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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat bangalore Year: 1999 Page 1 of about 4 results (0.031 seconds)

Apr 15 1999 (TRI)

Bhoopalam Commercial Complex and Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT

Decided on : Apr-15-1999

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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Jul 05 1999 (TRI)

Komarla Feeds Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Decided on : Jul-05-1999

Reported in : (2000)74ITD65(Bang.)

..... . their arguments are taken into consideration.4. shri madan advanced an argument that the appellant-firm is a registered firm under the indian partnership act, 1932. the appellant-firm was entitled to the benefit provided under s. 80-i of the it act, 1961. but the ao refused to give such deduction on the ground that the assessee's business involved only 'processing' and not ..... as 'manufacture'.according to the learned representative the cit(a) held the entire exercise as processing instead of manufacture, denying the assessee the benefit of s. 80-i of the it act, 1961. the ao considered various high courts and supreme court's decisions. but according to the learned representative for the appellant the said decisions are entirely in respect of processing ..... under karnataka poultry & livestock feed (regulation of manufacture & sale) order, 1987, it is registered as a feed manufacturer. there are other papers also on record being part i. the factories act, 1948, wherein the definition of 'factory' is given. the factory means any premises including the precincts thereof wherein 10 or more workers are working or were working on any day ..... present case and the end-product did not change from its original qualities and, therefore, the assessee is not entitled to get the deduction under s. 80-i of the it act, 1961.18. the learned representative for the assessee shri madan distinguished the decision of the madras (sick-kerala) high court in eminent enterprises vs. cit (1999) 154 (ker) 513 : ( .....

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Mar 31 1999 (TRI)

Assistant Commissioner of Income Vs. S.M. Kannappa Automobiles (P)

Court : Income Tax Appellate Tribunal ITAT

Decided on : Mar-31-1999

Reported in : (2000)66TTJ(Bang.)276

..... assessee- company in connection with the assessment proceeding for assessment year 1976-77. this valuation report related to the valuation of the assets of the erstwhile partnership firm, as takenover by the assessee- company. the report mentioned that the petrol bunk with all its structures had been valued at rs. 30,000 ..... over to sri suahilkumar nanda, a relative of one, of the directors of the company.the assessing officer made certain enquiries with m/s indian oil corporation ltd., and found out that the ioc had supplied materials like ms and hsd of substantial amounts to the assessee- company during the ..... further appeals against the orders of the first appellate authorities were not preferred.4. penalty proceedings under section 271(1)(c) of the income tax act, 1961 were initiated by the assessing officer for all the eight years under consideration and penalty orders in almost similar manner were passed by the ..... 1975 when the business of the partnership was taken over by the assessee- company. he however admitted that the licence relating to running of the petrol bunk stood in the name of the assessee- company and the company itself owned the retail outlet dealership with indian oil corporation ltd. it was ..... appeals against the common order of the commissioner (appeals) cancelling levies of penalty under section 271(1)(c) of the income tax act, 1961 for the eight successive years.the main issue relating to allegation of concealment on the part of the assessee- company is that .....

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Mar 31 1999 (TRI)

Assistant Commissioner of Vs. S. M. Kannappa Automobiles (P)

Court : Income Tax Appellate Tribunal ITAT

Decided on : Mar-31-1999

Reported in : (2000)72ITD474(Bang.)

..... assessee-company in connection with the assessment proceeding for asst. yr. 1976-77. this valuation report related to the valuation of the assets of the erstwhile partnership firm, as taken over by the assessee-company. the report mentioned that the petrol bunk with all its structures had been valued at rs. 30,000 ..... it was handed over to sri suahilkumar nanda, a relative of one of the directors of the company.the ao made certain enquiries with m/s indian oil corporation ltd., and found out that the ioc had supplied materials like ms and hsd of substantial amounts to the assessee-company during the year ..... tax effects, further appeals against the orders of the first appellate authorities were not preferred.4. penalty proceedings under s. 271(1)(c) of the it act, 1961 were initiated by the ao for all the eight years under consideration and penalty orders in almost similar manner were passed by the ao levying ..... year 1975 when the business of the partnership was taken over by the assessee-company. he however admitted that the licence relating to running of the petrol bunk stood in the name of the assessee-company and the company itself owned the retail outlet dealership with indian oil corporation ltd. it was also stated ..... are all departmental appeals against the common order of the cit(a) cancelling levies of penalty under s. 271(1)(c) of the it act, 1961 for the eight successive years. the main issue relating to allegation of concealment on the part of the assessee-company is that the .....

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