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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 2005 Page 1 of about 18 results (0.090 seconds)

Nov 25 2005 (TRI)

Joint Official Liquidator of Bank Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-25-2005

Reported in : (2006)6SOT391(Mum.)

..... appears" and that it "takes within its sweep and ambit all organizations or establishments engaged in business or profession; whether owned by a company, partnership, individual or any other entity". this observation by the hon'ble bombay high court makes it clear that there can be a distinction between a ..... and that "... in a taxing statute, one has to find out the intention of the legislature and here the intention is definitelv 'an indian concern alias an indian company' and certainly not the branch of a foreign company". we are, however, unable to find anything to even remotely suggest that the ..... establishment in india. these expressions are neither synonymous nor devoid of any distinction.therefore, a harmonious interpretation would suggest that the meaning of an indian concern should be taken as a business carried on in india which may essentially include a business carried on in india even by a non- ..... "and that "... in a taxing statute, one has to find out the intention of the legislature and here the intention is definitely 'an indian concern alias an indian company' and certainly not the branch of a foreign company". learned commissioner (appeals) then reproduced an extract from the state of tamil nadu v ..... entire income of the non-resident assessee was liable to the deduction of tax at source under section 195 of the act; and (c) whether or not the interest paid by indian branch of a foreign bank to the non-resident assessee before us, on the facts of this case, will .....

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Feb 28 2005 (TRI)

Anil Nagpal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-28-2005

Reported in : (2005)94TTJ(Mum.)745

..... shivram, learned authorised representative of assessee has contended that the assessee is in the business of transportation. he has contended that the assessee is a partnership firm having only two partners namely jagdish and j.r.singh. he has contended that in the case of assessee search under section 132 was conducted ..... the accused, and with the permission of the court, by the prosecution, to contradict such witness in the manner provided by section 145 of the indian evidence act, 1872 (1 of 1872); and when any part of such statement is so used, any part thereof may also be used in the re-examination ..... , as discussed above.26. we have considered the rival contentions, relevant material on record as also the legal position. the facts of present assessee (indian bulk carriers) being basically identical with those of anil nagpal, considering all the facts and circumstances of the case as also the legal position, we ..... statement recorded by police but the copies have not been supplied to the assessee by the department till date. he has contended that the assessee (indian bulk carriers) is supplying goods to the concerned persons as per assessee's books and the books of account of assessee have been seized by ..... assessee and allow this ground also.23. now we take up it(ss)a no. 291/mum/1997, being the appeal of assessee, m/s indian bulk carriers. the assessee-appellant has raised the following revised grounds of appeal before the tribunal: (1) the learned ao failed to appreciate that .....

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Nov 25 2005 (TRI)

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-25-2005

Reported in : (2006)102ITD45(Mum.)

..... vogel's commentary on page 1288 refers to this aspect as under : 17.3. [same circumstances] : "the expression 'in the same circumstances' refers to taxpayers (individuals, legal persons, partnerships and associations) placed, from the point of view of the applications of the ordinary taxation laws and regulations, in substantially similar circumstances both in law and in fact. the expression ..... indo korean dtaa showed that those who may be entitled to invoke article 25 of indo korean dtaa arc individuals (possessing the nationality of a contracting state), legal persons, partnerships and associations.article 3(g) of indo korean dtaa reads as under: 3(g) the term 'national' means any individual possessing the nationality of a contracting state and any ..... upon the scope of expression 'in the same circumstances', oecd commentary, inter alia, observes as follows : the expression "in the same circumstances" refers to taxpayers (individuals, legal persons, partnerships and associations) placed, from the point of view of ordinary taxation laws and regulations, in substantially similar circumstances both in law and on fact.... the expression "in the same circumstances ..... .e in india of foreign bank) is subjected to higher rates. it is discrimination to tax the pe of foreign bank at higher rates when the indian bank and the branch of foreign bank acting as p.e. are engaged in same activities. however, we find that article 25(1) contains some important words/phrases which testify as to when .....

