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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Page 9 of about 104 results (0.097 seconds)

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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Jun 22 1993 (TRI)

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD31(Mum.)

..... india, nepal or bhutan and yet further in relation to a branch situated in nepal or bhutan of any business carried on as a partnership firm or otherwise by indians, nepalese or bhutanese.16. [extract taken from pages 80 and 81 of the assessee's paper book (volume i), which, in ..... of the reserve bank of india. remittance from india to nepal is also permissible and is in accordance with the indian laws as per notification issued under the foreign exchange regulation act, which notification has been referred to above in the body of this order.24. now, if all the transactions ..... wholly in india." now coming to the nepal company, the same was incorporated under the nepal's companies act in december, 1970. the nepal company received rs. 25,76,000 in indian currency by way of advance from the assessee and this is said to be within the general permission granted ..... the section.keeping in view these detailed provisions, the board issued instructions for determination of the location of shares and stocks under the wealth-tax act by simply stating that they are located at the place where the company is incorporated.30. sterling industrial agencies p. ltd. was incorporated sometime ..... maharashtra, central administration department, bombay, that the assessee was to be registered as a citizen of india under section 5(1)(a) of the citizenship act, 1955, and vide this communique, the assessee was asked to renounce his present nationality by applying to the british mission in india/british high commission .....

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Sep 13 1995 (TRI)

Jhulelal Land Development Corpn. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)56ITD345(Mum.)

..... in this appeal relates to the assumption of jurisdiction by the cit.2. the brief facts giving rise to this appeal are these. assessee is a partnership firm which acquired development rights in a plot of land at dahisar, bombay, in the year 1979 for a consideration of rs. 17,34,000.however ..... high court in the case of cit v. kanda rice mills [ 1989] 178 itr 446. besides this, he also relied upon the various decisions of the tribunal reported as indian aluminium co. ltd. v. cit [1994] 50 ttj (cal.) 281, mittal cotton factory v. ito [1983] 15 ttj (chd.) 64, mewar chemical products ltd. v ..... case it is not the case of the revenue that assessing officer had failed to apply his mind to any of the relevant provisions of the it act.the learned sr. departmental representative also relied heavily on the decision of the tribunal ahmedabad bench in the case reported as binoy k. varma s ..... order of the income-tax officer, issued a direction for making assessment afresh, which was not permissible under the provisions contained in section 263 of the act. the commissioner had to come to a firm decision that the order of the income-tax officer was erroneous and was prejudicial to the interests of ..... appeal is very limited i.e., whether on the facts of the case, the cit was justified in invoking the revisionary jurisdiction under section 263 of the act. it is well established by now that before invoking such jurisdiction, two conditions must be fulfilled viz. (i) that-the order of the assessing officer .....

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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 11 1983 (TRI)

Hindustan Hosiery Industries Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)5ITD349(Mum.)

..... dated 21-9-1981 of the commissioner (appeals), relating to the assessment year 1979-80, the previous year of which ended on 31-12-1978.2. the assessee is a partnership firm deriving income from business in the manufacture and sale of hosiery goods. the only dispute in this appeal states that the commissioner (appeals) erred in law in not allowing ..... the decision in the case of travancore titanium product ltd. (supra). it is true that the said decision has later been overruled by the supreme court in the case of indian aluminium co. ltd. v. cit [1972] 84 itr 735, but, as rightly pointed out by shri g. krishnan, the principles laid down in the case of travancore titanium product ltd ..... that the learned commissioner (appeals) was bound by the decision of the tribunal, which was a higher forum in the hierarchy of the appellate authorities under the income-tax act, 1961 ('the act').he referred, in this connection, to the decision of the supreme court in the case of cwt v. aluminium corporation of india ltd. [1972] 85 itr 167, in which ..... business was income earned while actively participating in the activities of the firm (sic). in that case, the expenditure has been allowed by the revenue under section 37 of the act in the case of the firm itself, which fact proved that the expense was considered by the department as wholly and exclusively incurred for the purpose of the business and .....

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Nov 11 1983 (TRI)

Voras Exclusive Tools (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)7ITD620(Mum.)

..... ship, machinery or plant installed after the 31st day of december, 1957, in any assessment year under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922) and subsequently- (i) at any time before the expiry of eight years from the end of the previous year in which ..... of the appellate authority were in the context of the powers of revision of the commissioner under section 33b of the indian income-tax act, 1922 ('the 1922 act') and section 263 of the 1961 act, which will not be applicable to the issue of rectification or amendment of the assessment orders, as laid down under ..... wherein it was claimed before their lordships of the hon'ble supreme court that since the buses were sold by the limited company to a partnership firm constituted by the shareholders of the company, it is not a sale or transfer as contemplated by section 10(2)(vib) of the 1922 ..... the previous year in which it was acquired or installed, any allowance made under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922), in respect of that ship, machinery or plant shall be deemed to have been wrongly made for the purposes of this ..... to section 34(3)(b) of the 1961 act under consideration here] and their lordships laid down that they were not concerned whether there was any profit resulting from the transaction but whether there was a sale or transfer by the company to the partnership and, therefore, the provisions of section 10(2)(vi-b) .....

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Mar 30 1992 (TRI)

R.M. Enterprises, Mittal Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... articles or things specified in the list in the fifth schedule or the business of any hotel where such business is carried on by an indian company and the hotel is for the time being approved in this behalf by the central government." 26. again it will be seen ..... in the other cases, it is only 1984-85.all the assessees are partnership concerns and are carrying on, inter alia, building construction activity.6. the income-tax officer rejected the claim made under section 80-i of the act on the ground that the activities of the assessee " do not fall ..... , the aforesaid question, though couched in general terms, has to be restricted to the provisions of section 80-i of the income-tax act, 1961 ("the act").4. the common issue raised in these appeals is whether the assessees, engaged in the construction of buildings, would be entitled to deduction ..... established industrial undertakings in backward areas. here, the expressions used are " industrial undertaking " and " manufacture or produce articles ". (g) section 80hha of the act deals with deduction in respect of profits and gains from newly established small-scale industrial undertakings. here also, the expression used is " manufacture or produce articles ". ..... dividends (including dividends on preference shares) within india, but does not apply to any indian company referred to in clause (a), or to any other company referred to in clause (b), if such indian or other company is a company referred to in section 108 and its total income as .....

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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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