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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 1999 Page 1 of about 6 results (0.053 seconds)

Feb 05 1999 (TRI)

Assistant Commissioner of Vs. Associated Builders

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-05-1999

Reported in : (2000)72ITD273(Mum.)

..... at the time of dissolution only when there is no agreement or contract between the partners to the contrary, which is also the position recognised sky section 48 of the indian partnership act. therefore our decision is applicable equally to capital assets as well as stack-in-trade, provided there is a contract between the partners to value them at the time of ..... revenue authorities to discard the same and seek to tax the profit on the notional footing of the market price. in this connection the provisions of section 48 of the indian partnership act were also relied upon as also the order of the madras bench of the tribunal in ito v. preetham pipe syndicate [1993] 44 itd 665. as regards the existence of ..... the partners, the market value can be adopted for assessment purposes. in n. muhammad ussain sahib's case (supra) the question arose under section 48 of the partnership act. now section 48 of the partnership act provides for the mode of settlement of accounts between partners upon dissolution. the section provides for certain rules which are expressly stated to be subject to agreement by ..... absence of an agreement between the partners to the contrary, they can be valued on the basis of the market value at the time of dissolution. section 48 of the partnership act in fact clarifies or makes the position very clear.11. the other reason as to why it is difficult to understand the judgment of the supreme court as laying down .....

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Dec 03 1999 (TRI)

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-03-1999

..... assessee's a.r. before the hon'ble members. it was communicated by the assessee's a.r. that vipko sales corporation is a partnership concern which filed its return of income for assessment year 89/90 before the ito ward 24(3) bombay. on verification of the income- ..... noted that my statement is binding for s.m. khandhar & company, proprietorship concerns to some extent suman motels ltd., in the capacity of director and partnership concern (to some extent) where i am partner. my statement is not binding to anybody else as they are separately assessed to income-tax department. ..... above referred statement (1) khandhar group and all khandhar family members are regularly assessed to him income-tax department. (2) all other proprietorship and partnership concerns also regularly assessed to the income-tax department. (3) it is general practice in our market that parties are not co-operative to the ..... income reflected in the transactions in the bank pass books under reference. ans. that list contains bank a/cs. of khandhar group and other partnership and prop. concerns. all partners and proprietors are physically available but their credit worthiness is not linked with the transactions in the concerns under ..... circumstantial evidence or presumptions of law or fact." 84. the above position about a presumption of law finds a place in section 103 of the indian evidence act, 1872, which reads as follows :- "the burden of proof as to any particular fact lies on that person who wishes the court to .....

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Dec 06 1999 (TRI)

Blue Dart Express Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-06-1999

Reported in : (2000)75ITD414(Mum.)

..... time sensitive packages to various destinations in the domestic and international sectors. to undertake its international operations, blue dart entered into a global service partnership agreement with federal express incorporation, usa. during the period under consideration, the assessee company has shown total receipts (service charges and other income ..... ) (p.) ltd. (supra) at page 150 their lordships held as under :- "the basic purpose of section 80-o is the spread by an indian assessee of any patent, invention, model, design, secret formula or process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience ..... co. ltd. v. ito [1989] 28 itd 231 (delhi) (viii) ampee textiles (p.) lid v. asstt. cit [it appeal no. 1571 (bom.) of 1992] (x) indian hotels co. ltd. v. dy. cit [it appeal no. 3234 (bom.) of 1992] (xi) cit v. shri govindram seksariya charity trust [1987] 167 itr 580 (mp) ..... note of the fact that the assessee has entered into a global service partnership agreement. he argued that on these facts, it is submitted that the cit was in total error in invoking section 263 the act.further, in his impugned order under section 263 the commissioner has not ..... while allowing deduction under section 80-o of the act. before we proceed further let us see what section 80-o stipulates. section 80-o provides for deduction of 50% from the income of an indian company or a non-corporate indian resident by way of royalty, commission, fees or .....

