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Judgment Search Results Home > Cases Phrase: indian partnership act Year: 1960 Page 11 of about 129 results (0.066 seconds)

Sep 08 1960 (HC)

G. R. Ramachari and Co. Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Decided on : Sep-08-1960

Reported in : [1961]41ITR142(Mad)

..... be ascertained and divided among the various partners. on this basis, the department held that this difference of rs. 8,715 represented the profits of the partnership and made the assessment accordingly. in appeal the appellate assistant commissioner confirmed took over the stock in hand it was not equivalent to the taking over of ..... over the entire stock and continued to run the business on his own, is not relevant at all, when we consider the profits or losses of the partnership which has come to an end. it should, therefore, follows that in order to arrive at the correct picture of the function, the valuation of the ..... in the course of the account year from april 13, 1944, to april 12, 1945, disputes arose between the partners which led to the dissolution of the partnership. it resulted in the accounts being taken in respect of the madurai shop from april 13, 1944, to july 7, 1944, and the accounts of the bombay ..... put in issue only its assess ability in law on a true construction of section 4 (1) (b) and section 14 (2) (c) of the act.'this decision is important for the purpose of showing the basis for the valuation of the opening and closing stocks in any year in a consistent ..... price of the stock by transfer to one of the partners at prices fixed by the decree has to take its place.'under section 66 (2) of the act, the following question has been referred to us :'whether on the facts and in the circumstances of the case, the valuation of closing stock as on september .....

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Oct 26 1960 (HC)

Sahdeo Vijay Kumar Vs. Commissioner of Income-tax, Delhi.

Court : Rajasthan

Decided on : Oct-26-1960

Reported in : [1961]42ITR182(Raj)

..... it may be mentioned that sahdeo vijay kumar, kesrisinghpur, is a partnership firm constituted under an instrument of partnership dated the 5th of january, 1953. the firm started functioning on the 2nd of march, 1951. it was registered under section 26a of the indian income-tax act for the assessment year 1953-54 and 1954-55. the assessee firm ..... give 14 days notice of his intention to refuse the claim for renewal of registration in accordance with the proviso to section 23(4) of the indian income-tax act ?'the facts and circumstances of this case have been described in detail in the statement of this case have been described in detail in the statement ..... relied upon the decision in agarwal and co. v. income-tax application for registration of a partnership firm has to be made under the provisions of section 26a of the income-tax act and is under the act. under rule 6a an income-tax officer has been authorised to refuse to register or to refuse to ..... renew registration in case he is not satisfied that such a partnership firm did or does exist. such officer has also been ..... ranawat, j. - this is a reference under section 66(1) of the indian income-tax act by the income-tax appellate tribunal, delhi bench. the following question has been referred :'whether on the facts and in the circumstances of this .....

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Oct 05 1960 (HC)

R D Aggarwal and Co. Vs. Commissioner of Income-tax, SimlA.

Court : Punjab and Haryana

Decided on : Oct-05-1960

Reported in : [1961]42ITR155(P& H)

..... the non-resident companies that is sought to be taxed and for that purpose a notice was issued under section 34 of the act by the income-tax officer to the partnership firm r.d. aggarwal & co. the notice is in these terms :'whereas i have reason to believe that your income assessable ..... was that of a principal and agent and that such relationship fell within the meaning of the expression business connection in section 42 of the indian income-tax act :3. that profits accrued or arose to the non-resident at the time when delivery of the goods took place and the payments were ..... is no business connection between the non-resident and the assessee within the meaning of that expression as used in section 42(1) of the indian income-tax act. it was contended by the assessee that the agreement of agency was entered into between the non-resident and the assessee on march 24, ..... as used in section 42(1) of the indian income-tax act ?3. if the answer to the second question is in the affirmative whether on the facts and in the circumstances of this case any profits ..... the facts and in the circumstances of this case the notice dated march 29, 1954, issued under section 22 read with section 34 of the indian income-tax act was validly served on the assessee ?2. whether the relationship between the assessee and the nonresident fell within the meaning of the expression business connection .....

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Sep 15 1960 (HC)

Commissioner of Income-tax, Simla Vs. Sat Ram Gian Chand.

