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Judgment Search Results Home > Cases Phrase: indian partnership act Year: 1970 Page 10 of about 131 results (0.073 seconds)

Dec 29 1970 (HC)

M. Sulochanamma and ors. Vs. Commissioner of Wealth-tax

Court : Andhra Pradesh

Decided on : Dec-29-1970

Reported in : [1972]85ITR201(AP)

..... reliance also was placed on the use of the article 'the' beforethe word 'individual' instead of 'such' employed in section 16(3)(a) of the indian income-tax act, 1922. while dealing with the submission of the assessee relating to the use of the words 'as belonging to him', it was observed by the learned ..... the view of the supreme court in sodra devi's case was that thewords 'any individual' and 'such individual' in section 16(3) of the indian income-tax act, 1922, are restricted in their meaning so as to take in only the male of the species and do not include the female of the species. ..... (ii) from the admission of the minor to the benefits of partnership in a firm of which such individual is a partner.' 25. a close reading of section 4(1)(a) of the wealth-tax act and section 16(3)(a) of the indian income-tax act, 1922, manifests that the provisions of both the sections, in so ..... being a married daughter to whom such assets have been transferred by the individual otherwise than for adequate consideration.' 24. section 16(3)(a) of the indian income-tax act, 1922: 'in computing the total income of any individual for the purpose of assessment, there shall be included- (a) so much of the income ..... lease was not available to the assessees on the respective valuation dates. 19. it is well-settled that the income charged to tax under the indian income-tax act is that of the previous year. the law that is applicable is that in force in the year of assessment unless otherwise stated or implied. .....

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Aug 28 1970 (HC)

Rampur Industries Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Aug-28-1970

Reported in : [1971]82ITR23(All)

..... of income-tax, [1969] 73 i.t.r. 257 (mad.), the assessee carried on a business of running a powerloom factory by manufacturing handloom cloth in partnership. under an agreement r was at liberty to shift the looms and accessories to a new premises. it was held that the intention of the parties as expressed ..... letting out his land and carrying on exploitation of part of that land by selling gravel out of it ... would fall under section 9 of the indian income-tax act, as income earned, no matter by whatever method from land, and specifically dealt with by that section.'7. it may further be pointed out ..... on the facts and in the circumstances of the case, the rental income of rs. 9,906 was chargeable to tax under section 9 of the indian income-tax act, 1922. the answer to the question is against the assessee. the assessee shall pay the commissioner income-tax, u. p., rs. 200 as costs ..... that the problem in that case arose under the excess profits tax act. the present case is governed by the indian income-tax act, 1922. further, in that case the plant was let out. in the present case godowns of the assessee were let out. ..... the object of buying and developing landed properties. yet it was held that receipt from rent amounted to income from property under section 9 of the act. in the present case the assessee-company was not established for earning profit from godowns. godowns were let out incidentally. rent from godowns is clearly .....

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Mar 18 1970 (HC)

RoopnaraIn Ramchandra Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Mar-18-1970

Reported in : [1970]78ITR171(All)

..... the reasons stated hereunder, the commissioner of income-tax, uttar pradesh, lucknow, hereby transfers under sub-section (7a) of section 5 of the indian income-tax act, 1922 (xi of 1922), the case particulars of which are mentioned in column 3 of the schedule hereto annexed, to the income-tax officer mentioned ..... set out hereinabove.7. before proceeding to answer the question referred by the tribunal it may be pointed out that under rule 4 of the indian income-tax rules, 1922, the income-tax officer is authorised to grant registration to a firm when he is satisfied as to the conditions ..... j.1. the question submitted by the appellate tribunal for the opinion of this court under section 66(1) of the indian income-tax act, 1922, hereinafter referred to as 'the act', is as follows :'whether, on the facts and in the circumstances of the case, in the appeal under section 30 to ..... , m/s. roop narain ram chandra, kanpur, was constituted as a firm under a deed of partnership dated the 17th of november, 1952. it was accorded registration under section 26a of the act for the two immediately preceding years 1955-56 and 1954-55. for the assessment year under reference, 1956 ..... appeal preferred by the assessee against the order of the income-tax officer, district i(v), refusing to allow registration under section 26a of the act, the appellate assistant commissioner held that for the same reasons the order of the income-tax officer was without jurisdiction. the appellate assistant commissioner, .....

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Nov 09 1970 (HC)

Nandlal Mangaram Pamnani and ors. Vs. G. Lakshminarasimhan and anr.

