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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 2003 Page 1 of about 3 results (0.056 seconds)

Apr 23 2003 (TRI)

Mafatlal Holdings Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-23-2003

Reported in : (2004)85TTJ(Mum.)821

..... associates, with the registrar of firms. in the case of dulichand laxminarayan v. cit (1956) 29 itr 535 (sc), the hon'ble supreme court held that section 4 of the indian partnership act, 1932, clearly requires the presence of three elements to constitute a firm namely (i) that there must be an agreement entered into by two or more persons; (ii) that the ..... the case of bharat nidhi ltd. (supra) relied upon by the learned departmental. representative is not relevant to the facts of this case. according to him, partnership firm is not a person in the companies act.43. we have carefully considered the submissions made by the rival parties. we have also gone through the various documents filed before us during the course ..... of sale of shares to that concern. as we have mentioned above, it is not mandatory for the existence of a partnership firm to get itself registered with the registrar of firms and the genuineness of the partnership firm under the it act cannot be challenged simply on the ground that it is not registered with the registrar of firms, hon'ble supreme court ..... with the registrar of firms and another which is not so. it is also not mandatory for the existence of a partnership firm to get itself registered with the registrar of firms and the genuineness of the partnership firm under the it act cannot be challenged simply on the ground that it is not registered with the registrar of firms.32. regarding the payment .....

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Aug 29 2003 (TRI)

Maharashtra State Electricity Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-29-2003

Reported in : (2004)90ITD793(Mum.)

..... vocation or income from other sources, it would come within the purview of the section, but if it was an amount of a kind exempt (under the indian it act) from tax, such as agricultural income, it would be outside its preview". it is thus a settled position that when an income is outside the scope of ..... this article vis-a-vis the relevant article in applicable dtaa is that the words 'an individual, whether in his own capacity or as a member of a partnership, who is' have been inserted in article 15(1)(a) before the words 'resident of a contracting state' and the related consequential modifications have also been ..... a) he is present in that other state for a period or periods aggregating to 90 days in the relevant fiscal year; or (b) he, or the partnership, has a fixed base regularly available to him, or it, in that other state for the purpose of performing his activities; but in each case only so much ..... article 15 which is reproduced below for ready reference: (1). income derived by an individual, whether in his own capacity or as a member of a partnership, who is a resident of a contracting state in respect of professional services or other independent activities of a similar character may be taxed in that state. ..... is attributable to those services. (2). for the purposes of paragraph 1 of this article, an individual who is a member of a partnership shall be regarded as being present in the other state during days on which, although he is not present, another individual member of the .....

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Feb 26 2003 (TRI)

Smt. Laxmi JaIn Vs. the Dy. C.i.T., Special Range 11

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-26-2003

Reported in : (2004)89ITD470(Mum.)

..... assessee in the years under consideration is the subject matter of dispute before us.2. the facts revolve in a narrow compass. m/s. indian roadways corporation, a partnership firm consisted of 13 partners of which, assessee was one of the partners. the firm carried on business as transporters and courier agents for ..... for which the previous owner of the property acquired the capital asset, it was provided for specifically. for example, in section 49(1) of the act the legislature covered all such specific instances where an assessee obtains a property from a different entity but, at the same time, it is not deemed ..... amongst others, the cost of acquisition of the asset and the cost of any improvement thereto. expression 'cost of acquisition' was not defined anywhere in the act and hence, it has to be given its natural meaning. in our considered opinion, the normal meaning of the term 'cost of acquisition' is the ..... did not provide for treating transfer of property from the firm to the retiring partners as a 'transfer' within the meaning of section 45 of the act.in fact, section 45(4) deals with such situation by deeming such event as a 'transfer', only with effect from 1.4.88. though under ..... from the sale consideration the transfer and registration charges of rs. 6,035/-. it may be noticed that as per section 48 of the i.t. act, the income chargeable under the head 'capital gains' shall be computed by deducting from the full value of the consideration : 1. expenditure incurred wholly and .....

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