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Judgment Search Results Home > Cases Phrase: indian partnership act Year: 1970 Page 5 of about 131 results (0.063 seconds)

Sep 24 1970 (HC)

Commissioner of Income-tax Vs. Smt. Triveni Devi

Court : Allahabad

Decided on : Sep-24-1970

Reported in : [1971]81ITR511(All)

..... the minor as interest on the capital is an indirect result of his being admitted to the benefits of partnership, and has to be included in the total income of his father under section 16(3)(a)(ii) of the indian income-tax act, 1922.7. in s. srinivasan v. commissioner of income-tax, [1967] 61 i.t.r ..... allowed was assessable in the hands of the appellant under sub-clauses (i) and (iii) of clause (a) of section 16(3) of the indian income-tax act, 1922. it was held by the supreme court that interest accrued to the wife and minor sons because of their capacity mentioned in section 16(3)(a ..... deposit or loan. the department relies upon clause (ii) of section 64 of the act. in order to bring the case under clause (ii) of section 64, it was for the department to establish a connection between the partnership of the minor and the receipt of interest on the money brought in by the minor ..... . 273 ; [1967] 1 s.c.r. 729 (s.c.) the appellant was senior partner in a firm in which his wife and a stranger were partners, and two minor sons were admitted to the benefits of the partnership ..... the partnership deed did not cast any obligation upon minors to maintain any deposits in the firm. the question arose whether interest which minor partners had received on deposits standing to their credit in the firm could be included in the total income of the assessee under section 16(3)(a)(ii) of the indian income-tax act, .....

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Oct 05 1970 (HC)

Vrajlal Makandas Valiya Vs. L.D. Joshi, Collector

Court : Gujarat

Decided on : Oct-05-1970

Reported in : (1971)12GLR586

..... in payment of the debts and liabilities of the firm and to have the surplus distributed among the partners or their representatives according to their rights. section 48 of the partnership act provides for the mode of settlement of accounts between the partners. it prescribes the sequence if which the various outgoings are to be applied and the residue remaining is to ..... second proviso to section 10(2)(vii). shah j. speaking on behalf of the supreme court stated the law on the subject in these terms:under section 46 of the partnership act, 1932, on the dissolution of the firm every partner or his representative is entitled, as against all the other partners or their, representatives, to have the property of the firm ..... to his trustee.the supreme court had also occasion to consider this question in narayanappa v. bhaskara krishnappa : [1966]3scr400 and there, after referring to the relevant provisions of the partnership act, the supreme court proceeded to state the effect of these sections in the following words:from a perusal of these provisions it would be abundantly clear that whatever may be ..... the assets at the original value amounted to total recoupment of the entire depreciation by the partnership and on that account the second proviso to section 10(2)(vii) of the indian income-tax act. 1922, was attracted. the supreme court held that on the dissolution of the partnership; each theatre had to be deemed to fee returned to the original owner in satisfaction .....

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Apr 28 1970 (SC)

Commissioner of Income-tax Uttar Pradesh, and anr. Vs. J.P. Kanodia an ...

Court : Supreme Court of India

Decided on : Apr-28-1970

Reported in : AIR1970SC1588; [1970]77ITR515(SC); 1970MhLJ35(SC); (1970)2SCC7a; [1971]1SCR418

..... of the income-tax officer directing that the income of the partners and the shares allocated to the minors admitted to the benefit of the partnership shall be assessed in the hands of the respective hindu undivided families was plainly without jurisdiction.7. on the second contention not much need be ..... a partner is beneficially held by some other person or entity. the income-tax officer must allocate the profits in accordance with the deed of partnership registered by him and to the persons admitted to the benefits thereof according to their respective shares. he cannot at that stage hold an ..... -tax officer was of the opinion that since the capital contributed by the partners and the minors who were admitted to the benefits of the partnership was out of the capital of the respective hindu undivided families to which they belonged, the profits allocated to the partners and to the minors ..... prawd's case that in the computation of the income, profits and gains of the year of assessment under section 10(1) of the indian income-tax act, the assessee is not entitled to set off speculative losses against profits from other business activities of the same year.8. the appeal is ..... p. kanodia and company is a firm registered under the indian income-tax act, 1922. the partners of the firm were smt. shanti devi and badri prasad. three minors--pradeep kumar, anand prakash and rajendra prasad were admitted to the benefits of the partnership.2. in proceedings for assessment of tax for the assessment .....

