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Judgment Search Results Home > Cases Phrase: debentures companies act Court: andhra pradesh Year: 1963 Page 1 of about 2 results (0.210 seconds)

Jan 31 1963 (HC)

Chennupati Ramakotayya Vs. Myheni Lakshmanaswamy and anr.

Court : Andhra Pradesh

Decided on : Jan-31-1963

Reported in : AIR1964AP14

..... with full vigour to the instant case. this is an a tortiori case. in that this is not a statutory corporation but a company governed by the indian companies act, it is expected to make profits, declare dividends, distribute them among the share-holders and is even liable to be wound up, which ..... effect to its policy of exploiting the mines in pubiic sector in febraury, 1961, when it was registered as a private limited company, under the provisions of the indian companies act. immediately thereafter, it applied to the appropriate government in accordance with mineral con-cession rules, 1960, for a mining lease for ..... that the company is a private limited concern and is in consonance with the character of such a concern. as ..... affairs, me money which the corporation needed was raised, not by the issue of shares but by borrowing and its borrowing was not secured by debentures but was guaranteed by me treasury, if it could not repay, the loss fell on the consolidated fund of the united kingdom, that is to ..... indicate that a private individual' could also own shares in the company.15. sri balaparameswari rao lays great stress on article 3(b) which lays down'any intimation to the public to subscribe for any shares or debentures of the company is hereby prohibited.'16. the provision is necessitated by the fact .....

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Jun 14 1963 (HC)

Nizam Sugar Factory Vs. Commissioner of Agricultural Income-tax, Hyder ...

Court : Andhra Pradesh

Decided on : Jun-14-1963

Reported in : [1964]52ITR939(AP)

..... so far as they are necessary for the decision of the two questions under reference. the nizam sugar factory limited was incorporated as a joint-stock company under the hyderabad companies act in april, 1937. its main objects, as they appear from the memorandum of association, ar :'(1) to carry on the business of manufacturers ..... in respect of income-tax or super-tax or any other tax or duty or income or revenue or expenditure by way of interest on debentures or otherwise on capital account of any sum which may be set aside in each year out of the profits for reserve or any other ..... their ability on all questions of or relating to manufactur and finance and disposal of the companys products.'net profits' were to be ascertained after payment of all expenses of the company, and after providing for interest on debentures. on these facts, it was held by the court of appeal that in computing its ..... profits for the purposes of income-tax, the company was entitled to deduct the sums so paid as being 'money ..... assessee 'solely for the purpose of earning such profits or gains' within the meaning of section 10(2)(ix) of the indian income-tax act, 1922, and the assessee company was entitled to claim that this sum should be deducted in computing its profits and gains. roberts c.j. pointed out that '... the taxable .....

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