Judgment Search Results Home > Cases Phrase: the madras marumakkattayam act 1932 Sorted by: old Court: income tax appellate tribunal itat mumbai Page 2 of about 14 results (0.208 seconds)

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 .....

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. .....

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 .....