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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 6 of about 104 results (0.060 seconds)

Feb 28 2007 (TRI)

Narang Overseas Pvt. Ltd. Vs. the Acit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... dispute arose between the members of narang family in respect of the properties owned and held by the individual members of the family as well as through various partnership firms and companies promoted by the members. a family settlement was arrived at on 12.07.1990 which, inter-alia, provided that rajesh narang shall take ..... by the assessee huf and the same was treated as deemed dividend in the hands of assessee huf under section 2(6a)(e) of the indian income-tax act, 1922 (1922 act) by the ito for assessment years 19s5-56 and 1956-57. the order of the ito was confirmed by aac as well as the tribunal ..... question: whether, on the facts and in the circumstances of the case, and on a true interpretation of the terms of section 2(6a)(e) of the indian income-tax act, 1922, the tribunal was right in holding that the amounts of rs. 2,21,702 (gross) and rs, 3,43,505 (net) were taxable ..... of rs. 40,000 was not taxable as revenue receipt. however, the commissioner of income-tax assumed the revisionary jurisdiction under section 263 of income-tax act, 1961 (the act) and held that such sum was taxable in the hands of the assessee. on appeal, the tribunal held that the aforesaid sum was not a ..... case of p. mariappa gounder, 147 itr 677 holding that mesne profit received by the assessee was revenue receipt chargeable to tax under the income-tax act, 1961 (the act.) got merged in the subsequent judgement of the hon'ble supreme court which is reported as 232 itr 2 (sc) and consequently the mesne profit .....

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Sep 24 2001 (TRI)

Video Master Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD102(Mum.)

..... /produced (negative purchased from m/s gentleman film international) m/e vasupradha enterprises purchased rights of humse hai muqabala in which m/s video master a partnership firm of which the following are members of my family as per (1) shri d.n. shah, (2) shri hasmukh n. shah (3 ..... ao did not establish that the statement was voluntary and there was no corroboration in any material particularly such as any accounts, or proof of partnership, etc. regarding the loose papers seized, the learned counsel argued that the same were not in the handwriting of the partners of the firm ..... affidavit from shri n.r. sudhir, copies of agreement between the distributors and shri sudhir directly indicate only arrangement on record. according to him, informal partnership in the picture cannot figure in these documents. thus, the ao held that the assessee earned undisclosed income of rs. 1 crore from the film ..... (negative purchased, from m/s gentleman film international) m/s vasupradha enterprises purchased rights of humse hai muqabala in which m/s video master a partnership firm of which the following are members of my family as per (1) shri dhirajlal nanji shah, (2) shri hasmukh nanji shah, (3) ..... search, but also in respect of all matters relevant for the purposes of any investigation connected with any proceeding under the indian it act, 1922 (11 of 1922) or under this act." thus the authorised officer had the power to record statements on oath on all matters pertaining to the suppressed income. the .....

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Aug 29 2003 (TRI)

Maharashtra State Electricity Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD793(Mum.)

..... vocation or income from other sources, it would come within the purview of the section, but if it was an amount of a kind exempt (under the indian it act) from tax, such as agricultural income, it would be outside its preview". it is thus a settled position that when an income is outside the scope of ..... this article vis-a-vis the relevant article in applicable dtaa is that the words 'an individual, whether in his own capacity or as a member of a partnership, who is' have been inserted in article 15(1)(a) before the words 'resident of a contracting state' and the related consequential modifications have also been ..... a) he is present in that other state for a period or periods aggregating to 90 days in the relevant fiscal year; or (b) he, or the partnership, has a fixed base regularly available to him, or it, in that other state for the purpose of performing his activities; but in each case only so much ..... article 15 which is reproduced below for ready reference: (1). income derived by an individual, whether in his own capacity or as a member of a partnership, who is a resident of a contracting state in respect of professional services or other independent activities of a similar character may be taxed in that state. ..... is attributable to those services. (2). for the purposes of paragraph 1 of this article, an individual who is a member of a partnership shall be regarded as being present in the other state during days on which, although he is not present, another individual member of the .....

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Oct 05 1987 (TRI)

Sushil Kishore Premchand Vs. Twelfth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)26ITD285(Mum.)

