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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat bangalore Page 1 of about 43 results (0.031 seconds)

May 18 2004 (TRI)

Govindaraj Ganesh Enterprises Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT

..... . in the present case the issue to be decided are : 5.1 the words 'firm', 'partner' and 'partnership firm' have the meaning respectively assigned to them in indian partnership act, 1932 as per section 2(23) of the income tax act, 1961. as per section 4 of the partnership act, 1932 the firm is a collective name of partners who have joined together for carrying on business ..... and to share the profits of business being carried on by ail or one of them for all. thus the intention to form a partnership firm ..... liabilities of the firm arc regarded as the liabilities of the partners only in case they cannot be met by the firm and discharged out of its assets. under the partnership act, 1932, property brought by the partners or property acquired by the firm in the course of its business is in law considered the property of the ..... a share in the accretions along with the property brought by him. this is recognized in sections 14 and 15 of that act. from a conjoint reading of sections 14, 15, 22, 29, 30, 48 and 49 of the partnership act, 1932, it is clear that regardless of the character of the property brought to by the partners on the constitution of the .....

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Nov 09 1995 (TRI)

Assistant Commissioner of Vs. Guru Trust.

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)56TTJ(Bang.)73

..... a legal concept of relationship just as other relationships subsist under the law. the relationship of the partners is governed by the indian partnership act, 1932. similarly, the relationship which exists pursuant to the creation of trust is governed by the indian trust act, 1882. in explaining the concept of individual it is a sine qua non to indicate the essence of the object reflected ..... takes cognizance of the trustees and the beneficiaries who are also known as "cestui que trust". the position is exactly the same as between partnership firm and its partners in the eyes of general law. the income-tax act however, makes distinction between the firm and its partners specially for the application of that law. such a distinction is, however, not provided ..... by the income-tax act between the trust and its trustees.section 161 and all other related section clearly hold the trustees as the representative assessee on behalf of the beneficiaries of the trust. there ..... have to be considered as persons responsible for paying the interest amount and not the actual individual who physically performs the act of payment. in the case of a trust also, therefore, although it is the trustees who physically perform the act of paying the interest to the creditors, under the provisions of section 204 therefore, it is the assessee, i.e .....

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Feb 18 2003 (TRI)

Assistant Commissioner of Vs. Mahesh Investments

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2004)88ITD221(Bang.)

..... term business as understood in the commercial parlance by the public.according to cit(a), the activity of the assessee is business for the purpose of section 4 of the indian partnership act. hence, cit(a), directed the assessing officer to treat the same in the status of a firm. against this direction of cit(a), the revenue has filed the present appeal ..... assessment in the status of a firm. on appeal by the assessee the first appellate authority concluded that the activity of the assessee is a business within the meaning of indian partnership act and that was sufficient to treat the assessee as registered firm.3. in all assessment years under consideration, the first appellate authority concluded that the rental income received by the ..... . the lower authorities also concluded that the income is only from house property.section 2(b) of indian partnership act, 1932 defines business. it is an inclusive definition as in the case of indian income-tax act. section 2(b) of the indian partnership act reads as follows: 2. in this act, unless there is anything repugnant in this subject or context.section 2(13) of the income-tax ..... claimed the income as income from house property all along. the cit(a) further observed that the term business has been defined in the income-tax act, however, the same was not defined in the indian partnership act. upon this observation, the cit(a) came to the conclusion that the activities of the assessee is in the nature of the organised one with an .....

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Nov 09 1995 (TRI)

Assistant Commissioner of Vs. Guru Trust

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)57ITD247(Bang.)

