Skip to content


Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1984 Page 1 of about 6 results (0.055 seconds)

May 31 1984 (TRI)

D.M. Ghia Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-31-1984

Reported in : (1984)10ITD163(Mum.)

..... been drawings by a partner beyond the credits, it has to be treated as borrowals only. he relies on section 11 of the indian partnership act, 1932 and clause 9 of the partnership deed. now the issue is not, for the present, whether this represents borrowal or not. the issue is : from where the ..... the decision cited, therefore, need not be considered in detail.24. shri doshi has also made a reference to section 11 of the partnership act. this section merely states that the partners may determine their rights and duties for contract. this is also not very relevant. neither is clause 9 ..... observed : ...here the first thing that we must grasp is that a firm is not a legal person even though it has some attributes of personality. partnership is a certain relation between persons, the product of agreement to share the profits of a business. 'firm' is a collective noun, a compendious expression ..... has been treated somewhat like a current account. his income receipts are credited in that account. so too his drawings and payment of taxes. the partnership deed did not stipulate that partners would be debited with interest.nevertheless, interest has been charged on the debit balances. the accounting years are the ..... would be how the receipts which are credited to his account is to be treated we are of the opinion that section 60 of the indian contract act, 1872, containing the rules of appropriation would be applicable. this section says that where the debtor has omitted to intimate and there are no .....

Tag this Judgment!

May 11 1984 (TRI)

Pramod Kumar K. Bussa Vs. Addl. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-11-1984

Reported in : (1984)10ITD77(Mum.)

..... capital receipt because it relates to the assessee's share in the goodwill of the firm, which is a capital asset vide section 14 of the indian partnership act, 1932. hence, we find that the facts in the case of gangadhar baijnath (supra) were entirely different and so the ratio of the said ..... the different heads. the assessee-firm continued to carry on business even after surrendering the aforesaid rights to the surviving partners of the aforesaid oral partnership. that was really a case of cancellation of a contract which had been entered into in the ordinary course of business. any compensation received for ..... huf.it was a partner in the firm styled rajesh dye-chem. as per the deed dated 28-4-1977, the assessee retired from the aforesaid partnership and received a total sum of rs. 1,95,873.62. this deed of retirement clearly states that a sum of rs. 10,000 was ..... the other transferred assets as gifts. further, the court was concerned in that case with the interpretation of section 5(1)(xiv) of the gift-tax act, 1958. the facts of the instant case are quite different. similarly, in the case of tribhuvandas g. patel (supra), the assessee was a partner ..... another firm, to carry on the said selling agency and managing agency business. no partnership deed was executed. the partnership was, therefore, terminable at will. the three partners of the assessee-firm retired from the said oral partnership and received a certain sum as compensation. the supreme court found that the payment was .....

Tag this Judgment!

Dec 27 1984 (TRI)

income-tax Officer Vs. M.L. Apte

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-27-1984

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 .....

Tag this Judgment!

Mar 12 1984 (TRI)

inspecting Assistant Vs. Indian Lime Corpn.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-12-1984

Reported in : (1984)8ITD908(Mum.)

..... be called as remuneration to the partner. we are satisfied that it is merely reimbursement of the expenses incurred in running the business of the partnership firm. as such, we do not find any reason justifying any interference with the decision of commissioner (appeals).9. the second dispute in ..... was engaged by the limited company who naturally used to make the salary payments. the limited company used to allot for the purposes of partnership different staff members and the entire expenditure incurred by the limited company in respect of such staff members used to be reimbursed by the firm ..... per cent share and the other two are ladies, mrs. chandravati d. ghorpade and mrs.shivamala urs, each with 20 per cent share each. the partnership agreement is dated 24-6-1965. the recital of the agreement states that mrs. chandravati d. ghorpade and mrs. shivamala urs were parties of the ..... ) ltd. from 1947. from 1962, sapulchre bros. (india) ltd. acted as the agent of mysore company (1961) as recited in the partnership deed being at pages 1-7 of compilation no. ii. from 1965, mysore company (1981) was dissolved and indian lime corporation was formed in which sapulchre bros. (india) ltd. became a ..... was carried on by the parties of the first and second parts in partnership with one mr. christopher george beard under the name and style of the mysore company (1961). the mysore company (1961) had certain arrangements with indian oxygen ltd., the terms of which were recorded by an agreement dated 20 .....

Tag this Judgment!

Mar 07 1984 (TRI)

Khimji Vijpar Chheda Vs. Fourth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-07-1984

Reported in : (1984)9ITD389(Mum.)

..... the assessee was entitled to a fixed salary of rs. 1,000 per month from m + one-fourth share of the profit earned by m from a partnership business in which he was a partner. it was held that this income was salary income of the assessee. another case relied upon is cit v. i. ..... reference we consider it proper to reproduce here. articles of agreement made at bombay on the 17th day of november, 1972, between r. ratilal and company, a partnership at 111, mahatma gandhi road, bombay-1 (hereinafter called 'the principals') of the one part and shri khimji vijpar chheda, hindu inhabitant of bombay (hereinafter called ..... parties hereto in relation to this agreement or anything to be done by virtue of these presents, shall be referred to arbitration under the provisions of the indian arbitration act, 1940, or any other statutory modification or re-enactment thereof for the time being in force. the award made by the arbitrator or the umpire, ..... 1st samvat year 2029. and whereas the parties have agreed to record the terms and conditions on which the joint managers have been acting as such joint managers of the principals, now it is hereby agreed by and between the parties hereto as follows: 1. the joint managers shall ..... act as the joint managers of the principals for the commission agency department of the principals and shall perform the duties and exercise the powers .....

Tag this Judgment!

Mar 24 1984 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-24-1984

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 .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //