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Search Results Judgments > Phrase:RESERVE BANK OF INDIA ACT, 1934 (2 OF 1934) Section 36

Feb 02 1982

State of West Bengal and Ors. Vs. Swapan Kumar Guha and Ors.

  • Decided on : 02-Feb-1982

Court : Supreme Court of India

Reported in : AIR1982SC949; (1982)1CompLJ217(SC); 1982CriLJ819; 1982(1)SCALE38; (1982)1SCC561; [1982]3SCR121

... Banking Companies, Reserve Bank of India, Calcutta, for inquiry. By his letter dated August 7, 1979 the Chief Officer pointed out the difficulty in directing investigation into the affairs of the firm since, its capital being less than Rs. one lakh, it did not come within the definition of a Non-Banking institution as provided in Section 54(c) of the Reserve Bank of India Act, 1934 ... , which was recently reduced to 36% per annum. The actual payment of such high rate of interest against the professed rate of 12% attracts huge amount of idle money into circulation and the investment of money as collected is not under the regulatory control of the Reserve Bank of India or any other agency of ... Reserve Bank of India Act, 1934 and the directions issued thereunder to Non-Banking Companies in order to assess their adequacy in the context of ensuring the efficacy of the monetary and credit policies of the country and affording a degree of protection to the interests of the depositors who place their savings with such companies. Paragraph 2 of the Statement of Objects and Reasons of the Act ... Banking institution as provided in Section 54(c) of the Reserve Bank of India Act, 1934. On September 13, 1980 the Deputy Secretary Finance Department Government of West Bengal, wrote a letter to the Chief Officer requesting him to examine the question whether the business of the firm came within the purview of the prize Chits and Money Circulation Schemes (Banning) Act, 1978 and if not, under which Act ...

Feb 10 1970

Rustom Cavasjee Cooper Vs. Union of India (UOI)

  • Decided on : 10-Feb-1970

Court : Supreme Court of India

Reported in : AIR1970SC564; [1970]40CompCas325(SC); (1970)1SCC248; [1970]3SCR530

... the Reserve Bank, publication of information by the Reserve Bank, submission of accounts and balance sheet to the Reserve Bank, inspection by the Reserve Bank, power of the Reserve Bank to give directions with regard to management, and imposition of penalties for contravention of the provisions of the Act.193. There are other statutes which provide powers of the Central Government to give directions. I have already referred to the Reserve Bank of India Act, 1934 ... of a going concern is contemplated in many Indian Statutes: e.g., Indian Electricity Act, 1910, Sections 6, 7 & 7A; Air Corporation Act, 1953, Sections 16 & 17; Imperial Bank of India Act, 1920, Sections 3 & 4; State Bank of India Act, 1955, Section 6(2), (3) & (4); State Bank of India (Subsidiary Banks) Act, 1959; Banking Regulation Act, 1949, Section 36 AE; and Cotton Textile Companies Act, 1967, Sections 4(1) & 5(1). Power to legislate for acquisition of 'property' in Entry 42 ... give directions. I have already referred to the Reserve Bank of India Act, 1934. There are similar statutes conferring powers on the Government to give directions, namely, State Bank of India Act, 1955, State Financial Corporation Act, 1951, University Grants Commission Act, 1956 Life Insurance Act, 1956, Deposit Insurance Act, 1961, National Cooperative Development Corporation Act, 1962, Agricultural Refinance Corporation Act, 1963 and State Agricultural Credit Corporations Act, 1968. There are English statutes which contain ...

Jan 17 2011

M/s. Boots Pharmaceuticals Ltd. Vs. Rajinder Mohindra And Anr.

  • Decided on : 17-Jan-2011

Court : Delhi

... RBI seeking information whether they could continue to hold the demised premises in India despite acquiring US citizenship as law abiding persons although Section 31 (1) of FERA prohibited foreign nationals from owning/ holding property in India without the RBI's permission. 13. The defendants' application was disallowed and Reserve Bank of India (in short RBI) stated that it would prosecute the defendants under the provisions ... months prior to February 1993 we had taken the said decision. It was some time during the 36 months between 1990 and 1993.26. The period of limitation for filing a suit for specific performance of contract as provided under Article 54 of the Limitation Act, 1963 is three years which is to be calculated from the date fixed for the performance ... acquire from Defendant Nos. 1 and 2 the said premises at a consideration of Rs. 23 lakhs only. b. Under Clause 2 of the said agreement, the Plaintiff was to pay to the Defendant Nos. 1 and 2, an earnest money of Rs. 3 lakhs after the Defendant Nos. 1 and 2 obtained the necessary permission from Reserve Bank of India. The said earnest money was to ... Clause 2 of the said agreement, the Plaintiff was to pay to the Defendant Nos. 1 and 2, an earnest money of Rs. 3 lakhs after the Defendant Nos. 1 and 2 obtained the necessary permission from Reserve Bank of India. The said earnest money was to be adjusted against the total consideration to be paid by the Plaintiff to the Defendant Nos. 1 and 2 at ...

Oct 10 2007

Reserve Bank of India Vs. Pattem Surya Prakash Rao and Ors.