..... a legal concept of relationship just as other relationships subsist under the law. the relationship of the partners is governed by the indian partnership act, 1932. similarly, the relationship which exists pursuant to the creation of trust is governed by the indian trust act, 1882. in explaining the concept of 'individual' it is a sine qua non to indicate the essence of the object reflected ..... cognizance of the trustees and the beneficiaries who are also known as "cestui que trust". the position is exactly the same as between a partnership firm and its partners in the eyes of general law. the income-tax act however, makes a distinction between the firm and its partners specially for the application of that law. such a distinction is, however, not ..... provided by the income-tax act between the trust and its trustees. section 16.1 and all other related sections clearly hold the trustees as the representative assessees on behalf of the beneficiaries of the trust. ..... have to be considered as persons responsible for paying the interest amount and not the actual individual who physically performs the act of payment. in the case of a trust also, therefore, although it is the trustees who physically perform the act of paying the interest to the creditors, under the provisions of section 204 therefore, it is the assessee, i. e .....

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Jul 31 2000 (TRI)

Mrs. Arathi Shenoy and ors. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2000)75ITD100(Bang.)

..... petition. winding up or the dissolution lead to total disruption of the business and the distribution of the assets between the members or partners. the indian partnership act, 1932 permits the partners to specify the manner in which the dissolution of the firm would be done along with the distribution of the assets ..... brought in and (b) property acquired by purchase or otherwise including goodwill of business.25. he observed that ss. 14 and 37 of the indian partnership act touch upon the option to purchase the interest of a partner in case of his death or of the outgoing partner by the continuing partners. on ..... brought in by him. he observed that the concept of mutual adjustment of rights is discussed in the indian partnership act, 1932. he observed that s. 14 of the indian partnership act, 1932 r/w s. 45 of the act describe the property of the firm to be (a) the property and rights and interest in the ..... they conjoint it does not give rise to a collective body. he further observed that the collective character of the partners is recognized under the indian partnership act, 1932 as a firm retaining within it the individual characters of the partners which was why their liability is stated to be several and joint. ..... loss of the firm.24. he made detailed observation on the ownership by making reference to the provisions of the indian partnership act, 1932. he observed that the extent of ownership depended upon the equitable and legal principle as contained in s. 45 of the transfer of .....

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Jun 28 2007 (TRI)

S.G.R. Enterprises Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2007)112TTJ(Bang.)377

..... upon by the assessee. if the ao finds that the assessee firm stood dissolved on 18th sept., 1993 itself by virtue of section 42 of the indian partnership act, 1932, then, the income after the date of dissolution cannot be assessed in the hands of the assessee firm and the same shall be excluded.22 ..... the death of late s. ramachandran on 18th sept., 1993, the assessee firm stood dissolved by operation of section 42 of the indian partnership act, 1932. he submitted that in terms of section 42, the firm is dissolved by death of one of the partners unless the deed of ..... the death of one of the partners. he filed the copy of the partnership deed before us and contented that there is no provision made in the partnership deed to the effect that the provisions of section 42 of the indian partnership act, 1932 do not apply to the assessee firm. he relied on the following ..... the assessment of any income after the period of dissolution requires to be cancelled, learned counsel for the assessee submitted that the assessee firm was constituted under a deed of partnership dt.20th july, 1985. the partners of the assessee firm were (1) sri. s.ramachandran, (2) smt. v. rukmini, (3) smt. v. padma ..... 1. this is an appeal by the assessee, a partnership firm, directed against the order of block assessment passed by the ao under section 143(3) r/w section 158bc of the it act, 1961 (hereinafter called the act) dt. 30th sept., 1997.2. we have heard both sides and perused the records. the facts as narrated in .....

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Dec 23 1992 (TRI)

Additional Income-tax Officer Vs. T. Mudduveerappa Sons

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1993)45ITD12(Bang.)

..... another firm or individual as the definition of "person" in section 3(42) of the general clauses act. 1987, cannot be imported into section 4 of the indian partnership act. (3) the law, english as well as indian, has for some specific purposes, relaxed its rigid notions and extended a limited personality to a firm. (4) under the income-tax law a firm is an ..... to secreted profits, even then, as we see it, the department's case does not improve. it is well settled that whatever may be the position under the partnership act, under the income-tax act a firm is a juristic entity for purposes of assessment. in that context, courts have been called upon to answer the question whether, where there is a plurality ..... and intendment of the partnerships and the businesses and the factum or otherwise of the interlacing and inter-locking of the funds between ..... very question as to whether there was really one partnership or two different assessable entities being two separate distinct partnership unconnected with each other, has to be determined by the it authorities for the purpose of computing the assessment under the it act but not under the general law governed by the provisions of the partnership act. (10) the finding of the tribunal about the object .....