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Feb 21 2005 (TRI)

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-21-2005

Reported in : (2005)96TTJ(Mum.)415

..... on the date of search on 7th dec, 1998, the firm was very much in existence. the firm was constituted on the basis of a partnership deed executed on 30th sept., 1994. it commenced its business operations from 1st oct., 1994, onwards. the assessee-firm carried on its business ..... assessee-firm had not carried on any business. he submitted that the two entities are entirely different having independent status, one being a defunct partnership firm and the other being a company and having different pa numbers and separately assessed to income-tax in distinct capacities.the learned counsel submitted ..... the learned counsel argued that the impugned block assessment completed under section 158bc is bad in law. the assessee-firm, spex, is a partnership firm constituted through a partnership deed dt. 30th sept., 1994. the assessee-firm came into existence on 1st oct., 1994. it carried on the business till 12th ..... contentions on the admissibility of the additional grounds in detail. the facts relating to the constitution of the assessee-firm on the basis of the partnership deed executed on 30th sept., 1994, and the subsequent assignment of the business in favour of sll on 12th may, 1998, are admitted ..... may, 1998, on which date a deed of assignment was executed and the business was assigned as a going concern to sll. m/s sll is a company registered under the companies act .....

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Dec 23 2005 (TRI)

The Jcit, Spl. Range-2 Vs. Alfa Laval (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-23-2005

Reported in : (2006)286ITR193(Mum.)

..... the head "profits and gains of business.3. the brief facts of the case are that the assessee is a company incorporated under the indian companies act vii of 1913 and is engaged in the business inter alia for the manufacture and sale of plant, machinery and equipment for the dairy, ..... goodwill of the business. the relevant facts of that case are that there was a partnership firm of two practicing chartered accountants governed by the deed of partnership entered into between both of them. the partnership deed provided that goodwill of the firm was the property of both the partners in equal ..... : gillanders arbothnot & co. v. cit . the supreme court in the case of kettleweel bullen & co. ltd. v. cit examined various english & indian case laws and on the analysis of these cases which fall on two sides of the dividing line, a satisfactory measure of consistency in principle is disclosed, ..... refrigeration systems. such right was a capital asset of the appellant and relinquishment of such right was a 'transfer' within the meaning of income tax act. but then, the question is whether such transfer was amenable to capital gains for the relevant assessment year. the statute indicates that it was not ..... the transfer of business is incomplete and stressed that the assessing officer was right in invoking the provisions of section 55 of the i.t.act. he placed reliance on the under mentioned decisions: 11. the learned authorised representative for the assessee vehemently argued that the said receipt of .....

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Jan 05 2005 (TRI)

Jt. Commissioner of Gift-tax, Vs. Shri Shreyans J. Shah

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-05-2005

Reported in : (2005)95TTJ(Mum.)896

..... of property and, without limiting the generality of the foregoing, includes-- (b) the grant or creation of any lease, mortgage, charge, easement, licence, power, partnership or interest in property; (c) the exercise of a power of appointment of property vested in any person, not the owner of the property, to determine its ..... while considering above question whether declaration could be in contemplation of death, the learned accountant member referred to provision of section 191 of the indian succession act. he held that position of law on the point was clear and that a gift in contemplation of death could only be made by ..... 's death and not before that person's death.16. the expression 'will' has not been defined in the gift tax act.however, under section 2 (h) of the indian succession act, 1925, 'will' has been defined to mean legal declaration of the intention of testator with respect of his property which he ..... (2) air 393, and followed by the hon'ble supreme court in managlore chemicals fertilizers limited v. dcct, 1992 suppl 1 scc 21, and novopan indian limited v. ccec, 1994 (73) elt 769 sc, has been summed up in the words of lord lohen as that "in case of ambiguity, a ..... conveyance", "assignment'", "settlement" or "other alienation of property" used in the definition of "transfer of property" in section 2(xxiv) of the gift-tax act. above words make "transfer of property" under the above provision a term of very wide import. miss preeti did settle and assign her properties and made a .....

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May 31 2005 (TRI)

Joint Cgt, Special Range-33 V.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-31-2005

Reported in : (2005)95ITD0179M(Mum.)

..... property and, without limiting the generality of the foregoing, includes (b) the grant or creation of any lease, mortgage, charge, easement, licence power, partnership or interest in property; (c) the exercise of a power of appointment of property vested in any person, not the owner of the property, to determine ..... considering above question whether declaration could be in contemplation of death, the learned accountant member referred to provision of section 191 of the indian succession act. he held that position of law on the point was clear and that a gift in contemplation of death could only be made by ..... a persons death and not before that persons death.the expression will has not been defined in the gift tax act. however, under section 2(h) of the indian succession act, 1925, will has been defined to mean legal declaration of the intention of testator with respect of his property ..... ", "assignment",-"settlement" or "other alienation of property" used in the definition of "transfer of property" in section 2(xxiv) of the gift tax act. above words make "transfer of property" under the above provision a term of very wide import. miss preeti did settle and assign her properties and ..... mistake in not deciding above issue whether declaration was at all a gift within a meaning of section 2(xii) of the gift tax act. the learned counsel accordingly supported the proposed order of the learned judicial member.the learned departmental representative supported orders of the assessing officer .....

