Income Tax Appellate Tribunal Itat Cochin Court August 1993 Judgments Home Cases Income Tax Appellate Tribunal Itat Cochin 1993 Page 1 of about 1 results (0.019 seconds)

income-Tax Officer Vs. Koonan'S Jewellery

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)48ITD245(Coch.)

1. These appeals are by the revenue. The assessee is a partnership firm which was originally granted registration under the Income-tax Act, 1961, for the assessment years 1981-82 to 1984-85. However, by an order under Section 186 of the IT Act, the Assessing Officer withdrew the registration for the reason that licence to carry on the business under the Gold (Control) Act, 1968 was only in the name of one of the partners of the assessee; under the provisions of Section 27 of the Gold (Control) Act, 1968 read with Rule 7 of the Gold Control (Forms, Fees and Misc. matters) Rules, 1968 the licence was not transferable or saleable and therefore the partnership that was formed was illegal as it contravened to the provisions of the Gold (Control) Act. He then placed reliance on the decision of the Hon'ble High Court of Kerala in the case of CJTv. Union Tobacco Co. [1961] 41 ITR 115 and also the decision of the Income-tax Appellate Tribunal in the case of Narayanan & Co. [IT Appeal No. 1...