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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Court: income tax appellate tribunal itat mumbai Page 1 of about 104 results (0.081 seconds)

Feb 11 1983 (TRI)

Ramanlal I. Joshi Vs. Ninth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD364(Mum.)

..... or manufacture'. this definition of business does not specifically include profession but it is an inclusive definition.section 2(23) defines a 'partnership' as having the same meaning as assigned to it under the indian partnership act, 1932. section 4 of the indian partnership act, 1932 defines a firm to be a relationship between persons who have agreed to share the profits of a business carried on ..... by all or by some of them on behalf of all. one of the essential ingredients of a valid firm under the partnership act is that the firm should ..... one of the partners cannot appear before the income-tax authorities under suction 288 will not make the firm invalid in the eye of law. for the purpose of the partnership act, it is enough if a single partner is qualified to carry on the activity of the firm.the other partners can be financing partners or dormant partners. thus, we do ..... all the partners should be equally qualified technically to carry on the business or profession of the firm unless it is so required under any other act. his point was that under section 4 of the partnership act, 1932, it is not necessary that each and every partner should be technically qualified to carry on the business or profession of the firm. the .....

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May 11 1984 (TRI)

Pramod Kumar K. Bussa Vs. Addl. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD77(Mum.)

..... capital receipt because it relates to the assessee's share in the goodwill of the firm, which is a capital asset vide section 14 of the indian partnership act, 1932. hence, we find that the facts in the case of gangadhar baijnath (supra) were entirely different and so the ratio of the said ..... the different heads. the assessee-firm continued to carry on business even after surrendering the aforesaid rights to the surviving partners of the aforesaid oral partnership. that was really a case of cancellation of a contract which had been entered into in the ordinary course of business. any compensation received for ..... huf.it was a partner in the firm styled rajesh dye-chem. as per the deed dated 28-4-1977, the assessee retired from the aforesaid partnership and received a total sum of rs. 1,95,873.62. this deed of retirement clearly states that a sum of rs. 10,000 was ..... the other transferred assets as gifts. further, the court was concerned in that case with the interpretation of section 5(1)(xiv) of the gift-tax act, 1958. the facts of the instant case are quite different. similarly, in the case of tribhuvandas g. patel (supra), the assessee was a partner ..... another firm, to carry on the said selling agency and managing agency business. no partnership deed was executed. the partnership was, therefore, terminable at will. the three partners of the assessee-firm retired from the said oral partnership and received a certain sum as compensation. the supreme court found that the payment was .....

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May 31 1984 (TRI)

D.M. Ghia Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD163(Mum.)

..... been drawings by a partner beyond the credits, it has to be treated as borrowals only. he relies on section 11 of the indian partnership act, 1932 and clause 9 of the partnership deed. now the issue is not, for the present, whether this represents borrowal or not. the issue is : from where the ..... the decision cited, therefore, need not be considered in detail.24. shri doshi has also made a reference to section 11 of the partnership act. this section merely states that the partners may determine their rights and duties for contract. this is also not very relevant. neither is clause 9 ..... observed : ...here the first thing that we must grasp is that a firm is not a legal person even though it has some attributes of personality. partnership is a certain relation between persons, the product of agreement to share the profits of a business. 'firm' is a collective noun, a compendious expression ..... has been treated somewhat like a current account. his income receipts are credited in that account. so too his drawings and payment of taxes. the partnership deed did not stipulate that partners would be debited with interest.nevertheless, interest has been charged on the debit balances. the accounting years are the ..... would be how the receipts which are credited to his account is to be treated we are of the opinion that section 60 of the indian contract act, 1872, containing the rules of appropriation would be applicable. this section says that where the debtor has omitted to intimate and there are no .....

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Dec 20 1985 (TRI)

D.N. Dastur and Co. Vs. Eleventh Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)16ITD499(Mum.)

..... instant case before us is whether there is a firm which could be said to be by an agreement under the indian partnership act, 1932. 'partnership' as defined by section 4 of the indian partnership act, means the relationship between persons who have agreed to share the profits of a business carried by all or any ..... of them acting for all. therefore, according to the definition, the requirements of a partnership are : (c) the business must be carried on by ..... their lordsdips of the supreme court had enunciated the requirements of a partnership as under : 8. in k.d. kamath & co.'s case (supra), the supreme court held that the legal requirements, under section 4 of the partnership act to constitute a partnership in law, are : (i) there must be an agreement ..... to share the profits or losses of the business; (ii) the business must be carried on by all the partners or any of them acting for all; and (iii) there ..... carry on practice and profession as chartered accountants, income-lax and sales tax consultants and management advisers. 4. the practice or profession of the partnership shall be carried on in premises nos. 140 and 144 on the 5th floor of the new stock exchange building at dalai street, bombay-400023 .....

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Mar 14 1986 (TRI)

L.M.S. Tool Room Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)16ITD643(Mum.)

..... is mentioned as a party of the first part in the deed of partnership) is described in the opening portion of the said partnership deed as follows : shri narendra l. shah (acting as partner) for and on behalf of indian textile accessories co., the existing partnership concern registered under the indian partnership act, 1932.shri niranjan b. shah and shri surendra l. shah are the ..... persons who have signed the partnership deed for and on behalf of these two ..... companies, respectively. clause 7 which deals with profit and loss sharing ratio is as follows : 7. the profit and loss of the partnership ..... by the individual partner, the karta of the joint family, and by one partner each of the three firms. this deed of partnership was sought to be registered under section 26a of the indian income-tax act, 1922, the application being signed by the same five individuals. the supreme court held that no question could arise of the registration .....

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Dec 19 1989 (TRI)

Wealth-tax Officer Vs. Mrs. Bakhtawar B. Chenoy

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD739(Mum.)