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Jan 19 1970 (HC)

Mills Store Co. Vs. Commissioner of Income-tax, Bombay City Ii

Court : Mumbai

Decided on : Jan-19-1970

Reported in : [1971]80ITR225(Bom)

..... .j.1. this is a reference under section 66(1) or the indian income-tax act, 1922. 2. messrs. mills store company, a partnership firm constituted of six partners, was carrying on business at karachi with branches, amongst other places, at bombay. as at the end of march, 1948, that partnership was dissolved and its accounts were made up. as from 1st april, 1948 ..... be referred to as 'the karachi firm'. as from 1st april, 1948, the three remaining partners took over the bombay business and continued it in the same old name in partnership with to new partners. this firm will be referred to as 'the assessee-firm'. 3. after these two new firms were formed there were numerous transaction between them. the income .....

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Mar 02 1970 (HC)

Ram Das Jaiswal Vs. Income-tax Officer

Court : Allahabad

Decided on : Mar-02-1970

Reported in : [1971]79ITR570(All)

..... fell to be assessed as the income of the united motor transport service association, treated as an unregistered partnership firm, issued a notice under section 34 of the indian income-tax act, 1922, in respect of the several assessment years and made consequent assessments upon the partnership firm. the petitioner was treated as a partner of the firm, and on that basis recovery proceedings ..... time allowed by it, the partner himself can be treated as being in default. the law is now clear that if a notice of demand has been served upon a partnership firm, it is not necessary that a further notice should be served upon the partner of the firm in order to render that partner liable for payment of tax : see ..... in the rejoinder-affidavit filed by him to the counter-affidavit. if baij nath is treated as an employee of the firm, the position appears to be that the firm acted upon the notice under section 34, served upon him, by filing returns of its income. it also treated the assessment orders and notices of demand served upon baij nath as .....

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Jul 21 1970 (SC)

L. Hirday NaraIn Vs. Income-tax Officer, Bareilly

Court : Supreme Court of India

Decided on : Jul-21-1970

Reported in : AIR1971SC33; [1970]78ITR26(SC); (1970)2SCC355; [1971]1SCR683

..... as not maintainable the petition which was entertained and was heard on the merits.13. the high court observed that under section 35 of the indian income-tax act, 1922, the jurisdiction of the income-tax officer is discretionary. if thereby it is intended that the income-tax officer has discretion to exercise ..... september 30, 1950 the income was assessed in the hands of hirday narain in the status of a hindu undivided family. section 16 of the indian income-tax act, 1922, by sub-section (3)(a)(ii) provides :in computing the total income of any individual for the purpose of assessment there shall be ..... hindu undivided family and liable to tax in the hands of hirday narain by the application of section 16(3) (a) (ii) of the indian income-tax act, 1922.4. hirday narain then applied for rectification of a mistake in the order of assessment which he claimed was apparent from the record. he ..... individual, and to that income, the income of his minor children arising out of the partnership to which they were admitted was liable to be added under section 16(3)(a)(ii) of the income-tax act, and the tax officer was entitled and indeed bound to rectify the assessment when his ..... included--(a) so much of the income of a wife or minor child of such individual as arises directly or indirectly--* * * *(ii) from the admission of the minor to the benefits of partnership .....

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Jun 03 1970 (HC)

Omprakash Agarwalla Vs. Agricultural Income-tax Officer and ors.