  • Decided on : 10-Oct-2007

Court : Andhra Pradesh

Reported in : 2007(6)ALT563

... Act become disentitled to carry on banking business in India; or(c) that the co-operative bank has been prohibited from receiving fresh deposits by an order under Sub-section (4) of Section 35 of the said Act or under Clause (b) of Sub-section (3A) of Section 42 of the Reserve Bank of India Act, 1934; or(d) that the co-operative bank having failed to comply with any requirement of Banking Regulation Act ... sections (1), (2), and (3) of Section 45 by the provisions of Section 56(zb). A separate scheme by way of special provisions is envisaged under the 1961 Act read with the 1995 Act and the 1964 Act for their winding up. As already referred to in the foregoing, Section 36-A of the 1995 Act under which the subject Bank ... bank has by reason of the provisions of Section 22 of the said Act become disentitled to carry on banking business in India; or(c) that the co-operative bank has been prohibited from receiving fresh deposits by an order under Sub-section (4) of Section 35 of the said Act or under Clause (b) of Sub-section (3A) of Section 42 of the Reserve Bank of India Act, 1934; or(d) that the co-operative bank ...

May 16 2000

D.B. Sogani and Ors. Vs. Akhil Bharatiya Bank of Rajasthan Karmchari S ...

  • Decided on : 16-May-2000

Court : Rajasthan

Reported in : AIR2000Raj337; 2000(3)WLC36; 2000(3)WLN249

... the aforesaid direction to CBI to investigate the acts, commissions and omissions committed by Bangur group leading misfeasance and malfeasance to the tune of Rs. 300 crores to the Bank of Rajasthan Limited and also directing the Reserve Bank of India respondent No. 2 to take steps immediately under Section 36-AA of Banking Regulation Act as these facts and circumstances are narrated ... order also directed the Reserve Bank of India to take immediate action under Section 36-AA and other provisions of the Banking Regulation Act. 2. We consider it unnecessary to delineate the facts and circumstances of the case under which the learned single Judge was compelled to issue the aforesaid direction to CBI to investigate the acts, commissions and omissions committed ... Bank directly or indirectly and it has been admitted in the return filed by RBI. the respondent No. 2. that the said nominee Directors of the Bangur Group are still wielding influence, and therefore, it shall be appropriate to direct the Reserve Bank of India, to take immediate action under Section 36-AA or any other provision of the Banking Regulation Act ... Bank was siphoned to the sister concerns of the Bangur group and as to how much amount is still due and how much returned or returnable for the purpose of criminal and civil consequences. The learned single Judge by his impugned order also directed the Reserve Bank of India to take immediate action under Section 36-AA and other provisions of the Banking Regulation Act. 2 ...

Jan 11 2010

Southern Technologies Ltd. Vs. Joint Commnr. of Income Tax, Coimbatore ...

  • Decided on : 11-Jan-2010

Court : Supreme Court of India

Reported in : [2010]153CompCas674(SC); (2010)228CTR(SC)440; [2010]320ITR577(SC); JT2010(1)SC14; 2010(1)SCALE329; (2010)2SCC548; [2010]187TAXMAN346(SC); 2010(1)LC387(SC)

... Section 2(24) of the IT Act and added back while computing profits and gains of business under Sections 28 to 43D of the IT Act.9. In reply, the Department contended before us that the IT Act is a separate code by itself; that the taxable total income has to be computed strictly in terms of the provisions of the IT Act; that the Reserve Bank of India Act, 1934 ('RBI Act ... Presentation of Provisions for doubtful debts even under the Companies Act and have nothing to do with taxability under the IT Act. One more aspect needs to be mentioned. Section 36(1)(vii) is subject to Sub-section (2) of Section 36. The condition incorporated in Section 36 of the IT Act, which was not there in Section 10(2)(xi) of the 1922 Act, is that the amount of debt should have ... of the IT Act.9. In reply, the Department contended before us that the IT Act is a separate code by itself; that the taxable total income has to be computed strictly in terms of the provisions of the IT Act; that the Reserve Bank of India Act, 1934 ('RBI Act' for short) operates in the field of monetary and credit system and that the said RBI Act never ... strictly in terms of the provisions of the IT Act; that the Reserve Bank of India Act, 1934 ('RBI Act' for short) operates in the field of monetary and credit system and that the said RBI Act never intended to compute taxable income of NBFC for income tax purposes; and, hence, there was no inconsistency between the two Acts.10. According to the Department, RBI has classified ...

Jul 20 1983

State Bank Of India Vs. Inspecting Assistant

  • Decided on : 20-Jul-1983

Court : Income Tax Appellate Tribunal (ITAT) - Kolkata

Reported in : (1983)6ITD225(Kol.)

