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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1993 Page 1 of about 4 results (0.072 seconds)

Jun 22 1993 (TRI)

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-22-1993

Reported in : (1993)46ITD31(Mum.)

..... india, nepal or bhutan and yet further in relation to a branch situated in nepal or bhutan of any business carried on as a partnership firm or otherwise by indians, nepalese or bhutanese.16. [extract taken from pages 80 and 81 of the assessee's paper book (volume i), which, in ..... of the reserve bank of india. remittance from india to nepal is also permissible and is in accordance with the indian laws as per notification issued under the foreign exchange regulation act, which notification has been referred to above in the body of this order.24. now, if all the transactions ..... wholly in india." now coming to the nepal company, the same was incorporated under the nepal's companies act in december, 1970. the nepal company received rs. 25,76,000 in indian currency by way of advance from the assessee and this is said to be within the general permission granted ..... the section.keeping in view these detailed provisions, the board issued instructions for determination of the location of shares and stocks under the wealth-tax act by simply stating that they are located at the place where the company is incorporated.30. sterling industrial agencies p. ltd. was incorporated sometime ..... maharashtra, central administration department, bombay, that the assessee was to be registered as a citizen of india under section 5(1)(a) of the citizenship act, 1955, and vide this communique, the assessee was asked to renounce his present nationality by applying to the british mission in india/british high commission .....

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Feb 25 1993 (TRI)

Assistant Commissioner of Vs. Premodyan (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-25-1993

Reported in : (1993)45ITD406(Mum.)

..... decision of the calcutta high court in the case of cit v. indian iron & steel co. ltd. [1985] 156 itr 314, where 80m deduction was allowed to a beneficiary of a trust. in any case, he submitted, the partnership not being a legal entity but a compendious name of the partners, the ..... the learned departmental representative and also not seriously disputed by the learned counsel for the assessee. in these circumstances, the deduction under section 80m of the act would be available @ 60 per cent on rs. 25,449 as against on rs. 91,100 allowed by the first appellate authority. the order of ..... to their lordships of the calcutta high court, the only condition which was required to be satisfied for claiming deduction under section 80m of the act was that its gross total income should include income by way of dividend from a domestic company. finding that the assessee's total income included ..... is entitled to inter-corporate dividend deduction or not. the condition precedent for granting deduction under section 80m of the act is that there should be income by way of dividend from a domestic company which, as aforesaid, has been satisfied in this case. reference ..... includes any income by way of dividend, in that situation, the assessee would be entitled to the benefit of deduction under section 80m of the act. the question whether the assessee-company is the owner of the shares from which dividend income is derived is immaterial for deciding whether the assessee .....

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Oct 11 1993 (TRI)

Padamshi Meghji Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-11-1993

Reported in : (1994)48ITD127(Mum.)

..... to be held by them equally in their capacity as hindu undivided family. after the death of hiralal, his sons formed themselves into a partnership as mentioned above and carried on the said business by taking over its assets and liabilities.during the time when hiralal was carrying on business ..... oil seeds, cotton canvas, tarpaulins, jute canvas, dyes, chemicals and any other business incidental thereto, in particular and such other allied business and the partnership firm may carry on any other business as may be agreed upon by all the partners from time to time. 5. that the parties hereto ..... concern of one hiralal padamshi who died on january 2, 1980. as per the will of the deceased, his proprietary business was converted into a partnership firm consisting of five partners. the firm received central excise refund of rs. 70,649 in respect of exports effected in samvat years 2035 and ..... 82,402 as customs duty drawback, rs. 2,36,568 as handloom export council incentives and rs. 2,83,627 as cash incentives from the indian cotton mills' federation. we are supported in this finding by a decision of the special bench of the tribunal reported in 25 itd 193, ..... act, which provided for the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession is includible as the income of the assessee under the head "profits and gains of business or profession".16. the assessee is a registered firm constituted under a deed of partnership .....

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Nov 30 1993 (TRI)

V.N. Cantol Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-30-1993

Reported in : (1994)50ITD386(Mum.)

..... this case there was a professional misconduct on the part of the deceased member in holding himself as a partner of the firm and doing business in partnership's name, when in fact he was not a member. there was another highly speculative irregular dealing conducted by the deceased in the name of another ..... appendix c to these rules. rule 17 deals with conditions of eligibility. it states that any person who is not less than 21 years and an indian citizen can be elected as a member. it further states that in suitable cases regarding the nationality of a member can be relaxed with the prior ..... the personal right or interest of the member therein be recognised by the exchange. the governing board shall expel any member of the exchange who acts or attempts to act in violation of the provisions of this rule. rule 7 deals with right of nomination. this right of nomination is subject to the provisions of ..... had been claimed as an exempt asset. the claim of the assessee was rejected holding that the stock exchange card is a property under the wealth-tax act and added the value of the asset.3. in appeal before the cwt (appeals), the assessee contended that the membership of the stock exchange is ..... exchange is a personal right and cannot be treated as 'property' or 'asset' within the meaning of section 2(e) of the wt act. section 2(e) of the wt act defines asset. it states that the assets includes property or every description movable or immovable. then it further states what does not include. .....

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