Skip to content


Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 5 of about 104 results (0.179 seconds)

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

Jul 15 2005 (TRI)

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... mcdowell & co. judgment. in the penultimate paragraph of the judgment hon'ble supreme court directed:- "if the transfer of the personal asset by the assessee to a partnership in which he is or becomes a partner is merely a device or ruse for converting the asset into money which would substantially remain available for his benefit without ..... (india) ltd. and madras alluminium ltd. subsequently the three investment companies went into liquidation and approval of reserve bank of india was obtained for transmission of shares in indian companies on fully repatriable basis. as a result of search in the case of three investment companies, block assessment orders were made. prohibitory notices were issued against receiving/delivering ..... 85,68,014/- and appellant earned dividend income at rs. 1,82,12,862/- which was not taxable in view of section 10(33) of the income-tax act.particulars purchase sale gain/loss dividend date amount date amount date amountunits of 24.3.00 80000000-------------------------------------------------------------------------------- 29.3.00less 2376778 27.3.00 59055207.75 (18568014.25) ..... as capital asset for investment. g) dividend is distributed from accumulated profits of a company with reference to its subscribed share capital in accordance with the provisions of companies act; whereas mfs distribute income from its 'equalization reserve' comprising profits and premium charged on sale of units as per sebi regulations." 35. the learned special counsel explained .....

Tag this Judgment!

Jul 15 2005 (TRI)

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... mcdowell & co. judgment. in the penultimate paragraph of the judgment honble supreme court directed: " if the transfer of the personal asset by the assessee to a partnership in which he is or becomes a partner is merely a device or ruse for converting the asset into money which would substantially remain available for his benefit without liability ..... (india) ltd. and madras alluminium ltd. subsequently the three investment companies went into liquidation and approval of reserve bank of india was obtained for transmission of shares in indian companies on fully repatriable basis.as a result of search in the case of three investment companies, block assessment orders were made. prohibitory notices were issued against receiving/delivering ..... capital asset for investment.(g) dividend is distributed from accumulated profits of a company with reference to its subscribed share capital in accordance with the provisions of companies act; whereas mfs distribute income from its equalization reserve comprising profits and premium charged on sale of units as per sebi regulations." the learned special counsel explained the mechanics ..... order of assessment, the assessee filed appeal before the learned cit(appeals). the assessee submitted that units of mutual funds were regulated by an independent body constituted under the act of parliament, viz., sebi. the assessee had followed the prescribed procedure and the transactions with the mutual funds were at arms length. the assessee argued that the .....

Tag this Judgment!

Nov 25 2005 (TRI)

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... vogel's commentary on page 1288 refers to this aspect as under : 17.3. [same circumstances] : "the expression 'in the same circumstances' refers to taxpayers (individuals, legal persons, partnerships and associations) placed, from the point of view of the applications of the ordinary taxation laws and regulations, in substantially similar circumstances both in law and in fact. the expression ..... indo korean dtaa showed that those who may be entitled to invoke article 25 of indo korean dtaa arc individuals (possessing the nationality of a contracting state), legal persons, partnerships and associations.article 3(g) of indo korean dtaa reads as under: 3(g) the term 'national' means any individual possessing the nationality of a contracting state and any ..... 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 ..... .e in india of foreign bank) is subjected to higher rates. it is discrimination to tax the pe of foreign bank at higher rates when the indian bank and the branch of foreign bank acting as p.e. are engaged in same activities. however, we find that article 25(1) contains some important words/phrases which testify as to when .....

Tag this Judgment!

May 31 2005 (TRI)

Vijay Construction Co. Vs. Dy. Cit, Range 12(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)3SOT840(Mum.)

..... cit(a) failed to appreciate that the totality of facts, i.e., the purpose enumerated in the purchase agreement dated 12-11-1981, the terms and conditions of partnership deed and subsequent act of the assessee-firm in getting the plot cleared from all encumbrances and development thereof, proves beyond doubt that the plot in question was business asset right from the ..... contentions, relevant material on record as also the cited decisions.from the perusal of record we find that the assessing officer treated the land as stock-in-trade because the partnership deed states that the business of the assessee-firm is construction of buildings, purchase and development of land; the purchase deed also states that the assessee-firm shall be entitled ..... and thus to earn profits. he has contended that the assessing officer has elaborately dealt with the matter and has discussed the relevant facts including the various clauses in various partnership deeds mentioning the business of assessee-firm as buying/ selling/developing/letting out immovable properties and also single venture business. referring to page 9 of assessment order, he has contended ..... case on facts.the learned departmental representative has emphatically placed reliance on vitta kristappa v. ito (2005) 92 itd i (hyd) (tm) and contended that the tribunal has also considered indian hume pipe co.ltd. v. cit (1992) 195 itr 386 (bom) at para 12 of its order; and he has specifically drawn our attention to last portion of para 11 .....

Tag this Judgment!

Nov 18 2002 (TRI)

Premier Automobiles Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD169(Mum.)