... Section 36 of the State Bank of India Act, the State Bank has to maintain a special fund known as integration and development fund. Under Sub-section (2) of Section 36 it was provided that the fund shall be utilised exclusively for meeting losses in excess of such yearly sum as may be agreed upon between the Reserve Bank of India and the State Bank of India ... India Act, the State Bank has to maintain a special fund known as integration and development fund. Under Sub-section (2) of Section 36 it was provided that the fund shall be utilised exclusively for meeting losses in excess of such yearly sum as may be agreed upon between the Reserve Bank of India and the State Bank of India and attributable to the branches established in pursuance of Sub-section (5) of Section ... Bank of India Act, the State Bank has to maintain a special fund known as integration and development fund. Under Sub-section (2) of Section 36 it was provided that the fund shall be utilised exclusively for meeting losses in excess of such yearly sum as may be agreed upon between the Reserve Bank of India and the State Bank of India and attributable to the branches established in pursuance of Sub-section ...

Mar 05 1981

Sanchaita Investments and Ors. Vs. State of West Bengal and Ors.

  • Decided on : 05-Mar-1981

Court : Kolkata

Reported in : AIR1981Cal157

... . Before I come to my conclusion OB the analysis of Section 2(c) of the Act, it is necessary to refer to certain provisions of the Rules and the Schedule appended thereto. The Rules were framed by the Governor in consultation with the Reserve Bank of India in exercise of powers conferred by Section 13 of the Act and notified on the 25th July, 1979 being No. 1025 ... has recently been reduced to 36 per cent per annum. According to that paragraph, the actual payment of such high rate of interest against the professed rate of 12 per cent attracts huge amount of idle money into circulation and the investment of the money as collected is not under the regulatory control of the Reserve Bank of India or any other agency of ... framed by the Governor in consultation with the Reserve Bank of India in exercise of powers conferred by Section 13 of the Act and notified on the 25th July, 1979 being No. 1025-SSD. Rule 4 (1) provides for a statement of 'particulars of the schemes' which are being conducted on the date of the commencement of the Act together with a de-tailed plan for ... Money Circulation Schemes (Banning) Act, 1978, a question has arisen whether an organisation called 'Sanchaita Investments' with the address at 5 & 6, Fancy Lane, Calcutta 1 come within the purview of the above Act. A reference in the matter has been made by our authorised officer under the above Act to the Chief Officer, Department of Non-Banking Companies, Reserve Bank of India, Calcutta today. I am ...

Mar 19 1997

B.O.I. Finance Ltd. Vs. Custodian and Ors.

  • Decided on : 19-Mar-1997

Court : Supreme Court of India

Reported in : AIR1997SC1952; 1997(4)ALLMR(SC)450; [1997]89CompCas74(SC); JT1997(4)SC15; 1996(5)SCALE17; (1997)10SCC488; [1997]3SCR51

... Reserve Bank of India prohibits the banking companies from entering into any particular transaction then such a direction which is issued would be binding on the banks and has to be complied with. While the Reserve Bank of India has the power, under Section 36(1)(a) of the Act, to give advice or to caution the banking companies which may not be binding on the banking companies, but when the Reserve Bank prohibits the banking ... banks.25. Section 21 of the Banking Companies Act, and Sub-section (2) in particular, entitled the Reserve Bank of India to give directions to the banking companies with regard to the matters specified in the said section. Sub-section (3) provides that every banking company shall be bound to comply with any directions given to it under the said Section. Section 35A(1) also contains the power of the Reserve Bank of India ... Section 36(1)(a) clearly implies that when the Reserve Bank of India prohibits the banking companies from entering into any particular transaction then such a direction which is issued would be binding on the banks and has to be complied with. While the Reserve Bank of India has the power, under Section 36(1)(a) of the Act, to give advice or to caution the banking ...

Feb 09 2009

TVS Finance and Services Ltd., Jayalakshmi Estates Vs. The Joint Commi ...

  • Decided on : 09-Feb-2009

Court : Chennai

Reported in : (2010)228CTR(Mad)546; [2009]318ITR435(Mad)

... -Performing Assets (NPAs) prescribed by the directions of Reserve Bank of India is an allowable deduction under the Income Tax Act?(ii) Whether the Tribunal ought to have considered the claim as allowable as a business loss Under Section 28 of the Income Tax Act, if not as a bad debt Under Section 36(1)(vii) of the Income Tax Act, 1961?(iii) Whether order of the Income Tax ... (Guj) the Gujarat High Court held that 'the debt in question had become a bad debt and whether the deduction was admissible in the context of Section 36(1)(vii) and Sub-section (2) of Section 36 of the Act and held that in most cases the debt is a bad debt should suffice, when there are circumstances or material to indicate the reasonableness of the decision ... -Performing Assets (NPAs) prescribed by the directions of Reserve Bank of India is an allowable deduction under the Income Tax Act?(ii) Whether the Tribunal ought to have considered the claim as allowable as a business loss Under Section 28 of the Income Tax Act, if not as a bad debt Under Section 36(i)(vii) of the Income Tax Act, 1961?(iii) Whether order of the Income Tax ... includible in computing 'book profit' Under Section 115-JA of the Income Tax Act?In T.C. No. 109 of 2002:(i) Whether the provision of Rs. 59,35,318 made pursuant to the Prudential Norms towards Non-Performing Assets (NPAs) prescribed by the directions of Reserve Bank of India is an allowable deduction under the Income Tax Act?(ii) Whether the Tribunal ought to have ...

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