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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat delhi Page 1 of about 107 results (0.072 seconds)

Sep 08 1993 (TRI)

inspecting Assistant Vs. Srikrishan Khanna

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)48ITD1(Delhi)

..... what they frowned on was the manner in which the finding of gift was arrived at as will appear from the following extract: under section 14 of the indian partnership act, subject to contract between the partners, the property of the firm includes all property and rights and interest in property originally brought into the stock of the ..... the properties of the firm cannot be taken into account in computing the wealth of a partner. section 4 of the wealth-tax act was referred to. (2) interest of a huf in a partnership is not exigible to wealth-tax and language of section 4(1)(b) was referred to. (3) when there is a specific ..... same view as the third member took. the jurisdiction of the third member, it appears to us, is clearly defined in section 5a(7) of the indian income-tax act: and he cannot, therefore, take it upon himself to decide the appeal by either dismissing or by allowing the same.it may be stated that the ..... shri u.s. dhusia was of the view that for determining the value of the interest of the partner in the partnership clause (b) of sub-section (1) of section 4 of the wealth-tax act and rule contained in wealth-tax rule 2(1) was to be applied. he accordingly held that both the wealth- ..... have no hesitation in pointing out that the determination of the interest of a partner in the partnership would be, according to the rule, prescribed in clause (b) of sub-section (1) of section 4 of the wealth-tax act and that contained in wealth-tax rule 2(1). in this view of the matter both .....

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Apr 15 1983 (TRI)

Hansalaya Properties Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)4ITD475(Delhi)

..... can he be employed by his firm, for a man cannot be his own employer. having regard to the above discussion, it seems to us clear 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 ..... over by the partner to the firm. he cited the decision of the supreme court in cit v. hind construction ltd. [1972] 83 itr 211 and urged that a partnership firm under the indian partnership act was not a distinct legal entity apart from the partners constituting it and in law the firm as such has no separate rights of its own in the ..... contribution. though the transaction cannot be described as a sale by late vadhera to the partnership firm, it cannot be denied that after late vadhera brought in the property to the partnership-fold, the property became the partnership property within the meaning of section 14 of the indian partnership act.there is nothing in law prohibiting sale of a capital asset or stock-in-trade by ..... a partner to a partnership firm or vice versa. nor, is there any prohibition in a partner bringing .....

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Mar 20 1986 (TRI)

Hukam Singh Inder Mohan Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1986)18ITD1a(Delhi)

..... by the assessee's reasoning. he rejected the assessee's claim for the status of non-resident, inter alia, for the following reasons that the firm was constituted under the indian partnership act, that the firm had, right from its inception (in the assessment year 1957-58), was claiming the status of resident, that it had given its address as 517, katra ..... 7. the learned commissioner (appeals) has stressed in his order and in our opinion rightly the fact that the assessee-firm is constituted under the indian partnership act, 1932, at delhi and is subject to the provisions of indian arbitration act. it has been, in fact, the position right from the assessment year 1957-58 onwards, when, after the partition of the family business ..... (11) of the deed provided that 'if any dispute arises among the partners it shall be decided under indian arbitration act'. according to clause (12) 'the partnership agreement shall be subject to indian partnership act'.in the preamble of the partnership deed, it was noted that the partners s/shri swinder singh, inder mohan singh and rajinder singh were residents of k-12, hauz khas, new ..... assets, liabilities, incomings and outgoings which were outside india. not even a penny as loan was raised in india. 7. admittedly, partnership deed under which the firm was constituted in india was subject to the provisions of the indian partnership act. the constitution of a firm under a deed executed in india does not lead to the presumption that the business was being .....

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Oct 30 1985 (TRI)

income-tax Officer Vs. Jaina Textiles

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)14ITD457(Delhi)

..... i.e., vishwanath seth's case (supra) there is said to be death of a partner. but in view of exception in section 42 of the indian partnership act, 1932, there was no resultant dissolution. in those circumstances, the hon'ble allahabad high court in the case of vishwanath seth (supra) held that despite ..... taken by the delhi high court in sant lal arvind kumar's case (supra) that under the general law of partnership and under the indian partnership act as well as under section 187 of the 1961 act, in case of reconstitution of a firm, it retains its identity and is continued and is assessable in respect ..... entire previous year. in fact, in the said case, their lordships held as under : under the general law of partnership under the indian partnership act as well as under section 187 of the income-tax act, 1961, in case of reconstitution of a firm, it retains its identity and continues and is assessable in respect of ..... while referring to this finding recorded by the tribunal the full bench of the allahabad high court pointed out that under the indian partnership act it is not necessary that on the death of a partner, a firm must dissolve.it depends upon" the terms in the contract of ..... 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 partnership act, 1932, the firm gets dissolved and the ito is not entitled to ignore this consequence. there is nothing in the language of sections 187, 188 .....

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Feb 08 1979 (TRI)

Pelikan Paper and Stationery Mart Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1984)7ITD346(Delhi)

..... not contain any stipulation to the fact that the firm would not dissolve on the death of one of the partners and by virtue of section 42(c) of the indian partnership act, the firm stood dissolved and the firm which took over the business after the dissolution of the erstwhile firm could not be said to be a reconstituted firm and section ..... two partners. the majority of the judges held that even if there had been such a clause, it would have been inoperative as being violative of the provision of the indian partnership act, 1932. the decision, however, turned on the point that the firm as originally constituted stood dissolved and on account of the dissolution of the firm, the firm which took over ..... , therefore, not correct to say that any special provision of law has been introduced by the interpretation clause in section 187(2) apart from the general law of partnership as laid down in the indian partnership act.9. the facts in the case of vinayaka cinema (supra) decided by the andhra pradesh high court were that the assessee-firm was constituted with nine partners ..... by majority of the lordships of the allahabad high court in this case as follows : section 187 of the income-tax act, 1961, applies only where a firm is reconstituted in accordance with sections 31 and 32 of the indian partnership act namely, when a new partner is taken or an existing partner retires with the consent of all the partners or without their .....

