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Judgment Search Results Home > Cases Phrase: indian partnership act Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 104 results (0.701 seconds)

Jun 12 2008 (TRI)

Minnow Trading Company Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits.the provisions of section 13(c) of the indian partnership act, 1932 being the law of the land, the partners of the firms are entitled to interest on the capital subscribed by them only when such interest could be paid ..... expenses on land development, which were capitalized by them as per their statement of accounts filed with the department.she contended that the provisions of section 13(c) of the indian partnership act, 1932 does not provide that the partners could not provide the allowance of interest on the amount of capital brought by them and in fact, in the case of ..... the capital contributing partner could be expected to take his stipulated interest. this seems to be the principle adopted by the indian legislature in section 13(c) of the indian partnership act and by parliament in section 24, clause 4 of the english partnership act. the law may recognize an exception to this rule where the contract expressly provides for payment of interest regardless of ..... interest on the capital subscribed by them as per the provisions of section 13(c) of the indian partnership act, 1932. learned counsel for the assessee contended that only exception to this legal provision of section 13(c) of the indian partnership act, 1932 is where the partnership deed executed by the partners specifically provides that partners shall be entitled to interest on the capital subscribed .....

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Feb 23 2006 (TRI)

Mishapar Investments Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT532(Mum.)

..... associates with the registrar of firms. in the case of dulichand laxminarayan v. cit (1956) 29 itr 535 (sc), the hon'ble supreme court held that section 4 of the indian partnership act, 1932, clearly requires the presence of three elements to constitute a firm namely: (i) that there must be an agreement entered into by two or more persons; (ii) that the ..... of partner under the head "partners current account". likewise, in the books of the assessee, this amount was shown to be recovered from the partnership firm. according to provisions of section 20 of the sales of goods act, if the goods are identified and parties intend to pass the property to the buyer, the payments can be deferred. but, in the instant ..... sale of shares to that concern. as we have mentioned above, it is not mandatory for the existence of a partnership firm to get itself registered with the registrar of firms and the genuineness of the partnership firm under the income tax act cannot be challenged simply on the ground that it is not registered with the registrar of firms. hon'ble supreme ..... current account of the partner and that is exactly as per the provisions of section 45(3) of the act. we also do not find any substance in the contention of the department that the sale has not been mentioned in the partnership deed because the firm was formed on 1-7-1997 and the sale under consideration had taken place on .....

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Jun 22 2004 (TRI)

Patel Engineering Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD411(Mum.)

..... parties, or of the law, by which the title to property is conveyed from one person to another (section 44, transfer of property act); 2. to convey title or interest in property to another section 19(2)(g) indian partnership act] ; transfer : to convey; to make over from one to another, to remove. document whereby one person transfers property, securities, or rights to ..... another. a transfer is an act or transaction, by which property of one person is, by him, vested in another. the term 'transfer' means to ..... section 80-ia(4). the learned counsel for assessee, on the other hand, contended that the requirement is that the enterprise developing the infrastructure facility should be owned by an indian company.49. we have considered the rival contentions as also the relevant material on record. however, we find substance in the contentions of the learned authorised representative of assessee. in ..... house. at koyna, the assessee carried out a highly specialised underwater blast for the first time in asia. the assessee spent enormous sum for locating and receiving this technology for indian project. the water tapped from the lake passes through two intake tunnels 188 and 242 meters long. at the end of this, 4 numbers vertical shafts are located to house .....

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Apr 23 2003 (TRI)

Mafatlal Holdings Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)85TTJ(Mum.)821

..... associates, with the registrar of firms. in the case of dulichand laxminarayan v. cit (1956) 29 itr 535 (sc), the hon'ble supreme court held that section 4 of the indian partnership act, 1932, clearly requires the presence of three elements to constitute a firm namely (i) that there must be an agreement entered into by two or more persons; (ii) that the ..... the case of bharat nidhi ltd. (supra) relied upon by the learned departmental. representative is not relevant to the facts of this case. according to him, partnership firm is not a person in the companies act.43. we have carefully considered the submissions made by the rival parties. we have also gone through the various documents filed before us during the course ..... of sale of shares to that concern. as we have mentioned above, it is not mandatory for the existence of a partnership firm to get itself registered with the registrar of firms and the genuineness of the partnership firm under the it act cannot be challenged simply on the ground that it is not registered with the registrar of firms, hon'ble supreme court ..... with the registrar of firms and another which is not so. it is also not mandatory for the existence of a partnership firm to get itself registered with the registrar of firms and the genuineness of the partnership firm under the it act cannot be challenged simply on the ground that it is not registered with the registrar of firms.32. regarding the payment .....

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Sep 27 2001 (TRI)

Clifford Chance Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD106(Mum.)

..... act. the word "member" was also explained with reference to the definition as given in black's law dictionary.11. it was ..... shri dastur submitted that the word "member" refers to a partner because only a partner can be a "member of a partnership". learned counsel made reference to sections 5, 17(3), 34, 36 and 42(1) of the english partnership act, 1890 and section 37 of the indian partnership act, 1932. our attention was also invited on the provisions of section 64(1)(i) of the ..... that the reference to "partnership" in article 15 of the dta is a reference to "firm" or to a "partnership firm" as such. the employees of a firm cannot be regarded as its ..... demonstrated with reference to the sections of english partnership act and indian partnership act listed above that the word "partner" and "member" are inter-changeable. learned counsel argued .....

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Jan 11 2000 (TRI)

Smruti Trading Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... not to him in his individual capacity. we cannot throw out notions of the partnership law even while considering a question arising under the it act, because s. 2(23) of the it act says that the expressions "firm", "partner" and "partnership" shall have the meanings respectively assigned to them in the indian partnership act, 1932, with the only exception that the expression "partner" would also include ..... a minor admitted to the benefits of the partnership. thus, if under the partnership law, an huf as such ..... that the explanations were clarificatory and applied even to assessment years prior to asst. yr. 1985-86, thus, eliminating the rigour of the strict application of the principles of partnership law to income-tax assessments. however, these explanations are confined to payment of interest alone and therefore so far as the representative capacity is concerned, the same cannot be ..... 1. this appeal by the assessee is directed against the order passed by the cit under s. 263 of the act on 12th january, 1997.2. the appeal arises this way. the assessee is a partnership firm consisting of two partners. one is m. h. patel, an individual, and the other is h. p. patel (huf). it is common ground .....

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Feb 05 1999 (TRI)

Assistant Commissioner of Vs. Associated Builders

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)72ITD273(Mum.)

..... at the time of dissolution only when there is no agreement or contract between the partners to the contrary, which is also the position recognised sky section 48 of the indian partnership act. therefore our decision is applicable equally to capital assets as well as stack-in-trade, provided there is a contract between the partners to value them at the time of ..... revenue authorities to discard the same and seek to tax the profit on the notional footing of the market price. in this connection the provisions of section 48 of the indian partnership act were also relied upon as also the order of the madras bench of the tribunal in ito v. preetham pipe syndicate [1993] 44 itd 665. as regards the existence of ..... the partners, the market value can be adopted for assessment purposes. in n. muhammad ussain sahib's case (supra) the question arose under section 48 of the partnership act. now section 48 of the partnership act provides for the mode of settlement of accounts between partners upon dissolution. the section provides for certain rules which are expressly stated to be subject to agreement by ..... absence of an agreement between the partners to the contrary, they can be valued on the basis of the market value at the time of dissolution. section 48 of the partnership act in fact clarifies or makes the position very clear.11. the other reason as to why it is difficult to understand the judgment of the supreme court as laying down .....

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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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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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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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