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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Court: income tax appellate tribunal itat nagpur Year: 1984 Page 1 of about 3 results (0.112 seconds)

Mar 24 1984 (TRI)

Trustees of Anandani Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Decided on : Mar-24-1984

Reported in : (1984)9ITD174(Nag.)

..... ) was rendered on its own facts. the facts of the case were that a firm, consisting of three partners and a minor admitted to the benefits of partnership, was carrying on business in the manufacture and sale of snuff. one of the partners filed a suit in the civil court for dissolution of the firm from ..... profits if any earned will be treated as an asset of the firm subject to be divided between the parties in the manner set out in the partnership deed, and that the receivers will pay every month certain specified amounts to the partners. some time later the court appointed a commissioner for taking accounts ..... stress on the issue that the trustees and the receivers are not the same persons. a trustee, according to him, is governed by the provisions of the indian trusts act, 1882, and the receiver is governed by the code of civil procedure, 1908. referring to the two decisions of the supreme court in the case of ..... . it was a case where: a firm, consisting of three partners and a minor admitted to the benefits of partnership, was carrying on business in the manufacture and sale of snuff. the deed of partnership provided that the firm could not be dissolved before august 31,1955, but it was open to the partners to ..... continue the partnership or enter into a fresh partnership. on september 17, 1956, one of the partners filed a suit in the civil court for the dissolution of the firm with effect from .....

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Dec 12 1984 (TRI)

National Garage Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Decided on : Dec-12-1984

Reported in : (1985)13ITD420(Nag.)

..... case of a partner, who had lent money to the partnership and had also borrowed money from it, as a case of double entry and treated the balance alone as the amount either borrowed by him from or lent by him ..... the hands of the firm (p. 179) while holding that there was no reason why the interest paid by the partner should not be treated as profit made by the partnership, the high court held, with respect to the interest disallowance under section 40(b), as under; in the case before us, the appellate assistant commissioner and the tribunal treated the ..... income of the firm, the high court held that while apportioning the total income of the firm between the partners under section 23(6) of indian income-tax act, 1922 or section 158 of the 1961 act, the interest adjusted on the debit balances of the partners in the books of the firm was not deductible from the share of profits of the ..... to the partnership, as the case might be, and after having made this adjustment they disallowed all interest paid by the partnership to such a partner by reason of the provisions of section 10(2)(iii) and 10(4)(b) quoted above, while .....

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Dec 26 1984 (TRI)

Vijay Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Decided on : Dec-26-1984

Reported in : (1985)13ITD526(Nag.)

..... the facts of this case in detail which would be relevant to decide the point in issue. he contended before us that the assessee is a partnership firm of long standing and is assessed to tax from year to year in the status of a registered firm. the partners of the assessee- ..... itr 1, wherein their lordships have held that as the ito had not only entertained the return but acted on it by issuing a notice under section 23(2) of the indian income-tax act, 1922 ('the 1922 act') and had not at that stage raised an objection on the ground that the return was invalid, and ..... the assessee relates to the assessment year 1978-79 and arises out of the order of the commissioner passed under section 263 of the income-tax act, 1961 ('the act'). the assessee contests the appeal on the ground that on the facts and in the circumstances of the case the commissioner erred in invoking the ..... us that under section 139, the return of income should be in the prescribed form and verified in the prescribed manner.according to section 140 of the act, the return should be signed and verified. he, therefore, contended that the return filed without the signature of the assessee is not a valid return ..... , defect or omission in such return, if in substance and effect the same is in conformity with or according to the intent and purpose of this act. the learned counsel contended that when the statements of total income including the trading account, profit and loss account, balance sheet, partners' accounts, allocation of .....

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