Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Sep-27-1991
Reported in : (1992)40ITD213(Pune.)
..... will, then the dissolution has to be effected by giving a notice.shri khaladkar, in this context, referred to section 40 of the partnership act. the whole burden of his argument was that the dissolution had taken place not on 1-4-1982 but on 31-3-1982 or ..... 139 and 217.3. the facts, as stated by shri s.n. inamdar, learned counsel for the assessee are as follows. the appellant herein is a partnership firm consisting of three partners which came intoexistence in 1975. its first assessment was made for the year 1977-78. the business of the firm was to ..... clearly distinguishable and the issue was also slightly different. in the case of a.i.rahimtulla (supra), the bombay high court observed that the income-tax act postulates a duty on every assessee to disclose fully and truly all material facts necessary for his assessment. what facts are material and necessary for assessment will ..... with reference to cost of raw materials and without including overhead expenditure, such valuation was not appropriate to the computation of income chargeable under the income-tax act. the high court, on a reference reversed the decision of the tribunal holding that, having regard to the consistent practice of the respondent, the tribunal was ..... , and indeed they would be under a duty, to grant the relief. the supreme court observed that under section 33(4) of the indian income-tax act, 1922, the appellate tribunal is competent to pass such orders on appeal "as it thinks fit".there is nothing in the income-tax .....Tag this Judgment!