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Judgment Search Results Home > Cases Phrase: indian partnership act Court: income tax appellate tribunal itat mumbai Year: 2007 Page 1 of about 9 results (0.055 seconds)

Apr 30 2007 (TRI)

Deputy Commissioner of Income Tax Vs. Star Chemicals (Bom) (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-30-2007

Reported in : (2007)110TTJ(Mum.)753

..... a sum of rs. 20,000 to p.j. kumbhani, the then partner in the erstwhile partnership for acquiring share of kumbhani in the goodwill of the business. hence the cost of acquisition so far as the share of kumbhani in goodwill was available. ..... ascertainable. the argument is that there is no cost of acquisition at all.44. in the case of s.v. lathia v. cit (supra), the partnership firm sold the entire business and received a sum of rs. 2,75,000 ascribed to goodwill. it was an admitted position that the assessee had paid ..... was earlier carried on in the same name as proprietory concern of one mr. r.b. shah and thereafter the business was carried on as a partnership firm and eventually the business was taken over by assessee company. all along the name of the business remained as m/s star chemicals. the lands ..... 231.92 lakhs was received (rs. 131.51 lakhs and rs. 100.40 lakhs respectively). the agreement dt. 2nd july, 1962--paper book page no. 52--between partnership firm m/s star chemicals and the company m/s star chemicals (bombay) (p) ltd. for transfer of business and assets do not mention these two plots ..... in cit v. markapakula agamma . the assessee explained that it acquired land by virtue of the legal principles in respect of adverse possession contained in the indian limitation act. those provisions not only cut off one's right to bring an action for recovery of the property from adverse possession, it also conferred a title by .....

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Jan 31 2007 (TRI)

ito Vs. Mansi Enterprises

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-31-2007

..... the business activities of the firm, under no circumstances will render the firm as a non-genuine firm under the provisions of section 184 of the income tax act, where requirements are that the partnership should be evidenced by an instrument in writing specifying individual shares of partners and the certified copy of such instrument should accompany the return of income. the ..... a firm, the requirements are: (ii) the individual shares of the partners are specified in the said instrument.sub-section (2) to section 184 of the act provides that a certified copy of the partnership deed is to be enelosed with the return of income in respect of which the assessment as a firm is sought for the first time. thus, the ..... provides that in case of any change taking place in any previous year, the certified copy of the revised partnership deed shall be furnished along with the return of income for that assessment year.sub-section (5) to section 184 of the act provides that in case there is a failure on the part of the firm as mentioned in section 144 ..... the verification and investigation of genuineness of the firm which is not permissible under the provisions of the income tax act. relying on the decision of rajasthan high court in gulab das 'case (supra) it was observed by commissioner (appeals) that a partnership is valid if the conditions mentioned in the provisions of section 184/185 of the itr had been fulfilled .....

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May 08 2007 (TRI)

Narotamdas Bhau Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-08-2007

..... and consistently taxed as "income from house property". it was further stated that although the assessee firm is formed to carry on business, there is nothing in the partnership act to say that a partnership firm cannot own property which generates income as "income from house property". the assessee firm is carrying on a business in jewellery and it also owned a house ..... (42a) of section 2, where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income tax act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications : (1) where the full value of the consideration received ..... section 50 contains phrase "where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income tax act, 1922...." in this case, depreciation has been claimed and allowed for about 40 years, therefore, no further inquiry is required and short-term capital gain was required ..... to be computed and which has rightly been computed by the assessing officer as per provisions contained in section 50 of the income tax act, 1961. now the a assessee .....

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Apr 30 2007 (TRI)

Dy. Cit, Range 3(1) Vs. Dwarkaprasad Anil Kumar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-30-2007

Reported in : (2008)110ITD247(Mum.)

