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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 10 of about 104 results (0.102 seconds)

Feb 13 2013 (TRI)

M/S.Bayer Material Science Pvt. the Asstt.Commissioner of Ltd. Vs. Mum ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... be settled on that basis. it was, therefore, held that in order to arrive at the correct picture of the trading results of the partnership on the date when it ceases to function, the valuation of the stock in hand should be made on the basis of the prevailing market price ..... held that the above transaction was not a slump sale transaction and hence capital gain was required to be worked out as per normal provisions of the act. the ao observed from the chart as reproduced above that all assets other than inventories, that is, debtors, loans, miscellaneous receivables etc. did not ..... has been raised in relation to the fulfillment of conditions by the amalgamated company as given under clause (b) of section 72a(2) of the act. the first objection of the assessing officer is that the assessee-company ought to have held continuously for a minimum period of five years from the ..... be the loss or, unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected, and other provisions of this act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly. as the amalgamation took place in the relevant previous ..... brought forward loss of bayer tpu pvt. ltd. (amalgamating company)(hereinafter called as btpu) amounting to rs. 7,73,00,414/- u/s. 72a of the act. 3. briefly stated the facts of this ground are that two separate companies - btpu and bayer specialty products pvt. ltd. (bsppl) - got amalgamated with the .....

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Aug 19 1991 (TRI)

Khetshi K. Haria Vs. Fourth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD167(Mum.)

..... to the proceedings under section 132 and in response to such a notice, the assessee disclosed in the various returns filed, income from business, partnership firm and filed income which the assessee had not disclosed earlier in the first return.11. it would appear to us that instructions given by ..... the cbdt had a binding force on the officers and persons employed in the execution of the act under section 5(8) of the indian income-tax act, 1922, corresponding to section 119 of the income-tax act, 1961 and they were bound to give effect to the circular.9. shri doshi also ..... and ending with the assessment may be taken as relevant, considering the assessee's liability for penalty under section 28(1)(c) of the old act.19. in our opinion, the third return satisfies the conditions lald down in the amnesty circulars. there is no evidence of detection of concealment by ..... concealing income on his part and the incorrect return, which was initially filed, was sought to be rectified by its subsequent disclosure which was noted and acted upon by the ito. the court, therefore, justified cancellation of the penalty by the tribunal.5. shri doshi referred to the various circulars of ..... assessee. however, nothing incriminating was found either at the residence or at the business premises and, apparently, no order under section 132(5) of the act was, therefore, passed consequent to this search and seizure operation.3. in response to notice under section 148, the appellant filed his return showing income .....

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Oct 29 1999 (TRI)

Alpha Associates Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... during the course of hearing of first appeal on the quantum of assessment. briefly stated facts are as under : 2. the assessee is a partnership firm. for the relevant assessment year, the assessee has shown a loss computed under the head "business income" amounting to rs. 91,12 ..... might consider himself to be entitled could never constitute fraud or gross or wilful neglect on the part of any such person. (16) cit vs. indian metals & ferro alloys ltd. (1995) 211 itr 35 (ori) (p. 578 no. 4) where a claim was made with reference to several ..... interpretation which entails a higher levy of taxes.having furnished all the relevant details and having furnished computation in accordance with the provisions of it act assessee has to invoke some interpretation, its account books, the state of affairs as it believes to be and the expert guidance. ..... and after elaborate observations came to a firm conclusion that the entire consideration was capital gain. the assessment order establishes that the ao acting under statutory function came to the conclusion that there was right of the assessee in the immovable property which could be transferred and the ..... sharma executed irrevocable power of attorney in favour of the assessee to do various activities including representing before all the concerned authorities appointed under various acts, to submit representation or proposal for development of the above property and to obtain sanction thereof, engage architects, surveryors, rc specialists, etc. besides .....

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Oct 17 2005 (TRI)

The D.C.i.T. (Osd), Range 7(2) Vs. Saraf Chemicals Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD356(Mum.)