Court : Punjab and Haryana

Decided on : Sep-15-1960

Reported in : [1961]42ITR543(P& H)

..... of rs. 12,149 on march 31, 1954. by not dividing the true profits on a specific date, i.e., on march 31, 1954, the assessee has not acted upon the instrument of partnership.'the appellate assistant commissioner of income-tax to whom an appeal was preferred by the assessee firm rejected the same with the following observations :'the most important fact ..... 26a of the act was filed on september 29, 1953. this application was refused by the ..... partnership and consequently, a few instrument of partnership was drawn up on september 27, 1953, and an application under section ..... which this matter has arised may now be stated.for the assessment year 1953-54, the partnership (messrs. sat ram gian chand) was constituted by five partners under an instrument of partnership dated april 2, 1952. this firm was registered with the department under section 26a of the indian income-tax act. on april 1, 1953, a sixth partner, namely, jhanda ram, joined the .....

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Mar 03 1960 (HC)

Commissioner of Income-tax Vs. Kishore Chand Ramji Dass.

Court : Punjab and Haryana

Decided on : Mar-03-1960

Reported in : [1962]44ITR622(P& H)

..... devi were lumped together, should not result in the rejection of that application. as the appellate tribunal had pointed out, the deed of partnership was attached with the application for renewal, so that the facts themselves could be in no doubt. it is significant that identical application for ..... in the affirmative.the second question rests on a mere technically, for, if it is, as i have found it, that the deed of partnership did specify the individual shares of the partners, then the mere circumstance, that in the application for renewal the shares of the minors and kaushalia ..... and also the application for registration was not signed by bhoora ram. similarly, in kannappa naicker & co. v. commissioner of income-tax a partnership consisted of certain individuals and another firm, but the shares of the partners of that other firm were never specified. mr. sikri also referred to ..... it was found that the nerbudda ice factory belonged to two partners, purshottam lal sood and bhoora ram, and it was held therefore that the partnership sought to be registered had three partners, namely, bharat ice and aerated waters, ltd., purshottam lal sood and bhoora ram, and registration was ..... act, set aside the order of the income-tax officer granting renewal for the year 1951-52, holding that the shares of all the partners were not specified inasmuch as the shares of mohinder pal, harish chander and romesh chander were not separately mentioned, although their total share in the partnership .....

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Feb 22 1960 (HC)

C. S. Y. Appavoo Pillai and Sons Vs. Commissioner of Income-tax, Madra ...

Court : Chennai

Decided on : Feb-22-1960

Reported in : [1961]41ITR636(Mad)

..... that business the family was assessed to income-tax under the 1918 act. in 1920 gnanadhikam, on behalf of the family, entered into a partnership with arunachalam to carry on the business of contracts, mainly contracts with the south indian railway company obtained in name of arunachalam. the family was to ..... finance the business, and, in addition to the interest on the sums advanced to the partnership, the family was entitled to a third share of the profits ..... . on the share income of these profits also the family was assessed to tax as an association of persons under the 1918 act. arunachalam died on january 5, 1927. gnanadhikam ..... provision in the document was that it should be conducted by the three members of the family lourdusami, innasimuthu and sandanasami, as constituting a partnership. this partnership took over the contracts that had been obtained by the family in the name of lourdusami. paragraph 6 of annexure 'a' provided :'further ..... points one way, that till arunachalams death there was no break in the business in contracts, the business which the family conducted in partnership with arunachalam. on arunachalams death the family succeeded to the whole of that business by arrangement with the legal representatives of arunachalam. that .....

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Sep 26 1960 (HC)

K. P. Brothers Vs. Commissioner of Income-tax, New Delhi.

Court : Rajasthan

Decided on : Sep-26-1960

Reported in : [1961]42ITR650(Raj)

..... being the period ranging from october 10, 1952, to october 26, 1953 (both inclusive). the assessee is a partnership firm registered under section 26a of the indian income-tax consisting of 4 partners, one of them being shri kishan chand, son of maya ram, opposite party no. 2. he had ..... not entitled to claim a deduction of the interest credited in the books to the trust account from his income under section 10 of the indian income-tax the cases discussed above, the donees made entries in their own books of account in pursuance of their intentions to make gifts of ..... . the delivery according to section 123 may be made in the same way as goods sold may be delivered.section 33 of the sale of goods act, 1930, which provides for delivery of goods sold, is as follows :'delivery of goods sold may be made by doing anything which the parties agree ..... 1,108 credited to the accounts of the donees by the assessee firm could not be regarded as allowable deductions under section 10(2)(iii) of the indian income-tax act. the tribunal relied on the following decisions in coming to this conclusion : chambers v. chambers; muthappa chettiar v. commissioner of income-tax; hanmantram ramnath ..... is entitled to claim a deduction of the interest credited in the two accounts under the provisions of section 10(2)(iii) of the income-tax act ?the tribunal has stated the facts and circumstances of this case as noted below.the assessment year under consideration is 1954-55, the previous year .....

