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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 2 of about 104 results (0.198 seconds)

Jan 11 2000 (TRI)

Smruti Trading Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... not to him in his individual capacity. we cannot throw out notions of the partnership law even while considering a question arising under the it act, because s. 2(23) of the it act says that the expressions "firm", "partner" and "partnership" shall have the meanings respectively assigned to them in the indian partnership act, 1932, with the only exception that the expression "partner" would also include ..... a minor admitted to the benefits of the partnership. thus, if under the partnership law, an huf as such ..... that the explanations were clarificatory and applied even to assessment years prior to asst. yr. 1985-86, thus, eliminating the rigour of the strict application of the principles of partnership law to income-tax assessments. however, these explanations are confined to payment of interest alone and therefore so far as the representative capacity is concerned, the same cannot be ..... 1. this appeal by the assessee is directed against the order passed by the cit under s. 263 of the act on 12th january, 1997.2. the appeal arises this way. the assessee is a partnership firm consisting of two partners. one is m. h. patel, an individual, and the other is h. p. patel (huf). it is common ground .....

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Feb 11 1983 (TRI)

Ramanlal I. Joshi Vs. Ninth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD364(Mum.)

..... or manufacture'. this definition of business does not specifically include profession but it is an inclusive definition.section 2(23) defines a 'partnership' as having the same meaning as assigned to it under the indian partnership act, 1932. section 4 of the indian partnership act, 1932 defines a firm to be a relationship between persons who have agreed to share the profits of a business carried on ..... by all or by some of them on behalf of all. one of the essential ingredients of a valid firm under the partnership act is that the firm should ..... one of the partners cannot appear before the income-tax authorities under suction 288 will not make the firm invalid in the eye of law. for the purpose of the partnership act, it is enough if a single partner is qualified to carry on the activity of the firm.the other partners can be financing partners or dormant partners. thus, we do ..... all the partners should be equally qualified technically to carry on the business or profession of the firm unless it is so required under any other act. his point was that under section 4 of the partnership act, 1932, it is not necessary that each and every partner should be technically qualified to carry on the business or profession of the firm. the .....

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May 11 1984 (TRI)

Pramod Kumar K. Bussa Vs. Addl. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD77(Mum.)

..... capital receipt because it relates to the assessee's share in the goodwill of the firm, which is a capital asset vide section 14 of the indian partnership act, 1932. hence, we find that the facts in the case of gangadhar baijnath (supra) were entirely different and so the ratio of the said ..... the different heads. the assessee-firm continued to carry on business even after surrendering the aforesaid rights to the surviving partners of the aforesaid oral partnership. that was really a case of cancellation of a contract which had been entered into in the ordinary course of business. any compensation received for ..... huf.it was a partner in the firm styled rajesh dye-chem. as per the deed dated 28-4-1977, the assessee retired from the aforesaid partnership and received a total sum of rs. 1,95,873.62. this deed of retirement clearly states that a sum of rs. 10,000 was ..... the other transferred assets as gifts. further, the court was concerned in that case with the interpretation of section 5(1)(xiv) of the gift-tax act, 1958. the facts of the instant case are quite different. similarly, in the case of tribhuvandas g. patel (supra), the assessee was a partner ..... another firm, to carry on the said selling agency and managing agency business. no partnership deed was executed. the partnership was, therefore, terminable at will. the three partners of the assessee-firm retired from the said oral partnership and received a certain sum as compensation. the supreme court found that the payment was .....

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Dec 02 1991 (TRI)

Empire Estate Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)41ITD23(Mum.)

..... also. it follows that under the income-tax act, a firm is treated as a distinct and separate entity, different from the partners constituting it ..... description of the partners carrying on the business. but for taxing purposes 'a partnership firm' is treated as an entirely distinct, from the persons who constitute the 'firm'. section 2(23) gives the same meaning to the expressions "firm", "partner" and "partnership" as are respectively assigned to them in the indian partnership act, 1932. section 2(31) lays down that a "person" includes a firm ..... .13. where a firm is dissolved either by operation of law or by act of parties and is succeeded ..... assessment years 1977-78,1978-79 and 1979-80. for the sake of convenience, these are consolidated together and disposed of by a common order.2. the assessee is a partnership firm comprising of two partners, viz., shri r.k. mody and miss m.k. mody having equal shares (hereinafter called the "new firm").3. shri r.k. mody and miss .....

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Jun 22 2004 (TRI)

Patel Engineering Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD411(Mum.)

..... parties, or of the law, by which the title to property is conveyed from one person to another (section 44, transfer of property act); 2. to convey title or interest in property to another section 19(2)(g) indian partnership act] ; transfer : to convey; to make over from one to another, to remove. document whereby one person transfers property, securities, or rights to ..... another. a transfer is an act or transaction, by which property of one person is, by him, vested in another. the term 'transfer' means to ..... section 80-ia(4). the learned counsel for assessee, on the other hand, contended that the requirement is that the enterprise developing the infrastructure facility should be owned by an indian company.49. we have considered the rival contentions as also the relevant material on record. however, we find substance in the contentions of the learned authorised representative of assessee. in ..... house. at koyna, the assessee carried out a highly specialised underwater blast for the first time in asia. the assessee spent enormous sum for locating and receiving this technology for indian project. the water tapped from the lake passes through two intake tunnels 188 and 242 meters long. at the end of this, 4 numbers vertical shafts are located to house .....

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Dec 19 1989 (TRI)

Wealth-tax Officer Vs. Mrs. Bakhtawar B. Chenoy

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD739(Mum.)

