Judgment Search Results Home > Cases Phrase: the madras marumakkattayam act 1932 Sorted by: old Court: income tax appellate tribunal itat mumbai Page 1 of about 14 results (0.079 seconds)

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. .....

Alpha Associates Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1995)52ITD640(Mum.)

..... partnership is defined in the partnership act, 1932, as relationship between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. ..... by agreeing to purchase land, a person cannot be said in law to hold that land....coming to the facts of the present case, it was stated that there is nothing in the agreement nor can it be implied from the circumstances that it was the object of the parties that the provisions of the act relating to the ceiling should be transgressed. ..... in clause 6, it is laid down that the business of the partnership shall continue to be carried on the business of quarrying, contractors, constructions, dealing in all types of materials, traders, stockists, import, export of all the commodities and /or to act as agents, to act as representatives of manufacturers and to do such other business which the partners may mutually agree upon from time to time. ..... it was submitted by shri harish that the assessee had acquired certain rights including the right to obtain conveyance, subject to the proceedings under various laws and these rights were confirmed and acted upon by the bmrda and other authorities. ..... adverting to the provisions of section 19 of the bombay rent (control) act, it was stated that if a person surrenders his tenancy rights for a consideration - both the giver and the taker are liable to be prosecuted and the term of imprisonment could be as much as two years. .....

Hatkesh Co-operative Housing Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)60ITD662(Mum.)

..... hills [1932] 16 tax case 430, 447, it was held : "the cardinal requirement is that all the contributors to the common funds must be entitled to participate in the surplus and that all the participators in the surplus must be contributors to the common fund, in other words, there must be complete identity between the contributors and the participators." 6. ..... [1993] 202 itr 198/71 taxman 351 has held : "the cardinal principle to apply the test of mutuality is that all the contributors to the common fund must be entitled to participate in the surplus and that all the participators in the surplus must be contributors to the common fund. ..... moreover, the receipt of this amount by the society, could never be considered as akin to a windfall because the receipt of the amount by the society was in the terms of the contract which had been entered into by the society with its members. ..... briefly the facts : the assessee is a co-operative housing society.it is registered under section 10 of the bombay co-operative societies act, 1925. ..... aiyer's judicial dictionary at page 651, 'mutuality' is defined as reciprocity of obligations, the state of things in which one person, being bound to perform some act, for the benefit of another, that other on his side is bound to do something for the benefit of the former.8. .....

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. .....

Reliance Industrial Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... this decision, therefore, was rendered on these peculiar facts and must be limited thereto.however, assuming for the sake of argument, without admitting, if the proposition is that the decision in madras industrial (supra) lays down that an accounting principle overrides income-tax law, then it is submitted that the proposition canvassed by learned departmental representative is contrary to the later decision of supreme court in tuticorin alkali chemicals v. ..... cit (supra), was a decision rendered later than the decision cited by the learned departmental representative and was also rendered by a full bench of the supreme court, whereas the decision in madras industrial was rendered by two judges. ..... " thus, the hon'ble judicial committee decided way back in 1932 that an assessee cannot ask for two different methods, one for writing books of accounts for the purposes of his business and another for having his tax liability determined under the it act. ..... in reply, the learned counsel for the assessee submitted that the decision in the case of madras industrial investment corporation ltd. ..... smt.singanbai (1945) 13 itr 224 (all) and madras high court in the case of bangalore woollen and silk mills co. ..... (supra) and decisions of the supreme court in the cases of madras industrial investment corporation ltd. ..... here the learned departmental representative invited our attention to the facts and ratio laid down in the case of madras industrial investment corporation ltd. v. .....

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 .....

income Tax Officer Vs. Shreyas Shipping Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD556(Mum.)

..... having regard to this, hon'ble supreme court have held in the case of madras industrial investment corporation ltd: (supra) that the general rule that revenue expenditure must be allowed in its entirety in the year in which it is incurred admits of exceptions and on the contrary there may be cases where rigid observations of the general rule may result into a very distorted picture of the profits of a particular year.18. ..... thus, the extreme view canvassed before us that there has to be either revenue expenditure allowable in a single year or capital expenditure not allowable at all has not found favour with the apex court and for this reason the judgment of hon'ble madras high court in the case of cit v.madras industrial investment corporation ltd. ..... " thus, the hon'ble judicial committee decided way back in 1932 that an assessee cannot ask for two different methods, one for writing books of accounts for the purposes of his business and another for having his tax liability determined under the it act. ..... smt.singaribai (supra) and madras high court in the case of bangalore woollen & silk mills co. ..... at the same time, we find that in the case of madras industrial investment corporation ltd. v. .....

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. .....

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 .....

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. .....