Court : Allahabad
Decided on : Apr-16-1976
Reported in : 47CompCas323(All)
..... should not oust the jurisdiction of the commission to conduct such enquiry under section 37 of the act. i am, however, not inclined to agree with this submission. section 20(5) of the english act has got no parallel corresponding section in the indian law. the relevant sections of the m.r.t.p. act, 1969, which i have quoted above, clearly indicate that the intention ..... of the framers of the said act was to curb those restrictive trade practices which are in existence ..... not affected by the determination of agreement effected after the commencement of the proceedings. this is clear from section 20(5) of the restrictive trade practices act, 1956. there is no such corresponding provision in the indian act. section 37 of the m.r.t.p. act, 1969, empowered the commission to enquire into any restrictive trade practice whether the agreement is registered or ..... trade practice which should be discontinued or should not be repeated.57. my above conclusions are further fortified by a comparative analysis of the various relevant sections of the english law as embodied in the restrictive trade practices act, 1956. the relevant portion of section 20 of the english law runs as follows : '20. (1) the court shall have jurisdiction, on application .....Tag this Judgment!
Court : Allahabad
Decided on : Apr-07-1976
Reported in : (1976)5CTR(All)230
..... third new international dictionary the meaning of the word adequate is given as equal to, proportionate to, or fully sufficient, exactly corresponding.' the word consideration is neither defined in this act nor in the transfer of property act. section 2(d) of the contract act defines 'consideration' as under :'when, at the desire of the promisor, the promisee or any other person has done or ..... hands accordingly.'8. it is in the back ground of the above that the scope of section 64(1)(iv) of the income tax act, 1961 has to be considered by me. this section creates artificial income and corresponds to section 16(3)(a)(iv) of the income tax act, 1922. the controversy is, however, confined to the interpretation of the words 'adequate consideration.' what then ..... assets to his wife or minor children, other than for adequate consideration and thus lessening the burden of tax upon himself. this was counteracted by the legislature by enacting section 16 of the act. although such transactions may be genuine and valid under the general law, yet, the income therefrom for purpose of tax alone was directed to be assessed in the ..... three hundred years that the courts will not inquire into the adequacy of consideration.' by this is meant that they will not seek to measure the comparative value of the defendants promise and of the act or promise given by the plaintiff in exchange for it, nor will they denounce an agreement merely because it seems to be unfair. the promise must .....Tag this Judgment!