1997 (3) TMI 83

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....e references are at the instance of the Revenue. The relevant assessment years are 1981-82 to 1988-89. I. T. A. Nos. 653 to 656 relating to the assessment years 1981-82 to 1984-85 were disposed of by a common order dated August 26, 1993. I. T. A. Nos. 657 to 659 and 809 for the assessment years 1985-86 to 1988-89 were disposed of on the same day by another common order. The questions referred for ....

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.... was cancelled by the assessing authority on the ground that the licence was in the name of one of the partners and not in the name of the firm and that the firm was carrying on business under the Gold (Control) Act without a licence in his name. The appeal filed by the assessee was allowed by the first appellate authority. Even though the matter was taken up in further appeal by the Revenue, the ....

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.... preparing, repairing, polishing, buying, selling, supplying, distributing, melting, processing or converting, gold, whether for cash or for deferred payment or for commission, remuneration or other valuable consideration, and includes--- (i) a Hindu undivided family which carries on such business ; (ii) a local authority, company, society registered under the Societies Registration Act, 186....

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....idual partner who is having a licence under section 27 of the Gold (Control) Act cannot make use of the same for the purpose of conducting the business through a partnership firm. Admittedly, in this case, the partner in whose favour the licence has been issued by the administrator is exploiting the right to conduct the business obtained under the licence through the partnership firm. Such a proce....