..... proviso to section 10(2)(vii) of the indian it act, 1922 and, considering the facts of the case, the hon'ble supreme court held as under: "it is now well-settled that the taxing ..... in the share capital of which the partners of the firm had the same interest as they had in the assets and profit of the partnership.the question arose whether the amount received in excess over the written down value of the machinery is liable to tax by applying the second ..... cited by both the parties, it was either compulsory acquisition by the government or a case "where all the properties were transferred by converting the partnership firm into a company and so on. under such situations the courts have held that the firm or any other such entity had no necessity to ..... is also possible that one party gives its valuation and that may be the basis for fixing the value. he has also submitted that the indian and french government are involved in this matter in which event is it possible for government authorities to accept the price stated in the mous without ..... project cost for the vehicles is expected to aggregate around 960 million french francs ("mf") equivalent (at the present exchange rate) to around 5.6 billion indian rupees ("br"), the indicative breakdown of which is as follows : "the parties shall also simultaneously undertake a verification process ("industrial due diligence") for verification of .....

Tag this Judgment!

Jul 28 2006 (TRI)

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD73(Mum.)

..... is only a quantification of the amount : debitum in praesenti, solvendum in futuro.... it is admitted in the present case that the indian steel syndicate closed the accounts of the partnership for the first time for the first set of partners on 30th nov., 1950, and for the other set of partners on 31st ..... judgment of hon'ble supreme court, their lordships observed that the word "earned" was not used in section 4 of the indian it act, 1922. the relevant para of the said order is being reproduced as under: the word 'earned' has not been used in section 4 of the ..... of section 23a which authorized the ao to impose levy under section 23a of the it act. undisputedly section 23a was attracted if aforesaid sum of rs. 70,895, i.e., the share income of assessee-company from partnership was taken into account. the contention of the assessee was that meeting of board of ..... the difference between the learned members of tribunal 'd' bench mumbai, the following questions have been referred to me under section 255(4) of the it act, 1961 (the act for short): 1. whether, on the facts and in the circumstances of the case and in law, the commission income under the agreement dt. 31st ..... ') respectfully submits that the learned commissioner of income-tax (appeals) [cit(a)] has erred in upholding the assessment under section 143(3) of the it act, 1961 ('act'), on the following ground: 1. by not accepting the change in the accounting policy made by the appellant during the financial year ended 31st march, 1997 .....

Tag this Judgment!

Jun 13 1985 (TRI)

Kantilal and Sons Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)14ITD388(Mum.)

..... of the deed of retirement. this charge is secured on the income, stock-in-trade, cash balance and other tangible movable assets of the partnership. these clauses also create an enforceable legal obligation against the appellant-firm consisting of the continuing partners and in favour of the retiring partner. this ..... . 6. it is hereby agreed between the parties that the income, stock-in-trade, cash balance and other tangible movable assets of the partnership shall remain charged for securing the performance of the above obligation of the continuing partners to make the annual payment to the retiring partner.it is ..... clearly established that there was no diversion of income by an overriding title. he pointed out that the appellant-firm was not a partnership between strangers, but a partnership between a father, his sons and daughter-in-law. according to shri raju, there was no charge created in favour of the retiring ..... that during the relevant period, he was 21 years old. the commissioner (appeals) further found that shri deepak k. doshi went out of the partnership because he wanted to enrole himself as an articled clerk for qualifying as a chartered accountant. having regard to these facts, namely, shri deepak k. ..... arise on that property or fund. section 100 of the transfer of property act is no doubt limited to charges in immovable property only but it is not exhaustive of the nature of charges contemplated in indian law as can be seen from a number of decisions in which charges have .....

Tag this Judgment!

Dec 06 1999 (TRI)

Blue Dart Express Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD414(Mum.)

..... time sensitive packages to various destinations in the domestic and international sectors. to undertake its international operations, blue dart entered into a global service partnership agreement with federal express incorporation, usa. during the period under consideration, the assessee company has shown total receipts (service charges and other income ..... ) (p.) ltd. (supra) at page 150 their lordships held as under :- "the basic purpose of section 80-o is the spread by an indian assessee of any patent, invention, model, design, secret formula or process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience ..... co. ltd. v. ito [1989] 28 itd 231 (delhi) (viii) ampee textiles (p.) lid v. asstt. cit [it appeal no. 1571 (bom.) of 1992] (x) indian hotels co. ltd. v. dy. cit [it appeal no. 3234 (bom.) of 1992] (xi) cit v. shri govindram seksariya charity trust [1987] 167 itr 580 (mp) ..... note of the fact that the assessee has entered into a global service partnership agreement. he argued that on these facts, it is submitted that the cit was in total error in invoking section 263 the act.further, in his impugned order under section 263 the commissioner has not ..... while allowing deduction under section 80-o of the act. before we proceed further let us see what section 80-o stipulates. section 80-o provides for deduction of 50% from the income of an indian company or a non-corporate indian resident by way of royalty, commission, fees or .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //