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Search Results Judgments > Phrase:COMPANIES ACT 1956 Section 3 Page:30

Jun 09 2006

Hindustan Petroleum Corporation Limited rep. by its Senior Regional Ma ...

  • Decided on : 09-Jun-2006

Court : Karnataka

Reported in : [2006]148STC560(Kar)

... Section 5(3)(b) of the State Act or a statutory exemption from liability to pay the sales tax could have been granted by saying so by suitable wording of the proviso. The proviso could hav said that sale by a handloom or a power-loom weaver, etc., of silk fabrics manufactured by them shall not be taxable under Clause (c) of Section (3 ... Section 5(3)(a) of the Act enumerates various oil companies for the purpose of the second proviso to Section 5(3)(a) of the Act. Explanation-II reads thus:Explanation-II: for the purpose of the second proviso to Clause (a), the expression 'oil company ... not be taxable under Clause (c) of Section (3). The proviso has dearly declared that such a sale is not a 'sale' at all for the purposes of the State Act. It will be straining the language of ... company to another person not being an oil company shall be deemed to be the sale by tile first or the earliest of successive dealers in the State liable to tax.Explanation-II to Section 5(3)(a) of the Act enumerates various oil companies for the purpose of the second proviso to Section 5(3)(a) of the Act ... 3)(a) of the Act enumerates various oil companies for the purpose of the second proviso to Section 5(3)(a) of the Act. Explanation-II reads thus:Explanation-II: for the purpose of the second proviso to Clause (a), the expression 'oil company' namely:a) The Indian Oil Corporation Limited;b) The Bharath Petroleum Corporation Limited;c) The Hindustan Petroleum Corporation Limited;d) Indo-Burma Petroleum Company ...

May 16 2008

National Insurance Co. Ltd. Vs. Ranidevi and Ors.

  • Decided on : 16-May-2008

Court : Madhya Pradesh

Reported in : 2009ACJ1169

... s Compensation Commissioner under the Compensation Act on the conjoint operation of Section 3 and Section 4-A Sub-section (3)(a) of the Compensation Act. So far as additional amount of compensation by way of penalty imposed on the insured employer by the Workmen's Compensation Commissioner under Section 4-A(3)(b) is concerned, however, the insurance company would not remain liable to reimburse ... in the negative. In other words, the insurance company will be liable to meet the claim for compensation along with interest as imposed on the insured employer by the Workmen's Compensation Commissioner under the Compensation Act on the conjoint operation of Section 3 and Section 4-A Sub-section (3)(a) of the Compensation Act. So far as additional amount of compensation by ... the Compensation Act along with interest thereon, if any, as imposed by the Commissioner, under Sections 3 and 4-A(3)(a) of the Compensation Act will have to be made good by the insurance company jointly with the insured employer. But so far as the amount of penalty imposed on the insured employer under contingencies contemplated by Section 4-A(3)(b) is ... coverage contemplated by Section 147 of the M.V. Act read with the identical provisions under the very contracts of insurance reflected by the policy which would make the insurance company liable to cover all such claims for compensation for which statutory liability is imposed on the employer under Section 3 read with Section 4-A of the Compensation Act. All these ...

Mar 13 2006

Mysore Sugar Co. Ltd. Vs. Dy. CIT (TDS)-I

  • Decided on : 13-Mar-2006

Court : Karnataka

Reported in : [2006]154TAXMAN447(Kar)

... than the Indian made foreign liquor. Sub-section (2) of section 206C provides that the buyer to recover tax from the buyers and the same shall be without prejudice to any other mode of recovery under the provisions of the Act. The provisions of sub-section (3) of section 206C of the Act further casts an obligation upon the appellant companies being the sellers that they shall pay ... sub-section (3) of section 206C of the Act further casts an obligation upon the appellant companies being the sellers that they shall pay or remit the collected tax at source from buyers within the date to the department. The amount so collected by the seller and remitted to the department goes to the credit of the Central Government or as the Board directs. Sub-section ... collect tax at source from its buyers during the relevant period and remit the same under sub-section (3) of section 206C of the Act to the department. Further he had contended that the contractors who are the buyers have not obtained the goods from the appellant-company by way of auction, awarding contract in their favour in auction is the right conferred upon the ... members may be prescribed. Sub-section (6) further casts a responsibility upon the seller to collect tax, who fails to collect the tax. Notwithstanding such failure, it shall be liable to pay the tax to the Central Government in accordance with the provisions of sub-section (3) of section 206C of the Act. In view of the above provisions of the Act, the demand notices were ...

Mar 13 2006

Excise Commissioner & Anr. Vs. Mysore Sales International Ltd. & Ors.