Court : Mumbai

Decided on : Nov-09-1970

Reported in : [1971]82ITR1(Bom)

..... respondent under section 33a(2) of the indian income-tax act, 1922, and this was disposed of by the 2nd respondent by his order dated 21st june, 1966, copies of this revision application ..... of this decision reads as follows : 'the jurisdiction of the income-tax officer to make an order for rectification under section 35 of the indian income-tax act, 1922, depends upon the existence of a mistake apparent from the record. that mistake need not be a clerical or mathematical mistake. it ..... j.1. the original petitioner along with one balchand menghraj, khanchand jiwandas, jaikishan balchand and one govindibai had been carrying on business in partnership in the firm name and style of j. b. mangaram & co., at gwalior. the present petitioners are the heirs and legal representatives ..... headnote of this judgment reads as follows : 'the power of the income-tax officer under section 35 of the indian income-tax act, 1922, or the corresponding section 154 of the income-tax act, 1961, is limited to rectification of mistakes which are apparent from the record. an error apparent from the ..... his hands, but the 1st respondent negatived the contention, and on 24th march, 1966, passed an order under section 35 of the income-tax act, 1922, purporting to rectify the mistake in calculating the special surcharge. from this order the original petitioner filed a revision application to the 2nd .....

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Jun 11 1970 (HC)

E.A. Sriramayya and anr. Vs. D. Aswarthanrayana Gupta and ors.

Court : Andhra Pradesh

Decided on : Jun-11-1970

Reported in : AIR1971AP276a

..... 1962, sometimes in the name of the son i.e., the plaintiff in o.s.no.9/1962 and sometimes in the name of a partnership, known as sri rama oil mills, of which the father and son were partners.the defendants claim that they are agriculturists and that they are entitled ..... ' if he- (a) has in both the financial years ending 31st march, 1938 been assessed to income-tax under the indian income-tax act, 1922 or under the income-tax laws of indian state. (b) has in all the four half years immediately preceding the 1st october, 1937 been assessed to profession-tax on ..... that defendants have salable interest in agricultural land and that they are agriculturists within the meaning of section 3 (ii) (a) of the agriculturists reliefs act. it is however contended on behalf of the plaintiffs that the defendants are not entitled to the benefit of section 13 as they are excluded from ..... and the only question raised before me is whether the defendants are entitled to the benefits of the agriculturists relief act and whether the debts are liable to be reopened and traced back to 1954. the learned subordinate judge held that the defendants were entitled to ..... to the benefits of the agriculturists relief act. they claim, that the debt should be reopened and traced back to the original debt of 1942. the principal question raised before the lower court .....

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Oct 23 1970 (HC)

Jagdev Singh Mumick Vs. Commissioner of Income-tax

Court : Delhi

Decided on : Oct-23-1970

Reported in : [1971]81ITR500(Delhi)

..... respect of the readjustment had to be determined according to the strict legal form of the transaction. the company was a legal entity distinct from the partnership under the general law. transfer of the machinery was by the firm to the company; and the legal effect of the transaction was to convey ..... above, we hold that a sum of rs. 33,624.00 out of rs. 83,624.00 was rightly assessed under section 12b of the indian income-tax act. the remaining amount of rs. 50,000.00 was not rightly assessed. the question referred to this court is answered accordingly.(19) in the ..... 1969]71itr433(mad) . it was held that the amount received on the transfer of a good-will was not liable to be taxed under section 12b of the act. the learned judges (veeraswami and alagiriswami jj.) observed: 'sub-section(2) of section 12b provides that the amount of a capital gain shall be computed after ..... resulted in excess realization over the written down value of the machinery to the firm, and the liability to tax, if any, arising under the act could not be avoided merely because in consequence of the transfer the interest of the partners in the machinery was substituted by an interest in the ..... following question has been referred to this court under section 66(1) of the indian income-tax act, 1922 (hereinafter referred to as the act) :- 'whetherthe sum of rs. 83,624.00 was rightly assessed under section 12b of the indian income-tax act, 1922?'(2) the case relates to assessment year 1947-48, the previous year .....

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Jul 15 1970 (HC)

Jwala Prasad Radha Kishan Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Jul-15-1970

Reported in : [1971]79ITR530(All)

..... behalf of the revenue. it was, in fact, not an expenditure at all, much less a capital expenditure. ' expenditure ', as defined by the supreme court in indian molasses co. (p.) ltd. v. commissioner of income-tax : [1959]37itr66(sc) . means money which goes out irretrievably. but here, the assessee was entitled ..... the english income tax act, 1952, specifically provides for allowance of a loss sustained in any trade carried on by a person solely or in partnership. the distinction between loss and expenditure has been indicated by finlay j. in alien v. farquharson ..... return in the shape of profits and the loss suffered by the assessee was a capital loss not allowable under any of the provisions of the act. the bombay high court affirmed the view taken by the tribunal. the supreme court, however, reversed the decision of the high court and ..... the supreme court in badridas daga v. commissioner of income-tax, : [1958]34itr10(sc) . supports this view. under section 10(1) of the act tax is payable on profits and game of a business computed on ordinary commercial principles and deductions must be allowed in respect of losses so connected with ..... society v. styles, [1892] 3 t.c. 185, 188, 189 (h.l.). in the indian income-tax act, 1972, while there is provision for allowability or otherwise of business expenditure in section 10 of the act, there is no express reference to business loss therein. on the other hand, section 341(1) of .....

