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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1990 Page 1 of about 5 results (0.097 seconds)

Dec 31 1990 (TRI)

Central Cloth Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-31-1990

Reported in : (1991)37ITD1(Mum.)

..... .e., the shares are not specified but left to imagination, hence it cannot be said on those facts that there was a firm or a partnership in the eyes of law as stood defined in the indian partnership act, 1932 and for income-tax purposes.to the same effect is the decision of the punjab high court (as it then was). it is reported ..... be carried forward/accumulated to be distributed in such manner/in such proportion/at such time as the parties to the deed of partnership may decide upon from time to time.6. under section 4 of the indian partnership act, 1932, 'partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... : - the stand of the assessee is that the assessee meets the requirements of law in terms of the definitions in the income-tax act, 1961 and the indian partnership act, 1932 vis-a-vis the definitions of 'firm', 'partners' and 'partnership'. the stand of the revenue is that charge of tax, qua the assessees have to be under section 167a inasmuch as shares of the ..... lack of precision in the language to express and in that case it will be subject to the provisions of the indian partnership act, 1932 but when the uncertainty is in terms of clear expression, then the replationship cannot be termed as partnership. in the case of the assessees-appellants, a part of the profits - a very negligible part of the profit - is to .....

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Dec 27 1990 (TRI)

Ceat International S.A. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-27-1990

Reported in : (1991)36ITD603(Mum.)

..... contributed diverse amounts to make up the amount of rs. 25,000 contributed in his name to the partnership firm to share the profit or loss in proportion to their individual contribution. on these facts, the bombay high court held that even in the ..... cit [1959] 36 itr 18 (bom.). here, what had happened was that the assessee had contributed rs. 25,000 out of the capital of the partnership ofrs. 3,45,000. he was a partner in a firm consisting of 16 partners and there was an agreement between himself and four others who had ..... the year ended 31-12-1982. during this previous year, the appellant sold 58,776 shares of ceat tyres of india (hereinafter referred as "the indian company") to indian residents mr.h.v. goenka and mr. s. goenka. these shares were sold at the rate of rs. 204 per share for a total ..... the foreign company was effected by the appellant company in foreign currency because the appellant was a foreign company and was in effect the promoter of the indian company. shri bansi mehta then referred to certain observations on international accounting standard from out of a book called 'compendium of statements & standard' published ..... cit(a) on the ground that there was no provision in the act which would justify such conversion. the cit(a) also held that the provisions of rule 115 were not attracted, that the income had accrued to the appellant in indian rupees and not in foreign currency and, that therefore, the computation .....

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Nov 15 1990 (TRI)

Patsons Properties (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-15-1990

Reported in : (1991)37ITD115(Mum.)

..... relate is situate in a district in which, and if they have been executed on or after the date on which act no. xvi of 1864, or the indian registration act, 1866, or the indian registration act, 1871, or the indian registration act, 1877, or this act came or comes into force, namely :- (b) other non-testamentary instruments which purport or operate to create, declare, assign, limit or ..... relate is situate in a district in which, and if they have been executed on or after the date on which, act no. xvi of 1864, or the indian registration act, 1866, or the indian registration act, 1871, or the indian registration act, 1877, or this act came or comes into force, namely:- (d) leases of immovable property from year to year, or for any term exceeding one ..... the assessee-company was incorporated on 20-10-1982, soon thereafter an agreement to acquire, what was popularly known as the ownership rights, was signed two days later with the partnership firm and immediately thereafter another agreement was entered into for a long lease of 98 years and a sum of rs. 44 lakhs was received in the garb of advance ..... order is to the following effect:- the facts of the case are that the appellant company vide an agreement dated 22-10-1982 with m/s diamond construction company, a partnership builders firm, acquired 'ownership rights' in a property in the building known as 'diamond link' situated at bandra for a consideration of rs. 3,50,000. simultaneously the appellant, after .....

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Aug 13 1990 (TRI)

Jimmy S. Lawyer Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-13-1990

Reported in : (1991)39ITD33(Mum.)

..... by a deed dated 3-12-1971 put forth an investment along with others as stock-in-trade with the sole object of converting the said partnership into a private limited company at a later date. on 3rd december, 1971 the shares which were contributed between the partners were transferred to a ..... of shares is registered in accordance with the provisions contained in the indian companies act, the concerned company would not recognize the transferee as the owner of the shares. this provision does not mean that sale of the shares, become ..... with the provisions as contained in the aforesaid section.we are unable to accept the assessee's plea on this score. section 108 of the indian companies act relates to the registration of the transferred shares with the company, whose shares are the subject of transfer. it is true that unless the transfer ..... legally accrued to the assresee. in that action reference has been made to section 108 and sub-sections (1 a) and (lb) of the indian companies act. it was argued for the assessee that every instrument of transfer of shares has to be in the prescribed form and any other form of transfer ..... transfer of shares was registered with the company, whose shares were the subject of transfer, but even if the transfer of shares as per the indian companies act were registered on a date subsequent to the assessment year in question, that fact in our opinion, will have no bearing on the present case, .....

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Feb 08 1990 (TRI)

Oudh Sugar Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-08-1990

Reported in : (1990)35ITD76(Mum.)

..... on what they regard as "the substance of the transaction". the supreme court held that the company is a legal entity distinct from the partnership. in the light of these crucial pronouncements, it is very difficult to hold on the basis of facts of the present case, that there ..... aoil has been filed before us and is on record. the appellant herein, oudh sugar mills ltd., was incorporated under the provisions of the indian companies act and had its registered office at industry house, bombay. this company had sugar factories, oil mills, solvent extraction plant in uttar pradesh and ..... supra), the supreme court was considering the interpretation of the term 'sale' for the purpose of section l0(2)(vii) of the indian income-tax act, 1922. the supreme court observed at page 696 of the report as under :- the definition of 'exchange' in section 118 of the transfer of ..... has been any sale of assets in the arrangement arrived at between the assessee-company and the aoil. now, section 394 of the companies act, which was cited before us and with reference to which certain arguments were addressed, reads as under :- section 394. provisions for facilitating reconstruction and ..... was transferred. raising the question whether this type of allotment was a normal mode of transfer, shri toprani referred to section 63 of the i.t. act which dealt with the definition of "transfer" and "revocable transfer".clause (b) of this section provides that "transfer" includes any settlement, trust, .....

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