  • Decided on : 13-Mar-2006

Court : Karnataka

Reported in : (2006)203CTR(Kar)505

... the Indian made foreign liquor. Sub-section (2) of section 206C provides that the buyer (seller) to recover tax from the buyers and the same shall be without prejudice to any other mode of recovery under the provisions of the Act. The provisions of sub-section (3) of section 206C of the Act further casts an obligation upon the appellant-companies being the sellers that they shall pay ... sub-section (3) of section 206C of the Act further casts an obligation upon the appellant-companies being the sellers that they shall pay or remit the collected tax at source from buyers within the date to the department. The amount so collected by the seller and remitted to the department goes to the credit of the Central Government or as the Board directs. Sub-section ... collect tax at source from its buyers during the relevant period and remit the same under sub-section (3) of section 206C of the Act to the department. Further he had contended that the contractors who are the buyers have not obtained the goods from the appellant-company by way of auction, awarding contract in their favour in auction is the right conferred upon the ... members may be prescribed. Sub-section (6) further casts a responsibility upon the seller to collect tax, who fails to collect the tax. Notwithstanding such failure, it shall be liable to pay the tax to the Central Government in accordance with the provisions of sub-section (3) of section 206C of the Act. In view of the above provisions of the Act, the demand notices were ...

Feb 14 2002

In Re: U.P. Cement Corporation Ltd. (In Liquidation)

  • Decided on : 14-Feb-2002

Court : Allahabad

Reported in : [2002]112CompCas562(All)

... the Banks and Financial Institutions Act, 1993, override the provisions of the Companies Act, 1956. Sections 17 and 25 of the Act confer exclusive jurisdiction in respect to claim and execution of the Final order of the Tribunal and of the Recovery Officer in respect of the debts payable to the Bank and that the Company Court cannot interfere in ... company in pursuance of Section 454 of the Companies Act, 1956, on Form 157 verified by Sri Yashpal Sharma, the company secretary on 6-3-2000, was submitted to official liquidator with a copy to the Registrar of the Companies on 22-3-2000. 9. An application No. 11 of 2001 was filed by Allahabad Bank praying that the Court may exempt the properties, detailed in annexures 2 and 3 ... Company Court under Section 442 read with Section 537 or under Section 446 of the Companies Act, 1956. In respect of the monies realized under the RDB Act, the question of priorities among the banks and financial institutions and other creditors can be decided only by the Tribunal under Act of 1993, in accordance with Section 19(19) read with Section 529A of the Companies Act ... Act, 1993 with regard to exercise of powers by liquidator over the property of the company which are under the custody of the company Court under Section 456. It is submitted on behalf of the Allahabad Bank, that the Companies Act, 1956 has not been mentioned in Sub-section (2) of Section 34 and thus the Act of 1993 shall have overriding effect over the provisions of the Companies Act, 1956 ...

May 27 2010

P. Paliwal and Ors. Vs. Hindustan Zinc Limited and Ors.

  • Decided on : 27-May-2010

Court : Rajasthan

... Section 17 it has been provided that Government company called the Hindustan zinc Limited, (respondent), which was formed under the Companies Act, 1956 in pursuance of Section 12 of the Metal Corporation of India (Acquisition of Undertaking) Act, 1965 which has been declared to be unconstitutional and void, shall be deemed to be and to have been formed under the Companies Act, 1956, in pursuance of Section 12 of the Act ... R/3) resulting into reduction of the share of the Government of India to lower than 49.22% which is less than 51 % of the paid up share capital of the respondent-HZL and consequently, the respondent-HZL is no longer Public Sector Undertaking under Section 617 of the Companies Act, 1956. ... Section 1 97A of the Companies Act, 1956 or any other person entitled to manage the whole or a substantial part of the business of the company under a special agreement to be employee of the Central Government obviously from the date of commencement of the Act.34. Section 12 of the Act of 1965 provided provision for formation of Government Company for management of undertaking. Section 12 of the Act ... company if this Act had not been passed, and shall cease to be enforceable by or against the company, its surety or guarantor. Sub-section (1) of Section 5 of the Act of 1965 provides that except Director or any managerial personnel specified in Section 1 97A of the Companies Act, 1956 or any other person entitled to manage the whole or a substantial part of the business of the company ...

Nov 17 2003

Carborandum Universal Ltd. Vs. Commissioner of Income-tax

  • Decided on : 17-Nov-2003

Court : Chennai

Reported in : (2004)187CTR(Mad)48; [2004]265ITR372(Mad)

... Section 32 from the amounts of profits computed in accordance with the requirements of Parts II and III of the Sixth Schedule to the Companies Act, 1956 (1 of 1956), as increased by the aggregate of-- (i) the amount of depreciation ;(ii) the amount of income-tax paid or payable, and provision therefor ;(iii) the amount of surtax paid or payable under the Companies (Profits) Surtax Act ... in the Income-tax Act, into the calculation of profit required to be made in terms of Section 32(3) of the Act which makes the calculations made in accordance with the Companies Act, the starting point for making the deductions and additions provided for in Section 32(3) after which the sum of 20 per cent, referred to in Section 32AB(1) is to ... section (1) of Section 32 from the amounts of profits computed in accordance with the requirements of Parts II and III of the Sixth Schedule to the Companies Act, 1956 (1 of 1956), as increased by the aggregate of-- (i) the amount of depreciation ;(ii) the amount of income-tax paid or payable, and provision therefor ;(iii) the amount of surtax paid or payable under the Companies ... Companies Act.10. There is, therefore, no scope at all for importing the concept of different heads of income found in the Income-tax Act, into the calculation of profit required to be made in terms of Section 32(3) of the Act which makes the calculations made in accordance with the Companies Act, the starting point for making the deductions and additions provided for in Section 32(3 ...

