Court : Orissa
Decided on : Nov-22-1991
Reported in : (1992)102CTR(Ori)36; 196ITR736(Orissa)
..... any part in the specified item of the property did not arise. the contention of learned standing counsel appears to be legally sound.5. a partnership-firm under the indian partnership act, 1932 (hereinafter referred to as 'the partnership act'), is not a distinct legal entity apart from the partners constituting it and equally in law the firm as such has no separate rights of its ..... own in the partnership assets and when one talks of the firm's property or the firm's assets, all that is meant is property or assets ..... partner may assign his share to another. but what is permissible in that regard is laid down in section 29(1) of the partnership act, that is to say, the right to receive the share of profits of the assignor and accept the account of profits agreed to by the partners. a similar view expressed ..... have a joint or common interest, (see malabar fisheries co. v. cit : 120itr49(sc) .)6. the provisions of sections 14, 15, 29, 32, 37, 38 and 48 of the partnership act, 1932, make it clear that whatever may be the character of the property which is brought in by the partners when the .....Tag this Judgment!
Court : Orissa
Decided on : Nov-20-1991
Reported in : (1992)101CTR(Ori)222; 197ITR239(Orissa)
..... compass. in its return of income for the assessment year 1980-81, m/s. s. l. agarwala & co., a partnership firm (hereinafter referred to as ' the assessee'), claimed deduction under section 32a of the act on the footing that its machinery is used for the purpose of manufacture or production of articles and things. according to the ..... the tribunal and the reference has been made to this court under section 256(1) as indicated above.2. ' investment allowance' is granted under section 32a of the act. sub-section (1) requires that the machinery or plant (a) should be owned by the assessee, (b) should be wholly used for the purposes of the ..... in cit v. m. r. gopal : 58itr598(mad) . the said decision was rendered with reference to the exemption granted under section 15c of the indian income-tax act, 1922. the tribunal observed that the language used in section 15c is similar to that of section 32a(2) of the ..... a. pasayat, j.1. at the instance of the revenue, the following question has been referred under section 256(1) of the income-tax act, 1961 (for short' the act'), by the income-tax appellate tribunal, cuttack bench, cuttack (for short, ' the tribunal'), for adjudication :' whether, on the facts and in the circumstances of the ..... act and, therefore, the use of crane to convert big iron ingots into small pieces of iron constituted a manufacturing activity, and the two products were .....Tag this Judgment!