Judgment Search Results Home > Cases Phrase: the madras marumakkattayam act 1932 Court: income tax appellate tribunal itat mumbai Page 1 of about 14 results (0.091 seconds)

Minnow Trading Company Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... are entitled to interest on the ..... the learned counsel for the assessee that the partners of the firms are not entitled to interest on the capital subscribed by them, when there are no profits with the partnership firms as per the provisions of section 13(c) of the indian partnership act, 1932 we find that the provisions of section 13(c) of the indian partnership act, 1932 provides- subject to contract between the partners where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits.the provisions of section 13(c) of the indian partnership act, 1932 being the law of the land, the partners of the firms ..... the issue before us with regard to interpretation of provision of section 13(c) of the indian partnership act, 1932 is covered with the decision of of hon'ble madras high court in the case of somasundaram chettiar v .....

Mafatlal Holdings Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)85TTJ(Mum.)821

..... v.cit (1957) 32 itr 664 (sc), wherein it has been held that the mere fact that a company has within its objects the dealing in investment in shares, does not give to the company the characteristics of a dealer in shares, but if other circumstances are proved, it may be relevant for the purpose of determining the nature of the activities of the company.the learned departmental representative also referred to the decision of the madras high court in the case of ace investments (p) ltd v. ..... . cit (1956) 29 itr 535 (sc), the hon'ble supreme court held that section 4 of the indian partnership act, 1932, clearly requires the presence of three elements to constitute a firm namely (i) that there must be an agreement entered into by two or more persons; (ii) that the agreement must be to share profits of business; and (iii) that the business must be carried on by all or any of those persons acting for all ..... . therefore, the facts of the above case of the madras high court are not relevant to the facts of the present case ..... . (supra), the madras high court has held "that the mere presence of the objects clause would not be sufficient to hold that the assessee was carrying on moneylending business ..... . the madras high court has held that "when there is an unconditional contract for sale of specific goods in a deliverable state, property in goods passes to buyer when contract is made and it is immaterial whether the time of payment of the price or the time for delivery of goods or both is postponed .....

international Computers India Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)63ITD195(Mum.)

..... we set aside the decision of the allahabad high court and also of the tribunal and answer the question formulated by the revenue under section 256(1) of the act in the negative, in favour of the revenue and against the assessee.14.15 we may once again reproduce the observations of the madras high court (supra) where the distinction between the provisions of development rebate and investment allowance on the concept of the owner of the machinery, use of the machinery by the owner thereof for the business, the machinery being installed at a place other than that of the premises of the owner and used for ..... manufacturing article or thing were clearly brought out - in other words, while the ..... under the indian partnership act, 1932, the partnership firm registered thereunder is neither a person nor a legal entity. .....

Mishapar Investments Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT532(Mum.)

..... ) 29 itr 535 (sc), the hon'ble supreme court held that section 4 of the indian partnership act, 1932, clearly requires the presence of three elements to constitute a firm namely: (i) that there must be an agreement entered into by two or more persons; (ii) that the agreement must be to share profits of business; and (iii) that the business must be carried on by all or any of those persons acting for all. ..... arvi associates but the actual delivery had been postponed because the shares were pledged with the banks and financial institutions, but shares have been passed on to m/ section arvi associates as the firm accepted the proposal of sale.the madras high court has held that "when there is an unconditional contract for sale of specific goods in a deliverable state, property in goods passes to buyer when contract is made and it is immaterial whether the time of payment of the price or the time for delivery ..... (supra) was also examined by the madras high court and their lordship have commented upon it and concluded that decision in mcdowell & ..... madras high court held that 'if shares could be transferred by issuing document whereby the seller purports to assert his title to the goods and authorizes the buyer to receive such goods represented thereby, may be from third party, yet it would operate as a valid delivery of such goods notwithstanding the non-cooperation of the person in physical possession of the goods by refusing to attorn or acknowledge to the buyer that he holds goods on .....

Central Cloth Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)37ITD1(Mum.)

..... justifying the stand of the assessee that the partners have agreed to divide the balance profit 95% at a later date for various reasons, the reasons given are : - the stand of the assessee is that the assessee meets the requirements of law in terms of the definitions in the income-tax act, 1961 and the indian partnership act, 1932 vis-a-vis the definitions of 'firm', 'partners' and 'partnership'. ..... a part of the uncertainty in determining the relationship could be due to lack of precision in the language to express and in that case it will be subject to the provisions of the indian partnership act, 1932 but when the uncertainty is in terms of clear expression, then the replationship cannot be termed as partnership. ..... , the shares are not specified but left to imagination, hence it cannot be said on those facts that there was a firm or a partnership in the eyes of law as stood defined in the indian partnership act, 1932 and for income-tax purposes.to the same effect is the decision of the punjab high court (as it then was). ..... under section 4 of the indian partnership act, 1932, 'partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. .....

Clifford Chance Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD106(Mum.)

