revenue in assessment year 1989 ..... . validity in its turn necessitates compliance with the general law of the land insofar as it is involved in the formation and functioning of a partnership firm. thus, by reason of section - 4 of the indian partnership act, 1932 a partnership firm comes into being when two or more persons agree to share.... and so on. thus, agreement for purposes of section - 4 of the ..... indian partnership act should also be as laid down under the indian contract act. for an agreement or contract to be valid for purpose of section 25 of the indian contract act there should be the consideration for every contract. insofar as partnership firms are concerned, every partner is required to put in his part of .....

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Mar 13 1987 (TRI)

Amrutlal Muljibhai Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1987)21ITD545(Ahd.)

..... various covenants to the partnership deed relationship between the mother and assessee is contractual giving rise to ..... have to be upheld as a consequence. this is so as we have stated earlier that mother did have contractual right under the indian partnership act to claim the ownership of accumulated profits lying in her account. therefore, unless it is proved beyond doubt that even the fruits of the accumulated profits were enjoyed by the ..... because of refusal to grant registration under the income-tax act where it was held that mother of the assessee was benamidar of the assessee as far as the partnership firm was concerned. the decision nowhere states that the partnership itself is invalid under the indian partnership act. therefore, the position remains that though under the indian partnership act the partnership is a valid firm and on the basis of .....

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Dec 31 1990 (TRI)

income-tax Officer Vs. Pratik Prints

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)37ITD159(Ahd.)

..... 34(3)(b)and also read with section 2(47) of income-tax act, 1961. after considering the earlier judgment of hon'ble supreme court and other courts, the hon'ble judges observed that a partnership firm under the indian partnership act, 1932, is not a distinct legal entity apart from the partners constituting ..... it and equally in law, the firm, as such has no separate rights of its own in the partnership assets and when one talks of the firm ..... but a mutual adjustment of rights between the partners, and there is no question of any extinguishment of the firm's rights in the partnership assets amounting to a transfer of assets. the supreme court, therefore, clearly held that there is no transfer of assets involved when the ..... the assessee firm died and consequently the firm stood dissolved. thereafter, the surviving partner and the heirs of deceased partner constituted a fresh partnership and continued the business with all its assets and liabilities including the items of machinery on which development rebate reserve had been granted in ..... rebate on the dissolution of the partnership firm. the hon'ble gujarat high court held that development rebate allowed to a partnership firm cannot be withdrawn under section 34(3)(b) r.w.s. 155(5) of income-tax act because surplus assets of the partnership are distributed amongst the partners on .....

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Dec 18 1984 (TRI)

income-tax Officer Vs. Swashraya

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)12ITD218(Ahd.)

..... revenue before us and very forcefully argued by shri malik, loses sight of the basic issue relating to the obligation of the trustees under the indian trusts act and the rights and obligations of a partner under the indian partnership act, 1932. the concept of dual capacity is well recognised in the case of cit v. bagya-lakshmi & co. [1965] 55 itr 660 ( ..... regarded as an illegal partnership at all. in the present case, registration was granted earlier and it was continued for the subsequent ..... form the partnership. for the purposes of registration, the capacity in which a person becomes a partner in a firm is of no significance, even if that is of importance for the purposes of assessment. under section 4 of the indian partnership act, there is no impediment for the constitution of a partnership by representatives of persons acting for them. such a partnership cannot be ..... of the trusts in a particular case. this section itself provides by way of exceptions for delegation of specific powers in appropriate case. section 20 of the indian trusts act also does not apply. the partnership by itself, therefore, cannot be held as illegal, opposed to public policy or in any way contrary to law. registration has, therefore, to be granted .....

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Jan 09 1986 (TRI)

income-tax Officer Vs. Kundanmal Sureshkumar and Co.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1986)15ITD72(Ahd.)

..... the assessee, on the other hand, strongly supported the order of the commissioner (appeals). in this connection, he referred to section 40 of the indian partnership act, which reads as under: dissolution by agreement - a firm may be dissolved with the consent of all the partners or in accordance with a contract ..... (mad.) also supports the aforesaid views. the meaning of the proviso as contended by shri shah does not get support from any section of the indian partnership act, 1932, nor from any decision relied upon by him. in the case of shivram poddarv. ito [1964] 51 itr 823 (sc), their lordships ..... that the proviso inserted with effect from 1-4-1975 would override the provisions contained in the deed of partnership. in this connection, he also stated that even though under the indian partnership act, a firm may not be dissolved on the death of a partner if specific provisions in this regard are ..... contained in the deed of partnership. however, in view of the aforesaid retrospective amendment made in section 187(2) for ..... is for the assessee to prove. the subsequent conduct of the surviving partners cannot overrule the intention and terms and conditions of the original partnership deed by their own acts, conduct and doings.6. on the other hand shri shah, the learned counsel for the assessee, relying on the order of the .....

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Mar 29 2001 (TRI)

Asstt. Cit Vs. Atul Shopping Centre

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)72TTJ(Ahd.)535

..... .from the sworn statement of the said three partners on the search day, it is further clear that a partnership as contemplated under section 4 of the indian partnership act has not been constituted. the definition of the partnership in section 4 of the indian partnership act contains three elements, viz., (1) there must be an agreement entered into by all the partners concerned (2) the agreement must ..... -lenders" for some third person or persons who is either a partner or an outsider.only a partnership firm is entitled to present an application for registration under section 184(1) of the act. since the firm constituted is not a partnership firm as defined under the indian partnership act the request for registration has to be refused for that reason. furthermore, the assessing officer has ..... found the partnership to be not genuine which finding ought to have been confirmed by the commissioner (appeals) on .....

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Mar 29 2001 (TRI)

Assistant Commissioner of Vs. Atul Shopping Centre

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)78ITD349(Ahd.)

..... .4. from the sworn statement of the said three partners on the search day, it is further clear that a partnership as contemplated under section 4 of the indian partnership act has not been constituted. the definition of the partnership in section 4 of the indian partnership act contains three elements, viz., (1) there must be an agreement entered into by all the partners concerned; (2) the agreement ..... " for some third person or persons who is either a partner or an outsider.5. only a partnership firm is entitled to present an application for registration under section 184(1) of the act. since the firm constituted is not a partnership firm as defined under the indian partnership act the request for registration has to be refused for that reason. furthermore, the assessing officer has ..... found the partnership to be not genuine which finding ought to have been confirmed by the a/c on .....

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