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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1997 Page 1 of about 4 results (0.055 seconds)

Feb 18 1997 (TRI)

international Computers India Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-18-1997

Reported in : (1997)63ITD195(Mum.)

..... are entitled to 25 per cent share each of the profits in the appellant firm and periwal and co. (p.) ltd. has 50 per cent share of profit. under the indian partnership act, 1932, the partnership firm registered thereunder is neither a person nor a legal entity. it is merely a collective name for the individual members of the ..... 25 per cent and periwal and co. has the remaining 50 per cent share in the profits of the newly constituted partnership, messrs mahabir cold storage, at purnea. the new partnership also obtained registration under the indian income-tax filed voluntary returns and it was separately assessed for the assessment year 1960-61 and the assessment year 1959-60 ..... the facts and circumstances of the case, the order of the tribunal holding that the conditions under section 33(1) of the income-tax act are satisfied, is legal and proper ?" the appellant-assessee is a registered partnership firm under a deed executed and registered on november 10, 1958, between prayagchand periwal and hanumanmal periwal and messrs periwal and co. p. ltd ..... .acquisition of ownership is a condition precedent for availing of the development rebate under section 33(1) of the act. it is now fairly clear from the statement of facts that the old and the new partnership firms are separately registered under the act and the old one was doing its business at calcutta and the new one at purnea. they have been .....

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May 16 1997 (TRI)

Sunder Agencies Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-16-1997

..... admissible under the indian evidence act, for the purpose of making an order of assessment. court often takes judicial notice of certain facts which need not be proved, while administrative and quasi-judicial authorities can take ..... arrested sense so as to be either oral or documentary evidence, or both. while the word 'evidence' may recall the oral and documentary evidence as may be admissible under the indian evidence act, the use of the word 'material' in section 143(3) shows that the assessing officer not being a court, can rely upon material, which may not strictly be evidence ..... 132 of the act was conducted at the business premises of the assessee. among other things ..... (hereinafter referred to as 'act') and pertains to the block period commencing from 1-4-1985 to 16-11-1995.2. briefly the facts : the assessee is a partnership firm. it is a member of dayaramani group of ulhasnagar. it is engaged in the business of indian made foreign liquor, beer, wines, etc. on 16-11-1995, search and seizure action under section .....

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Mar 31 1997 (TRI)

Assistant Commissioner of Vs. Gajiani and Kudia Family Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-31-1997

Reported in : (1997)63ITD20(Mum.)

..... pages 6 to 35 of the paper compilation. clause 8(f) of the deed gives power to the trustees to do business either on their own or in partnership with any firm or firms. we are concerned with the sub-letting of flat no. 4 (admeasuring 1472.47 sq. ft.), 2nd floor, rabro house, ..... the assessee.the very definition of the word 'trust' would negate the plea of the departmental representative because "trust" is defined in section 3 of the indian trusts act, as an obligation annexed to the ownership of property and arising out of a confidence reposed in, and accepted by, the owner or declared and accepted ..... a speculative business for which there should be more than one speculative transaction carried on by the assessee, as per explanation 2 to section 28 of the act. in the instant case, as there was only one isolated transaction, the finding of the tribunal that it is loss in business and not in speculative ..... taxing the income of the trust does not arise. under the circumstances, the assessing officer applied the provisions of section 161(1a) of the income-tax act and he charged the maximum marginal rate also.therefore, he included a sum of rs. 74,213 which represents 1096 of the interest on the deposit of ..... assessment was set aside by the cit, bombay city-v, bombay, by his order dated 23-2-1988 passed under section 263 of the income-tax act.under the said orders, the assessment was re-opened with a direction to the assessing officer to see the applicability of section 161(1a) and charge tax .....

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Jul 24 1997 (TRI)

Nirmal Udyog Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-24-1997

Reported in : (1998)65ITD73(Mum.)

..... disclosure of rs. 20 lakhs. he also highlighted the fact that the group carried on various activities either individually, through the medium of hufs or partnership, including building activities, import of chemicals and selling them in black market, financing builders, trading in cotton, sale of properties where on money transactions ..... 600 in cash were found in the bedroom of the appellant. none of these items were seized. on the same date the business premises of partnership firm at of which the assessee was a partner in his capacity as karta of the huf was sealed and when on 26th march, 1986 ..... or thing represents either wholly or partly income or property which has not been or would not be disclosed for the purposes of indian it act, 1922 (11 of 1922), or this act, (hereinafter in this section referred to as the undisclosed income of property), then : (a) the director general or director or ..... or thing and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian it act, 1922 (11 of 1922), or under this act. (4a) where any books of account, other documents, money, bullion, jewellery or other valuable article or things are or ..... to be produced, any books of account or other documents which will be useful for, or relevant to any proceedings under the indian it act, 1922 (11 of 1922) or under this act, or (c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money .....

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