..... by supertex to the company in terms hereof, the proprietor shall not compete with the company, neither on his own account nor through any proprietary or partnership concern with the company in respect of the business assigned and transferred by the party hereto of the first part to the party of the second ..... payable to the government under clause 7 came to rs. 42,480/- and the question was whether that amount was allowable under section 10 of the indian income-tax act, 1922. the high court held that that amount constituted capital expenditure. on appeal, the supreme court held that the payment was in the nature of ..... of rs. 5,000/- and rs. 35,000/- paid to the lessor by the appellant could be deducted under section 10(2)(xv) of the indian income-tax act, 1922. the income-tax authorities, the appellate tribunal and high court on a reference under section 66(1) held that the amount was not an ..... not a party to the agreement and even if some benefit has accrued to the assessee company, it is entirely on account of the rent control act, which may be applicable. the business premises either owned or rented have been taken over by the assessee company as part of the overall agreement or ..... apparatus, or as expenditure laid out and expended wholly and exclusively for purposes of trade, the amount was an allowable deduction under section 10 of the act. an amount paid by reference to profits can either be that it is paid after the profits become divisible or distributable or that the amount is .....

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Mar 29 2007 (TRI)

Deputy Commissioner of Income Tax Vs. Shri Raju Lalchand Sud

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)301ITR165(Mum.)

..... it was further stated that it was accounted for in two concerns, i.e. m/s indman consultancy and m/s indman corporation, which is partnership firm, in which assessee is partner with mrs. neelam peshimam as equal partners. there were certain notings on the backside of the pages which was ..... as not genuine and hence credits are treated as assessee's income from undisclosed source as per provisions of section 68 of i. t. act in respective previous years relevant to the respective assessment years. further, the interest claimed on these loans is also disallowed for the respective assessment years ..... amount by way of advance on which no returns have been received. he therefore claimed deductions under section 57(iii) of the i.t.act. the assessee's contention cannot be accepted since the borrowed funds are not utilised exclusively for the purpose of assessee's business, the interest ..... return of income must have been considered at the time of regular assessment and cannot be considered under section 158bc of the i. t. act without appreciating the fact that the borrowed funds have been not utilized for the purpose of business of the assessee and same were diverted for ..... account or other documents or assets by the authorised officer.8. learned counsel submitted, explanation 2 to section 158be, inserted by the finance (no. 2) act, 1998, with retrospective effect from 01.07.1995, reproduced hereinabove, clearly indicates that the authorisation referred to shall be deemed to have been executed, in .....

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Nov 19 1983 (TRI)

First Income-tax Officer Vs. C.B. Thadani

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD258(Mum.)

..... respect of restricting the allowance of depreciation on assets under section 3 8(2) of the act in proportion to the period of nine months when the business was taken over by a partnership firm with effect from 1-10-1977, it was submitted that the restriction is without any ..... rule is applicable to foreign travels only.3.2 in respect of the second ground concerning weighted deduction under section 35b of the income-tax act 1961 ('the act'), it would be consequential to ground no. 1.3.3 in respect of the third ground, it was submitted that as per the ..... payment of income-tax. section 7 of the 1976 act, talks of mode of recovery and sub-section (2) of section 7 ..... income-tax act, 1922, and also the 1961 act. section 5 talks of time for ..... act, ...to appreciate the slender point involved, we shall have to look at the vds. so doing, it appears that it has relation to the incomes and wealth which escaped tax under the act. section 3 of the voluntary disclosure of income and wealth act, 1976, ('the 1976 act'), talks of charge of income-tax on voluntarily disclosed income, chargeable to tax under the indian .....

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Jul 08 1986 (TRI)

Bakimchandra Laxmikant Vs. Ninth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)19ITD527(Mum.)

..... to be carried forward in pursuance of the said return. furthermore, the loss in the present case is the share of the assessee's loss in the partnership firm and taken in the assessment of the assessee as determined in firm's assessment. this loss, the assessee is entitled to carry forward for set off ..... original assessment should be allowed in reassessment. in view of these facts, the high court has held that provisions of section 34(1 )(a) of the indian income-tax act, 1922 were not intended for the benefit of the assessee but for the benefit of the revenue. in this view of the matter, the reduction of ..... is a partner in laxmikant & co., a registered firm. as no return was filed, the ito issued a notice under section 148 of the income-tax act, 1961 ('the act') which was served upon the assessee on 15-10-1981. a return thereupon was filed on 15-12-1982 declaring a loss of rs. 30,220. the ..... sub-section (2) of section 139, shall be served on the assessee before making the assessment, reassessment or recomputation under section 147 and the provisions of this act shall, so far as may be, apply accordingly as if the notice were a notice issued under that sub-section. it will be seen that section 148 ..... under this section containing all or any of the requirements which may be included in a notice under section 139(2) and that the provisions of the act, shall so far as may be, apply accordingly as if the notice under section 148 were a notice issued under section 139(2). this clearly shows .....