..... learned counsel made reference to sections 5, 17(3), 34, 36 and 42(1) of the english partnership act, 1890 and section 37 of the indian partnership act, 1932. ..... even if, for the sake of argument, section 9(1)(vii) of the act alone is considered, the effect will be that only the fees received by the assessee from ispat industries limited, the only resident company, would be taxable ..... in that case issue related to s, 9(1)(vii) of the act which is dealt separately in art, 13 of the dta.section 194j of the act clearly recognizes distinction between professional fees and fees for technical services.27 ..... on 5th may, 1997 a notice was issued on the assessee under section 148 of the it act, 1961 (hereinafter called the act) and this was sent to the assessee's address at london. ..... the acts of the agents are the acts of the principal.let us ponder the practical ..... reference was made to section 90(2) of the act.on that basis it was argued that the dta need not be applied, as under the domestic law assessee is not liable for payment of tax ..... it was demonstrated with reference to the sections of english partnership act and indian partnership act listed above that the word "partner" and "member" are inter- ..... , section 10 of the it act, 1922, an income received by an assessee, who kept his accounts on the cash basis, in an accounting year in which the profession had not been carried on at all, was not chargeable to tax, nor could the receipts be brought to tax under section 12 as "income from other sources .....

Deputy Commissioner of Vs. Oman International Bank Saog

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD285(Mum.)

..... bona fide and the debt has not become bad in the previous year in which the debt is so written off, the assessee will only get denied its rightful deduction in the year of write off and in any subsequent year when the department reaches the conclusion that the debt has actually gone bad, he will loose the deducibility of the same forever because even the amendment in section 36(2)(iii) & (iv) which required the rectification under section 155 of the act are not applicable to the post amended ..... the 1961 act, which consolidated the law on the subject, indicated the following provisions in section 36(1)(vii) of the act: (vii) subject to the provisions of sub-section (2), the amount of any debt, or part thereof, which is established to have become a bad debt in the previous year was allowable as a deduction in computing the income chargeable to tax under the head 'profits and gains of business or profession'.the allowance of deduction under section 36(1)(vii) also depended upon the condition spelt out in section 36(2) of the act. ..... chitnavias (1932) 6 itc 453, privy council observed "although the act nowhere in terms authorizes the deduction of the bad debts of a business, such a deduction is necessarily allowable. ..... cit , hon'ble madras high court of devi films ltd. v. ..... cit and hon'ble madras high court decision in the case of bhawarlal c. .....

Videsh Sanchar Nigam Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)111ITD190(Mum.)

..... he also explained that the expression of telecommunication services in sub-section (4c) is inclusive in nature, which widens the etymological meaning of the expression or term including therein that which would ordinarily not be comprehended therein for which he relied on the madras high court decision in the case of director of it (exemptions) v. ..... the madras high court upholding the decision of the tribunal held that the word "undertaking" is not to be equated with the legal entity, which may own the undertaking. ..... service whether basic or cellular including radio paging, domestic satellite service or network of trunking and electronic data interchange services at any time on or after the 1st day of april, 1995 but before 31st day of march, 2000.perusal of the above shows that legislature has used the expression "profits derived from the business of providing telecommunication services whether basic or cellular" in sub-section (1) while sub-section (4c) provides that this section would apply to an undertaking ..... in the absence of the definition, the courts can always look into the scheme of the act, the judicial decisions available on the subject, the dictionary meanings as well as the rules of interpretations in order to ascertain the intention of the legislature in using such words or expression. ..... 1932 has made reference to the meaning of undertaking as an enterprise, business, project which engages in or attempts as an enterprise analogous to business or trade.21. .....

income Tax Officer Vs. Anil H. Rastogi

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD193(Mum.)

..... of opinion between the members constituting the division bench, the hon'ble president has referred, under section 255(4) of the it act, 1961, the following points of difference to me as a third member to resolve the controversy : "(1) whether the assessee had written off a debt within the period of less than three months at the end of the previous year from the date of advance or more than two years from the date of advance (2) whether the assessee is entitled to deduction in respect of the claim of a debt notwithstanding the uncontroverted finding of the ao that the claim was ..... in support of his view, the learned jm relied on the decision of the madras high court in amarchand sobhachand v. ..... this case was originally decided by the madras high court, which is reported in (1965) 56 itr 594 (mad) (supra). ..... this finding is sought to be supported by the decision of the madras high court in the case of amarchand sobhachand v. ..... the amendment brought into effect from 1st april, 1989, by the direct tax laws (amendment) act, 1987, gives expression to the views expressed by the privy council as far back as in 1932. .....

Assistant Commissioner of Vs. Hinditron Services (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD479(Mum.)

..... carrying on its business but was a sum paid in the ordinary course of business to adjust the relation between the assessee and the producers; the termination of the agreements did not radically or at all affect or alter the structure of the assessee's business; the amount received by the assessee was only so received "towards commission", i.e,, as compensation for the loss of the commission which it would have earned had the agreements not been terminated; the amount was not received by the assessee as the price of any capital assets sold or surrendered or destroyed ..... we also note that cit (a) has given following finding, which has not been controverted by the assessee:-- in the present case until entering into an agreement with hinditron tektronix the assessee's business comprised the following income yielding activities:-- (2) acting as distributor cum sales representative for m/s. ..... similar decision was given by hon'ble madras high court in the case of cit v. ..... that sub-section was obviously introduced to prevent the abuse of managing agency agreements being terminated on payment of huge compensation and to nullify the application of the decision in shaw wallace's case [1932] (l.r. 59 la. .....