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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 8 of about 104 results (0.062 seconds)

Nov 29 2005 (TRI)

Mrs. Prema P. Shah and Sanjiv P. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD60(Mum.)

..... of cit v. m.k. chandrakanth , held that the benefit of investment under section 54 is available in the case of partner of a partnership firm. learned counsel further submitted, all these issues consider the purchase and ownership in substance and if one applies the test laid down by the hon ..... corporation v. asst. cit [2002] 81 itd 545 (bom); and 18. learned counsel again objected the department's stand that the assessee being non-resident indian is governed by the provisions of chapter xii-a and hence, not entitled to benefit under section 54, is clearly unsustainable. he submitted, the provisions of ..... provision for computation of total income of non-residents. as per section 115d(2)(a), in the case of an assessee, being a non-resident indian-(a) the gross total income consists only of investment income or income by way of long-term capital gains or both, no deduction shall be ..... , that the assessing officer and the commissioner of income-tax (appeals) were clearly wrong in denying the benefit of investment under section 54 of the act.21. replying to the above, the learned departmental representative submitted, the assessee has not utilised the gains he got out of the transaction. the cases ..... . hence the commissioner of income-tax (appeals) held, the assessee being a non-resident indian, is not entitled to any deduction in respect of expenditure or allowance under the provisions of the income-tax act and if the income of the non-resident consists only of investment income or income by .....

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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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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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Jul 20 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Bachhraj and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD174(Mum.)

..... by one company from another company and hence it could not include the case of appellant which has not received dividend from a company but as a share in partnership. reliance is also placed on the ratio of the decision of supreme court in (1972) 83 itr 170 (sc)." 3. the assessee-company is a ..... the assessee is a partner.4. the learned departmental representative on the other hand pleaded that the decision of the hon'ble calcutta high court in the case of indian iron & steel co. ltd. (supra) related to a company which is a beneficiary under the terms of a trust deed and because of the concept of ..... its partners under the provisions of s. 67. an interpretation that makes the section unworkable in practice should, to our mind, be avoided.further, in the context of the it act, a firm is a separate taxable entity, as held by the apex court in the case of y. narayana chetty & anr. vs. ito & ors. (1959) 35 ..... is available under the provisions of s. 80l and an amendment by way of the insertion of an explanation has been effected by the taxation laws (amendment) act, 1984 with retrospective effect from 1st april, 1976 which denied the deduction under s. 80l to an assessee in respect of the specified income derived by a ..... the asst. yr.1984-85 inasmuch as it was held that this decision is not applicable in view of the provisions of s. 67(2) of the it act as it stood during the relevant time, according to which the share of a partner in the income or loss of the firm shall be apportioned under .....

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Jan 19 1985 (TRI)

inspecting Assistant Vs. Dorr Oliver (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)13ITD229(Mum.)

..... the supreme court's ruling in ashokbhai chimanbhai's case (supra) is not really decisive on the point at issue. that was a case of a partnership and the right to receive the share of profits of the firm arose only on the settlement of accounts, i.e., at the end of the accounting ..... a non-resident company and in its branch, the entire income of the assessee-company, whether received in india or abroad, was subject to the indian income-tax act, because the income flowed entirely out of the activities of the company's branch at bombay and the assessee-company had no income other than ..... a non-resident earned only in dollars and not in rupees and, therefore, the real income should be the dollars actually earned by it and converted into indian rupees, at the rate of exchange on the last day of accounting period.8. the arguments advanced before us in the instant case are, more or less ..... that various cases have arisen before the tribunal, in which capital gains had to be taxed in the hands of the non-residents on the sale of indian shares. the stock argument advanced and which found acceptance with the tribunal in those cases, was that the assessee was a non-resident and kept its ..... assessee being a non-resident company, it received its income abroad in dollars and, therefore, the dollars earned by it would have to be converted into indian rupees on the last day of the accounting period.the contention of the learned counsel for the assessee is the same as found favour with the commissioner .....

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Nov 11 1986 (TRI)

Hypo-phosphite and Co Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)20ITD638(Mum.)

..... 14-8-1969 stands dissolved with effect from 12-1-1974. a provision is also made in clause 3 for giving notice of dissolution of the said partnership in indian express. clause 9 reads as under: 9. the assignor doth hereby covenant with the assignee that he will sign and execute all papers and documents as ..... be submitted before the expiry of the time granted under section 139 of the act for furnishing the return of income. in this case, the assessee had been extremely negligent both in the matter of filing the return of income as well ..... commissioner (appeals) came to the conclusion that the appellant was not entitled to registration for the year under appeal and that in order to get registration under the act the firm has to comply strictly with all the requirements of law. according to the provisions of section 184(7), declaration in form no. 12 had to ..... by their order dated 9-9-1974, the high court appointed a court receiver with a direction to appoint shri m.c. shah and other partners to act as his agent for conducting the business of the firm until the final disposal of the suit. on 1-9-1975 a settlement was reached between the partners ..... (apparently wrongly mentioned as 1976-77 in the assessment order by the ito). since no return was forthcoming, a notice under section 142(1) of the act was issued again on 3-3-1978. in response to this notice return of income was filed on 13-3-1978. it appears that this return was .....

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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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Apr 24 2002 (TRI)

Raymond Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD791(Mum.)

..... for services for the private use of the individual or individuals making the payment; or (e) to an employee of the person making the payments or to any individual or partnership for professional services as defined in article 15 (independent personal services) of this convention." the definition of "technical services" in article 13.4 of the earlier dtaa agreement with ..... investors already existed and, therefore, the question of any sale of the gdrs to the managers could not possibly have been in contemplation. the presence of dsp financial consultants, an indian company, it was finally argued, 'exploded" the "purchase and resale" theory. dsp was registered as a merchant banker of category-i under regulation 3(2)(a)(i) of ..... package". (3) the services rendered by the lead managers/managers in connection with the gdr issue fall within the definition of "technical services" under section 9(1)(vii) of the it act, 1961, r/w expln. 2 thereto. those services are "managerial" or "consultancy" services. the management commission and selling concession/commission are, therefore, income of the lead managers/managers ..... written by them to the assessee-company accepting their appointment. the letter lists out the various services contemplated by the parties. these are as under : (a) merrill lynch will act as lead managers, book runners and underwriters for the offering; (b) the prospectus is to be prepared by the lead managers together with the assessee-company to international investor standards .....

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