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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 2006 Page 1 of about 7 results (0.053 seconds)

Feb 23 2006 (TRI)

Mishapar Investments Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-23-2006

Reported in : (2006)8SOT532(Mum.)

..... 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 ..... of partner under the head "partners current account". likewise, in the books of the assessee, this amount was shown to be recovered from the partnership firm. according to provisions of section 20 of the sales of goods act, if the goods are identified and parties intend to pass the property to the buyer, the payments can be deferred. but, in the instant ..... 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 income tax act cannot be challenged simply on the ground that it is not registered with the registrar of firms. hon'ble supreme ..... current account of the partner and that is exactly as per the provisions of section 45(3) of the act. we also do not find any substance in the contention of the department that the sale has not been mentioned in the partnership deed because the firm was formed on 1-7-1997 and the sale under consideration had taken place on .....

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Aug 25 2006 (TRI)

Uasc/Csl Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-25-2006

..... business. in the case of the assessee, ccs was carrying on the business of acting as agent of the assessee.but ccs is an independent entity and it has independent status for the following reasons: (i) ccs is a registered partnership firm in india and the partners are indian nationals; and (ii) directors /shareholders of the non-resident shipping company are not related ..... to rebut the assessing officers contention by saying that the restriction in clause 6 of the agreement does not mean that the indian agent cannot carry on any business. the indian agent is not supposed to carry on business of acting as agent of any other non-resident shipping company which is carrying on similar business in the same sector. however, if the ..... of a certificate of residence issued by the mauritius tax authorities is neither contemplated under dtac, nor under the income tax act; whether a statement is conclusive or not, must be provided under a legislative enactment such as the indian evidence act and cannot be determined by a mere circular issued by the cbdt. another important contention taken was that "treaty shopping" by ..... to the partners of the firm.it was further submitted that the indian agent is independent. they are free to take their own decisions and carry on .....

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Jul 28 2006 (TRI)

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-28-2006

Reported in : (2006)103ITD73(Mum.)

..... is only a quantification of the amount : debitum in praesenti, solvendum in futuro.... it is admitted in the present case that the indian steel syndicate closed the accounts of the partnership for the first time for the first set of partners on 30th nov., 1950, and for the other set of partners on 31st ..... judgment of hon'ble supreme court, their lordships observed that the word "earned" was not used in section 4 of the indian it act, 1922. the relevant para of the said order is being reproduced as under: the word 'earned' has not been used in section 4 of the ..... of section 23a which authorized the ao to impose levy under section 23a of the it act. undisputedly section 23a was attracted if aforesaid sum of rs. 70,895, i.e., the share income of assessee-company from partnership was taken into account. the contention of the assessee was that meeting of board of ..... the difference between the learned members of tribunal 'd' bench mumbai, the following questions have been referred to me under section 255(4) of the it act, 1961 (the act for short): 1. whether, on the facts and in the circumstances of the case and in law, the commission income under the agreement dt. 31st ..... ') respectfully submits that the learned commissioner of income-tax (appeals) [cit(a)] has erred in upholding the assessment under section 143(3) of the it act, 1961 ('act'), on the following ground: 1. by not accepting the change in the accounting policy made by the appellant during the financial year ended 31st march, 1997 .....

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Dec 18 2006 (TRI)

Usv Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-18-2006

Reported in : (2007)106TTJ(Mum.)535

..... the assessee but to determine the mutual rights and obligations of the partners on the terms and conditions on which they had agreed to enter into partnership from time to time. hence, their lordships held, this is not expenditure in the nature of revenue but capital expenditure. at p. 61, the ..... behalf of the principal not domiciled in india is deductible from its profits while computing the assessable income under section 10(2)(xv) of the indian it act, 1922.at p. 149, their lordships discussing the issue on the basis of the decision of the hon'ble supreme court in the case ..... provides that every proceeding before the clb shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the indian penal code and for the purpose of section 196 of cpc.the decision of the clb is appealable before the respective high court.learned counsel ..... , the assessee would have been eligible for one and one-half times deduction thereon as per the provisions of section 35(2ab) of the act. as per provision of this section, whatever amount the assessee would have spent on scientific research including clinical trials and approvals from competent authorities ..... by proportionate salary of field staff and other expenses while computing profits of the eligible undertakings for the purpose of deduction under section 80hh of the it act, 1961.7. while framing the assessment order, ao noticed, assessee claimed deduction under section 80hh on its units at lote parshuram. assessee claimed .....

