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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat hyderabad Year: 1991 Page 1 of about 5 results (0.054 seconds)

Nov 25 1991 (TRI)

income-tax Officer Vs. Sandhya Finances

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Nov-25-1991

Reported in : (1992)40ITD424(Hyd.)

..... had time to determine whether he should become a full-fledged partner or not till 19-3-1982 under the provisions of section 30(5) of the indian partnership act, 1932 and therefore since 19-3-1982 falls within six months to 31-3-1982 shri sudershan should be deemed to have enjoyed the same status in ..... parlhasarathy, learned counsel for the assessee contended that in the event of the minor becoming major and in the absence of a new partnership deed, the provisions of section 30(7) of the indian partnership act apply. shri parthasarathy relied upon that the clause of form no. 12 clearly shows that there is no change in the profit ..... feel it very hard to accept this contention of shri parthasarathy, learned counsel for the assessee. under the provisions of section 30(5) of the indian partnership act, 1932, a minor can elect to become a full-fledged partner on attaining majority within six months of the date on which he attains the ..... liable to share in losses also. in case losses arc borne in entirely by only some of the partners the partnership deed would still be a valid one. further section 30(7)(b) of the indian partnership act lays down that where a minor elects to continue as a partner, his share in the property and profits ..... will not have the share of losses and that any sort of agreement in that regard would not offend any provision of the indian partnership act, 1932. in that case also, the tribunal had followed the board circular dated 4-4-1978 cited supra and held that no fresh .....

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Dec 30 1991 (TRI)

income-tax Officer Vs. Andhra Cut Piece Centre

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-30-1991

Reported in : (1992)41ITD280(Hyd.)

..... officials should be held to be an allegation which is not proved. so also the allegation that ali mohmmed, son of hazi ismail kept the partnership deed after its being returned by the canara bank manager was also not substantiated by any evidence. in view of the above facts not being ..... on this aspect, he filed form no. 11a along with a delay excuse petition. the learned advocates contended that there was no allegation that the partnership deed dated 14-5-1986 was brought into existence. they have pointed out that the ito passed his order under section 185(1)(6) which ..... his disappearance and an administrator penetente lite was appointed to represent the estate of the deceased partner and there was no provision in the partnership deed that the partnership will not be dissolved on the death of a partner, there was a change in the constitution of the firm and the firm ..... inexperience in the business since everything used to be looked after by ali mohammed previously. because of the business inexperience, hazi ismail failed to obtain the partnership deed and also failed to file form no. 11a in time. as against the orders of the dc (appeals) dated 8-8-1988, the revenue ..... harsh way in which the registration procedure was administered under the comparable provision of section 26a of the indian i.t. act, 1922. the experience of the learned judges hearing tax references under the 1922 act was that the i.t. department were merely seizing upon technical or venial defects in the applications .....

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Oct 21 1991 (TRI)

Mohammed Omer Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Oct-21-1991

Reported in : (1992)40ITD1(Hyd.)

..... the medium of private trust, such arrangements are resulting in tax avoidance namely payment of registered firm's tax which would become payable if the business is carried on in partnership. this is the existing provision.21. the departure made by insertion of sub-section (1a) is to counteract such attempts at tax avoidance by making it obligatory that where any ..... into for the purpose of tax avoidance, the main objective being to avoid payment of registered firm's tax which would become payable if the business is carried on in partnership". since this sub-section is enacted to piuck this loophole and to cure the lacuna, following the mischief rule of construction, we conclude that the tax is chargeable on the ..... behind the corporate body, namely, the company. trustees are under a legal obligation to carry out the objects of the trust and to act in accordance with the deed of trust subject to the provisions of the indian trusts act, 1882, and if they fail in their duty they are accountable in their capacity as trustees.it was further pointed out that though ..... avoid payment of the registered firm's tax which would become payable if the business is carried on in partnership. para 45 - in order to counteract such attempts at tax avoidance, it is proposed to make a provision in the income-tax act, that where any income in respect of which any person mentioned in clause (iv) of sub-section (1) of .....

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Jan 04 1991 (TRI)

Ramadas Motor Transport Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Jan-04-1991

Reported in : (1991)37ITD48(Hyd.)

..... partners even wrongful transactions done in the course of the business of the firm (see sections 26 and 27 of partnership act), directors of a company have no such power. they can only act bonafide within the limits laid down by the memorandum of association and the articles of association and also within the ..... search, but also in respect of all matters relevant for the purposes of any investigation connected with any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act.it takes effect from 1-4-1989. this explanation was not in force at the time when the search was conducted ..... any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act.35. the direct tax laws (amendment) act, 1987 (4 of 1988) inserted the following explanation to section 132(4) w.e.f. 1-4 ..... thing and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act.on a perusal of the panchnama, we do not find that sri k. v.r. chowdary was in possession of ..... search, but also in respect of all matters relevant for the purposes of any investigation connected with any proceeding under the indian income-tax act, 1922 (11 of 1922) or under this act.36. the memorandum explaining the provision stated [168 itr (statutes) 320]- clause 37 seeks to amend section 132 of the .....

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Apr 29 1991 (TRI)

Padmasri Rice Mill Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Apr-29-1991

Reported in : (1991)39ITD13(Hyd.)

..... the bank. the assessee came to know of the situation after close of the previous year. consequently he rushed to the bank for claiming return of the partnership deed. he submitted the application for registration late by nearly two months only. the authorities below should have considered the assessee's situation and accepted its explanation ..... of the assessee is u .r.f. or r.f. and that the assessee could file an appeal as per the provisions of section 246 of the act only when he is aggrieved. having the appeal been not adjudicated on the ground raised before the appellate asst.commissioner as per his own such finding in his ..... lr (mah) 475 at 478). what may be sufficient cause in one case may be otherwise in another. what is of essence is whether it was an act of prudent or reasonable man.14. in the instant case, we do not find that the stand of the revenue is that the firm was a bogus one ..... the assessment was reopened by issue of notice dated 4-4-1986 under section 148 of the act which resulted consequently in determination of the total income at rs. 1,36,790. it resulted in a tax demand of rs. 76,869 for which ..... the assessee for condoning the delay and passed order under section 184(4) of the income-tax act rejecting the request. on appeal it was dismissed by the appellate assistant commissioner as not maintainable under section 246 of the act. the order dated 7-2-1986 was served upon the assessee on 19-2-1986. subsequently .....

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