..... and it was agreed by mr. irani to pay a lump sum of rs. 60,000 as goodwill in consideration of waiving the royalty from the partnership account. the hon'ble supreme court held that the description of the amount as goodwill in consideration of waiving royalty did not convey the real nature of ..... stock-in-trade in the case of dissolution of the firm has to be done at market price. while the valuation of assets; during the subsistence of partnership was immaterial and could even be notional, the situation was totally different when the firm was dissolved or when a partner retired. the statement of account then ..... of ghaziabad engg. co. (p.) ltd. (supra) was distinguishable on facts because that judgment had been given in the context of registration under section 47 of indian registration act.16. the learned commissioner (appeals) considered these submissions. he did not agreewith the reasoning of the assessee that the date of transfer was when final approval of ..... adjectives as 'capital' or 'lump' contribute anything to the solution of the issue.national steel works ltd. v. cit , the assessee-company entered into partnership with one mr. irani and it was agreed that a sum of rs. 50 per tonne of steel shall be paid to the company by the ..... before the courts in many cases is this: two parties enterpinto a transaction and say: 'it is hereby declared that there is no partnership between us'. the court pays no regard to that. the court looks at the transaction and says: 'is this, in law, really a .....

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May 09 2007 (TRI)

Asstt. Cit Vs. Vijay Talkies

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-09-2007

..... cannot be said that there is no transfer or distribution of capital assets. what is converted into money is the right to the share in the partnership firm which is undoubtedly a capital asset. in this view of the matter, we reject the contentions of the assessee that there is no transfer of ..... the decision of the apex court in the case of malabar fisheries (supra) and n. khadevali saheb's case (supra) for the proposition that a partnership firm is not an independent entity from its partners and partners are the real owners of assets of the firm and therefore on the dissolution of the ..... allegedly been transferred.10. the further submission of the learned sr. counsel has been that capital gains can be taxed/levied only if the assessee i.e., partnership firm is in 'existence' on the alleged date of transfer of capital assets. he submitted that apex court in the case of malabar fisheries (supra), ..... revenue and cross objection of the assessee are directed against commissioner (appeals)'s order dated.2. brief facts of the case are that the assessee is a partnership firm consisting of three partners, m/s. vishwa bhatt, j.s. bhavnani and p.s.bhavnanis, sharing profit in the ratio of 2:1:1 ..... . khadavali saheb (supra), the apex court was dealing with a question as to whether the award of settlement requires registration under section 17 of the indian registration act and it was held that it is not necessary as the document did not transfer or assign any interest in any asset.22. the case on .....

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Feb 28 2007 (TRI)

Narang Overseas Pvt. Ltd. Vs. the Acit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-28-2007

..... dispute arose between the members of narang family in respect of the properties owned and held by the individual members of the family as well as through various partnership firms and companies promoted by the members. a family settlement was arrived at on 12.07.1990 which, inter-alia, provided that rajesh narang shall take ..... by the assessee huf and the same was treated as deemed dividend in the hands of assessee huf under section 2(6a)(e) of the indian income-tax act, 1922 (1922 act) by the ito for assessment years 19s5-56 and 1956-57. the order of the ito was confirmed by aac as well as the tribunal ..... question: whether, on the facts and in the circumstances of the case, and on a true interpretation of the terms of section 2(6a)(e) of the indian income-tax act, 1922, the tribunal was right in holding that the amounts of rs. 2,21,702 (gross) and rs, 3,43,505 (net) were taxable ..... of rs. 40,000 was not taxable as revenue receipt. however, the commissioner of income-tax assumed the revisionary jurisdiction under section 263 of income-tax act, 1961 (the act) and held that such sum was taxable in the hands of the assessee. on appeal, the tribunal held that the aforesaid sum was not a ..... case of p. mariappa gounder, 147 itr 677 holding that mesne profit received by the assessee was revenue receipt chargeable to tax under the income-tax act, 1961 (the act.) got merged in the subsequent judgement of the hon'ble supreme court which is reported as 232 itr 2 (sc) and consequently the mesne profit .....