Court : Kolkata

Decided on : Jun-03-1970

Reported in : [1972]84ITR340(Cal)

..... on an assessee deriving income from growing and manufacturing tea without the assessment of such assessee being completed under the indian income-tax act have been raised in this application. it appears that the bagdogra tea estate was owned and managed by a partnership firm of which maidhandus agarwalla and certain other persons were the partners. it is alleged in the petition that ..... derived from operations partly agricultural and partly non-agricultural. section 8(1) enacts that in the case of such mixed income which is chargeable partly under this act and partly under the indian income-tax act, the agricultural income-tax officer shall determine the agricultural income on certain basis as laid down in that sub-section. sub-section (2) of that section deals ..... assessee growing and manufacturing tea and no assessment to agricultural income-tax can be made until and unless the assessment for the corresponding year has been completed under the indian income-tax act.2. in the affidavit-in-opposition it is not denied that the notice under section 24(4) did require the petitioner and/or his predecessor-in-interest to produce ..... estate calling upon it to produce, inter alia, its books of accounts and other records and the certified copy of the assessment order for the corresponding year under the indian income-tax act. the said notice also informed the assessee that failure to comply with any of the terms of the notice would render him liable to prosecution under section 53(1 .....

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May 14 1970 (HC)

Chhaganmal Agarwalla Vs. Income-tax Officer, a Ward and ors.

Court : Kolkata

Decided on : May-14-1970

Reported in : [1972]86ITR248(Cal)

..... , dist. iv(3), made an order of assessment under section 23(3) of the indian income-tax act, 1922 (hereinafter referred to as 'the old act'), for the assessment year 1961-62 against the petitioner. on march 31, 1966, an order of assessment was passed against the petitioner's partnership firm, jaswantrai & bros., for the assessment year 1961-62. the respondent no. 1, namely ..... act and not under the indian income-tax act, this argument, however, loses point, because the exercise of a power will ..... . this contention was negatived by the supreme court. hidayatullah j., as he then was, observed :'the patiala income-tax act contained provisions almost similar to sections 5(5) and 5(7a) of the indian income-tax act. sub-section (5) differed in this that the commissioner of income-tax was required to consult the minister-in-charge before taking action under that sub ..... bidi supply company v. union of india, : [1956]29itr717(sc) . did not find place in the patiala act. the commissioner, when he transferred this case, referred not to the patiala income-tax act but to the indian income-tax act, and it is contended that if the patiala income-tax act was in force for purposes of reassessment, action should have been taken under that .....

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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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May 26 1970 (SC)

Luka Mathai Vs. Neelakanta Iyer Subramonia Iyer

Court : Supreme Court of India

Decided on : May-26-1970

Reported in : (1971)3SCC974; [1971]1SCR629

s.m. sikri, j.1. this appeal by certificate granted by the high court of kerala is directed against its judgment and decree reversing the judgment and decree of the trial court and dismissing the suit of the original plaintiff, appellant before us. the relevant facts for determining the points raised before us by mr. chagla. learned counsel for the appellant, are as follows.2. on december 5, 1931, the plaintiff executed a hypothecation bond in favour of the travancore government in respect of a loan of rs. 6,000/-. on december 12.1931. another bond was executed in respect of a further loan of rs. 4.400/-. on may 28, 1932, the plaintiff executed another hypothecation bond in favour of the father of neelakama iyer subramonia iyer respondent before us. in the government gazettes dated february 21. 1939, and april 25, 1939, under paragraph 6 reference is made to the arrears of rs. 4,193 chs. 19 ca. 9 plus interest under the special loan to be paid by luka mathai of pallithanathu, kottayam taluk, and the sale of 97 acres of nilam comprised in survey 545/32-11/1 and 14 cents of purayidam comprised in survey 532/3.3. a notice was issued to the plaintiff in march or april 1939 (27-8-1114 m.e.) that as he had to repay rs. 4,193 chs. 19 ca. 9 under the special loan plus the execution costs and the interest thereon 'it-is hereby made known that 107 acres 84 cents of properties belonging to you and comprised in survey numbers 545/ 32-11/1, 481/3, 481/4a, 481-/4c etc. of pulinkunnu .....

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