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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 11 of about 104 results (0.082 seconds)

Nov 30 1993 (TRI)

V.N. Cantol Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD386(Mum.)

..... this case there was a professional misconduct on the part of the deceased member in holding himself as a partner of the firm and doing business in partnership's name, when in fact he was not a member. there was another highly speculative irregular dealing conducted by the deceased in the name of another ..... appendix c to these rules. rule 17 deals with conditions of eligibility. it states that any person who is not less than 21 years and an indian citizen can be elected as a member. it further states that in suitable cases regarding the nationality of a member can be relaxed with the prior ..... the personal right or interest of the member therein be recognised by the exchange. the governing board shall expel any member of the exchange who acts or attempts to act in violation of the provisions of this rule. rule 7 deals with right of nomination. this right of nomination is subject to the provisions of ..... had been claimed as an exempt asset. the claim of the assessee was rejected holding that the stock exchange card is a property under the wealth-tax act and added the value of the asset.3. in appeal before the cwt (appeals), the assessee contended that the membership of the stock exchange is ..... exchange is a personal right and cannot be treated as 'property' or 'asset' within the meaning of section 2(e) of the wt act. section 2(e) of the wt act defines asset. it states that the assets includes property or every description movable or immovable. then it further states what does not include. .....

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Jan 05 1987 (TRI)

Navinchandra H. Somaiya Vs. Ninth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD410(Mum.)

..... litigation, yet it was for acquisition by government of right of the firm under agreement dated 9-11-1963. it was also submitted that since partnership deed did not single out this property (right under deed dated 9-11-1963) it could not be capital asset. this submission was also without ..... capital gains. we now proceed to give detailed reasons in support of the said conclusion.22. we have already quoted section 176(3a) of the act. the words therein are almost identical with those in section 176(4). the former applies to discontinuance of business while latter applies to discontinuance of ..... dissolution and the gains received by him on receipt of his share of compensation, would, therefore, be capital gains chargeable under section 45 of the act.17. before arriving at above conclusion, we have duly considered the arguments advanced by the learned counsel for the department. his contention was that ..... the amount was received by former partner after such discontinuance, the same was chargeable to tax as business income under section 176(3a) of the act, with the result that the above-mentioned amount was chargeable to tax as business income under these two provisions read together. he negatived the ..... receipt of said amount gave rise to capital gains tax and not business income. the assessee claimed deduction under section 54e of the income-tax act, 1961. the working regarding capital gains given by the assessee was as under:capital receipt in feb. 1979 4,67,000less : proportionate share in .....

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Jan 13 2006 (TRI)

Arvee International Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD495(Mum.)

..... (1) and therefore, there had not been allowance of double deduction.2. the facts of the case, in brief, are that the assessee, a partnership firm, was engaged, during the previous year relevant to the assessment year under appeal, in the business exporting pens and ball pens. it filed its ..... undergone radical changes in recent years. it deserves to be noted that the present assessment was made under section 143(3) of the income-tax act. in other words, the assessing officer was statutorily required to make the assessment under section 143(3) after scrutiny and not in a summary manner ..... learned dr submitted that the learned commissioner was, on the facts of the case, absolutely justified in exercising revisional jurisdiction under section 263 of the income-tax act. he supported the order of the learned commissioner with reference to the decisions in cit v. m.m. khambhaiwala [1992] 198 itr 144 (guj.) ..... 01.6. in reply, shri rai, the learned departmental representative supported the order passed by the learned commissioner under section 263 of the income-tax act, 1961. he submitted that the assessing officer had not expressed any view in the assessment order and hence, there was no question of the ..... was claimed by the assessee and allowed by the assessing officer as deduction under section 80hhc while processing the return under section 143(1) of the it act on 15.1.1997 for assessment year 1996-97. he further noted that the assessee had subsequently declared, in assessment year 1998-99, ie., .....

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Apr 24 1992 (TRI)

JatIn (Alias Rajesh) Khanna Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD448(Mum.)

..... lacs was paid balaji pictures was not to release the picture for exploitation in any part of india.m/s. shaktl raj film distributors (srfd) is a partnership concern in which the assessee and shri shaktl samant were partners. srfd by an agreement dated 5-9-1977 with balaji pictures (bp) became the distributors of ..... statute for encouraging an assessee to indulge in this kind of fun of filing within a statutory period a return and then claiming that the ito cannot act on it as it is time barred. he cannot hope to find in this provision any opportunity for the proverbial last laugh wherever else, as it some ..... ) subsequent to expiry of the time limit the question is whether it can be regarded as a return furnished under section 139(2) of the act. the act makes provision for the filing of a return even where the time allowed by a notice under section 139(2) had expired. under section 139(4) ..... -3-1983 is a revised return. this would depend upon whether the original return dated 19-6-1981 was a return under section 139(2) of the act. it is true that a return has to be furnished under section 139(1) or section 139(2) within the time limit therefor. where a return ..... challenged the action of the learned 1st appellate authority in confirming the order of the assessing officer having been passed within the period of limitation specified in the act.3. two alternative contentions have been taken up by shri k. shivram, learned counsel for the assessee in regard to the ground that the assessment has .....

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