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Nov 10 1970 (HC)

Commissioner of Income-tax Vs. Jishan Lal Kuthiala

Court : Punjab and Haryana

Decided on : Nov-10-1970

Reported in : [1972]86ITR680(P& H)

..... by the hindu undivided family for the assessment year 1956-57 the assessee declared a loss of rs. 9,447 regarding the family's share in this partnership business. as the assessment of the firm was still pending at that time, the income-tax officer ignored the loss shown by the assessee from this ..... the income-tax officer declined to do so. he took the view that the claim of the assessee was not permissible under section 24 of the indian income-tax act 1922.4. the assessee then preferred an appeal to the appellate assistant commissioner and claimed the set-off with regard to the aforesaid loss. the appellate ..... .r. 710 (s.c.). the commissioner of income-tax being dissatisfied with the decision of the appellate tribunal applied under section 256(1) of the income-tax act, 1961, requiring it to refer the question of law, already stated, for the opinion of this court. that is how the matter has been placed before us ..... against its other business income under section 10 of the said act ?'2. the assessee is a hindu undivided family. it derives income from shares held in certain firms, dividend income, etc. the assessee family had 9 ..... , on the facts and in the circumstances of the case, the tribunal was right in law in holding that section 24(1) of the income-tax act, 1922, did not apply to the assessee's case and that the assessee-family was entitled to set off its share of loss in the unregistered firm .....

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Jan 21 1970 (HC)

Sait Bansilal and Rangisetti Veeranna Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Jan-21-1970

Reported in : [1972]83ITR750(AP)

..... satisfied that the profits of a registered firm have been distributed otherwise than in accordance with the shares of the partners as shown in the instrument of partnership registered under this act governing such distribution, and that any partner has thereby returned his income below its real amount, he or it may direct that such partner shall, in addition to the income ..... is also well established that an assessee having once filed an appeal cannot withdraw it. in other words, the assessee having filed an appeal and brought the machinery of the act into working, cannot prevent the appellate assistant commissioner from ascertaining and settling the real sum to be assessed, by intimation of his withdrawal of the appeal. even if the assessee ..... filed before an appellate authority, the whole assessment would be before it and its orders would finally determine the precise total income. to prove the above scheme envisaged under the act, the learned counsel for the assessee cited various rulings which, in our opinion, need not be mentioned here.7. as against the above arguments, the learned counsel, sri ananta babu ..... assessee, the income-tax appellate tribunal has referred to this court under section 66(1) of the indian income-tax act, 1922 (hereinafter called 'the act'), the following question of law for our opinion :' whether, on a proper construction of section 28 of the income-tax act, 1922, the income-tax officer ceases to have the power to impose apenalty under that section, once .....

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Nov 18 1970 (HC)

Commissioner of Income-tax Vs. Hassanally and Sons

Court : Kolkata

Decided on : Nov-18-1970

Reported in : [1971]81ITR282(Cal)

..... a genuine firm as evidenced by the deed dated the 16th march, 1959, came into existence and that the firm was entitled to registration under section 26a of the indian income-tax act, 1922, for the assessment year 1960-61 ? (2) if question no. 1 is answered in the negative, whether the tribunal was right in setting aside the assessment in the ..... , the tribunal was right in holding that the said document brought into existence a genuine firm and registration was therefore allowable to the assessee under section 26a of the indian income-tax act, 1922?'8. the tribunal, however, has referred to this court the following questions:'(1) whether, on the facts and in the circumstances of the case, the tribunal was right ..... in conformity with some of the material terms of the deed which brought the partnership into existence.18. for these reasons, our answer to the second part of question no. 1 is that the firm was not entitled to registration under section 26a of the indian income-tax act, 1922, for the assessment year 1960-61.19. the first part of question no ..... was carrying on business in hardware and mill stores and was granted registration under section 26a of the income-tax act.2. for the assessment year 1960-61, the assessee applied for a fresh registration. it was stated that a deed of partnership dated the 16thmarch, 1959, had been executed and a new firm had been constituted consisting of seven partners. these .....

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