Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : 195527ITR88(Nag.)
..... urged by the learned counsel for the assessee firm that whatever view might be held on the basis of section 239 of the indian contract act, 1872, it cannot hold good since the passing of the indian partnership act, 1932, which recognises a distinct entity for a firm apart from the members composing it. ..... the reason for this view is that under section 239 of the indian contract act, 1872, only individuals can combine in a common business and that the term "firm" is only a compendious name for the ..... however, similar provisions existed in the indian contract act, 1872, and also, although to a smaller extent, find place in the english partnership act, 1890, which do not regard a ..... section 4 of the indian partnership act, 1932, does not differ materially from either the definition in section 239 of the indian contract act, 1872, or section i of the english partnership act, 1890. ..... dissent from the view that the word "person" in section 239 of the indian contract act, 1872, should not be interpreted so as to include a firm. ..... been defined either in the indian contract act, 1872, or in the indian partnership act, 1932. ..... 256, 258 and 259 for the indian contract act, 1872, and sections 20, 21, 27, 29 and 30 of the english partnership act, 1890]. ..... joharmull manmull, in which it was held : "a partnership under section 239 (of the contract act) is a relationship which subsists between persons; but a firm is not a person; it is not an entity; it is merely a collective name for the individuals who are .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2003)260ITR1(Nag.)
..... but the same was incurred to discharge it's obligation in terms of a national coal wage agreement entered with the employees and as the said agreement was enforceable in law under the indian contract act as well as the industrial dispute act, the assessee-company was under a statutory obligation to incur the ..... the maxim of laws the lex non cogit ad impossiviha, if it appears that the performance of the formalities prescribed by a statute has been rendered impossible by circumstances over which the persons interested had no control, like the act of the god or the king's enemies, these circumstances will be taken as valid excuse." 10.14. keeping in view the above legal position as well as taking a circumspect view of the matter on hand, ..... v. dy. cit (1996) 56 ttj (bom) 240 the bombay bench of tribunal has summarized the effects of the said new scheme after reviewing the relevant amendments brought out in the act as under : "the effect of all these amendments is that in case of a running concern, which has expanded or installed new plant and machinery, there is no need of separate computation of depreciation allowance as also ..... the provisions of sub-clause (x) of section 2(24) apply is admissible if such sum is credited by the assessee to the employee's account in the relevant fund on or before the due date specified under the relevant act, rule or notification issued under the relevant scheme or under any standing order, award, contract of service or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2002)77TTJ(Nag.)401
..... was incurred to discharge its obligation in terms of a national coal wage agreement entered with the employees and as the said agreement was enforceable in law under the indian contract act as well as the industrial dispute act, the assessee-company was under a statutory obligation to incur the said expenditure ..... view of the specific and express provisions of section 37(4) and the learned commissioner (appeals) also confirmed the disallowance made by the assessing officer considering that the provisions of section 37(4) introduced by the finance act, 1970 with effect from 28-2-1970, specifically and expressly prohibits allowance of any expenditure on the maintenance of a guest-house incurred after 28-2-1970, and also prohibits any depreciation allowance in respect of any ..... about by the finance act, 1987, is that no deduction will be allowed in the assessment of the employer(s) unless such contribution is paid to the fund on or before the due date.due date means the date by which an employer is required to credit the contribution to the employees account in the relevant fund under the provisions of any law or term of contract of service or otherwise. ..... provisions of sub-clause (x) of section 2(24) apply is admissible if such sum is credited by the assessee to the employees account in the relevant fund on or before the due date specified under the relevant act, rule or notification issued under the relevant scheme or under any standing order, award, contract of service or otherwise. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1998)67ITD619(Nag.)