..... the findings given by us which are summed up as under : (1) introduction of an asset by a person by way of capital contribution to a partnership firm on the occasion of his induction as a partner of that firm, though amounting to a transfer, is not such a transfer as to give rise ..... secondly, it is not disputed by any of the lower authorities that the property was transferred at cost at the time of assessee's admission to the partnership. thirdly, it would appear from the copy of the capital accounts and current accounts of the aesessee with the firm produced before us that no effort has ..... thirdly and finally, shri inamdar reiterated that the observations of the supreme court at page 523 squarely covered the case of the assessee in his favour. the partnership firm was genuine and not the result of a sham or unreal transaction. in any case, no such finding had been given in the firm's case ..... firm of mis.premchand roychand & sons with effect from 22-10-1979 which was the beginning of s.y. 2036. this fact was incorporated in the partnership deed dated 21-6-1979. by way of capital for being admitted as a partner, he brought in the property in the form of land and building ..... held that in order that a transfer must be one with the object of avoiding or reducing the liability of the assessee under section 12b (of the indian income-tax act, 1922), it must be a case where the consideration mentioned in the deed has been understated and actually the assessee has received more than what is .....

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Oct 11 1993 (TRI)

Padamshi Meghji Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)48ITD127(Mum.)

..... to be held by them equally in their capacity as hindu undivided family. after the death of hiralal, his sons formed themselves into a partnership as mentioned above and carried on the said business by taking over its assets and liabilities.during the time when hiralal was carrying on business ..... oil seeds, cotton canvas, tarpaulins, jute canvas, dyes, chemicals and any other business incidental thereto, in particular and such other allied business and the partnership firm may carry on any other business as may be agreed upon by all the partners from time to time. 5. that the parties hereto ..... concern of one hiralal padamshi who died on january 2, 1980. as per the will of the deceased, his proprietary business was converted into a partnership firm consisting of five partners. the firm received central excise refund of rs. 70,649 in respect of exports effected in samvat years 2035 and ..... 82,402 as customs duty drawback, rs. 2,36,568 as handloom export council incentives and rs. 2,83,627 as cash incentives from the indian cotton mills' federation. we are supported in this finding by a decision of the special bench of the tribunal reported in 25 itd 193, ..... act, which provided for the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession is includible as the income of the assessee under the head "profits and gains of business or profession".16. the assessee is a registered firm constituted under a deed of partnership .....

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Jan 16 1998 (TRI)

Harakchand N. JaIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 24,45,000 to vikas builders. the other documents such as the partnership deeds and the other p&l a/c, etc., are at pp. 484 to 527 of the paper-book. from the confirmation and the other documents, ..... loan transaction. the confirmation letter from vignahar builders and developers are placed at pp. 473 to 476 of the paper-book. the capital account of the partnership firm and the balance sheet are placed at pp. 481 to 483. the balance sheet at p. 483 clearly shows the advancing loan amount of rs. ..... income from unaccounted sources and, thereby made addition of the same under s. 68 of the act. the learned counsel for the assessee submitted that it is well proved from the documents and record that the partnership firm was in existence before the assessee joined as a partner. the firm filed form nos. ..... jewellery has been received as gift by him by producing the gt return or any other evidence. however, we are conscious of the fact that in indian society everyone receives gifts at the time of marriage and other occasions. therefore, keeping in view the number of family members we are of the view ..... submissions, we feel that in order to adjudicate this legal issue it is pertinent to understand the object, implications, of provisions of chapter xivb of the act. chapter xivb provides for a special procedure for assessment in search cases, where search action has been initiated after 30th june, 1995. the definition of ' .....

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Dec 12 2002 (TRI)

Surendra Engineering Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD121(Mum.)

..... 2561/mum/98, dt. 30th july, 2001, in the case of vinodiai manilal & co. ltd. 2. the controversy arises this way. the assessee is a partnership firm.it is engaged in the business of export of "trading goods". during the relevant accounting year (year ending 31st march, 1995), the turnover amounted to rs. ..... of export turnover. we are referring to clause (baa) of the explanation below sub-section (4b) which was also introduced by the finance (no. 2) act, 1991, w.e.f. 1st april, 1992. while explaining the amendment, the memorandum, the relevant portion of which has already been extracted by us, recognized ..... provisions of the finance (no. 2) bill, 1991, stated as follows : "under the existing provisions of sub-section (3) of section 80hhc of the it act, profit derived from the export of goods is computed in the following manner ; profits of the business x export turnover/total turnover xxx xxx the existing formula ..... clause (baa) of the explanation below sub-section (4b) which was also introduced simultaneously with the present sub-section (3) by the finance (no. 2) act, 1991, w.e.f. 1st april, 1992 : "(baa) 'profits of the business" means the profits of the business as computed under the head 'profits and ..... in our opinion, is not without basis. it may be recalled that in cit v.indian bank ltd. (1956) 56 itr 77 (sc), the supreme court observed, with reference to section 10(2)(xv) of the 1922 act, which allowed deduction in respect of expenses wholly and exclusively laid out for the purpose of .....

