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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1992 Page 1 of about 4 results (0.169 seconds)

Nov 30 1992 (TRI)

income-tax Officer Vs. Subhash Metal Indl.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-30-1992

Reported in : (1993)44ITD677(Mum.)

..... a legal concept of relationship just as other relationship subsists under the law. the relationship of the partners is governed by the indian partnership act, 1932, similarly the relationship which exist pursuant to the creation of trust is governed by the indian trust act, 1882.10. in explaining the concept of 'individual' it is, sine qua non, to indicate the essence of the object reflected ..... concept of trust. it transpires from the perusal of precedents available on the point that the courts have adopted the contextual meaning. while dealing with the term under the indian income-tax act, 1922 jogendra nath naskar v. cat [1969] 74 itr 33 (sc) apex court held that the term 'individual is wide enough to include a group of persons forming a ..... , it means "not divisible without loss of identity: subsisting as one: pertaining to one only or to each one separately of a group single, separate....section 3 of the indian trust act, 1882 defines trust as an obligation annexed to the ownership of property, and arising out of confidence reposed in and accepted by the owner, or declared and accepted by him ..... definition is not exhaustive. it is only enumerative. we for the present are concerned with the meaning of the word "person responsible for paying". this word is defined in the act itself and according to the definition given, the payer himself is person responsible for paying. without dragging the matter into the labyrinth of precedents we simply enquire who is the .....

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Nov 26 1992 (TRI)

Burlingtons' Exports Vs. Assistant Commissioner Of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-26-1992

Reported in : (1993)45ITD424(Mum.)

..... him, showed that she was introduced only to avoid the application of the provisions of section 45(4) of the act. he further observed that for income-tax purposes, the partnership of husband and wife is of no benefit but, in spite of that, the assessee was prepared to pay the ..... submitted that the bombay high court decisions relied upon by the learned counsel were concerning the indian income-tax act, 1922 and, therefore, have no application to the provisions of section 3 of the income-tax act, 1961.on valuation, he supported the orders of the departmental authorities and submitted that if ..... the first time by the income-tax and excess profits tax (amendment) act, 1947, which inserted section 12b in the act. it taxed 'capital gains' arising after the 31st march, 1946 and the levy was virtually abolished by the indian finance act, 1949, which confined the operation of the section to'capital gains' arising ..... before the lstapril, 1948. the finance (no. 3) act, 1956(77 of 1956) re-introduced the section in wider terms so as to ..... . in distribution, no consideration is involved and the partners have to share the withdrawal in their prescribed sharing ratio, agreed to in the partnership deed. we agree with the learned counsel for the assessee that the withdrawal of these properties on 7-10-1986 by the two occupant- .....

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Mar 30 1992 (TRI)

R.M. Enterprises, Mittal Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-30-1992

..... articles or things specified in the list in the fifth schedule or the business of any hotel where such business is carried on by an indian company and the hotel is for the time being approved in this behalf by the central government." 26. again it will be seen ..... in the other cases, it is only 1984-85.all the assessees are partnership concerns and are carrying on, inter alia, building construction activity.6. the income-tax officer rejected the claim made under section 80-i of the act on the ground that the activities of the assessee " do not fall ..... , the aforesaid question, though couched in general terms, has to be restricted to the provisions of section 80-i of the income-tax act, 1961 ("the act").4. the common issue raised in these appeals is whether the assessees, engaged in the construction of buildings, would be entitled to deduction ..... established industrial undertakings in backward areas. here, the expressions used are " industrial undertaking " and " manufacture or produce articles ". (g) section 80hha of the act deals with deduction in respect of profits and gains from newly established small-scale industrial undertakings. here also, the expression used is " manufacture or produce articles ". ..... dividends (including dividends on preference shares) within india, but does not apply to any indian company referred to in clause (a), or to any other company referred to in clause (b), if such indian or other company is a company referred to in section 108 and its total income as .....

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Apr 24 1992 (TRI)

JatIn (Alias Rajesh) Khanna Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-24-1992

Reported in : (1993)45ITD448(Mum.)

..... lacs was paid balaji pictures was not to release the picture for exploitation in any part of india.m/s. shaktl raj film distributors (srfd) is a partnership concern in which the assessee and shri shaktl samant were partners. srfd by an agreement dated 5-9-1977 with balaji pictures (bp) became the distributors of ..... statute for encouraging an assessee to indulge in this kind of fun of filing within a statutory period a return and then claiming that the ito cannot act on it as it is time barred. he cannot hope to find in this provision any opportunity for the proverbial last laugh wherever else, as it some ..... ) subsequent to expiry of the time limit the question is whether it can be regarded as a return furnished under section 139(2) of the act. the act makes provision for the filing of a return even where the time allowed by a notice under section 139(2) had expired. under section 139(4) ..... -3-1983 is a revised return. this would depend upon whether the original return dated 19-6-1981 was a return under section 139(2) of the act. it is true that a return has to be furnished under section 139(1) or section 139(2) within the time limit therefor. where a return ..... challenged the action of the learned 1st appellate authority in confirming the order of the assessing officer having been passed within the period of limitation specified in the act.3. two alternative contentions have been taken up by shri k. shivram, learned counsel for the assessee in regard to the ground that the assessment has .....

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