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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 3 of about 104 results (0.056 seconds)

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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Jun 22 1993 (TRI)

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD31(Mum.)

..... india, nepal or bhutan and yet further in relation to a branch situated in nepal or bhutan of any business carried on as a partnership firm or otherwise by indians, nepalese or bhutanese.16. [extract taken from pages 80 and 81 of the assessee's paper book (volume i), which, in ..... of the reserve bank of india. remittance from india to nepal is also permissible and is in accordance with the indian laws as per notification issued under the foreign exchange regulation act, which notification has been referred to above in the body of this order.24. now, if all the transactions ..... wholly in india." now coming to the nepal company, the same was incorporated under the nepal's companies act in december, 1970. the nepal company received rs. 25,76,000 in indian currency by way of advance from the assessee and this is said to be within the general permission granted ..... the section.keeping in view these detailed provisions, the board issued instructions for determination of the location of shares and stocks under the wealth-tax act by simply stating that they are located at the place where the company is incorporated.30. sterling industrial agencies p. ltd. was incorporated sometime ..... maharashtra, central administration department, bombay, that the assessee was to be registered as a citizen of india under section 5(1)(a) of the citizenship act, 1955, and vide this communique, the assessee was asked to renounce his present nationality by applying to the british mission in india/british high commission .....

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May 16 1997 (TRI)

Sunder Agencies Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... admissible under the indian evidence act, for the purpose of making an order of assessment. court often takes judicial notice of certain facts which need not be proved, while administrative and quasi-judicial authorities can take ..... arrested sense so as to be either oral or documentary evidence, or both. while the word 'evidence' may recall the oral and documentary evidence as may be admissible under the indian evidence act, the use of the word 'material' in section 143(3) shows that the assessing officer not being a court, can rely upon material, which may not strictly be evidence ..... 132 of the act was conducted at the business premises of the assessee. among other things ..... (hereinafter referred to as 'act') and pertains to the block period commencing from 1-4-1985 to 16-11-1995.2. briefly the facts : the assessee is a partnership firm. it is a member of dayaramani group of ulhasnagar. it is engaged in the business of indian made foreign liquor, beer, wines, etc. on 16-11-1995, search and seizure action under section .....

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May 08 2000 (TRI)

P.R. Patel Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD51(Mum.)

..... the seized documents before drawing the inference from the entries made in such documents. our attention was also invited to section 110 of the indian evidence act under which the source and mode of acquisition of incriminating evidence may give rise to some presumption against the assessee. reliance was placed by ..... is not applicable to block assessment is of no consequence as the presumption could be raised under the provisions of section 110 of the indian evidence act.when a presumption could be raised under the provisions of any other law and the application of the provisions of such other law is ..... learned counsel of the assessee that the assessee has 30% of the share as per partnership deed and not 50%, it was argued by the learned departmental representative that the profit sharing ratio shown in the partnership deed does not apply to the income hidden from the knowledge of the department. it ..... . the assesses, an individual, is carrying on business of construction activities, in his own name and in the names of various partnership firms, where he is a partner. he has also dividend income, interest income, salaries from private limited companies and capital gains. ..... is further contended by the learned departmental representative that the hon'ble supreme court's decision in v.c. shukla's case (supra) is not relevant as it pertained to the criminal proceedings, but in the income-tax act .....

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Aug 25 2006 (TRI)

Uasc/Csl Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... business. in the case of the assessee, ccs was carrying on the business of acting as agent of the assessee.but ccs is an independent entity and it has independent status for the following reasons: (i) ccs is a registered partnership firm in india and the partners are indian nationals; and (ii) directors /shareholders of the non-resident shipping company are not related ..... to rebut the assessing officers contention by saying that the restriction in clause 6 of the agreement does not mean that the indian agent cannot carry on any business. the indian agent is not supposed to carry on business of acting as agent of any other non-resident shipping company which is carrying on similar business in the same sector. however, if the ..... of a certificate of residence issued by the mauritius tax authorities is neither contemplated under dtac, nor under the income tax act; whether a statement is conclusive or not, must be provided under a legislative enactment such as the indian evidence act and cannot be determined by a mere circular issued by the cbdt. another important contention taken was that "treaty shopping" by ..... to the partners of the firm.it was further submitted that the indian agent is independent. they are free to take their own decisions and carry on .....

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Sep 10 1981 (TRI)

Jitendra and Co. Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD891(Mum.)

..... given to the constituents of the business or to the bank, or that the firm is not registered under the partnership act, or that no separate capital account is opened, or that the partners who are former members of the disrupted hindu family continue to ..... to this conclusion as, according to him the examination of the partners indicated that persons other than shri mahesh d. shah knew practically nothing about the partnership business. the aac came to the same conclusion. he held thus- thus it is clear that a mere fact that the firm has complied with technical ..... ito, after giving the assessee an opportunity to cross-examine the partners, whose statements were recorded. the ito again came to the conclusion that the partnership is not genuine and this order has been confirmed by the aac. hence, the present appeals by the assessee.registration for the assessment year 1975-76 has ..... the ground that after recording the statements of the partners, the ito did not give any opportunity to the assessee before drawing an adverse inference that the partnership is not genuine. an appeal filed against this order by the department was dismissed by the tribunal. the matter was, therefore, decided afresh by the ..... the assessee was not a partner but his two minor sons were partners along with others. the firm was registered under section 26a of the indian income-tax act, 1922. but the income of the minor sons received from the second firm was treated by the department as the income of the assessee. .....

