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Documents citing Income-Tax Officer vs Preetham Pipe Syndicate on 2 December, 1992

Assistant Commissioner Of Income-Tax vs Associated Builders on 5 February, 1999

In this connection the provisions of section 48 of the Indian Partnership Act were also relied upon as also the order of the Madras Bench of the Tribunal in ITO v. Preetham Pipe Syndicate [1993] 44 ITD 665. As regards the existence of the agreement between the partners to the effect that the unsold flat would be valued only at the book value, our attention was drawn to the dissolution deed, the relevant clauses - clauses 4 and 5 - of which have already been extracted by us in the earlier part of our order. Copies of the partners' capital accounts for the year ended 31-3-1987 were also filed and our attention was drawn to the fact that the accounts also exhibited the position that the settlement between the partners was only on the footing of book values of the assets and on the basis of the sums standing to their credit in the firm's books as on the date of dissolution. Our attention was also drawn to the letter dated 28-2-1990 filed before the Assessing Officer wherein it has been stated by the assessee as follows :-
Income Tax Appellate Tribunal - Mumbai Cites 6 - Cited by 0 - Full Document
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