1983 (8) TMI 105

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....granted registration under the Income-tax Act, 1961, for the assessment years 1981-82 to 1984-85. However, by an order under section 186 of the IT Act, the Assessing Officer withdrew the registration for the reason that licence to carry on the business under the Gold (Control) Act, 1968 was only in the name of one of the partners of the assessee; under the provisions of section 27 of the Gold (Con....

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.... in the case of ITO v. Raveendra Engg. Construction Co. [1992] 40 ITD 63 (SB)(Coch.). The Dy. CIT (Appeals) further held that though the Special Bench decision was on the licence issued under the Abkari Act, the principles laid down therein would govern the facts of the case of the assessee. There was no irregularity in the partnership when a licence-holder formed a partnership with others to run ....

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....en defined in clause (h) of section 2, as follows:--- "2. Definitions.---In this Act, unless the context otherwise requires,--- (h) "dealer" means any person who carries on directly or otherwise, the business of making, manufacturing, preparing, repairing, polishing, buying, selling, supplying, distributing, melting, processing, or converting gold, whether for cash or for deferred payment or....

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....f the Gold (Control) Act. Thus from the definition of dealer, we hold that a firm can be a dealer or a person can be a dealer carrying on the business by himself or through the medium of a firm. So long as there is no prohibition on a firm to carry on the business as a dealer under the Gold (Control) Act and so long as there is no prohibition on a person to carry on the business otherwise than dir....