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Jul 15 2005 (TRI)

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-15-2005

..... mcdowell & co. judgment. in the penultimate paragraph of the judgment hon'ble supreme court directed:- "if the transfer of the personal asset by the assessee to a partnership in which he is or becomes a partner is merely a device or ruse for converting the asset into money which would substantially remain available for his benefit without ..... (india) ltd. and madras alluminium ltd. subsequently the three investment companies went into liquidation and approval of reserve bank of india was obtained for transmission of shares in indian companies on fully repatriable basis. as a result of search in the case of three investment companies, block assessment orders were made. prohibitory notices were issued against receiving/delivering ..... 85,68,014/- and appellant earned dividend income at rs. 1,82,12,862/- which was not taxable in view of section 10(33) of the income-tax act.particulars purchase sale gain/loss dividend date amount date amount date amountunits of 24.3.00 80000000-------------------------------------------------------------------------------- 29.3.00less 2376778 27.3.00 59055207.75 (18568014.25) ..... as capital asset for investment. g) dividend is distributed from accumulated profits of a company with reference to its subscribed share capital in accordance with the provisions of companies act; whereas mfs distribute income from its 'equalization reserve' comprising profits and premium charged on sale of units as per sebi regulations." 35. the learned special counsel explained .....

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Jul 15 2005 (TRI)

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-15-2005

Reported in : (2005)96ITD1(Mum.)

..... mcdowell & co. judgment. in the penultimate paragraph of the judgment honble supreme court directed: " if the transfer of the personal asset by the assessee to a partnership in which he is or becomes a partner is merely a device or ruse for converting the asset into money which would substantially remain available for his benefit without liability ..... (india) ltd. and madras alluminium ltd. subsequently the three investment companies went into liquidation and approval of reserve bank of india was obtained for transmission of shares in indian companies on fully repatriable basis.as a result of search in the case of three investment companies, block assessment orders were made. prohibitory notices were issued against receiving/delivering ..... capital asset for investment.(g) dividend is distributed from accumulated profits of a company with reference to its subscribed share capital in accordance with the provisions of companies act; whereas mfs distribute income from its equalization reserve comprising profits and premium charged on sale of units as per sebi regulations." the learned special counsel explained the mechanics ..... order of assessment, the assessee filed appeal before the learned cit(appeals). the assessee submitted that units of mutual funds were regulated by an independent body constituted under the act of parliament, viz., sebi. the assessee had followed the prescribed procedure and the transactions with the mutual funds were at arms length. the assessee argued that the .....

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May 31 2005 (TRI)

Vijay Construction Co. Vs. Dy. Cit, Range 12(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-31-2005

Reported in : (2005)3SOT840(Mum.)

..... cit(a) failed to appreciate that the totality of facts, i.e., the purpose enumerated in the purchase agreement dated 12-11-1981, the terms and conditions of partnership deed and subsequent act of the assessee-firm in getting the plot cleared from all encumbrances and development thereof, proves beyond doubt that the plot in question was business asset right from the ..... contentions, relevant material on record as also the cited decisions.from the perusal of record we find that the assessing officer treated the land as stock-in-trade because the partnership deed states that the business of the assessee-firm is construction of buildings, purchase and development of land; the purchase deed also states that the assessee-firm shall be entitled ..... and thus to earn profits. he has contended that the assessing officer has elaborately dealt with the matter and has discussed the relevant facts including the various clauses in various partnership deeds mentioning the business of assessee-firm as buying/ selling/developing/letting out immovable properties and also single venture business. referring to page 9 of assessment order, he has contended ..... case on facts.the learned departmental representative has emphatically placed reliance on vitta kristappa v. ito (2005) 92 itd i (hyd) (tm) and contended that the tribunal has also considered indian hume pipe co.ltd. v. cit (1992) 195 itr 386 (bom) at para 12 of its order; and he has specifically drawn our attention to last portion of para 11 .....

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