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Feb 13 1984 (TRI)

D.R. Chawla Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1984)8ITD689(Delhi)

..... its bussiness. it is true that the indian partnership act goes further than the english partnership act, 1890, in recognising that a firm may possess a personality distinct from the persons constituting it, the law in india in that respect being more in accordance ..... clause (a) and sub-clauses (i), (ii) and (iii) of clause (b) of section 48.' having regard to the above discussion, it seems to us clear 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 ..... comp cas 205, the privy council in para 10 of the judgment observed thus (see also [1948] 18 comp cas 209) : before the board it was argued that under the indian partnership act, 1932, a firm is recognised as an entity apart from the persons constituting it, and that the entity continues so long as the firm exists and continues to carry on ..... the partners and in the same ratio, since there was no outsider, hence, no extinguishment of any right.the property of the firm as envisaged in section 14 of the indian partnership act, 1932, becomes a part of the assets of the firm and though a partner has no individual capacity, much less any exclusive right to possess or use the .....

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Dec 31 1984 (TRI)

Ashok Kapur (Huf) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)12ITD520(Delhi)

..... further agree to share its profits or losses. there is a further requirement that the partners should be agent to each other. section 6 of the indian partnership act, 1932, provides that in determining whether the person is or is not a partner in a firm, regard should be had to the real relations ..... held by the rajasthan high court in cit v. amber corpn. [1981] 127 itr 29 that on a reading of section 14 of the indian partnership act, it would be clear that even in respect of an immovable property, no document, registered or otherwise, is required for transferring the property from the partner ..... ) 83 itr 211 had observed that a person by handing over his goods to a partnership, of which he is a partner, cannot be taken to have sold the goods to partnership. this case, however, related to the indian income-tax act, 1922, and it was not considering the scope of the term 'transfer' as given ..... of sharing of profits and of agency was not indicated by the agreement.the parties have clearly stated that there was no partnership between them and they were to act on principal-to-principal basis and each was to be strictly responsible for his own sphere of activity and liabilities. the agreement ..... in section 2(47) of the 1961 act. when a partner introduces his property as his capital in the partnership and his account is credited for .....

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May 22 1992 (TRI)

income-tax Officer Vs. Mool Chand Parveen Kumar

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)42ITD300(Delhi)

..... , therefore, the dissolution was governed by section 40 of the indian partnership act. according to the high court there was a dissolution of the partnership on 31-12-1976 and a new partnership came into existence on 1-1-1977 and the two partnerships were liable to be assessed separately under section 188 of the ..... high court, we have no hesitation in holding that this was the case of succession and not of a mere change in the constitution of the partnership. we accordingly uphold the order of the learned commissioner of income-tax (appeals) and dismiss the revenue's appeal which stands rejected.15. we ..... were there, since three partners had retired from the firm, the firm had ceased to exist because one remaining partner could not have constituted a partnership firm. there was, however, a written document in the form of a dissolution deed which clearly shows the intention of the erstwhile partners to dissolve ..... the commissioner of income-tax (appeals) who held that it was the case of succession and not a mere change in the constitution of the partnership. he accordingly directed the assessing officer to make two separate assessments on the two returns filed by the two firms. the revenue has come up ..... income-tax act, on the income derived by them for the respective periods .....

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May 15 1987 (TRI)

income-tax Officer Vs. Gimret and Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)22ITD407(Delhi)

..... firm but only to share in the profit can he be called a partner in the firm and whether the agreement could be said to be an agreement of partnership.5. according to section 4 of the indian partnership act, 1932, partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them ..... it act. according to him in the instant case this is totally absent. he referred to the indian partnership act by shri o.p. agarwala at page 21 for the proposition that as per section 6 ..... the parties, provides that mere sharing of profits of a business by persons does not make them partners in a firm. mr. o.p.agarwala in his book on the indian partnership act, 1932, 7th edition at page 23 observes : sharing of losses of business may not be a fundamental condition of the existence of ..... .partner. he was of the view that all agreements need not necessarily be partnership agreement and in the instant case the veil in the shape of partnership agreement needs to be lifted. he fairly conceded that if the agreement could be said to be within the provisions of the indian partnership act, 1932 then it would satisfy the requirements of a genuine firm under the .....

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Jul 10 1997 (TRI)

Capital Rubber Industries Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the ao had raised objections which were based on suspicion and surmises. he also contended that according to the provisions of indian partnership act, no particular formalities were required for an agreement of partnership and that even writing was not necessary. he contended that the partnership could be formed by parole and that a contract expressed or implied was only essential to the formation of ..... , i.e., 29th november, 1985, we feel that the contentions of the learned counsel deserve to be accepted having regard to the provisions of the partnership act, 1932. in view of the said position, we feel that the cost of the plot has to be taken with reference to the total amount paid to huda and that ..... partnership has come into existence. he stated that even if the firm is recognised from 29th november, 1985 ..... delhi. in view of the said evidence, the learned counsel submitted that at best the partnership firm has to be treated as genuine from 29th november, 1985, though in terms of the provisions of the partnership act, even an oral agreement between the parties is recognised for constituting a partnership and the intention and conduct of the parties is relevant to determine that a .....

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