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Feb 26 2003 (TRI)

Smt. Laxmi JaIn Vs. the Dy. C.i.T., Special Range 11

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)89ITD470(Mum.)

..... assessee in the years under consideration is the subject matter of dispute before us.2. the facts revolve in a narrow compass. m/s. indian roadways corporation, a partnership firm consisted of 13 partners of which, assessee was one of the partners. the firm carried on business as transporters and courier agents for ..... for which the previous owner of the property acquired the capital asset, it was provided for specifically. for example, in section 49(1) of the act the legislature covered all such specific instances where an assessee obtains a property from a different entity but, at the same time, it is not deemed ..... amongst others, the cost of acquisition of the asset and the cost of any improvement thereto. expression 'cost of acquisition' was not defined anywhere in the act and hence, it has to be given its natural meaning. in our considered opinion, the normal meaning of the term 'cost of acquisition' is the ..... did not provide for treating transfer of property from the firm to the retiring partners as a 'transfer' within the meaning of section 45 of the act.in fact, section 45(4) deals with such situation by deeming such event as a 'transfer', only with effect from 1.4.88. though under ..... from the sale consideration the transfer and registration charges of rs. 6,035/-. it may be noticed that as per section 48 of the i.t. act, the income chargeable under the head 'capital gains' shall be computed by deducting from the full value of the consideration : 1. expenditure incurred wholly and .....

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Jan 25 2005 (TRI)

Deputy Commissioner of Income Tax Vs. Chadbourne and Parke Llp

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)93TTJ(Mum.)734

..... dtaa, provisions of the law and the precedents cited before us. there is no dispute about the factual position.admittedly, the assessee is a partnership firm of solicitors operating in usa. there is also no dispute about the fact that the assessee-firm does not have any fixed base regularly ..... of payment for this assessment year is rs. 2,67,52,500.2. the relevant facts, briefly stated, are that the assessee is a partnership firm of solicitors based in new york, usa. the assessee filed return of income on 27th march, 1998, declaring nil income claiming refund of rs ..... lawyers, etc. in the present case, the assessee is a firm of solicitors based in usa and has rendered predominantly legal services to the indian company. considering the entire facts and circumstances and the legal position, we have no hesitation in holding that the services rendered by the assessee fall ..... 2 of the assessment order wherein it has been stated by the ao that the assessee-firm has rendered various types of services to the indian company in respect of telecommunication and power project set up at jegurupadu in andhra pradesh. the assessee denied to have exchanged any formal letters before ..... regarding processing of loan. the indian company paid success fees to the non-resident company. it was held by the high court that the success fee constituted fee for technical services assessable under section 9(1) of the it act. the learned cit--departmental representative also relied on the judgment of the authority .....

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Dec 30 2005 (TRI)

The Joint Commissioner of Income Vs. Abbot Laboratories (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... applicable to the appellant since these judgments related to those assessee who had closed down their business altogether either by winding up their company or dissolving their partnership firms, and not merely closing down one of the units. it was further submitted that by laying off certain employees the appellant was not deriving any ..... firm to treat it as an item in the determination of the profits of the firm under section 10(1) of the it act cannot, therefore, be sustained. under section 10(2)(xv) of the indian it act in the computation of taxable profits (omitting parts of the clause not material) "any expenditure laid out or expended wholly and ..... was of the view that it was a contingent liability and could not be allowed in view of the hon'ble supreme court judgments in the case of indian molasses co. ltd. 37 itr 66 and in the case of shree sajjan mills ltd. 156 itr 585, the decision of the hon'ble allahabad ..... reveals that there is no conflict between these two decisions.18. in the case of gemini cashew sales corporation (supra) assessee was a partnership firm consisting of two parties which was dissolved on the death of one of the partners on 24.8.1957. subsequently, the business of ..... partnership firm was taken over by the remaining partners. the assessee claimed deduction of rs. 1,41,506/- representing the retrenchment compensation payable by .....

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