Court : Kolkata
Decided on : Nov-22-1989
Reported in : AIR1990Cal421
..... commercial bank v. bank of india (supra). in our opinion whether it is a bank guarantee or a letter of credit or contract of indemnity, the enforceability of such an instrument against the bank depends on the terms and conditions of the same. the question before the court in such ..... out some of the salient features of the same. bank guarantees and letters of credit practically stand on the same footing. in our opinion an indemnity given by a bank also stands on the same footing. this is also made clear in the supreme court judgment in the case of united ..... the trial court in an application for a interlocutory order filed by the plaintiff appellant. this also involved the question of enforcement of letters of indemnity/guarantee. the defendant no. 4 in that case was allahabad bank which executed 4 documents in favour of the defendant no. 3 which was ..... transaction of sale of goods with an irrevocable tetter of credit. but in modern commercial transactions, various devices are used to ensure performance by the contracting parties. the traditional letter of credit has taken a new meaning. in business circles, stand by letters of credit are also used. performance bond ..... the bank, however, was not allowed to determine whether the seller had actually shipped the goods or whether the goods conformed to the requirements of the contract. any dispute between the buyer and the seller must be settled between themselves. the courts, however, carved out an exception to this rule of .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-14-1989
Reported in : (1990)1CALLT200(HC),68CompCas361(Cal)
..... , a division bench of this court held as follows (at page 364) :'whether it is a bank guarantee or a letter of credit or contract of indemnity, the enforceability of such an instrument against the bank depends on the terms and conditions of the same. the question before the court in such a ..... on the basis of the said bank guarantee and not the right of the beneficiary as such against the other party to the contract under the said original contract. the original arbitration agreement may be very wide or general in terms, but that certainly does not include a dispute arising ..... by the beneficiary against the bank based on the bank guarantee cannot form the subject-matter of an adjudication under the arbitration clause between the parties to the original contract. in this context, reliance is placed on the following decisions :(i) union of india v. raman iron foundry, : 3scr556 ; (ii) united ..... sd.) illegiblebranch manager,g. s. road, shillong.'dated at shillong.15th july, 1985.4. disputes and differences arose between the parties to the main contract as stated in the petition. it is stated that the plaintiff submitted its claim and there was some appointment of arbitrators. thereafter, this application was ..... ;'in the event of any question or disputes arising under or out of these conditions or in connection with this or relating to this contract except as to any matters the decision of which is specifically provided for in these conditions the matter in dispute shall be referred to .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-21-1989
Reported in : AIR1990Cal204
..... of the provisions of this act:-- this act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force or in any contract expressed or implied or in any instrument having effect by virtue of any enactment other than this law and notwithstanding any usage or custom to the contrary.' 22. it was .....Tag this Judgment!
Court : Kolkata
Decided on : May-05-1989
Reported in : (1991)IILLJ360Cal
..... would be very much affected financially. under such circumstances in my opinion the mother dairy being state authority cannot arbitrarily refuse to renew and /or thereby terminate the contract of the petitioner causing serious prejudice to the petitioner fincancially. although the clause 1 of the said agreement provides for automatic termination on the expiry of the period of ..... hearing particularly at this stage. it has been submitted thaton the other hand the petitioner could not have any cause to be aggrieved if the reasons for notrenewing the contract were not communicatedto him. in support of his said contention thelearned advocate for mother dairy relied uponthe following decisions: 1. the chairman, board of mining examination and chief ..... corporation ltd. v. brojonath ganguly & anr. and central inland transport corporation ltd. & anr v. tarun kanti sengupta (supra). this is a landmark judgment relating to the service contracts. on interpretation of the relevant service rule the supreme court held that the rule empowering the government corporation to terminate service of its permanent employees by giving notice or pay ..... with standard or norm which is not arbitrary, irrational or irrelevant. the power or discretion of the government in the matter of grant of largesse including award of jobs, contracts, quotas, licenses etc. must be confined and structured by rational, relevant and non-discriminatory standard or norm and if the government departs from such standard or norm in .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-17-1989
Reported in : (1989)2CALLT47(HC)
..... the appropriate customs house in the manner prescribed by regulations which the central board of excise and customs may make under section 157 of contract or contracts has or have been so registered before any order is made by the proper officer of customs permitting the clearance for home consumption, or ..... or not. it has also been clearly held that the doctrine is enforceable even against the government notwithstanding the fact that there is no contract executed in the form required by article 299 of the constitution or that there is no consideration for the promise.40. the supreme court ..... the letter, dated march 19, 1983 has again approached the respondent no. 3, the assistant collector of customs for the registration of the project contract under heading no. 84.66. it has been indicated in that letter that the goods have already been imported, that on the previous occasion the ..... fall within the ambit of heading no. 84.66 and that the petitioner's project cannot be assessed thereunder and accordingly denied registration of the contract under the said head.18. the petitioner states that the said purported orders, dated 16th of october, 1982 and 2nd of april, 1983 and ..... machinery. the petitioner accordingly through its clearing agent submitted bill of entry and all relevant documents before the respondent no. 2 for registration of the contract in question so as to enable the petitioner to get the machinery assessed under heading no. 84.66. all necessary formalities in this connection .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-19-1989
Reported in : 1990(49)ELT179(Cal)
