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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 4 of about 104 results (0.215 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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Dec 27 1990 (TRI)

Ceat International S.A. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)36ITD603(Mum.)

..... contributed diverse amounts to make up the amount of rs. 25,000 contributed in his name to the partnership firm to share the profit or loss in proportion to their individual contribution. on these facts, the bombay high court held that even in the ..... cit [1959] 36 itr 18 (bom.). here, what had happened was that the assessee had contributed rs. 25,000 out of the capital of the partnership ofrs. 3,45,000. he was a partner in a firm consisting of 16 partners and there was an agreement between himself and four others who had ..... the year ended 31-12-1982. during this previous year, the appellant sold 58,776 shares of ceat tyres of india (hereinafter referred as "the indian company") to indian residents mr.h.v. goenka and mr. s. goenka. these shares were sold at the rate of rs. 204 per share for a total ..... the foreign company was effected by the appellant company in foreign currency because the appellant was a foreign company and was in effect the promoter of the indian company. shri bansi mehta then referred to certain observations on international accounting standard from out of a book called 'compendium of statements & standard' published ..... cit(a) on the ground that there was no provision in the act which would justify such conversion. the cit(a) also held that the provisions of rule 115 were not attracted, that the income had accrued to the appellant in indian rupees and not in foreign currency and, that therefore, the computation .....

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Sep 19 1991 (TRI)

Raghavji Anandji and Co. Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD130(Mum.)

..... proposition of the learned counsel for the assessee that no change in the constitution of the firm had taken place because of clause 7 of the partnership deed. after a reading of that clause we find no hesitation in observing that the underlined portion of clause 7 reading as "and such ..... shall inquire into the genuineness of the firm and its constitution as specified in the instrument of partnership, and -- (a) if he is satisfied that there is or was during the previous year in existence a genuine firm with the constitution so ..... subsequent assessment year: (i) there is no change in the constitution of the firm or the shares of the partners as evidenced by the instrument of partnership on the basis of which the registration was granted. 185 (1) on receipt of an application for the registration of a firm, the assessing officer ..... contention made was that there was no change or alteration either in the constitution or individual shares of the partners as specified in the instrument of partnership on the basis of which the registration had already been granted to it in the earlier years and, therefore, the income-tax officer was bound ..... cited before the learned first appellate authority, who has discussed it in good length and held that that decision rendered in the context of the indian income-tax act, 1922, did not offer any material help to the assessee.we have gone through the relevant part of the impugned order and see no reason .....

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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 21 2005 (TRI)

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... on the date of search on 7th dec, 1998, the firm was very much in existence. the firm was constituted on the basis of a partnership deed executed on 30th sept., 1994. it commenced its business operations from 1st oct., 1994, onwards. the assessee-firm carried on its business ..... assessee-firm had not carried on any business. he submitted that the two entities are entirely different having independent status, one being a defunct partnership firm and the other being a company and having different pa numbers and separately assessed to income-tax in distinct capacities.the learned counsel submitted ..... the learned counsel argued that the impugned block assessment completed under section 158bc is bad in law. the assessee-firm, spex, is a partnership firm constituted through a partnership deed dt. 30th sept., 1994. the assessee-firm came into existence on 1st oct., 1994. it carried on the business till 12th ..... contentions on the admissibility of the additional grounds in detail. the facts relating to the constitution of the assessee-firm on the basis of the partnership deed executed on 30th sept., 1994, and the subsequent assignment of the business in favour of sll on 12th may, 1998, are admitted ..... may, 1998, on which date a deed of assignment was executed and the business was assigned as a going concern to sll. m/s sll is a company registered under the companies act .....

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Jan 31 2007 (TRI)

ito Vs. Mansi Enterprises

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the business activities of the firm, under no circumstances will render the firm as a non-genuine firm under the provisions of section 184 of the income tax act, where requirements are that the partnership should be evidenced by an instrument in writing specifying individual shares of partners and the certified copy of such instrument should accompany the return of income. the ..... a firm, the requirements are: (ii) the individual shares of the partners are specified in the said instrument.sub-section (2) to section 184 of the act provides that a certified copy of the partnership deed is to be enelosed with the return of income in respect of which the assessment as a firm is sought for the first time. thus, the ..... provides that in case of any change taking place in any previous year, the certified copy of the revised partnership deed shall be furnished along with the return of income for that assessment year.sub-section (5) to section 184 of the act provides that in case there is a failure on the part of the firm as mentioned in section 144 ..... the verification and investigation of genuineness of the firm which is not permissible under the provisions of the income tax act. relying on the decision of rajasthan high court in gulab das 'case (supra) it was observed by commissioner (appeals) that a partnership is valid if the conditions mentioned in the provisions of section 184/185 of the itr had been fulfilled .....

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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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Dec 18 2006 (TRI)

Usv Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)535

..... the assessee but to determine the mutual rights and obligations of the partners on the terms and conditions on which they had agreed to enter into partnership from time to time. hence, their lordships held, this is not expenditure in the nature of revenue but capital expenditure. at p. 61, the ..... behalf of the principal not domiciled in india is deductible from its profits while computing the assessable income under section 10(2)(xv) of the indian it act, 1922.at p. 149, their lordships discussing the issue on the basis of the decision of the hon'ble supreme court in the case ..... provides that every proceeding before the clb shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the indian penal code and for the purpose of section 196 of cpc.the decision of the clb is appealable before the respective high court.learned counsel ..... , the assessee would have been eligible for one and one-half times deduction thereon as per the provisions of section 35(2ab) of the act. as per provision of this section, whatever amount the assessee would have spent on scientific research including clinical trials and approvals from competent authorities ..... by proportionate salary of field staff and other expenses while computing profits of the eligible undertakings for the purpose of deduction under section 80hh of the it act, 1961.7. while framing the assessment order, ao noticed, assessee claimed deduction under section 80hh on its units at lote parshuram. assessee claimed .....

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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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Feb 28 2004 (TRI)

Credit Llyonnais Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD401(Mum.)

..... the declaration and payment within india, of the dividends (including dividends on preference shares) payable out of such income can be treated as a domestic company under the indian it act and the deduction under section 80m will then be available to such french company. the true test for deciding whether or not a company is eligible for deduction under ..... upon the scope of expression 'in the same circumstances', oecd commentary, inter alia, observes as follows : "the expression 'in the same circumstances' refers to taxpayers (individuals, legal persons, partnerships and associations) placed, from the point of view of ordinary taxation laws and regulations, in substantially similar circumstances both in law and on fact..... the expression 'in the same circumstances ..... 1994) 209 itr (st) 130] is materially similar in scope. accordingly, non-discrimination clause in the india france dtaa cannot be invoked in the cases where provisions of indian it act are more favourable to the domestic companies vis-a-vis foreign companies. once we come to this conclusion, it follows that the case of non-availability of deduction under section ..... the dividend out of such income, such a company cannot be treated as a domestic company.this criterion for a company being treated as a 'domestic company' under the indian it act, in our humble understanding, is based on requirements connected with residence and not nationality. the only question raised before us and which is the question that was required to .....

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