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Jun 05 2006 (TRI)

Amitabh Bachchan Corpn. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-05-2006

..... payments.60. in the case of devidas vithaldas & co. (supra), p, a chartered accountant, took another partner a, reserving himself exclusively the goodwill. the partnership was dissolved subsequently. by virtue of deed of dissolution, the business was to be carried on by a, whereas goodwill was exclusively belonging to p and for ..... by the contract to pay a lump sum, the original contract to pay the annual rent was discharged in terms of section 67 of the indian contract act. what survives and is in force is only the substituted contract underwhich the lump sum becomes payable and accrues the expenditure in the previous year ..... court in the case of ... it was held by the supreme court that the expression'profits or gains' in section 10(l) of the indian income tax act, 1922, should be understood in its commercial sense and there can be no computation of such profits and gains until the expenditure, which is necessary ..... 15 years were not considered by the hon'ble supreme court to be 'enduring' period; whereas in the instant case it is only ten years. under indian jute mills association an agreement was entered into by jute mills restricting the hours per week, for which the mills could work their looms. however, the ..... a period of sixteen years.31. the learned dr further relied upon the decision of the hon'ble calcutta high court in the case of indian explosives ltd v. cit wherein expenditure for constructing a building on land taken or licence for a period of ten years with an option for .....

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Mar 31 2006 (TRI)

A.H. Baldota Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-31-2006

Reported in : (2006)103TTJ(Mum.)517

..... be carried forward and set off against capital gains, if any, in the future, even though tax was not chargeable under section 12b of the indian it act, 1922, on capital gains derived during 1st april, 1948, to 31st march, 1956. on a reference, the high court held that if capital loss ..... assessee had income from interest and remuneration from the firm, which could be safely said to be assessable under the head 'business' as share from partnership firm. but same is not the case with the present assessee. he does not have any other income from the firm except loss. therefore, ..... business1.8. on the other hand, the learned departmental representative submitted that it is incorrect to presume that assessee should have only positive income from partnership, which alone would be exempt under section 10(2a). whatever loss he received from the firm would also be out of computation by virtue ..... partner in the firm, income therefrom is assessable under the head 'business'. therefore, capital borrowed is utilised for the purposes of earning 'business income'.from partnership, there are three types of income namely share of profits, interest and remuneration. it is only the 'share of profits' which will fall under section ..... loan borrowed is utilised in personal business, and income of one business is exempt. in the present case, entire capital borrowed is utilised in partnership firm where share income in the hands of the partner is exempt under section 10(2a).5. before the cit(a), same arguments as .....

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Jan 13 2006 (TRI)

Arvee International Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-13-2006

Reported in : (2006)101ITD495(Mum.)

..... (1) and therefore, there had not been allowance of double deduction.2. the facts of the case, in brief, are that the assessee, a partnership firm, was engaged, during the previous year relevant to the assessment year under appeal, in the business exporting pens and ball pens. it filed its ..... undergone radical changes in recent years. it deserves to be noted that the present assessment was made under section 143(3) of the income-tax act. in other words, the assessing officer was statutorily required to make the assessment under section 143(3) after scrutiny and not in a summary manner ..... learned dr submitted that the learned commissioner was, on the facts of the case, absolutely justified in exercising revisional jurisdiction under section 263 of the income-tax act. he supported the order of the learned commissioner with reference to the decisions in cit v. m.m. khambhaiwala [1992] 198 itr 144 (guj.) ..... 01.6. in reply, shri rai, the learned departmental representative supported the order passed by the learned commissioner under section 263 of the income-tax act, 1961. he submitted that the assessing officer had not expressed any view in the assessment order and hence, there was no question of the ..... was claimed by the assessee and allowed by the assessing officer as deduction under section 80hhc while processing the return under section 143(1) of the it act on 15.1.1997 for assessment year 1996-97. he further noted that the assessee had subsequently declared, in assessment year 1998-99, ie., .....

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