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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat delhi Year: 1991 Page 1 of about 3 results (0.062 seconds)

Sep 27 1991 (TRI)

Deputy Commissioner of Vs. Shashi Kapur

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Sep-27-1991

Reported in : (1991)39ITD47(Delhi)

..... out as of no value on the ground that they are inedible.13. further rule 2(1) clearly contemplates the determination of the net wealth of the partnership as if there is a distribution of assets assuming dissolution of the firm on the date of valuation. in case the firm is dissolved on the valuation date ..... valuing the interest of the assessee in the assets of the firm, nor can the argument that such eggs cannot be treated as the assets of the partnership or that they had no market value on the relevant valuation date merely on the ground of inedibility can be accepted as sound and warranted. to start ..... which capital has been contributed by them. the residue of the net wealth of the firm shall be allocated among the partners in accordance with the agreement of partnership for the distribution of the assets in the event of dissolution of the firm or, in the absence of such agreement, in the proportion in which the ..... a firm, the value of his interest in the firm determined in the prescribed manner.this takes us to rule 2 which provides for valuation of interest in partnership. the said rule reads as under: 2(1) the value of interest of a person in a firm of which he is a partner shall be ..... be taken into account for the purposes of rule 2a: (a) any amount paid as advance tax under section 15a of the indian income-tax act, 1922, or under section 210 of the income-tax act, 1961; (b) the debt due to the assessee according to the balance sheet or part thereof which has been allowed as a .....

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Sep 24 1991 (TRI)

Raghvendra Singh Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Sep-24-1991

Reported in : (1991)39ITD463(Delhi)

..... fixtures/fittings. it was, therefore, amply clear that the assessee attempted to divert his income from house property by entering into lease agreement with his controlled partnership firm and by also entering into sub-lease agreement through the said firm. pressing into service the decisions of the supreme court in the cases of me ..... i) limited @ rs. 1,000 per month. the property was vacant during the period november 1972 to february 1973. the property was further let-out, to indian metal and ferrous alloys limited @ rs. 3,000 per month for the period from march 1973 to march 1974. the property was vacant for the period from ..... the assessee has received an amount of rs. 7,000.therefore, only this amount has to be adopted for the purpose of section 23 of the act. even as per the agreement, the assessee is not entitled to any further amount or any extra amount from the lessee or from the sub-lessee. ..... be expected to let from year to year. in this case such expected rent, on the basis of supreme court decisions as per the rent control act is much lower than that declared by the assessee. then, the said section 23 further states that where the property is tenanted and the annual ..... accepted in the assessments of the assessee for assessment years 1980-81, 1981-82 and 1982-83, completed under section 143(3) of the income-tax act, 1961. however, during the year under consideration for the reasons which are not stated in the assessment order, the assessing officer perused the lease agreement .....

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Mar 21 1991 (TRI)

Escorts Electronics Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-21-1991

Reported in : (1991)37ITD402(Delhi)

..... us in which admittedly no business whatsoever was carried on by the assessee during the year under consideration.the hon'ble supreme court was dealing with a case of a partnership which continued from year to year and the only difference was that while in the earlier years, to which the unabsorbed depreciation related, it was assessed as an unregistered firm ..... to which the unabsorbed depreciation relates nor any other business of the assessee was in existence during the year under consideration. on behalf of the revenue reliance was placed on indian bank ltd. v. cit [1985] 152 itr 557, tube suppliers ltd. v. cit [1985] 152 itr 694 and east asiatic co. (india) (p.) ltd. v. cit [1986] 161 itr 135 ..... business cannot be deemed to be in existence for other purposes of the act and the fiction created by the explanation to section 41(2) is only for the purpose for which it had been created and this fiction cannot be extended beyond the ..... depreciation of earlier years which the assessee claimed to be set off against other income, which included income amounting to rs. 49,802 determined under section 41(2) of the act. the hon'ble high court held that unabsorbed depreciation of earlier years cannot be set off against income from other sources and that by virtue of section 41(2) the .....

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