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Judgment Search Results Home > Cases Phrase: debentures companies act Court: andhra pradesh Year: 1961 Page 1 of about 4 results (0.044 seconds)

Mar 14 1961 (HC)

Andhra Pradesh State Road Transport Corporation Vs. Income-tax Officer ...

Court : Andhra Pradesh

Decided on : Mar-14-1961

Reported in : [1963]47ITR101(AP)

..... the corporation and held that it was not a company within the meaning of the indian companies act nor does it come within the purview of section 2(5) of the indian companies act, but since it is an independent body carrying on the business of road transport and had the power to issue shares and debentures to the public if it needs further funds for ..... profits are computed by the assessee. the learned solicitor-general has given an apt illustration of this principle by reference to the provisions of the indian companies act applicable to private limited companies. in the income-tax act, under section 23a, the income-tax officer has the power to pass an order to pass an order deeming entire profits whether declared, and, on that ..... basis, assess the private limited company to income-tax. it is of no avail to say that the companies act or the memorandum or the articles of association of the company has provided for specific deductions in respect of depreciation, buildings, reserve fund and other expenditure which was permissible under ..... the act or the constitution of the company. it may be a sound policy to build up reserves or to pay to .....

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Aug 30 1961 (HC)

Vizagapatnam Sugars and Refinery Ltd. Vs. Commissioner of Income-tax, ...

Court : Andhra Pradesh

Decided on : Aug-30-1961

Reported in : [1963]47ITR139(AP)

..... of the said agreement and in consideration of the promises and in consideration of the negotiating for procuring the subscription of the said debentures the company hereby agree to pay to the said motishaw commission at the rate and on the basis of four annas on the sale of every ..... at any time. the question was whether the 5 per cent. interest paid to b on these debentures by the company could be deducted from its income under section 12(2) of the income-tax act. it was pointed out by the supreme court that :'... the transaction was voluntarily entered into in ..... the working capital of the company. in issuing the debentures the company incurred rs. 12,924 by way of expenses towards purchase of stamp paper for the trust deed, underwriting commission and registration and lawyers fees. the question was under section 10(2) (xv) of the income-tax act as a deduction. the ..... to raise the loan was a capital expenditure and was not therefore deductible under section 10(2) (xv). it was further held that :'the raising of money by debentures or mortgage ..... learned judges held that the expenditure of rs. 12,924 incurred by the company .....

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Dec 21 1961 (HC)

Rani J. Sarala Devi Vs. Commissioner of Income-tax, Andhra Pradesh.

Court : Andhra Pradesh

Decided on : Dec-21-1961

Reported in : [1962]46ITR837(AP)

..... the ambit of section 12(2) but a question had been raised in view of the particular position of the party who took debentures. the assessee was an investment company. it was originally formed for acquiring, holding and otherwise dealing in shares and government securities which belonged to lord cable. the majority ..... question of fact in each case whether the amount which is claimed as a deductible allowance under section 10(2)(xv) of the income-tax act was laid out wholly and exclusively for the purpose of such business and if the fact-finding tribunal comes to the conclusion on evidence which would ..... , the amount of the interest paid :provided that no allowance shall be made under this clause in any case for any interest chargeable under this act which is payable without the taxable territories, not being interest on a loan issued for public subscription before the 1st day of april, 1938, except ..... items 4 and 5 that section must, however, come up for our consideration and these are covered by sections 10 and 12 of the income-tax act. to be more precise, section 10(2)(iii) and (xv) and section 12(2) are the relevant provisions which require careful examination for the ..... thus negative, the matter is now before us on reference.the question is whether the allowances claimed are permissible allowances under the statute. the income-tax act, it may be remembered, under section 3, renders the total income of an assessee chargeable, subject of course to certain exemptions. the total income of .....

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Jan 06 1961 (HC)

Devi Dayal Marwah Vs. the State of Andhra Pradesh

Court : Andhra Pradesh

Decided on : Jan-06-1961

Reported in : AIR1963AP479

..... 1st october, 1947, is a corporation and not the state of andhra pradesh and that since the mortgage was not registered under the companies act, it is void under section 125(1) of the companies act against any creditor of the company, that under clause (3) of the said section, the monies secured thereby immediately became payable and that therefore the claim under the mortgage ..... corporation. the recital is as follows:'this deed executed this day of 1st october, 1947 equivalent to 1st azar f. 1357 between deccan porcelain and potteries ltd., company registered in hyderabad under hyderabad companies act iv, f. 1320 and shall henceforth be known as the mortgagor of the first part which term if not repugnant to the context shall also include not only ..... of 1956) praying that in the circumstances stated in the affidavit filed therewith the high court may be pleased to wind up the said company by order of the court.2. the company was incorporated under the hyderabad companies act (iv of 1320 f) in the fasli year 1352 with its registered office at saifabad in hyderabad. it had a nominal capital of rs ..... the large scale industries: in h. e. h. the nizam's dominions in such manner as the board may think fit, and in this matter preference shall be given to debentures, and if necessary, to shares, and after full satisfaction of their needs, if the fund still permits then it shall be invested in such industries outside h.e.h. the .....

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