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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat cochin Year: 1991 Page 1 of about 5 results (0.113 seconds)

Dec 18 1991 (TRI)

Tourist Lodge (Defunct) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Dec-18-1991

Reported in : (1992)40ITD507(Coch.)

..... fact, the hon'ble high court of kerala in paulson constructions v. cit [ 1990] 181 itr476, held as per head notes as follows: section 47 of the indian partnership act, 1932, says that on the dissolution of a firm, the authority of each partner to bind the firm, and the other mutual rights and obligation of the partners, continue ..... belonging to the fine.the deed is silent, about the ownership of the property by the partnership firm. under the provisions of the partnership act, a partner can certainly assign his interest in the partnership property, though such interest cannot be predicated during the subsistence of the partnership. the sale deed executed by shri kaladharan having specified she share individually in the properties of ..... for that reason, the less effectual in putting an end to his liability--jefferys v. smith [1827] 27 rr doubt, the indian courts have held that upon assignment or transfer of interest by a partner, the partnership does not come to an end. but such a proposition can be advanced only when there are more than two partners and one ..... the partnership firm, it cannot be said that shri kaladharan has in law conveyed his interest in the partnership property. the .....

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Oct 10 1991 (TRI)

Lachmandas and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Oct-10-1991

Reported in : (1992)40ITD3(Coch.)

..... old firm was dissolved with effect from 1-10-1981 by the mutual consent of all the partners. this is one of the modes prescribed under section 40 of the indian partnership act, 1932, which reads as follows : -- 40. dissolution by agreement - a firm shall be dissolved with the consent of all the partners or in accordance with a contract between the partners ..... for interpretation in cit v. raj bros [1987] 165 itr 720 (ap). their lordships of the andhra pradesh high court held as follows : -- a partnership firm is essentially governed by the provisions of the indian partnership act and the dissolution of the partnership could be brought about statutorily under the indian partnership act by any of the modes referred to in sections 40 to 44 of the said ..... . the dissolution of a partnership firm by any of the modes set out in sections 40 to 44 brings about the legal death of a ..... contention that by introducing the proviso after sub-section (2) of section 187 of the income-tax act, 1961, the act sought to recognise only a dissolution brought about by death of any of the partners within the meaning of section 42(c) of the indian partnership act and to derecognise all other forms of dissolution envisaged by sections 40 to 44 is wholly insupportable .....

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Nov 12 1991 (TRI)

Mercantile Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Nov-12-1991

Reported in : (1992)40ITD516(Coch.)

..... therefore, the erstwhile minor became a full-fledged partner in the previous year ending on 16-1-1982 either in terms of section 30(5) of the indian partnership act or on his own volition. but the previous year ending on 16-1-1982 is in relation to the assessment year 1982-83. however, for that assessment ..... place? it is on record that the minor became a major on 10-2-1981.under the provisions of section 30(5) of the indian partnership act, at any time within six months of his attaining majority or on his attaining knowledge that he had been admitted to the benefits of ..... in the ratio of the decision of the allahabad high court in badri narain kashi prasad v. addl. cit [1978] 115 itr 858 (fb). the partnership deed dated 17-1-1979 does not provide for sharing the loss on the minor becoming a major and therefore in the case of the assessee we have ..... the return on 30-6-1983 requesting for continuation of registration and the income-tax officer noticed that shri mohammed shareef ( 11 in the original partnership deed dated 17-1 -1979) who was a minor had attained the age of majority during the previous year relevant to the assessment year under appeal and, ..... the assessee against the order under section 185(1)(b) of the income-tax act, 1961.2. the assessee is a partnership firm. originally, it consisted of eight adult members and seven minors admitted to the benefits of partnership and the said partnership was evidenced by an instrument in writing dated 19-2-1972. the constitution at .....

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Aug 22 1991 (TRI)

South Indian Finance Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Aug-22-1991

Reported in : (1991)39ITD370(Coch.)

..... any statement made by such person during such examination may thereafter be used in evidence in any proceedings under the indian income-tax act, 1922 (11 of 1922), or under this was argued on behalf of the assessee that the sale deeds in respect of the immovable properties will not ..... name of his wife and in the name of his children. as on the date of search all the assets and liabilities of the south indian finance were also deposed by him and he had agreed to be assessed on the excess of assets over liabilities.hence, in this case, there ..... the income-tax act, 1961. since the issues raised are common, these appeals are disposed of by a common order, for the sake of convenience.2. the assessee is a partnership firm known as 'm/s. south indian finance', trivandrum, consisting of father, mother and children. the partnership was constituted by a partnership deed dated ..... or concealed any income. this was not a case where there was no evidence to support the tribunal's conclusion. nor had the tribunal acted on material which was irrelevant to the enquiry or considered material partly relevant and partly irrelevant or based its decision partly on conjecture, surmises or ..... 9-8-1983. the assessee-firm is engaged in money lending business on security of gold ornaments and promissory notes. the first accounting year of the business of the assessee ended on 31-3-1984. there was a search under section 132 of the income-tax act .....

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Aug 13 1991 (TRI)

G. Yatheesh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Aug-13-1991

Reported in : (1991)39ITD568(Coch.)

..... trading company, doing abkari business. he did not admit any income therefrom. there were credits in the seized books in the name of the partnership firm. the income-tax officermadeanadditionofrs.68,579,rs. 38,090 and rs. 1,74,171 respectively for the assessment years 1981-82, 1982- ..... at arms length. it is a case of sham transaction and, therefore, the defence that the provisions of the benami transactions (prohibition) act would apply cannot be availed of.the profits were rightly assessed in his hands and the assessee having failed to disclose the income should face ..... transaction. nor was it the case of the department that it was of benami transactions. therefore, section 4 of the benami transactions (prohibition) act, 1988 should not stand in the way of confirming the penalty in respect of the impugned amounts.26. the learned senior departmental representative submitted ..... representative further submitted that the reassessments were in consequence of the materials discovered in the course of the proceedings under section 132 of the act. on the basis of the materials the ito had entertained the reasonable belief that income had escaped assessment on account of omission or commission ..... also agricultural income. for the assessment years 1981 -82 and 1982-83 initially the assessments were completed under section 144 of the i.t. act. on appeal, the cit (appeals) granted certain relief against which the department had preferred appeals before the tribunal.3. a search was conducted .....

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