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Jul 20 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Bachhraj and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-20-1999

Reported in : (2000)74ITD174(Mum.)

..... by one company from another company and hence it could not include the case of appellant which has not received dividend from a company but as a share in partnership. reliance is also placed on the ratio of the decision of supreme court in (1972) 83 itr 170 (sc)." 3. the assessee-company is a ..... the assessee is a partner.4. the learned departmental representative on the other hand pleaded that the decision of the hon'ble calcutta high court in the case of indian iron & steel co. ltd. (supra) related to a company which is a beneficiary under the terms of a trust deed and because of the concept of ..... its partners under the provisions of s. 67. an interpretation that makes the section unworkable in practice should, to our mind, be avoided.further, in the context of the it act, a firm is a separate taxable entity, as held by the apex court in the case of y. narayana chetty & anr. vs. ito & ors. (1959) 35 ..... is available under the provisions of s. 80l and an amendment by way of the insertion of an explanation has been effected by the taxation laws (amendment) act, 1984 with retrospective effect from 1st april, 1976 which denied the deduction under s. 80l to an assessee in respect of the specified income derived by a ..... the asst. yr.1984-85 inasmuch as it was held that this decision is not applicable in view of the provisions of s. 67(2) of the it act as it stood during the relevant time, according to which the share of a partner in the income or loss of the firm shall be apportioned under .....

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Oct 29 1999 (TRI)

Alpha Associates Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-29-1999

..... during the course of hearing of first appeal on the quantum of assessment. briefly stated facts are as under : 2. the assessee is a partnership firm. for the relevant assessment year, the assessee has shown a loss computed under the head "business income" amounting to rs. 91,12 ..... might consider himself to be entitled could never constitute fraud or gross or wilful neglect on the part of any such person. (16) cit vs. indian metals & ferro alloys ltd. (1995) 211 itr 35 (ori) (p. 578 no. 4) where a claim was made with reference to several ..... interpretation which entails a higher levy of taxes.having furnished all the relevant details and having furnished computation in accordance with the provisions of it act assessee has to invoke some interpretation, its account books, the state of affairs as it believes to be and the expert guidance. ..... and after elaborate observations came to a firm conclusion that the entire consideration was capital gain. the assessment order establishes that the ao acting under statutory function came to the conclusion that there was right of the assessee in the immovable property which could be transferred and the ..... sharma executed irrevocable power of attorney in favour of the assessee to do various activities including representing before all the concerned authorities appointed under various acts, to submit representation or proposal for development of the above property and to obtain sanction thereof, engage architects, surveryors, rc specialists, etc. besides .....

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May 04 1999 (TRI)

income-tax Officer Vs. Uitec International

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-04-1999

Reported in : (2000)74ITD19(Mum.)

..... shown in the chart submitted, is not found to be acceptable for the obvious reason that the partner miss farida i.p. shroff has retired from the partnership firm with effect from 2nd october, 1989, and to the extent of rs. 1,71,450 out of export reserve has been taken away by her. under ..... their submissions have been considered.sec. 80hhc(1) as it was in force at the relevant time read as under : "(1) where an assessee, being an indian company or a person (other than a company) resident in india, is engaged in the business of export out of india of any goods or merchandise to ..... deduction was claimed. the provision was created in asst. yr. 1988-89.there is no provision in the proviso to s. 80hhc or elsewhere in the act which provides that the transfer of reserve can be treated as income in the year of its transfer. whenever such a violation was contemplated the legislature has ..... at least upto the date of completion of the assessment of the relevant year." in the absence of any such limit of retaining the reserve fixed by the act. i am of the opinion that the opinion of the institute of chartered accountants be taken as a reasonable limit. furthermore, this requirement is dispensed with ..... counsel submitted, the second proviso was deleted w.e.f. 1st april, 1989, when a new sub-s. (1) was substituted in s. 80hhc of the act and, therefore, no requirement was there to keep the amount in the reserve account in the year under consideration. it was, therefore, submitted that even if the amount .....

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