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Apr 15 1999 (TRI)

Bhoopalam Commercial Complex and Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2000)72ITD262(Bang.)

..... of "business" should not be considered to be restricted to the concept as envisaged under the it act, and on the other hand construction of building and running lodging house amounted to business for the purpose of indian partnership act. this particular judgment related to allowance of registration of the firm and does not seem to ..... hon'ble karnataka high court held that there was no finding by the tribunal that the assessee was the owner of the property, that the partnership deed itself provided that at the end of the lease period, the surviving partners had to handover possession of the leased property with the building ..... originally constituted to carry on the business of dealing in real estate and setting up, development and exploitation of the commercial complex and market. the partnership deed also provided in that line. as to the question of whether the assessee was carrying on a business activity or not and whether the income ..... clear that if a person receives rental income by leasing out the property as its owner, then the income may come under s. 22 of the it act, 1961. but if the leasing of the property was done as part of the business concern, the income received therefrom, cannot be said to ..... business or it may be done as landowner. whether it is the one or the other must necessarily depend upon the object with which the act is done ........ but a company formed with the specific object of acquiring properties not with the view to leasing them as property but to selling .....

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Sep 22 1993 (TRI)

Vijayalakshmi Agarbathi Works Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1994)49ITD311(Bang.)

..... in the event of death of a partner, as it is in the instant case, as a normal consequence of section 42(c) of the indian partnership act there should be a dissolution. but this legal consequence is subject to a consensus between the surviving partners which they may reach soon after the death ..... stipulation that the firm would not be dissolved on the death of one of the partners, but, by virtue of section 42(c) of the indian partnership act, 1932, the firm stood dissolved, the firm which took over the business after the dissolution of the erstwhile firm could not be said to be ..... 42(c) of the indian partnership act was not averted. he supported his argument on the principle explained by the full bench decision of the allahabad high court in the case of ..... : all other matters for which no provisions are made, shall be decided upon by all partners, by mutual consent and in accordance with the indian partnership act.the argument was that the surviving partners had not either expressly or impliedly consented to continue the same firm so much so the legal consequences of section ..... 's argument for the assessee was that the firm stood dissolved by the operation of section 42 (c) of the indian partnership act inasmuch as there being no term in the deed of partnership dated 5-3-1974 for continuance of the firm in the case of death of a partner. the firm having got .....

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May 31 1995 (TRI)

Gurujyothi Enterprises Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)56ITD117(Bang.)

..... agreement to treat the firm as continuing notwithstanding the death of a partner, the partners have no option to treat the firm as continuing. under the indian partnership act, 1932, the firm gets dissolved and the income-tax officer is not entitled to ignore this consequence. there is nothing in the language of section 187 ..... allowed to carry on the business under the same trade name with the entire goodwill, privileges and rights. on 3-11-1974, a new deed of partnership was executed with the aforesaid remaining partner and four new partners. the cit(a) discussed that for assessment year 1975-76, the ito had made two ..... case where income had escaped assessment due to the 'oversight, inadvertence or mistake' of the ito must fall within section 34(1)(&) of the indian i.t. act, 1922. it appears to us, with respect, that the proposition is stated too widely and travels farther than the statute warrants in so far ..... , 188 or 189, according to the high court, which precludes the application of the partnership law principles even under the income-tax act. it was accordingly held by the high court that where the partnership deed of a firm did not contained any provision that the death of a partner would not ..... from the record itself, then such a case would fall within the scope of section 147(&) of the act'.12. it would thus appear that the supreme court, in either of the judgments as reported in indian & eastern newspaper society's case (supra) or a.l.a. firm's case (supra), rendered .....

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