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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1985 Page 1 of about 5 results (0.067 seconds)

Dec 20 1985 (TRI)

D.N. Dastur and Co. Vs. Eleventh Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-20-1985

Reported in : (1986)16ITD499(Mum.)

..... instant case before us is whether there is a firm which could be said to be by an agreement under the indian partnership act, 1932. 'partnership' as defined by section 4 of the indian partnership act, means the relationship between persons who have agreed to share the profits of a business carried by all or any ..... of them acting for all. therefore, according to the definition, the requirements of a partnership are : (c) the business must be carried on by ..... their lordsdips of the supreme court had enunciated the requirements of a partnership as under : 8. in k.d. kamath & co.'s case (supra), the supreme court held that the legal requirements, under section 4 of the partnership act to constitute a partnership in law, are : (i) there must be an agreement ..... to share the profits or losses of the business; (ii) the business must be carried on by all the partners or any of them acting for all; and (iii) there ..... carry on practice and profession as chartered accountants, income-lax and sales tax consultants and management advisers. 4. the practice or profession of the partnership shall be carried on in premises nos. 140 and 144 on the 5th floor of the new stock exchange building at dalai street, bombay-400023 .....

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Feb 26 1985 (TRI)

income-tax Officer Vs. Smt. Vijayalaxmi N. Mafatlal

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-26-1985

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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Jun 13 1985 (TRI)

Kantilal and Sons Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-13-1985

Reported in : (1985)14ITD388(Mum.)

..... of the deed of retirement. this charge is secured on the income, stock-in-trade, cash balance and other tangible movable assets of the partnership. these clauses also create an enforceable legal obligation against the appellant-firm consisting of the continuing partners and in favour of the retiring partner. this ..... . 6. it is hereby agreed between the parties that the income, stock-in-trade, cash balance and other tangible movable assets of the partnership shall remain charged for securing the performance of the above obligation of the continuing partners to make the annual payment to the retiring partner.it is ..... clearly established that there was no diversion of income by an overriding title. he pointed out that the appellant-firm was not a partnership between strangers, but a partnership between a father, his sons and daughter-in-law. according to shri raju, there was no charge created in favour of the retiring ..... that during the relevant period, he was 21 years old. the commissioner (appeals) further found that shri deepak k. doshi went out of the partnership because he wanted to enrole himself as an articled clerk for qualifying as a chartered accountant. having regard to these facts, namely, shri deepak k. ..... arise on that property or fund. section 100 of the transfer of property act is no doubt limited to charges in immovable property only but it is not exhaustive of the nature of charges contemplated in indian law as can be seen from a number of decisions in which charges have .....

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Apr 30 1985 (TRI)

income-tax Officer Vs. V.S. Chabbra

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-30-1985

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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Jan 19 1985 (TRI)

inspecting Assistant Vs. Dorr Oliver (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-19-1985

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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