..... all. the mutual rights and duties of the partners of a firm may be determined by contract between them and such contract, as per section 11 of the indian partnership act, may be expressed or may be implied by a course of dealings. such contract may also be varied by consent of all the parties, which may be expressed or may ..... shared only by those persons, who were the partners in the year of its creation.4. we have heard the parties and considered their rival submissions.the partnership, as defined in section 4 of the indian partnership act, 1932, is the relation between the persons, who have agreed to share the profits and losses of a business carried on by all or any of ..... particular mode of allocation, the assessee had a right in the development rebate reserve as per her share of profit in terms of the indian partnership act. the learned counsel for the assessee, on the other hand, submitted that the partnership being a relation by agreement, the rights and liabilities of the partners are to be governed by the agreement. he brought to our ..... be implied by a course of dealings. section 11 of the partnership act is however, subject to the other provisions of the same act. under clause (b) of section 13, the partners are entitled to share equally all the profits earned and shall contribute equally to the losses sustained .....

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Nov 30 1992 (TRI)

income-tax Officer Vs. Subhash Metal Indl.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)44ITD677(Mum.)

..... a legal concept of relationship just as other relationship subsists under the law. the relationship of the partners is governed by the indian partnership act, 1932, similarly the relationship which exist pursuant to the creation of trust is governed by the indian trust act, 1882.10. in explaining the concept of 'individual' it is, sine qua non, to indicate the essence of the object reflected ..... concept of trust. it transpires from the perusal of precedents available on the point that the courts have adopted the contextual meaning. while dealing with the term under the indian income-tax act, 1922 jogendra nath naskar v. cat [1969] 74 itr 33 (sc) apex court held that the term 'individual is wide enough to include a group of persons forming a ..... , it means "not divisible without loss of identity: subsisting as one: pertaining to one only or to each one separately of a group single, separate....section 3 of the indian trust act, 1882 defines trust as an obligation annexed to the ownership of property, and arising out of confidence reposed in and accepted by the owner, or declared and accepted by him ..... definition is not exhaustive. it is only enumerative. we for the present are concerned with the meaning of the word "person responsible for paying". this word is defined in the act itself and according to the definition given, the payer himself is person responsible for paying. without dragging the matter into the labyrinth of precedents we simply enquire who is the .....

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May 31 1984 (TRI)

D.M. Ghia Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD163(Mum.)

..... been drawings by a partner beyond the credits, it has to be treated as borrowals only. he relies on section 11 of the indian partnership act, 1932 and clause 9 of the partnership deed. now the issue is not, for the present, whether this represents borrowal or not. the issue is : from where the ..... the decision cited, therefore, need not be considered in detail.24. shri doshi has also made a reference to section 11 of the partnership act. this section merely states that the partners may determine their rights and duties for contract. this is also not very relevant. neither is clause 9 ..... observed : ...here the first thing that we must grasp is that a firm is not a legal person even though it has some attributes of personality. partnership is a certain relation between persons, the product of agreement to share the profits of a business. 'firm' is a collective noun, a compendious expression ..... has been treated somewhat like a current account. his income receipts are credited in that account. so too his drawings and payment of taxes. the partnership deed did not stipulate that partners would be debited with interest.nevertheless, interest has been charged on the debit balances. the accounting years are the ..... would be how the receipts which are credited to his account is to be treated we are of the opinion that section 60 of the indian contract act, 1872, containing the rules of appropriation would be applicable. this section says that where the debtor has omitted to intimate and there are no .....

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Dec 27 1984 (TRI)

income-tax Officer Vs. M.L. Apte

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)12ITD491(Mum.)

..... 'ble madras high court were dealing with the issue of whether a sale takes place within commercial parlance or within the meaning of the indian sale of goods act, 1930, when a partner converts his proprietary concern into a partnership, of which he is a partner, and they did not consider whether this amounts to extinguishment of rights or interest in the property ..... converted by the sole proprietor into a partnership property.similarly, in the case of a.v. bhanoji rao (supra) their lordships were dealing with the issue ..... of whether the execution of a deed was necessary for transfer of property by a partner to the partnership firm and when the transfer took place. both of these cases will, therefore, be of no help on the facts of the present case, where the issue is whether there ..... ruling of the hon'ble gujarat high court in the case of kartikey v. sarabhai (supra). we, therefore, hold that on the transfer of shares by the assessee to the partnership firm, v.s. apte & sons, as his capital contribution to the firm, of which he was a partner, a 'transfer' within the meaning of section 2(47) took place, and .....

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Feb 05 1999 (TRI)

Assistant Commissioner of Vs. Associated Builders

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)72ITD273(Mum.)

..... at the time of dissolution only when there is no agreement or contract between the partners to the contrary, which is also the position recognised sky section 48 of the indian partnership act. therefore our decision is applicable equally to capital assets as well as stack-in-trade, provided there is a contract between the partners to value them at the time of ..... revenue authorities to discard the same and seek to tax the profit on the notional footing of the market price. in this connection the provisions of section 48 of the indian partnership act were also relied upon as also the order of the madras bench of the tribunal in ito v. preetham pipe syndicate [1993] 44 itd 665. as regards the existence of ..... the partners, the market value can be adopted for assessment purposes. in n. muhammad ussain sahib's case (supra) the question arose under section 48 of the partnership act. now section 48 of the partnership act provides for the mode of settlement of accounts between partners upon dissolution. the section provides for certain rules which are expressly stated to be subject to agreement by ..... absence of an agreement between the partners to the contrary, they can be valued on the basis of the market value at the time of dissolution. section 48 of the partnership act in fact clarifies or makes the position very clear.11. the other reason as to why it is difficult to understand the judgment of the supreme court as laying down .....

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