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Judgment Search Results Home > Cases Phrase: debentures companies act Court: allahabad Year: 1984 Page 1 of about 1 results (0.012 seconds)

Mar 22 1984 (TRI)

U.P. Forest Corporation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Decided on : Mar-22-1984

Reported in : (1984)9ITD206(All.)

..... been constituted as a local authority for which reason it is precluded from having a share capital.it can borrow money from the state government and it can issue debentures or stock. it was launched with a loan of rs. 15 lakhs from the government. if it were an agency or instrumentality of the state government, ..... to argue that the corporation is not a local authority. the fact that in the assessment order, the ito had shown the status of the corporation as a company cannot be conclusive. in fact, it appears to be a mere mistaken mention or a typographical error because we find from the photostat copies of the return ..... c. jain's case (supra). reference was also made by him to the fact that in the assessment order the status of the corporation was shown as 'company'. next, he argued that a functional test had to be applied in terms of the decision of the hon'ble allahabad high court in the case of city ..... state. referring to para 14 at page 559 of volume 18 of american jurisprudence and to notes no. 18 to 22 at page 201 of the palmer's company law (23rd edition), he submitted that the veil of corporate structure could be lifted to find whether its income belonged to the state. he also submitted that ..... on income levied by the central government in the same way and to the same extent as a company but it only shows that tax was payable as a company and the absence of a similar provision in the 1974 act could not mean that it was to be free from taxation. there is no provision making income .....

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