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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 7 of about 104 results (0.054 seconds)

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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Oct 25 2007 (TRI)

Shah Originals Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)112CTR(Mum.)754

..... will also deal with several aspects of the issue as discussed in the assessment order.14.1 the contentions of the assessee before the ao were that it is a partnership firm engaged in the business of manufacture of readymade garments in its industrial undertaking at malvia nagar industrial area, jaipur, which was set up in asst. yr. 1994-95. ..... for those years. since common issues are involved in all these appeals, the same have been consolidated and are being disposed of by this order.2. the assessee is a partnership firm engaged in the business of manufacture and export of readymade garments. the manufacturing activity of the garments is carried on at the industrial undertaking of the assessee at malvia ..... the imported parts into a finished chassis" amounted to the manufacture or production of an article within the meaning of section 15c(2)(ii) of the indian it act, 1922 (corresponding to section 80j of the present act). hence, assembly of parts received in the knocked down condition is also considered to be manufacture. it is submitted that the above judgment has been ..... produced bus/truck chassis which were wholly indigenous. the assembly stage upon the facts was not a different industrial undertaking but one intimately connected with the subsequent stages whereby the indian bus/truck chassis were progressively manufactured. the whole was one integrated scheme; one programme and this notional division of that programme into two industrial undertakings is unjustified upon the .....

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Apr 30 1985 (TRI)

income-tax Officer Vs. V.S. Chabbra

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)15ITD96(Mum.)

..... which compel us to support the order of the commissioner (appeals) and also accept the assessee's case.19. the purpose of forming the partnership, according to the department, is to avoid capital gains tax. if we start with the premise so vociferously urged by the learned counsel for the ..... future. if this latter be the reason certainly the individual could have transferred the business to a limited company directly without going through the intermediate partnership level. that was not done. it would, therefore, be, in our opinion, difficult to decide that the constitution of the firm was a ..... were composed mainly of the assessee and his wife. thus, there was no business reason justifying the conversion of the proprietary business into the partnership. almost immediately after such conversion and with practically little business having been done the firm was dissolved.there is no particular business reason for the ..... by the private limited company. according to the learned counsel, the decision was a purely commercial one. by conversion of the firm into a partnership several business advantages were expected. in fact the assessee was forced to make the conversion to realise these advantages. when the genuineness of the firm ..... 120 itr 872,(cal.).the former case clearly stresses the point that the ito's order is under section 31(3)(b) of the indian income-tax act, 1922.7. it is also pointed out that in the original assessment the capital gains was not included. the aac in his order dated .....

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Sep 16 2002 (TRI)

Jewel of India Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD527(Mum.)

..... on terms and conditions specified in the said agreement. the monthly compensation was fixed at rs. 1,70,000 with certain escalation. the above partnership firm was constituted as a result of an agreement between the two partners that the business of restaurant and catering to be conducted at nehru centre ..... ltd., are partners with 66.67% and 33.33% profit/loss sharing ratio respectively. sun-n-sand hotel (p.) ltd., is the managing partner. the partnership commenced from 7th april, 1987.2. in 1986, sun-n-sand hotel (one of the partners of the assessee firm) was negotiating with m/s. nehru centre ..... ltd. [1998] 233 itr 546 (mad.) (vi) swamp vegetable product industries ltd. (no. 1) v. cit 1991] 187 itr 412 : 54 taxman 175 (all.) (viii) indian textiles v. cit [1986] 157 itr 112 : 26 taxman 677 (mad.) (ix) k.a. ramaswamy chettiarv. cit [1996] 220 itr 657 : 88 taxman 526 (mad.) 14. ..... allowing expenditure incurred on "goodwill". he contended that the cit is fully empowered to direct the assessing officer under the provisions of section 263 of the act to make further enquiries if such enquiries were not made before passing the assessment order. he placed his reliance on the following court cases : (i) ..... cit erroneously assumed office under section 263 of the income-tax act, 1961 in passing the impugned order under section 263 dated 27-3-2002 which is ab initio void, illegal and bad in law and liable to be annulled. the assessee is a partnership firm. two limited companies (i) sun-n-sand hotel .....

