Court : Mumbai
Reported in : (1960)62BOMLR277
..... is concerned, in 1922 the local legislature passed the bombay cotton contracts act (xiv of 1922), but admittedly it had no provision reagarding forward contracts. that was followed by the bombay cotto contracts act, 1932 (iv of 1932), which made certain provision regarding forwards contracts. it appears, however, that the government of bombay, in the year 1947, was of the view that the control exercised by government over the cotton market under the bombay cotton contracts act of 1932 had ..... that even apart from the rule of repugnancy embodied in article 254, we should consider the question on the basis of the wider principle of repungnancy, including that of implied repeal, apart from the constitution. we doubt very much whether it will be possible for us to do so especially as the question of implied repal was never raised and argued ..... prosecution of the war, or for maintaining supplies and services essentia to the life of the community, was empowered to provide for regulating or prohibiting the production, distrivution, disposal, acquisition, use or consumption of articles or things of any description whatsoever and for controlling the prices (or rates) at which such articles or things may be sold. the indian cotton (control) order, 1945, was .....Tag this Judgment!
Court : Gujarat
Reported in : (1973)1GLR960
..... issued under the essential supplies (temporary powers) act. as there was no regulatory provision for forward trading in any commodity other than the essential commodities act, some states came out with legislative amongst which was the bombay state which enacted legislation for regulation of forward trading, known as the bombay forward contracts control act, 1947, empowering the state government to regulate ..... chairman of the forward markets commission to the respective officers in order to urge upon the government the desirability of applying the provisions of section 15 of the act to non-transferable specific delivery contracts in cotton seed and other oil seeds. copies of these two letters have been, by consent of the parties, taken on the record ..... these petitions should be dismissed. he contended, in this connection. that, though the impugned notification making some of the provisions of chapters iii and iv of the act applicable to non-transferable specific delivery contracts in cotton seeds was issued on december 24, 1964, the petitioners approached the high court in 1967 or 1968 at the earliest ..... -war period, when shortages of various commodities tended to bring about an undue rise in their prices. on those occasions, the central government issued orders under the defence of india rules prohibiting forward trading in foodgrains, oils, oilseeds, oilcakes, raw cotton (except in the east india cotton association ltd., bombay) spices, etc. after the defence of india act expired .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1958Bom411; (1957)59BOMLR4; ILR1957Bom163
..... contract (whether either party thereto is a member of a recognised cotton association or not) which is entered into after the date on which this act comes into operation and which is not in accordance with the by-laws of any recognised cotton association shall be void.'this act also was passed to provide for the better regulation and control of transactions in cotton in bombay and the provision ..... that act provided:'any contract (whether either party thereto is a member of the association or not) which is entered ..... relief on the basis of these contracts. now, from time to time both the state legislature and the union legislature or the central legislature, as. it was, has attempted to regulate and control forward business in various commodities. apart from the position that obtained under the defence of india rules, in 1922 act xiv was passed by the bombay legislature and section 5 of ..... turn to that section, again the first point which, strikes us is the difference in language between' section 8 and section 5 in the act 14 of 1922 and section 8 in act 4 of 1932. whereas in these two acts the contracts were rendered void if they contravened any by-laws or were not in accordance with any by-law, section 8 of the .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1952Bom349; (1952)54BOMLR367
..... , limited, which was incorporated under the provisions of the earlier bombay cotton contracts act; is a cotton association recognised under section 4 of the bombay cotton contracts act 1932, for the purpose of regulating and controlling business in the sale, purchase or other transactions in cotton. according to the provisions of section 4, the association has framed bye-laws for regulating and controlling transactions in cotton. section 8 of the bombay cotton contracts act provides: 'save as hereinafter provided ..... of parties to go to arbitration on a question of the validity of contracts made subject to the bye-laws of the east india cotton association. the head-note is as follows: 'under bye-law 38a framed under the bombay cotton contracts act, 1922, the arbitrators have no jurisdiction to decide disputes arising out of contracts not in the sanctioned form.' mr. justice broomfield in the course of ..... are in the present case however not concerned with the provisions of the new act, inasmuch as all the transactions have taken place before the date on which the new act has been brought into operation so as to apply to transactions in cotton. notwithstanding the repeal of the act of 1932 by section 15 of the act of 1947 the right, title, obligation or liability already .....Tag this Judgment!
Court : Chennai
Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261
..... , sugar and gur (jaggory). 85. pre-independence, bombay alone had a special enactment known as bombay forward contracts control act, to control forward trading in cotton, bullion and oil seeds. but forward trading in commodities such as foodgrains, oilseeds, raw cotton, spices, sugar etc., was prohibited under the defence of india rules, at the time of war. however, after independence, the constitution of india brought ..... proceeding in a court not subordinate to that from which the injunction is sought.a glance at the two provisions, the existing and the repealed would reveal the legislative response to judicial interpretation. under section 56 (b) of the repealed act, the court was precluded by its injunction to grant stay of proceeding in a court not subordinate to ..... the proceeding in other courts may be superior or inferior in the hierarchy of courts. to some extent this approach not only effectively circumvented the provision contained in section 56 of the repealed act but denuded it of its content. the legislature took notice of this judicial interpretation and materially altered the language of the succeeding ..... provision enacted in section 41(b) replacing section 56(b) of the repealed act while enacting specific relief act of 1963. the legislature manifestly expressed its mind by enacting section 41(b) in such clear and unambiguous language that .....Tag this Judgment!