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Jan 19 1994 (TRI)

Mrs. Roshan D. Nariman Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1995)52ITD269(Mum.)

..... heard the rival submissions in the light of material placed before us and precedents relied upon. the assessee is a resident in india and is doing business in partnership in bombay. mr. k.r. bhadha is cousin of the assessee. he is permanently residing in england. mr.bhadha, in january 1986 purchased the premium ..... was invited on the oath made by the assessee before the commissioner for oaths, which is reproduced here as under : i, mrs. roshan dinshaw nariman, an indian citizen and permanent resident of bombay, india, on a temporary visit to london declare that the statement made overleaf by mr. k.r. bhadha, is correct and ..... or distribution of anything by chance; a procedure or scheme for distributing prize by lot; the drawing of lots.section 115bb has been inserted by the finance act, 1986 with effect from 1-4-1987 by which a special provision was made to tax income from winning lotteries, crosswords, puzzels, etc. winning from ..... premium savings bond, in the name of other, cannot be said to be covered by the definition of expression 'gift' in section 2(xii) of the gift tax act.to support this contention reliance was placed on cgt v. mrs. jer mavis lubimqff [1978] 114 itr 90 (bom.), cgt v. dr. r.b. kamdin [ ..... remitted by the department of national savings, u.k. through bank of india, london branch.this amount was stated to be beyond the ken of income-tax act. it was stated that the assessee received the premium savings bond in london on 3-12-1987, as a gift from shri kersi r. bhadha, her .....

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May 04 1999 (TRI)

income-tax Officer Vs. Uitec International

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD19(Mum.)

..... shown in the chart submitted, is not found to be acceptable for the obvious reason that the partner miss farida i.p. shroff has retired from the partnership firm with effect from 2nd october, 1989, and to the extent of rs. 1,71,450 out of export reserve has been taken away by her. under ..... their submissions have been considered.sec. 80hhc(1) as it was in force at the relevant time read as under : "(1) where an assessee, being an indian company or a person (other than a company) resident in india, is engaged in the business of export out of india of any goods or merchandise to ..... deduction was claimed. the provision was created in asst. yr. 1988-89.there is no provision in the proviso to s. 80hhc or elsewhere in the act which provides that the transfer of reserve can be treated as income in the year of its transfer. whenever such a violation was contemplated the legislature has ..... at least upto the date of completion of the assessment of the relevant year." in the absence of any such limit of retaining the reserve fixed by the act. i am of the opinion that the opinion of the institute of chartered accountants be taken as a reasonable limit. furthermore, this requirement is dispensed with ..... counsel submitted, the second proviso was deleted w.e.f. 1st april, 1989, when a new sub-s. (1) was substituted in s. 80hhc of the act and, therefore, no requirement was there to keep the amount in the reserve account in the year under consideration. it was, therefore, submitted that even if the amount .....

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Nov 07 2005 (TRI)

Manmohansingh Vig Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT18(Mum.)

..... shri manmohan singh was found. when shri manmohan singh was confronted with this mou, he admitted to have paid rs. 10 lakhs in cash to her for resigning from the partnership. the payment was admitted to be unaccounted. shri manmohan singh thus disclosed a sum of rs. 10 lakhs for block period. this sum was offered in block return also. from ..... on the basis of confessional statement maintained at the time of search.(iii) a confessional statement, which is not in the nature of declaration under section 115 of the evidence act, continues to have evidentiary value even after its retraction. however, such retracted confession / statement needs corroboration if it has been successfully retracted. as held above, the case of the assessee ..... corroboration. the assessing officer could therefore base the impugned addition on the said declaration.(ii) statements which are not in the nature of declarations under section 115 of the evidence act are also binding and can form the sole basis for assessment if they are not effectively retracted. effective retraction is possible in two situations. first situation is where it is ..... "35. respectfully following the judicial authorities on the subject, we hold as under: (i) statements in the nature of declarations covered by the provisions of section 115 of the evidence act, are binding on the declarant. they can neither be retracted nor do they require any corroboration. such declarations can form the sole basis for assessment. the declaration made by shri .....

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