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Apr 05 2007 (TRI)

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... doctrine of severalty to reject the plea of slump sale.85. in err v. electric control gear manufacturing co. (supra), the assessee was a partnership concern and had entered into an agreement whereby it transferred the entire assets of the business together with liabilities as a going concern to a limited company ..... paid to an individual who was a shareholder of the company because the other joint venturer wanted to be reasonably certain that its investment in the indian company was adequately protected. referring to the allegation by the revenue that the assessee had attempted to show a part of the sale price as ..... profits correctly. in this connection he referred to the provisions of section 44c. according to him, head office expenses were always allowed for computing income of indian branch, when head office was located out of india and one branch was in india. he referred to the decision in grindlays bank ltd. v. ..... all deductions under sections 29 to 43a would have to be deducted. in this connection, he referred to the decision in cambay electric supply industrial co. v.cit , indian rayon corporation ltd. v. cit in vahid paper converter v. ito (2006) 100 ttj (ahd)(sb) 532 : (2006) 98 itd 165 (ahd)(sb). ..... from asst. yr. 2000-01. the concept of slump sale as incorporated in section 50b of the it act follows the english decision in doughty v. taxes commr. (1927) ac 327 (pc) and several indian decisions in which it has been held that in the case of a slump sale, tax incidence cannot .....

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Mar 24 1984 (TRI)

Trustees of the Princess High Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)9ITD500(Mum.)

..... profit. however, shri dastur added that when the trustees would have purchased the building, the trustees as a new owners could never have evicted the partnership firm who were the tenants of the premises known as 'father's gift'.shri dastur submitted that even by this time, that is to say 1984 ..... as under : it is noticed from the trust deed that the trust seeks to assist and promote the interest of 'princess high school' which is a partnership concern assessed by the second ito d-x ward, bombay. the partners of that firm are also the trustees of this trust. the object of the ..... commissioner : it is noticed, however, from the trust deed that the trust seeks to assist and promote the interest of 'princess high school,', which is a partnership concern of ardeshir rustomji dubash, soli ardeshir dubash and zarin soli dubash, who also happen to be the trustees of the trust. the objects of the trust ..... owner of the building was not prepared to undertake the necessary repairs. it may be added that the school is the proprietary school run by a partnership. realizing that if the owner of the building could not undertake or would not undertake the necessary repairs of the school building, the school may ..... 482. in that case the 'commissioner of income-tax held that the income of the association was not exempt under section 4(3)(i) of the indian income-tax act inasmuch as (i) the dominant purpose of the association was a political one, (ii) even assuming it was not political, the dominant purpose was .....

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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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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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Jun 13 1996 (TRI)

Poddar Tyres Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD548(Mum.)

..... that the losses were incurred in the same business which was originally being carried on by the assessee as a proprietary concern and later on in partnership with others. in reference by the department, the high court held that the tribunal while dealing with the appeals for 1960-61 and 1961-62 ..... from 1950-51. this claim was rejected by the ito holding that during the year in question that the assessee was getting income from a partnership firm, while the business in which the losses were claimed in the earlier years was not being carried on by the assessee in the year in ..... in an earlier year it has been held that the correct head of income applicable to the assessee's case is under section 12 of the indian i.t. act, 1922, ie., 'income from other sources' and for that reason the benefit of carrying forward of unabsorbed depreciation is denied to the assessee, ..... in this case, no assessment was made at all either under section 144 or under section 143(1) or under any other section of the i.t. act. similarly, the ld. departmental representative argued that the decision of the cochin bench of tribunal in pioneer enterprises' case (supra) was also distinguishable on facts ..... by the learned counsel for the assessee that under the provisions of section 80 even after they were amended under the direct tax laws. (amendment) act, 1981, the section does not concern itself with carry forward of unabsorbed investment allowance but confines itself only to carry forward and set off of losses .....

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Jul 24 1997 (TRI)

Nirmal Udyog Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD73(Mum.)

..... disclosure of rs. 20 lakhs. he also highlighted the fact that the group carried on various activities either individually, through the medium of hufs or partnership, including building activities, import of chemicals and selling them in black market, financing builders, trading in cotton, sale of properties where on money transactions ..... 600 in cash were found in the bedroom of the appellant. none of these items were seized. on the same date the business premises of partnership firm at of which the assessee was a partner in his capacity as karta of the huf was sealed and when on 26th march, 1986 ..... or thing represents either wholly or partly income or property which has not been or would not be disclosed for the purposes of indian it act, 1922 (11 of 1922), or this act, (hereinafter in this section referred to as the undisclosed income of property), then : (a) the director general or director or ..... or thing and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian it act, 1922 (11 of 1922), or under this act. (4a) where any books of account, other documents, money, bullion, jewellery or other valuable article or things are or ..... to be produced, any books of account or other documents which will be useful for, or relevant to any proceedings under the indian it act, 1922 (11 of 1922) or under this act, or (c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money .....

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