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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat hyderabad Year: 1983 Page 1 of about 8 results (0.093 seconds)

Nov 30 1983 (TRI)

Sardar Harbansingh Vs. Assistant Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Nov-30-1983

Reported in : (1984)8ITD180(Hyd.)

..... which the partner gets is on dissolution of the firm and that too after making good the losses, etc., contemplated under section 48 of the indian partnership act, 1932. so, it is argued that the revenue is not entitled to evaluate the share of the deceased in the goodwill of the two firms ..... learned judges of the full bench in prem nath's case (supra) that the ratio is clearly opposed to section 14 of the indian partnership act and also to the observations of the hon'ble supreme court in the case of khushal khemgar shah v. mrs. khorshed banu dadiba boatwalla ..... in clause (a) and sub-clauses (i), (ii) and (iii) of clause (b) of section 48 of the indian partnership act, 1932. where under the provisions of a deed of partnership, a partnership is not dissolved by the death or retirement of a partner but the surviving partners become entitled to carry on the ..... passing' illusory property on the death of the deceased. a mere spes successionis cannot be transferred under section 57 of the indian succession act, 1925, or under schedule iii of the indian succession act. it is further contended that context of section 16 does not apply to the case of an insurance policy. lastly, ..... an uncertain contingent right dependent on an uncertain event.therefore, the provisions under section 6 of the transfer of property act and the restriction under schedule iii of the indian succession act are not applicable. therefore, we hold that the money paid under the accident benefit clause in the policy is governed .....

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Dec 27 1983 (TRI)

income-tax Officer Vs. Hotel Manasarovar

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-27-1983

Reported in : (1984)9ITD480(Hyd.)

..... having its own capital and its own assets and liabilities, it becomes an entity which could be regarded as 'carrying on business' within the meaning of section 4 of the indian partnership act.15. here, in the present case, the persons who have held themselves out to be partners, have come together ; two of the persons had brought in property which they ..... however, advanced a rather ingenious argument that till brass utensils were actually manufactured, it could not be said that 'business was carried on' within the meaning of section 4, indian partnership act. in my opinion this contention is without force as each and every step taken for the erection of the factory, which was to manufacture utensils, would be considered within the ..... sitaram kalani v. manmal gattani air 1956 mb 60, which is the leading case on the point, as to what constitutes carrying on of business within the meaning of the indian partnership act, there are the following observations : (7) the evidence as a whole, in my opinion supports the defendant's version that a definite agreement had been reached about the capital ..... flats motel [1982] 133 itr 895, the madras high court observed : under section 2(23) of the income-tax act, the expressions 'firm', 'partner' and 'partnership' have the meanings respectively assigned to them in the indian partnership act. section 4 of the partnership act defines 'partnership' as the relation between persons who have agreed to share the profits of a business carried on by all or any .....

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Nov 30 1983 (TRI)

Vishnu Industries Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Nov-30-1983

Reported in : (1984)7ITD676(Hyd.)

..... , 1932, which defines 'partnership property'. it was repeated that 'there was no provision under the partnership act or under the indian registration act requiring such transfer to be registered'. the bombay high court (sic) while holding, in another context, that an individual who converted ..... indian registration act. this authority has also been approved again by another division bench of the patna high court in sudhansu kanta v. manindra nath air 1965 pat. 144....(p. 182) this decision as regards requirement of registration was followed by the high court again in cit v. amber corporation [1981] 127 itr 29 (raj.) after referring to section 14 of the indian partnership act ..... his individual asset to partnership one ceased to be the owner in his individual capacity so as to disentitle him from set off of unabsorbed depreciation ..... 1966 sc 1300. in this case, the supreme court has, inter alia, taken the view that the provisions of sections 14, 15, 29, 32, 37, 38 and 48 of the partnership act, 1932, make it clear that whatever may be the character of the property which is brought in by the partners when the .....

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Mar 22 1983 (TRI)

income-tax Officer Vs. Vuddagiri Ramamurthy and Co.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Mar-22-1983

Reported in : (1983)5ITD656(Hyd.)

..... family has the same liberty of contract as any other individual: it is restricted only in the manner and to the extent provided by the indian contract act. partnership is under section 4 of the partnership act the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... in a firm: ... he or they in such cases occupy a dual position. as between the parties to the contract they are partners and their relationship is regulated by the partnership act. they as a rule are personally liable for all the obligations under the contract as against the partners/strangers. in relation to the family members they have a duty to ..... & co.as stated by the supreme court, the ito is not concerned to determine in whom the beneficial interest in the share in the partnership vests.therefore, whether the partnership is recognised or not for the purposes of the act, as long as there is a partial partition in hindu law, it cannot be held that there was any make-believe on the ..... mannalal & co. [1970] 78 itr 18, referred to by the commissioner (appeals), is also relevant on the point and in the said judgment there are the following observations: the indian contract act imposes no disability upon members of a hindu undivided family in the matter of entering into a contract inter se or with a stranger. a member of a hindu undivided .....

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Aug 10 1983 (TRI)

Desu Venkata Subba Rao Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Aug-10-1983

Reported in : (1983)6ITD341(Hyd.)