..... which constitute, while conducting the import and export. the transactions consist of series of acts spread over a period of years commencing from the contract of purchase/sale with a foreign buyer/foreign seller and ending with the movement of goods into the country or to the exporting country. ..... said notice cannot affect either on ogl order or the right of the petitioner which have already accrued on account of having entered into a contract on 2nd june 1981. the item for import is raw material and is used in industrial activity, engaged in manufacturing soap, shampoo etc. ..... january, 1982 the petitioner company tried to persuade the foreign supplier to drop the matter to federation of oilseeds and fats association and treat the contract as cancelled due to the government restrictions. the petitioner company received a notice dated 3rd february, 1983 from the advocates and solicitors of the ..... not be opened. on 5th august, 1981 the petitioner company received a letter dated 28th july, 1981 reminding the petitioner company of the said contract and asking the petitioner company to open the letter of credit. thereafter, the foreign supplier sent a letter dated 10th february, 1982 informing that ..... port and consequently release the revenue deposit in respect thereof immediately. 2. the case of the petitioner is that the petitioner entered into a contract on 2nd june, 1981 to import 25 thousand metric tonnes of inedible beef tallow from a singapore party. the import of the said inedible .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-14-1989
Reported in : AIR1990Cal83
..... by the superintending engineer of the circle on such dispute. it is, therefore, very clear that all the disputes between the parties to the contract shall be decided by the superintending engineer. obviously such decision can be arrived at by the superintending engineer only when it is referred tohim by ..... court held that where a clause in the contract makes provision for dipute between the parties for reference to superintending engineer of the circle and though the words arbitration and awards were not mentioned ..... what is required to be ascertained is whether the parties have agreed that if dispute arise between them in respect of the subject-matter of contract such dispute shall be referred to arbitration, then such an arrangement would spell out in an arbitration agreement. in another decision reported in , the ..... k 58 and ramlal v. state of punjab (supra). in the jammu & kashmir caye the relevant clauseran as follows 'for any dispute between the contract and the department the decision of the chief engineer p.w.d. jamniu & kashmir will be final and binding upon the contractor' the supreme court ..... event of the dispute the decision of the superintending engineer of the circle shall be final. on perusal of the form which contained the contract between the parties will appear that clause 13 regulates the supply to be made prices of the materials to be charged and any other matters .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-03-1989
Reported in : (1989)29ITD495(Kol.)
..... the foreign projects. (ii) while reiving on the order of the cit, he has contended that the cit has pointed out that all indirect expenses were not debited to individual contract accounts. (iii) according to shri sahai, the learned departmental representative, it is well-settled that the expressions in singular also include plural. according to him, this is also clear from ..... certain conditions in order to claim the said deduction. those conditions are as follows : (i) the assessee has a foreign project as defined in section 80hhb(2)(6). such a contract is entered into with the government of a foreign state or any statutory or other public authority or agency in a foreign state or a foreign enterprise. (ii) the consideration ..... "foreign project" in singular form as the expression used in sub-section (2)(a) & (6) is "foreign project". sub-section (1)(b) also uses the expression "in pursuance of a contract". proviso to sub-section (1) uses the expression "such project". sub-section 3(i) uses the expression "foreign project". similarly, sub-section (5) also uses the expression "execution of a ..... arabia. the appellant-company is following the mercantile system of accounting. accounts are prepared on the percentage of completion method. this is one of the recognised methods for accounting construction contracts in accordance with the standard laid down by the institute of chartered accountants of india "as 7". separate books of account have been maintained in respect of each of its .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-11-1989
Reported in : 74CompCas175(Cal),94CWN33
..... in the letter dated june 15, 1974, it has been stipulated that 'notwithstanding the foregoing', stc maintains that texmaco failed to perform in an orderlymanner its obligations under the aforesaid contract. in view of the foregoing, stc hereby asks you to make full payment'. whether the stc has acted logically or illogically, rationally or irrationally, is not the question relevant ..... guarantee. according to learned counsel for the respondent, the bank is also not concerned with the question whether the party furnishing the bank guarantee has committed any breach of contract or has failed to perform its contractual obligations.42. it has also been contended by learned counsel for the respondent that it is sufficient if the bank understood the ..... : air1988delhi207 , which followed the decision of this court in banerjee and banerjee, : air1986cal374 . 41. learned counsel for the respondent has, however, submitted that the bank guarantee is really a contract between the bank and the beneficiary of the bank guarantee to the effect that, whenever there is a demand by the beneficiary in terms of the bank guarantee, the bank ..... contended that the allegations of the respondents in the said letter of demand dated december 19, 1987, to the effect that the petitioner has failed to perform under the contract is wholly incorrect. the petitioner has further contended that the respondent had deliberately and mischievously misled the bank to get the entire payment covered by the said bank guarantee .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-06-1989
Reported in : 187ITR163(Cal)
..... such payments an emolument essential characteristic required to make such payments an emolument 'from' the employment, namely that they are referable to the performance of the services under the relevant contract of employment and nothing else. to adopt lord radcliffes approach in hochstrasser v. mayes  a.c. 376, 392, the payment is assessable if it has been paid ..... received as a reward for the taxpayers services to southampton but for his agreeing to be transferred, i.e., to terminate his employment with nottingham forest and enter into a contract with southampton. nottingham forest, having no interest in the performance of the taxpayers employment with southampton, could not be making the nottingham forest payment as a reward for such ..... employment, he held that the nottingham forest payment could not be so characterised because the payer-nottingham forest-had no direct or indirect interest in the performance of the taxpayers contract with southampton; the sole interest of nottingham forest was that the taxpayer should enter into, as opposed nottingham forest became entitled to the payment of rs. 325,000 ..... forest payment) whereas if the taxpayer left them the following year they would receive nothing. the commissioners also found that the deal was attractive to the taxpayer : his new contract with southampton gave him security for four years; the terms of his employment with southampton were an improvement on those he was currently enjoying with nottingham forest and he would .....Tag this Judgment!