9911796707
TMI Blog2006 (4) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... alue of the property - Since the issue sought to be raised by the Revenue is already covered by the judgment of the jurisdictional High Court, we do not deem it appropriate to refer the question of law to this court again merely because other courts have taken a view different to this court. Once this court has already expressed its opinion on the question of law sought to be raised, there is no v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the land and building of the firm in which he is a partner? (ii) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the following deductions should be allowed in computing commercial profits for the purpose of capitalisation: 1. 50 per cent, of salary paid to managing partner 2. Depreciation 3. Income-tax payable b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mining legal rights, there is no such thing as a firm known to the law. In Addanki Narayanappa v. Bhaskara Krishnappa, AIR 1966 SC 1300, it was clearly held by their Lordships of the Supreme Court that since a firm has no legal existence, the partnership property will vest in all the partners and in that sense every partner has an interest in the property of the partnership. In Juggilal Kamlapat B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a partner in the firm. We have already observed that the property of the firm is, in fact, the property of its partners and, consequently, we cannot accept the contention of the Revenue that since the factory land and the building in the present case belong to the firm, the two assessees who were partners therein were not entitled to claim any deduction under section 5(1)(iv) of the Act. The vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the assessee and in favour of the Revenue though by other courts. Since the issue sought to be raised by the Revenue is already covered by the judgment of the jurisdictional High Court, we do not deem it appropriate to refer the question of law to this court again merely because other courts have taken a view different to this court. Once this court has already expressed its opinion on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