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Oct 25 2007 (TRI)

Shah Originals Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-25-2007

Reported in : (2007)112CTR(Mum.)754

..... will also deal with several aspects of the issue as discussed in the assessment order.14.1 the contentions of the assessee before the ao were that it is a partnership firm engaged in the business of manufacture of readymade garments in its industrial undertaking at malvia nagar industrial area, jaipur, which was set up in asst. yr. 1994-95. ..... for those years. since common issues are involved in all these appeals, the same have been consolidated and are being disposed of by this order.2. the assessee is a partnership firm engaged in the business of manufacture and export of readymade garments. the manufacturing activity of the garments is carried on at the industrial undertaking of the assessee at malvia ..... the imported parts into a finished chassis" amounted to the manufacture or production of an article within the meaning of section 15c(2)(ii) of the indian it act, 1922 (corresponding to section 80j of the present act). hence, assembly of parts received in the knocked down condition is also considered to be manufacture. it is submitted that the above judgment has been ..... produced bus/truck chassis which were wholly indigenous. the assembly stage upon the facts was not a different industrial undertaking but one intimately connected with the subsequent stages whereby the indian bus/truck chassis were progressively manufactured. the whole was one integrated scheme; one programme and this notional division of that programme into two industrial undertakings is unjustified upon the .....

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Apr 05 2007 (TRI)

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-05-2007

Reported in : (2007)11TTJ(Mum.)502

..... doctrine of severalty to reject the plea of slump sale.85. in err v. electric control gear manufacturing co. (supra), the assessee was a partnership concern and had entered into an agreement whereby it transferred the entire assets of the business together with liabilities as a going concern to a limited company ..... paid to an individual who was a shareholder of the company because the other joint venturer wanted to be reasonably certain that its investment in the indian company was adequately protected. referring to the allegation by the revenue that the assessee had attempted to show a part of the sale price as ..... profits correctly. in this connection he referred to the provisions of section 44c. according to him, head office expenses were always allowed for computing income of indian branch, when head office was located out of india and one branch was in india. he referred to the decision in grindlays bank ltd. v. ..... all deductions under sections 29 to 43a would have to be deducted. in this connection, he referred to the decision in cambay electric supply industrial co. v.cit , indian rayon corporation ltd. v. cit in vahid paper converter v. ito (2006) 100 ttj (ahd)(sb) 532 : (2006) 98 itd 165 (ahd)(sb). ..... from asst. yr. 2000-01. the concept of slump sale as incorporated in section 50b of the it act follows the english decision in doughty v. taxes commr. (1927) ac 327 (pc) and several indian decisions in which it has been held that in the case of a slump sale, tax incidence cannot .....

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Mar 29 2007 (TRI)

Deputy Commissioner of Income Tax Vs. Shri Raju Lalchand Sud

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-29-2007

Reported in : (2008)301ITR165(Mum.)

..... it was further stated that it was accounted for in two concerns, i.e. m/s indman consultancy and m/s indman corporation, which is partnership firm, in which assessee is partner with mrs. neelam peshimam as equal partners. there were certain notings on the backside of the pages which was ..... as not genuine and hence credits are treated as assessee's income from undisclosed source as per provisions of section 68 of i. t. act in respective previous years relevant to the respective assessment years. further, the interest claimed on these loans is also disallowed for the respective assessment years ..... amount by way of advance on which no returns have been received. he therefore claimed deductions under section 57(iii) of the i.t.act. the assessee's contention cannot be accepted since the borrowed funds are not utilised exclusively for the purpose of assessee's business, the interest ..... return of income must have been considered at the time of regular assessment and cannot be considered under section 158bc of the i. t. act without appreciating the fact that the borrowed funds have been not utilized for the purpose of business of the assessee and same were diverted for ..... account or other documents or assets by the authorised officer.8. learned counsel submitted, explanation 2 to section 158be, inserted by the finance (no. 2) act, 1998, with retrospective effect from 01.07.1995, reproduced hereinabove, clearly indicates that the authorisation referred to shall be deemed to have been executed, in .....

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