..... this property which he brought in at the time of inception of the firm, therefore, became property of the firm by virtue of section 14 of the partnership act. there was no question of the firm having paid for this property which was brought in by the partner at the inception of the firm. hence, the ..... the firm, when the assessee is continuing as a partner, the trade mark continues to be property of the firm as was the position under the earlier partnership deed applicable to the assessment year 1974-75.17. in these circumstances, the action of the wto, when he has proceeded on the global basis, in ..... a firm, the value of his interest in the firm is to be determined in the prescribed manner. rule 2 provides for the valuation of interest in partnership, and the starting point is the computation of the net wealth of the firm. for the interpretation to be given to the terms of rule 2 ..... had reason to believe that consequent to this there was omission or failure on the part of the assessee to disclose all material facts.merely because the partnership deed mentioned that the firm was using the trade mark, it cannot be said that there was specific disclosure by the assessee. at the stage of ..... of the identity of that person''. such was the definition in section 2(1)(i) of the indian trade marks act, 1940, which is also the substance of the definition in section 2(1)(v) of the trade and merchandise marks act, 1958 also. the supreme court, in the case of finlay mills ltd. (supra), had pointed .....

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Dec 23 1983 (TRI)

Sundaram Tobaccos Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-23-1983

Reported in : (1986)17ITD177(Hyd.)

..... 1961] 42 itr 49 (sc), o. rm. sp. sv. firm v. cit [1960] 39 itr 327 (mad.), karnani properties ltd. v. cit [1971] 82 itr 547 (sc), indian city properties ltd v. cit [1965] 55 itr 262 (cal.), manohar singh v. cit [1965] 58 itr 592 (punj.), cit v. pandyan bank ltd. [1969] 71 itr 707 (mad ..... it is stated to have its head office at guntur with a branch at ganapavaram.clause 1 of the partnership deed gives the option to open branches at other places also if necessary. a copy of the partnership deed was provided at pages 2 to 7 of the paper book filed before us. the assessee now ..... used the godown for its own business, the income derived therefrom would not be assessable under the head income from house property because section 22 of the act specifically excludes such portion to the property as the assessee may occupy for the purposes of any business carried on by it the profits of which are ..... accounting period relevant to the assessment year 1980-81, the assessee had constructed a creche in respect of which depreciation under section 32(1) (iv) of the act was claimed during the assessee is calendar year. with effect from 1-1-1976, the assessee leased out the godown to vstco, in order to enable the ..... of section 28 of the act. the revenue wants to treat it as property income whereas the assessee wants to treat it as income from business. this matter is very extensively argued. the few facts relating to this issue may be stated as under.3. the assessee is a partnership firm governed by the terms .....

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Aug 30 1983 (TRI)

Ram Ratan and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Aug-30-1983

Reported in : (1983)6ITD734(Hyd.)

..... . it was claimed that the books of account did not belong to the deceased. it was further claimed that ram ratan and co. was a partnership firm in its own right and its income could not be included in the assessee's hands. it was further argued that the mandatory requirement of ..... property in the name of his wife smt. jaji bai and business allegedly in the name of ram ratan and co., though claimed to be a partnership. according to the authorities, the assessee maintained 3 sets of accounts, one of which was explained by the assessee during his lifetime as having been ..... the assessment, it cannot be said that he could do only these things. the allahabad high court, while dealing with an analogous provision under the indian income-tax act, 1922, held that in similar circumstances the aac was right in setting aside the assessment and directing the ito to make a fresh assessment in ..... proceedings are quasi-criminal in nature. no doubt, the learned counsel explained that there was no time limit prescribed for the penalty proceedings under the 1922 act, under which the decision was rendered. however, the issue before us is not whether the fresh assessment, if any, will be within the time limit ..... , it is the department's contention that shri ram ratan had not furnished evidence and information required of him under section 142(1) of the act. it was for this reason that the assessments under section 144 came to be made. no application under section 146 for reopening the assessments were filed .....

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Mar 17 1983 (TRI)

East Coast Packaging Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Mar-17-1983

Reported in : (1984)10ITD333(Hyd.)

..... separate entities - in the context of depreciation allowance, the firm and its partners have to be treated as separate assessable entities. where the assessee was a partnership firm, but the ownership of the machinery, etc. of the mill vested in two of its partners, who had, however, allowed the use of ..... of the view that there is distinction between the user of the word 'owner' in the 1961 act and the words 'being the property of the assessee' used in the indian income-tax act, 1922 ('the 1922 act'). accordingly, the commissioner (appeals), by following the decision of the allahabad high court, came to ..... that the assessee raised this ground before the commissioner (appeals). before the commissioner (appeals), the assessee contended that under the income-tax act, 1961 ('the act') depreciation is allowable in respect of an asset which is owned by the assessee. the attention of the learned counsel appearing for the ..... in the machinery. such a fractional share will not suffice for granting an allowance for depreciation under section 10(2)(vi) of the act.(p. 177) their lordships in the abovesaid observations have stated that the point whether depreciation is admissible where an assessee is only a ..... head 'aop'. he chose to assess their respective shares separately in the hands of the assessee and extrusions. the position under the 1922 act was that once an option was exercised to assess a member of association without assessing the association, the association could not be assessed later .....

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