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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: old Court: income tax appellate tribunal itat nagpur Year: 1986 Page 1 of about 1 results (0.052 seconds)

Jul 25 1986 (TRI)

Shah Nanji Nagsi Employees Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Decided on : Jul-25-1986

Reported in : (1986)19ITD535(Nag.)

..... [1932] 59 ilr cal. 1343 found extracted in the case of cit v. r. johnstone [1934] 2 itr 390 (rangoon). it is : the object of the indian act is to tax 'income' a term which it does not define. it is expanded, no doubt, into 'income, profits and gains', but the expansion is more a ..... for 1981-82 and 1982-83.2. a contest in the appeals is identical and has same factual background. shah nanji nagsi is a firm of partnership engaged in business. this firm formed a trust called shah nanji nagsi employees welfare trust (the trust) by an indenture dated 23-6-1980. the ..... , but rs. 250 in excess available to it. before the ito there was a claim for exemption under section 11 of the income-tax act, 1961 ('the act') which was refused by him. the ito remarks that the trust is not for charitable or religious purpose and that it had not been registered ..... matter of words than of substance. income, their lordships think, in this act connotes a periodical monetary return 'coming in' with some sort of regularity or expected regularity, from definite sources. the source is not necessarily one which is expected ..... departmental representative contended that the receipt of every kind is chargeable under section 56(1) unless exclusion is permitted by any of the provisions in the act. section 56(2) furnishes a list of certain items of income which are chargeable under that head without prejudice to the generality of the provisions of .....

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