..... fund as far back as 1937 by the cit and such recognition was granted after true nature of the commission payable by the assessee to its salesmen under the contract of the employment had been brought to the notice of the commissioner and that the said recognition was continued and remained in operation during the relevant assessment year in question. ..... circumstances, their lordships held that until the assessee contravened any of the conditions required to be satisfied for the recognition of the provident fund and until the commissioner acting under the powers reserved to him withdraws such recognition the taxing authority must proceed on the basis that the provident fund has satisfied all the requisite conditions for ..... in this case the issue before their lordships was whether an amount received by the managing director by way of commission could be assessed under section 7 of the 1922 act as salary in his hands or as a business income under section 10, in which case there was further question as to whether it was not to be included in his ..... contract of employment remuneration or recompense for the services rendered by the employee is determined at a fixed percentage of turnover achieved by him, then such remuneration or recompense will partake of the character of salary, the percentage basis being the measure of the salary and, therefore, such remuneration or recompense must fall within the expression 'salary' as defined in rule 2(h) of part a of the fourth schedule to the act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1997)61ITD89(Nag.)
..... of the opinion that the transfer of land took place on 15-1-1988 only for the purpose of the gift-tax act and the sale deed dated 15-1-1988 is an independent transaction as distinct from the 1970 agreements and civil suit no. ..... as per article 54 of the limitation act, for the specific performance of a contract, the time limit is of 3 years or the date fixed for the performance or if no such date is fixed a plaintiff has noticed that the ..... the assessing officer, on the basis of an application filed under section 230a of the income-tax act, 1961, came to know of this transaction and he felt that the consideration for the plot should ..... the assessee is in appeal on the ground that the provisions of section 4(1)(a) of the gift-tax act are not applicable to the facts of this case and on several other alternative grounds whereas the department is in appeal against the reduction granted by the cgt ..... held that : "when the valuation officer gives his report in accordance with section 16a(5) of the act on a particular date, he ceases to have any jurisdiction after that date of review that report. ..... case, the right to file civil suit in terms of article 54 of the limitation act expired on 17-8-1973, that is to say, three years from the breach of the ..... hold that the sale deed in question is not a sale deed in pursuance to agreement dated 12-6-1970 and 13-6-1970, since the parties to the agreement never intended to act upon the same.even for the breach of agreement, the damages is limited to rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2005)93ITD184(Nag.)
..... india (other than the state of jammu and kashmir [74 and the union territories specified in sub-clause (iii) of this clause) 74 ]; (ia) corporation established by or under a central, state or provincial act; (ib) any institution, association or body which is declared by the board to be a company under clause (17); (ii) in the case of the state of jammu and kashmir a company formed and registered under any ..... to rehabilitate persons affected by any of the irrigation or hydro electric power projects in accordance with the provisions of the maharastra project affected persons rehabilitation act, 1986 and the said act the assessee has resettle the persons affected in the same village and provide civic amenities to them, like health, education, services, water and sewerage ..... scope as enumerated by the supreme court decision in the aforesaid order and therefore deprived the appellant of its legitimate claim of exemption under section 10(20) of the it act.under section 10(20) of the act, while computing the total income of a previous year of any person, any income of a local authority which is chargeable to tax under the head income from ..... it is not in dispute that under section 3(2) of the vidc act, the assessee is a body corporate having perpetual succession and a common seal, with power to contract, acquire, hold and dispose of property, both movable and immovable and to do all things, necessary for the purpose of the vidc act, and it may sue be sued by its corporate name.therefore the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2004)85TTJ(Nag.)285
..... to be distinguished by the revenue, merely lay down an accepted legal principle that proceedings under section 147 could be initiated only after recording reasons under section 148 of the act.further, the reasons recorded must reflect application of mind by the ao and the reasons recorded must have live and rational connection/link with the material available ..... against many persons who were bureaucrats and politicians and therefore, had directed that all government agencies, entrusted with performing their duty should act in accordance with law irrespective of the position and status of that person and conduct and complete and investigate into every accusation, ..... . it was contended by the learned counsel for the assessee that when certain powers are conferred under the act on a quasi-judicial authority, the said authority must act independently, without being influenced by the advice/instruction/direction of any other authority.it was submitted that under the scheme of the act, the powers to assess/reassess the income of the assessee have been specifically conferred on the ao, ..... in which jain brothers happened to be partners has been engaged in executing contracts of mainly construction of boilers for thermal power plants all over the ..... than legal remuneration from the jains as a reward for giving them and the companies they own and manage, various contracts ..... legal remuneration from the jains as a reward for giving them and the companies they own and manage various contracts. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : 195630ITR61(Nag.)