Court : Mumbai
Reported in : (1930)32BOMLR1451
..... it is common ground that the by-laws of the east india cotton association do not require ready transactions to be in writing. bombay act no. xiv of] 922, called the bombay cotton contracts act, 1922, defines ' contract' in section-2,as follows: ' ' contract' means a transaction in cotton to be -carried-out in whole or in part in bombay.' it is to be observed that the words used are wide ..... , namely, ' a transaction in cotton to be carried out.' section 3 provides that ..... engineer on behalf of the respondents that the effect of the words ' are declared to be lawful' is to subject all transactions in cotton in bombay to the provisions of the articles of association of the east india cotton association. he submits that unless this effect is given to that section, no meaning can be attributed to the words 'are declared to ..... ' the board may, subject to the sanction of the governor in council, make by-laws for the regulation and control of transactions in cotton,' .....Tag this Judgment!
Court : Mumbai
Reported in : 39ITR438(Bom)
..... now come before me under the provisions contained in the proviso to section 66a(1) of the indian income-tax act, 1922. 52. the reference has been made under section 66(1) of the indian income-tax act, 1922, at the instance of the commissioner of income-tax (central), bombay. the assessee is the indore malwa ..... company. those orders were accepted at baroda and deliveries of the goods were effected f.o.r. baroda. one of the conditions of the contracts was that unless otherwise agreed upon by the parties payment for delivery of the goods would be made on the submission of the bills in ..... office voucher was prepared in duplicate, one being sent to the cashier with instructions to credit the amount of the cheque to the account of the controller of supplies, new delhi. cheques received from the government were deposited in the account of the; assessee company at the imperial bank of india, ..... to be despatched. after the goods were inspected and approved by the inspector, bills were prepared in the form prescribed by government and sent to the controller of supplies, new delhi. in forwarding the bills, the assessee entered the words 'self' and 'indore' respectively in the two blanks. the direction ..... reverse of the form of the purchase war order certain conditions were printed. it was recited therein that the price to be paid for the quantity specified in the order shall be that agreed upon between the government and the standing sub-committee of the cotton textile panel; and the first w.s .....Tag this Judgment!
Court : Mumbai
Reported in : 49ITR107(Bom)
..... 27,34,325 received by the assessee and another from karamchand thapar & bros ltd. is liable to be taxed as on capital gains in accordance with the provisions of act 12 of 1947 ?' (the figure 12 appears to be a mistake for 22). (2) whether on the facts and circumstances of the case there was ..... of income-tax v. provident investment co. ltd. that 'on a true interpretation, the letter of october 7, 1946, substituted a new contract a contract of relinquishment rather than a contract of sale, so far as the managing agency was concerned.' in the case before us, there is no material or an iota of evidence ..... brief were that the assessee company was the managing agent of two mills in which the bulk of shares were held by the gwalior durbar but were controlled by the assessee. dalmia investment company ltd. wanted to acquire the shares as well as the managing agency of the two managed companies. the dalmia ..... . karamchand thapar & bros. ltd. be appointed as managing agents in their place. on 8th january, 1947, a meeting of the board of directors of the greaves cotton & co. ltd. was held. two directors, viz., mr. hunt and mr. mcintosh, tendered their resignation from the office of directors an in their place karamchand ..... shares and the managing agency. a direction was given by mr. greaves in this letter to thapars to credit to his account in lloyds bank ltd. bombay, the amount of earnest money. annexure 'l' to the statement of the case shows that a sum of rs. 65 lakhs out of the aforesaid amount .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1963SC1356; 49ITR1(SC); 1SCR29
..... which is as follows :- 'validity of certain notices and assessments. for the removal of doubts it is hereby declared that the provisions of sub-sections (1), (2) and (3) of section 34 of the principal act (the indian income-tax act, (1922) shall apply and shall be deemed always to have applied to any assessment or reassessment for any year ending before the 1st ..... income and total world income assessable for the year ending 31st of march, 1943. this notice is being issued after obtaining the necessary satisfaction of the commissioner of income-tax, bombay city, bombay.' 5. the notice was followed by some correspondence between the firm purshottam laxmidas and the income-tax officer. the result of the correspondence was that the income-tax officer ..... and that it was limited to evasion of payment of taxation on income made during the war period. in the case of those falling under s. 47(1) of the travancore income-tax act there had to be definite information in the possession of the income-tax officer in consequence of which the income-tax officer ..... holding that there was a definite characteristic which distinguished that class i.e. those who had escaped income to a substantial degree during the war period and those falling under s. 34 of the income-tax act was that in the case of the former the government had reason to believe that they had evaded payment of tax to a substantial degree .....Tag this Judgment!
Court : Kerala
Reported in : 72ITR421(Ker)
..... provided that the factory manager, so nominated by chettiar, should be given a power-of-attorney by the assessee. there was no need for such a provision if chettiar became the owner when the contract was entered into. the licences and permits obtained by the assessee for the business were to continue in its name. it was only after execution of the ..... the lands and buildings thereon. the assessee, on august 31, 1957, informed the chief inspector of factories and boilers at trivandrum, on september 2, 1957, the chief controller of imports and exports at bombay and the labour commissioner at trivandrum and on september 12, 1957, the concerned insurance company about the sale of the business on august 30, 1957, to the mills ..... for sale of both immovable and movable property combined, the ownership of the movable property did not pass before the transfer of the immovable property. but it was repealed by the sale of goods act. it was held by the supreme court in commissioner of income-tax v. bhurangya coal co.,  34 i.t.r. 802 (s.c.) that, in spite ..... .4. for the relevant assessment year the assessee filed a return disclosing a loss. it did not disclose as profits under section 10(2)(vii) of the income-tax act, 1922, the .....Tag this Judgment!