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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat cochin Year: 1999 Page 1 of about 2 results (0.051 seconds)

Mar 25 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Janatha Steel Mills (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Mar-25-1999

..... is business carried on by the partners. "where a person carried on business by himself or in partnership with others, profits and gains earned by him are income liable to be taxed under s. 10 of the indian it act, 1922. share in the profits of a partnership received by a partner is "profits and gains of business" carried on by him and is on ..... ground raised by the revenue in this appeal is that the cit(a) erred in holding that in computing the deduction allowable under s. 32ab of the it act, the share income from the partnership firms was not to be excluded from the profits of the eligible business in the hands of the assessee.2. the assessee is a private limited company deriving ..... income from a steel mill. the company is also deriving share income from three partnership firms. for the asst. yr. 1990-91 the assessee claimed deduction under s. 32ab of the it act, at 20 per cent of the income assessed under the head 'business'. in the assessment order under s.143(3) of the ..... that account liable to be computed under s. 10, and it is a matter of no moment that the total profits of the partnership were computed in the manner provided by .....

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Apr 20 1999 (TRI)

Divine Builders Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-20-1999

Reported in : (2000)66TTJ(Coch.)474

..... the order passed by the assistant commissioner, in v. cir. 1, trichur, unders 158bc r/w section 158bd of the income tax act for the block period from 1st april, 1986 to 22nd april, 1996.the assessee is a partnership firm carrying on business in real estate.on 2nd april, 1996, the department conducted a search under section 132 of the income ..... july, 1998, is not within the statutory time. it was clarified by the departmental representative that no search was authorised by the department under section 132 of the income tax act on the assessee, m/s divine builders. shri ramachandran also admitted that there was no warrant or authorisation issued under section 132 in respect of the assessee, m/s divine ..... under section 158bd of the income tax act were initated on the firm on the ground that during the search incriminating documents were found showing the dealings of the firm in immovable properties. in response to the notice ..... tax act at the residential premises of shri m.l. ittoop who is the father of the managing partner of the assessee-firm.proceedings .....

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