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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1983 Page 1 of about 4 results (0.056 seconds)

Feb 11 1983 (TRI)

Ramanlal I. Joshi Vs. Ninth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-11-1983

Reported in : (1983)4ITD364(Mum.)

..... or manufacture'. this definition of business does not specifically include profession but it is an inclusive definition.section 2(23) defines a 'partnership' as having the same meaning as assigned to it under the indian partnership act, 1932. section 4 of the indian partnership act, 1932 defines a firm to be a relationship between persons who have agreed to share the profits of a business carried on ..... by all or by some of them on behalf of all. one of the essential ingredients of a valid firm under the partnership act is that the firm should ..... one of the partners cannot appear before the income-tax authorities under suction 288 will not make the firm invalid in the eye of law. for the purpose of the partnership act, it is enough if a single partner is qualified to carry on the activity of the firm.the other partners can be financing partners or dormant partners. thus, we do ..... all the partners should be equally qualified technically to carry on the business or profession of the firm unless it is so required under any other act. his point was that under section 4 of the partnership act, 1932, it is not necessary that each and every partner should be technically qualified to carry on the business or profession of the firm. the .....

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May 11 1983 (TRI)

Hindustan Hosiery Industries Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-11-1983

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

Decided on : Nov-11-1983

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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Nov 19 1983 (TRI)

First Income-tax Officer Vs. C.B. Thadani

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-19-1983

Reported in : (1984)8ITD258(Mum.)

..... respect of restricting the allowance of depreciation on assets under section 3 8(2) of the act in proportion to the period of nine months when the business was taken over by a partnership firm with effect from 1-10-1977, it was submitted that the restriction is without any ..... rule is applicable to foreign travels only.3.2 in respect of the second ground concerning weighted deduction under section 35b of the income-tax act 1961 ('the act'), it would be consequential to ground no. 1.3.3 in respect of the third ground, it was submitted that as per the ..... payment of income-tax. section 7 of the 1976 act, talks of mode of recovery and sub-section (2) of section 7 ..... income-tax act, 1922, and also the 1961 act. section 5 talks of time for ..... act, ...to appreciate the slender point involved, we shall have to look at the vds. so doing, it appears that it has relation to the incomes and wealth which escaped tax under the act. section 3 of the voluntary disclosure of income and wealth act, 1976, ('the 1976 act'), talks of charge of income-tax on voluntarily disclosed income, chargeable to tax under the indian .....

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