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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1986 Page 1 of about 3 results (0.586 seconds)

Mar 14 1986 (TRI)

L.M.S. Tool Room Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-14-1986

Reported in : (1986)16ITD643(Mum.)

..... is mentioned as a party of the first part in the deed of partnership) is described in the opening portion of the said partnership deed as follows : shri narendra l. shah (acting as partner) for and on behalf of indian textile accessories co., the existing partnership concern registered under the indian partnership act, 1932.shri niranjan b. shah and shri surendra l. shah are the ..... persons who have signed the partnership deed for and on behalf of these two ..... companies, respectively. clause 7 which deals with profit and loss sharing ratio is as follows : 7. the profit and loss of the partnership ..... by the individual partner, the karta of the joint family, and by one partner each of the three firms. this deed of partnership was sought to be registered under section 26a of the indian income-tax act, 1922, the application being signed by the same five individuals. the supreme court held that no question could arise of the registration .....

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Jul 08 1986 (TRI)

Bakimchandra Laxmikant Vs. Ninth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-08-1986

Reported in : (1986)19ITD527(Mum.)

..... to be carried forward in pursuance of the said return. furthermore, the loss in the present case is the share of the assessee's loss in the partnership firm and taken in the assessment of the assessee as determined in firm's assessment. this loss, the assessee is entitled to carry forward for set off ..... original assessment should be allowed in reassessment. in view of these facts, the high court has held that provisions of section 34(1 )(a) of the indian income-tax act, 1922 were not intended for the benefit of the assessee but for the benefit of the revenue. in this view of the matter, the reduction of ..... is a partner in laxmikant & co., a registered firm. as no return was filed, the ito issued a notice under section 148 of the income-tax act, 1961 ('the act') which was served upon the assessee on 15-10-1981. a return thereupon was filed on 15-12-1982 declaring a loss of rs. 30,220. the ..... sub-section (2) of section 139, shall be served on the assessee before making the assessment, reassessment or recomputation under section 147 and the provisions of this act shall, so far as may be, apply accordingly as if the notice were a notice issued under that sub-section. it will be seen that section 148 ..... under this section containing all or any of the requirements which may be included in a notice under section 139(2) and that the provisions of the act, shall so far as may be, apply accordingly as if the notice under section 148 were a notice issued under section 139(2). this clearly shows .....

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Nov 11 1986 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-11-1986

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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