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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat jodhpur Page 1 of about 4 results (0.107 seconds)

Sep 14 2007 (TRI)

The Income-tax Officer Vs. Joy Exhibitors

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... ) on the distribution of the capital assets at the time of dissolution of firm, does not arise. while referring to section 4 of the indian partnership act, 1932, it was contended that the carrying on the business by the firm was a condition precedent. he argued that since no business was ..... great deal of stress has been placed on section 4 of the indian partnership act, 1932 for the support in favour of his argument. let us see the definition of the partnership firm under section 4 of the indian partnership act, as per which "partnership is the relation between the persons who have agreed to share the ..... profits of a business carried on by all or any of them acting for all". from the above definition, it is palpable that the partnership comes into ..... , building would be constructed, then machinery would be installed and it is only thereafter that the production would commence.can we say that a partnership firm has not come into existence till the goods produced are sold and the profit is realized. the answer is clearly in the negative. ..... the property of any kind including the right or interest in any property is also a capital asset, whose distribution on the dissolution of the partnership firm entails the liability of tax under section 45(4). it, therefore, follows that the interest of the assessee in the said land, which .....

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Jul 02 2004 (TRI)

Kamal Kishore Swami Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)85TTJ(Jodh.)206

..... representing the shares of the spouse and minor child in the profits of the partnership firm in which he is a partner, since they form part of his total income chargeable to tax. the words 'his income' in section 139, ..... the total income of the assessee chargeable to tax would include the amounts representing the shares of the spouse and minor child in the profits of the partnership firm. if this be the correct legal position, there can be no doubt that the assessee must disclose in the return submitted by him, all amounts ..... the total income of an assessee there shall be included all such income as arises directly or indirectly to the spouse of such assessee from the partnership of the spouse in a firm carrying on a business in which such individual is a partner as also to a minor child of such assessee ..... of this case are that the assessee declared income for the asst. yr. 1990-91, without including the income of his minor children who were admitted to partnership firm, m/s everest tools, for benefit. the returned income of the assessee was accepted under section 143(1)(a) initially. the minor sons of the ..... (1), must include every item of income which goes to make up his total income assessable under the act. the amounts representing the shares of the spouse and minor child in the profits of the partnership firm would be part of 'his income' for the purpose of assessment to tax and would have to be .....

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Oct 18 2004 (TRI)

income Tax Officer Vs. National Automobiles

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93TTJ(Jodh.)641

..... is m/s national automobiles, barmer, who is doing the business of trading in petroleum items. the assessee-firm came into existence in the year 1995 by the execution of partnership deed till asst. yr. 1992-93, whereafter, ultimately, the constitution of the firm changed and was constituted by three partners, namely, shri prakash chand, shri babu lal and shri hasti ..... to the abovesaid working partners shall be computed in the manner laid down in expln. 3 to section 40(b) of the it act, 1961, or any other applicable provision as may be in force in income-tax assessment of the partnership from for the relevant accounting year. such amount shall be distributed between the said working partners in the following proportion : such ..... account of alleged excessive shortage. the assessee has maintained proper books of account. the entire purchases are supported by vouchers. the complete quantitative details have been maintained. the office of indian oil corporation vide their letter dt. 26th june, 1996, have confirmed that 1 per cent handling loss should be allowed to the dealers on total receipts. thus, the oil. company ..... bench of tribunal that shortage to the extent of 1 per cent is normal shortage on the basis of letter dt. 26th june, 1996, issued from the office of the indian oil corporation which has confirmed that 1 per cent handling loss should be allowed to the dealers on total receipts. therefore, the addition made by the ao and sustained by .....

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Oct 06 2006 (TRI)

Kwal Pro Exports Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... deduction under section 80hhc in the past, in fact came to be established only on 11.8.2000 as is evident from the copy of its partnership deed placed at page 107 onwards of the pb. the ld. d.r. has not controverted this factual position. in the light of these facts ..... mean production of a new article or bringing into existence some new commodity by an industrial undertaking. the hon'ble supreme court in the case of indian hotels co. ltd and ors. v. incometax officer and ors. considered a case in which the assessee operating as flight kitchen as ancillary to its ..... , that does not amount to manufacturing or bringing a new article in existence. in the like manner, the further contention that under the sales tax act the term 'manufacture' has been used in a different manner does not hold good when the term 'manufacture' comes up for interpretation in the context ..... by the kerala high court. second, whether "processing of prawns" amounts to "manufacture or production of articles" within the meaning of section 80hh of the act. the language of section 80hh being plain, clear and unambiguous, the legislative intent has to be gathered from the statute itself. in the instant case, ..... it is sine qua non to understand the meaning of the term 'manufacture' and 'production'. the word 'manufacture' has not been defined precisely in the act. black's law dictionary explains the expression 'manufacture' as under: the process of operation of making goods or any material produced by hand by machinery or .....

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