Feb 27 1998

Arun Kumar Agrawal and Another Vs. State of Karnataka and Others

  • Decided on : 27-Feb-1998

Court : Karnataka

Reported in : 1999(1)KarLJ603

... Section 187-A of Sea Customs Act, 1878, (b) Section 97 of Gold Control Act, 1968, (c) Section 6 of Import and Export Control Act, 1947, (d) Section 271 and Section 279 of the Income-tax Act, 1961, (e) Section 61 of the Foreign Regulation Act, 1973, (f) Section 621 of the Companies Act, 1956 and (g) Section 77 of the Electricity Supply Act. This list is only illustrative and not exhaustive. While Section ... to thwart a much needed infrastructure project with the oblique motive to attract international publicity. Respondent 3 has claimed to be a private company with unlimited liability which was incorporated on 3-1-1994 under the Companies Act. The authorised share capital of the Company is Rs. 1 crore divided into 1 lakh equity shares of Rs. 100/-each. ... a manner required by Companies Act, 1956. However, the following expenses have not been shown. (i) Expenses towards formation of the Company amounting to Rs. 37,480 which has been paid to the Registrar of Companies (Annexure-C) towards incorporation. (ii) The remuneration of the auditors themselves as provided in Section 224(8) of the Companies Act for the fiscal ... section was inserted by Electricity Laws (Amendment Act No. 50 of 1991) with effect from 15-10-1991, admittedly, before the initiation of the process of setting up of the power plants in the State with the aid and assistance of the private investors including the foreign companies. Even before the amendment, sub-section (3) of Section 43 provided that a generating company ...

Apr 25 2000

Ranka Cables Ltd. Vs. Appellate Authority for Industrial and Financial ...

  • Decided on : 25-Apr-2000

Court : Andhra Pradesh

Reported in : 2000(4)ALD20; 2000(3)ALT550; [2001]103CompCas30(AP)

... Companies Act, 1956 (I of 1956). (4) Notwithstanding anything contained in sub-section (2) or sub-section (3), the Board may cause to be sold the assets of the Sick Industrial Company in such manner as it may deem fit and forward the sale proceeds to the High Court for orders for distribution in accordance with the provisions of Section 529A, and other provisions of the Companies Act, 1956 (1 of 1956 ... section (2) or sub-section (3), the Board may cause to be sold the assets of the Sick Industrial Company in such manner as it may deem fit and forward the sale proceeds to the High Court for orders for distribution in accordance with the provisions of Section 529A, and other provisions of the Companies Act, 1956 (1 of 1956).' 14. Sub-section (1) of Section ... 1956). (4) Notwithstanding anything contained in sub-section (2) or sub-section (3), the Board may cause to be sold the assets of the Sick Industrial Company in such manner as it may deem fit and forward the sale proceeds to the High Court for orders for distribution in accordance with the provisions of Section 529A, and other provisions of the Companies Act, 1956 (1 of 1956).' 14. Sub-section ...

Jul 19 1995

Bennett, Coleman & Co. Ltd. and Others Vs. Appellate Authority for Ind ...

  • Decided on : 19-Jul-1995

Court : Delhi

Reported in : AIR1996Delhi172; [1996]85CompCas230(Delhi)

... would be a misnomer. The expression 'promoter' has not been defined in the Companies Act, 1956. This expression is, however, used in Section 62 of that Act dealing with civil liability for misstatement in the prospectus. Sub-section (6) of this section, however, says that the expression 'promoter' for the purpose of Section 62 means a promoter who was a party to the preparation of the ... of ACL. Mr. A. K. Jain on behalf of BCCL appeared before the BIFR for the first time on 3rd Debember, 1991 after the stage under sub-section (3) of Section 17 of the Act had been reached, and the Operating Agency appointed. Both BCCL and Dr. Jain were given opportunity to present revival scheme for rehabilitation of ACL. BIFR examined various ... as mentioned in clauses (a) and (b) of Section 18B. Under Section 18E, certain provisions of the Companies Act, 1956, would be inapplicable where the management of an industrial undertaking, being a company, had been taken over by the Central Government. Under Section 18F, the Central Government could at any time cancel the order issued under Section 18A. 20. As to how the working of ... (e) To exempt the company from applicability of provisions of Section 72 of the I. T. Act, 1961, for the period the unit remained closed and extend the period of carry forward of losses to that extent; (f) To exempt ACL from the applicability of provisions of Section 293(1)(d), Section 81 and other relevant applicable provisions of the Companies Act, 1956, relating to acceptance ...

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