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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 2002 Page 1 of about 4 results (0.077 seconds)

Nov 18 2002 (TRI)

Premier Automobiles Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-18-2002

Reported in : (2003)84ITD169(Mum.)

..... proviso to section 10(2)(vii) of the indian it act, 1922 and, considering the facts of the case, the hon'ble supreme court held as under: "it is now well-settled that the taxing ..... in the share capital of which the partners of the firm had the same interest as they had in the assets and profit of the partnership.the question arose whether the amount received in excess over the written down value of the machinery is liable to tax by applying the second ..... cited by both the parties, it was either compulsory acquisition by the government or a case "where all the properties were transferred by converting the partnership firm into a company and so on. under such situations the courts have held that the firm or any other such entity had no necessity to ..... is also possible that one party gives its valuation and that may be the basis for fixing the value. he has also submitted that the indian and french government are involved in this matter in which event is it possible for government authorities to accept the price stated in the mous without ..... project cost for the vehicles is expected to aggregate around 960 million french francs ("mf") equivalent (at the present exchange rate) to around 5.6 billion indian rupees ("br"), the indicative breakdown of which is as follows : "the parties shall also simultaneously undertake a verification process ("industrial due diligence") for verification of .....

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Dec 12 2002 (TRI)

Surendra Engineering Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-12-2002

Reported in : (2003)86ITD121(Mum.)

..... 2561/mum/98, dt. 30th july, 2001, in the case of vinodiai manilal & co. ltd. 2. the controversy arises this way. the assessee is a partnership is engaged in the business of export of "trading goods". during the relevant accounting year (year ending 31st march, 1995), the turnover amounted to rs. ..... of export turnover. we are referring to clause (baa) of the explanation below sub-section (4b) which was also introduced by the finance (no. 2) act, 1991, w.e.f. 1st april, 1992. while explaining the amendment, the memorandum, the relevant portion of which has already been extracted by us, recognized ..... provisions of the finance (no. 2) bill, 1991, stated as follows : "under the existing provisions of sub-section (3) of section 80hhc of the it act, profit derived from the export of goods is computed in the following manner ; profits of the business x export turnover/total turnover xxx xxx the existing formula ..... clause (baa) of the explanation below sub-section (4b) which was also introduced simultaneously with the present sub-section (3) by the finance (no. 2) act, 1991, w.e.f. 1st april, 1992 : "(baa) 'profits of the business" means the profits of the business as computed under the head 'profits and ..... in our opinion, is not without basis. it may be recalled that in cit v.indian bank ltd. (1956) 56 itr 77 (sc), the supreme court observed, with reference to section 10(2)(xv) of the 1922 act, which allowed deduction in respect of expenses wholly and exclusively laid out for the purpose of .....

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Sep 16 2002 (TRI)

Jewel of India Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-16-2002

Reported in : (2003)87ITD527(Mum.)

..... on terms and conditions specified in the said agreement. the monthly compensation was fixed at rs. 1,70,000 with certain escalation. the above partnership firm was constituted as a result of an agreement between the two partners that the business of restaurant and catering to be conducted at nehru centre ..... ltd., are partners with 66.67% and 33.33% profit/loss sharing ratio respectively. sun-n-sand hotel (p.) ltd., is the managing partner. the partnership commenced from 7th april, 1987.2. in 1986, sun-n-sand hotel (one of the partners of the assessee firm) was negotiating with m/s. nehru centre ..... ltd. [1998] 233 itr 546 (mad.) (vi) swamp vegetable product industries ltd. (no. 1) v. cit 1991] 187 itr 412 : 54 taxman 175 (all.) (viii) indian textiles v. cit [1986] 157 itr 112 : 26 taxman 677 (mad.) (ix) k.a. ramaswamy chettiarv. cit [1996] 220 itr 657 : 88 taxman 526 (mad.) 14. ..... allowing expenditure incurred on "goodwill". he contended that the cit is fully empowered to direct the assessing officer under the provisions of section 263 of the act to make further enquiries if such enquiries were not made before passing the assessment order. he placed his reliance on the following court cases : (i) ..... cit erroneously assumed office under section 263 of the income-tax act, 1961 in passing the impugned order under section 263 dated 27-3-2002 which is ab initio void, illegal and bad in law and liable to be annulled. the assessee is a partnership firm. two limited companies (i) sun-n-sand hotel .....

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Apr 24 2002 (TRI)

Raymond Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-24-2002

Reported in : (2003)86ITD791(Mum.)

..... for services for the private use of the individual or individuals making the payment; or (e) to an employee of the person making the payments or to any individual or partnership for professional services as defined in article 15 (independent personal services) of this convention." the definition of "technical services" in article 13.4 of the earlier dtaa agreement with ..... investors already existed and, therefore, the question of any sale of the gdrs to the managers could not possibly have been in contemplation. the presence of dsp financial consultants, an indian company, it was finally argued, 'exploded" the "purchase and resale" theory. dsp was registered as a merchant banker of category-i under regulation 3(2)(a)(i) of ..... package". (3) the services rendered by the lead managers/managers in connection with the gdr issue fall within the definition of "technical services" under section 9(1)(vii) of the it act, 1961, r/w expln. 2 thereto. those services are "managerial" or "consultancy" services. the management commission and selling concession/commission are, therefore, income of the lead managers/managers ..... written by them to the assessee-company accepting their appointment. the letter lists out the various services contemplated by the parties. these are as under : (a) merrill lynch will act as lead managers, book runners and underwriters for the offering; (b) the prospectus is to be prepared by the lead managers together with the assessee-company to international investor standards .....

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