..... member of the group (iii) if the answer to the first question is in the affirmative, whether the various groups did not constitute independent associations of persons liable to be assessed separately (iv) whether the notice under section 22(2) of the act served on haji ahmad haji ali was a valid notice to the assessee the question whether there was sufficient cause for the failure of the petitioner to submit the return as required is one of fact and not ..... to state the case are as follows : "(i) whether under the facts and circumstances of the case, the buldana district main cloth importers group constituted an association of persons within the meaning of section 4 of the income-tax act, 1922, and was liable to be assessed to income-tax and excess profits tax in that status (ii) whether each member of the group should have been assessed on the income derived by him as a member of the ..... shakoor bhai, agent of haji ahmad haji ali, sent a letter to the income-tax officer, khamgaon, expressing his inability to furnish the return of total income on the ground that there was no privity of contract between the parties described as the buldana district main cloth importers group.thus no return was filed. ..... shakoor bhai, agent of haji ahmed haji ali, sent a letter to the income-tax officer, khamgaon expressing inability to furnish the return of the total income on the ground that there was no privity of contract between the parties described as the buldana district mian cloth importers group. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1984)10ITD743(Nag.)
..... disallowing the claim the ito referred to the definition of a speculative transaction contained in clause (5) of section 43 of the income-tax act, 1961 ('the act') which states that a speculative transaction means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery ..... taking into account the fact, that, during the period from 1-4-1977 to 15-4-1977, when the linseed oil as per the contract was to be supplied to the buyer, the assessee had actually in its possession manufactured linseed oil to the extent of 10, ..... to the buyer as a result of the failure of the assessee to deliver the goods as per the contract actually represents liquidated damages and, therefore, the same cannot be treated as a loss arising in a speculative ..... in the present case, the contract for the delivery of the linseed oil was ultimately settled without actual delivery of the goods and, therefore, the difference paid to the party, though called damages, actually amounted to a speculative loss arising as a result of the settlement of a forward contract and, therefore, squarely covered by section 43(5).he, therefore, applying the provisions of section 73 of the act, did not set off the loss ..... court held that a claim based on breach of contract does not come within the meaning of explanation 2 to section 24(1) of the indian income-tax act, 1922 corresponding to section 43(5) of the 1961 act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)100ITD29(Nag.)
..... in the existing provisions relating to exemption of gratuities with a view to liberalizing the provisions in certain directions and removing certain unintended anomalies: (i) under section 10(10) of the income-tax act, as it stood prior to its amendment by the finance act, 1974, gratuities received by civilian employees of the central government who were not covered by the revised pension rules of the central government, as for instance, members of the all-india ..... provided for exemption of entire amount of gratuity in respect of all government employees, sub-clause (ii) provided for exemption of entire gratuity which is received under the provisions of payment of gratuity act, 1972 sub-clause (iii) was the residuary clause which provided for any other gratuity other than falling under the preceding two clauses.in the case of assessee dispute is with regard to gratuity ..... in cases where a higher amount of gratuity is received by an employee under any award or agreement or contract with the employer, the amount of exempt gratuity will be calculated in accordance with the residuary provision referred ..... however, be mentioned that under sub-section (5) of section 4 of the payment of gratuity act, an employee can receive better terms of gratuity under any award or agreement or contract with the employer. ..... of gratuity act provide that nothing in section 4 shall effect the right of an employee to receive better terms of gratuity under any award or agreement or contract with the employer .....
Tag this Judgment!