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Feb 09 1960 (HC)

Sheik Abdul Sattar Vs. District Collector, Masulipatam, and Another.

Court : Andhra Pradesh

Decided on : Feb-09-1960

Reported in : [1960]40ITR27(AP)

..... petitioner contended before the income-tax officer that after the death of sattar saheb, by a deed of partnership dated november 21, 1949, a partnership firm was constituted and that the firm ought to have been registered under section 26a of the indian income-tax act. the income-tax officer rejected the claim for registration and made an assessment against the petitioner and other ..... the income-tax authorities did not know that the late abdul sattar saheb had left other legal representatives, by reasons of the filing of the partnership deed for the purposes of registration under section 26a of the act for the year 1950-51. whether the income-tax authorities knew that there were other legal representatives besides the petitioner or not, seems to ..... v. first additional income-tax officer, karaikudi ([1958] 33 i.t.r. 466.) where the learned judges held that the legal fiction created under section 24b(2) of the indian income-tax act of treating a legal representative as the assessee is only for the limited purpose of the assessment and does not extend to the recovery or collection of tax, and ..... -44, 1944-45 respectively and the assessment was actually made on 30th march, 1946.both these cases are with respect to the assessments that were made prior to the indian income-tax (amendment) act, 1953. and, therefore, there is no substance in the contention of the learned counsel that the amended definition cannot be used for the purpose of determining whether a .....

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Jan 25 1960 (HC)

Lala Har Bhagwandas and anr. Vs. Diwan Chand

Court : Madhya Pradesh

Decided on : Jan-25-1960

Reported in : AIR1960MP195

..... overruled, to conclude that the present petition is tenable.6. so far as the facts of this case are concerned, the applicants were carrying on business of motor transport in partnership with the non-applicant, diwanchand. they had executed agreements in favour of each other regarding the truck which was the subject-matter of this dispute. the said agreements were filed ..... , with the following observations:'in the above circumstances, i am of the opinion that the accused have not committed any offence under section 379 of the indian penal code or under section 4 of the debtors act. therefore, i hold the accused not guilty under any of the sections as alleged by the prosecution. i, therefore, acquit accused harbhagwandas son of ramduttamal ..... . and the other case decided by naik j. in air 1950 madh pra 75 (supra) decided by chaturvedi j., the accused had been prosecuted for an offence under section 454, indian penal code. they were acquitted of the offence and, it did not appear that any offence with respect to the property was committed; and, therefore, the property that was said ..... , of by the applicants. it was the non-applicant's case that the applicants forcibly took away the truck against his consent and thereby committed an offence under section 379, indian penal code. the applicants' defence was that the non-applicant handed over the truck to them voluntarily and there was no question of a criminal offence. on these contentions, the .....

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Dec 13 1960 (HC)

Sri Mohan Tayal Vs. Commissioner of Income-tax Punjab.

Court : Punjab and Haryana

Decided on : Dec-13-1960

Reported in : [1962]46ITR1230(P& H)

..... investment of the family funds in the partnership business and the salary earned by s. bhagwant singh were related to each other as cause and effect. the right to draw a salary was made possible by ..... case it had been established that s. bhagwant singh was a member of a joint hindu family, that he invested a part of thejoint family funds in a partnership and that it was in consequence of that investment that he became a partner in that enterprise and became entitled to draw salary as a partner. thus the ..... appellate tribunal against this part of the decision of the appellate assistant commissioner, the tribunal recorded a short order on 5th february, 1958, saying that the assessee was acting as the managing director in the capacity of karta of his hindu undivided family and not in his capacity as an individual. thus the salary and directors fees ..... personal income or that of the hindu undivided family of which he is the karta ?2. is there any material on record to hold that sri mohan tayal, while acting as managing director of tayal bros. ltd., was doing so as a representative of the hindu undivided family of which he was the karta ?'the petitioner, sri mohan ..... this is a petition under section 66(2) of the income-tax act for directing the tribunal to state the case on the following questions :'1. whether on the facts and in the circumstances of this case the wo sums .....

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