..... all. the mutual rights and duties of the partners of a firm may be determined by contract between them and such contract, as per section 11 of the indian partnership act, may be expressed or may be implied by a course of dealings. such contract may also be varied by consent of all the parties, which may be expressed or may ..... shared only by those persons, who were the partners in the year of its creation.4. we have heard the parties and considered their rival submissions.the partnership, as defined in section 4 of the indian partnership act, 1932, is the relation between the persons, who have agreed to share the profits and losses of a business carried on by all or any of ..... particular mode of allocation, the assessee had a right in the development rebate reserve as per her share of profit in terms of the indian partnership act. the learned counsel for the assessee, on the other hand, submitted that the partnership being a relation by agreement, the rights and liabilities of the partners are to be governed by the agreement. he brought to our ..... be implied by a course of dealings. section 11 of the partnership act is however, subject to the other provisions of the same act. under clause (b) of section 13, the partners are entitled to share equally all the profits earned and shall contribute equally to the losses sustained .....

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Dec 31 1990 (TRI)

Central Cloth Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)37ITD1(Mum.)

..... .e., the shares are not specified but left to imagination, hence it cannot be said on those facts that there was a firm or a partnership in the eyes of law as stood defined in the indian partnership act, 1932 and for income-tax purposes.to the same effect is the decision of the punjab high court (as it then was). it is reported ..... be carried forward/accumulated to be distributed in such manner/in such proportion/at such time as the parties to the deed of partnership may decide upon from time to time.6. under section 4 of the indian partnership act, 1932, 'partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them ..... : - the stand of the assessee is that the assessee meets the requirements of law in terms of the definitions in the income-tax act, 1961 and the indian partnership act, 1932 vis-a-vis the definitions of 'firm', 'partners' and 'partnership'. the stand of the revenue is that charge of tax, qua the assessees have to be under section 167a inasmuch as shares of the ..... lack of precision in the language to express and in that case it will be subject to the provisions of the indian partnership act, 1932 but when the uncertainty is in terms of clear expression, then the replationship cannot be termed as partnership. in the case of the assessees-appellants, a part of the profits - a very negligible part of the profit - is to .....

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Dec 02 1991 (TRI)

Empire Estate Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)41ITD23(Mum.)

..... also. it follows that under the income-tax act, a firm is treated as a distinct and separate entity, different from the partners constituting it ..... description of the partners carrying on the business. but for taxing purposes 'a partnership firm' is treated as an entirely distinct, from the persons who constitute the 'firm'. section 2(23) gives the same meaning to the expressions "firm", "partner" and "partnership" as are respectively assigned to them in the indian partnership act, 1932. section 2(31) lays down that a "person" includes a firm ..... .13. where a firm is dissolved either by operation of law or by act of parties and is succeeded ..... assessment years 1977-78,1978-79 and 1979-80. for the sake of convenience, these are consolidated together and disposed of by a common order.2. the assessee is a partnership firm comprising of two partners, viz., shri r.k. mody and miss m.k. mody having equal shares (hereinafter called the "new firm").3. shri r.k. mody and miss .....

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Nov 30 1992 (TRI)

income-tax Officer Vs. Subhash Metal Indl.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)44ITD677(Mum.)

..... a legal concept of relationship just as other relationship subsists under the law. the relationship of the partners is governed by the indian partnership act, 1932, similarly the relationship which exist pursuant to the creation of trust is governed by the indian trust act, 1882.10. in explaining the concept of 'individual' it is, sine qua non, to indicate the essence of the object reflected ..... concept of trust. it transpires from the perusal of precedents available on the point that the courts have adopted the contextual meaning. while dealing with the term under the indian income-tax act, 1922 jogendra nath naskar v. cat [1969] 74 itr 33 (sc) apex court held that the term 'individual is wide enough to include a group of persons forming a ..... , it means "not divisible without loss of identity: subsisting as one: pertaining to one only or to each one separately of a group single, separate....section 3 of the indian trust act, 1882 defines trust as an obligation annexed to the ownership of property, and arising out of confidence reposed in and accepted by the owner, or declared and accepted by him ..... definition is not exhaustive. it is only enumerative. we for the present are concerned with the meaning of the word "person responsible for paying". this word is defined in the act itself and according to the definition given, the payer himself is person responsible for paying. without dragging the matter into the labyrinth of precedents we simply enquire who is the .....

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Feb 18 1997 (TRI)

international Computers India Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)63ITD195(Mum.)

..... are entitled to 25 per cent share each of the profits in the appellant firm and periwal and co. (p.) ltd. has 50 per cent share of profit. under the indian partnership act, 1932, the partnership firm registered thereunder is neither a person nor a legal entity. it is merely a collective name for the individual members of the ..... 25 per cent and periwal and co. p.ltd. has the remaining 50 per cent share in the profits of the newly constituted partnership, messrs mahabir cold storage, at purnea. the new partnership also obtained registration under the indian income-tax filed voluntary returns and it was separately assessed for the assessment year 1960-61 and thereafter.in the assessment year 1959-60 ..... the facts and circumstances of the case, the order of the tribunal holding that the conditions under section 33(1) of the income-tax act are satisfied, is legal and proper ?" the appellant-assessee is a registered partnership firm under a deed executed and registered on november 10, 1958, between prayagchand periwal and hanumanmal periwal and messrs periwal and co. p. ltd ..... .acquisition of ownership is a condition precedent for availing of the development rebate under section 33(1) of the act. it is now fairly clear from the statement of facts that the old and the new partnership firms are separately registered under the act and the old one was doing its business at calcutta and the new one at purnea. they have been .....

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