Search Results for "Partnership Accounts"

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Assessee's claim for deduction under Section 80-IA allowed as substantial question of law not raised.

The case involves two cross appeals: ITA No.884/2007 filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) and ITA No.60/2015 filed...

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Bombay High Court Quashes Second Criminal Complaint in Partnership Dispute Due to Settlement of First Complaint — Principle of Constructive Res Judicata Under Section 300 CrPC Applied. Second Complaint on Same Cause of Action Held Not Maintainable as Abuse of Process of Court.

The petitioners, Kamlesh and Ankur Mehta, and respondent no.2, Rajanand Sarde, entered into a partnership on 29th January 2004 to manufacture self-net...

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Bombay High Court Allows Petition to Set Aside Termination of Arbitral Proceedings and Constitute New Arbitral Tribunal Under Sections 9 and 14 of Arbitration and Conciliation Act, 1996 — Delay Condoned Due to Sufficient Cause Shown by Legal Heirs of Deceased Partner.

The petitioners, Neeta Lalit Sanghavi and Hemanshu Lalit Sanghavi, are the legal heirs of the deceased partner, Lalitkumar Vanmalidas Sanghavi. They f...

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Bombay High Court Dismisses Arbitration Petitions Challenging Appointment of Sole Arbitrator in Property Dispute. Court holds that appointment of arbitrator by consent of parties is valid and cannot be challenged under Section 11 of the Arbitration and Conciliation Act, 1996.

The judgment pertains to two arbitration petitions filed under Section 11 of the Arbitration and Conciliation Act, 1996. The petitioners in Arbitratio...

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Bombay High Court Dismisses Appeals Against Arbitral Award in Partnership Dispute — Upholds Valuation Based on Book Value as Per Partnership Deed. Clause-11 of Partnership Deed Mandates Asset Valuation on Book Value Basis, Not Market Value, Under Section 48 of Indian Partnership Act, 1932.

The case involves two appeals filed by Dr. Vijaypat Singhania and others (Appeal No. 361 of 2010) and Dr. Gaur Hari Singhania and others (Appeal No. 5...

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Bombay High Court Allows Assessee in Income Tax Reference Under Section 256(1) of Income Tax Act, 1961 — Profits on Sale of Machinery Not Taxable Under Section 41(2) as Depreciation Was Claimed by Dissolved Firm, Not by Assessee.

The case involves a reference under Section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Mumbai, for the opinion of the Bo...