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Feb 26 1985 (TRI)

income-tax Officer Vs. Smt. Vijayalaxmi N. Mafatlal

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)12ITD12(Mum.)

..... assessee has income from business. it might be that the business assets are included either as such or as part of the share of a partnership in the net wealth. it is also likely that a valuation made for the purpose of wealth-tax or gift-tax of any assets, if ..... business that he should do the business by himself and not through others or an agency like the partnership. the decisions, therefore, concentrating on an allowance under section 57 above, would not in the circumstances of the case apply to the assessee. in ..... the share income received from a firm. this is assessable only under the head 'profits and gains of business or profession'. entering into a partnership and doing business is only one of the several modes of doing business. it is not absolutely necessary for treating a person as carrying on ..... kusumben d. mahadevia [1980] 122 itr 38. the assessee, in the present case, is carrying on a business though along with other persons in partnership. section 37 clearly applies. the expenditure can be claimed as relating to her share of income in the firm assessable as business income.alternatively, the deduction ..... protection of the business and incidental to the business. the expenditure was held deductible under section 10(2)(xv) of the indian income-tax act, 1922 ('the 1922 act') corresponding to section 37 of the 1961 act. their lordships relied on their earlier decision in the case of cit v. gannon dunkerley & co. ltd. [1979 .....

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Mar 12 1984 (TRI)

inspecting Assistant Vs. Indian Lime Corpn.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD908(Mum.)

..... be called as remuneration to the partner. we are satisfied that it is merely reimbursement of the expenses incurred in running the business of the partnership firm. as such, we do not find any reason justifying any interference with the decision of commissioner (appeals).9. the second dispute in ..... was engaged by the limited company who naturally used to make the salary payments. the limited company used to allot for the purposes of partnership different staff members and the entire expenditure incurred by the limited company in respect of such staff members used to be reimbursed by the firm ..... per cent share and the other two are ladies, mrs. chandravati d. ghorpade and mrs.shivamala urs, each with 20 per cent share each. the partnership agreement is dated 24-6-1965. the recital of the agreement states that mrs. chandravati d. ghorpade and mrs. shivamala urs were parties of the ..... ) ltd. from 1947. from 1962, sapulchre bros. (india) ltd. acted as the agent of mysore company (1961) as recited in the partnership deed being at pages 1-7 of compilation no. ii. from 1965, mysore company (1981) was dissolved and indian lime corporation was formed in which sapulchre bros. (india) ltd. became a ..... was carried on by the parties of the first and second parts in partnership with one mr. christopher george beard under the name and style of the mysore company (1961). the mysore company (1961) had certain arrangements with indian oxygen ltd., the terms of which were recorded by an agreement dated 20 .....

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Nov 25 2005 (TRI)

Joint Official Liquidator of Bank Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT391(Mum.)

..... appears" and that it "takes within its sweep and ambit all organizations or establishments engaged in business or profession; whether owned by a company, partnership, individual or any other entity". this observation by the hon'ble bombay high court makes it clear that there can be a distinction between a ..... and that "... in a taxing statute, one has to find out the intention of the legislature and here the intention is definitelv 'an indian concern alias an indian company' and certainly not the branch of a foreign company". we are, however, unable to find anything to even remotely suggest that the ..... establishment in india. these expressions are neither synonymous nor devoid of any distinction.therefore, a harmonious interpretation would suggest that the meaning of an indian concern should be taken as a business carried on in india which may essentially include a business carried on in india even by a non- ..... "and that "... in a taxing statute, one has to find out the intention of the legislature and here the intention is definitely 'an indian concern alias an indian company' and certainly not the branch of a foreign company". learned commissioner (appeals) then reproduced an extract from the state of tamil nadu v ..... entire income of the non-resident assessee was liable to the deduction of tax at source under section 195 of the act; and (c) whether or not the interest paid by indian branch of a foreign bank to the non-resident assessee before us, on the facts of this case, will .....

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Feb 25 1993 (TRI)

Assistant Commissioner of Vs. Premodyan (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD406(Mum.)

..... decision of the calcutta high court in the case of cit v. indian iron & steel co. ltd. [1985] 156 itr 314, where 80m deduction was allowed to a beneficiary of a trust. in any case, he submitted, the partnership not being a legal entity but a compendious name of the partners, the ..... the learned departmental representative and also not seriously disputed by the learned counsel for the assessee. in these circumstances, the deduction under section 80m of the act would be available @ 60 per cent on rs. 25,449 as against on rs. 91,100 allowed by the first appellate authority. the order of ..... to their lordships of the calcutta high court, the only condition which was required to be satisfied for claiming deduction under section 80m of the act was that its gross total income should include income by way of dividend from a domestic company. finding that the assessee's total income included ..... is entitled to inter-corporate dividend deduction or not. the condition precedent for granting deduction under section 80m of the act is that there should be income by way of dividend from a domestic company which, as aforesaid, has been satisfied in this case. reference ..... includes any income by way of dividend, in that situation, the assessee would be entitled to the benefit of deduction under section 80m of the act. the question whether the assessee-company is the owner of the shares from which dividend income is derived is immaterial for deciding whether the assessee .....

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