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Judgment Search Results Home > Cases Phrase: debentures companies act Court: chennai Year: 1963 Page 1 of about 5 results (0.048 seconds)

Oct 10 1963 (HC)

Manickavasagam Chettiar Vs. Commissioner of Income-tax.

Court : Chennai

Decided on : Oct-10-1963

Reported in : [1964]53ITR292(Mad)

..... treated as a distribution to proprietors by virtue of the provision of section 36(1)(c), finance act, 1947. the company contended that while the advance on the security of the debentures was an amount applied by way of loan, it was not applied for the benefit of any person, since the money was lent on commercial terms, and that the subsequent ..... interest was paid and in november, 1947, and may, 1949, the company waived the interest due for the periods up to 31st october, 1947, and 31st ..... one or more of the following modes :- (i) in shares, stocks, debentures and securities of any public or private company, public body or government whether the same be trustee securities within the meaning of the indian trusts act or not; (ii) in loans or advances to any person, firm, body or company in such manner and on such terms an with or without security ..... to extend its business to eire and formed an associated company at that place. on 16th september, 1947, that eire company acquired shares in the appellants company which were later forfeited because of non-payment of calls. on the same date the appellant company advanced pounds 35,000 to the eire company on the security of debentures carrying interest at 5 per cent. per annum. no .....

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Nov 12 1963 (HC)

The Commissioner of Income-tax Vs. Ari. Athi. V. Ramachandra Chettiar, ...

Court : Chennai

Decided on : Nov-12-1963

Reported in : (1964)1MLJ281

..... : l.r. 63. la. 457 : 71 m.l.j. 525. the facts of that case were as follows. an investment company was carrying on business in india and it capitalised its accumulated undistributed profits and issued to its shareholders bonus debentures, which were subsequently redeemed. it was held that the share-holders, did not, as a result of those transactions, receive any ..... observes:it is common, however, for articles to contain a power for the company to capitalise profits or reserves, and to issue fully paid shares or debentures of a nominal value equal to the amount capitalised to its shareholders. these new shares or debentures are known as bonus shares or debentures'; but the name is misleading in that it implies that they are a ..... gift from the company. if they were a gift, they would not be paid up ..... taxable income, profits or gains within the meaning of section 4 of the indian income-tax act, 1922. the personal motive or purpose of the individual share-holders, even though they held controlling interest in the company, was held .....

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Nov 12 1963 (HC)

Commissioner of Income-tax, Madras Vs. Athi V. Ramachandra Chettiar.

Court : Chennai

Decided on : Nov-12-1963

Reported in : [1964]52ITR96(Mad)

..... is common, however, for articles to contain a power for the company to capitalise profits or reserves, and to issue fully paid shares or debentures of a nominal value equal to the amount capitalised to its shareholders. these new shares or debentures are known as bonus shares or debentures, but the name is misleading in that it implies that they are ..... the indian income-tax act quoted the same observation with approval. that is the case of commissioner of income-tax v. mercantile bank of india. the facts of that case were as follow : an investment company was carrying on business in india and it capitalised its accumulated undistributed profits and issued to its shareholders bonus debentures, which were subsequently redeemed ..... the personal motive or purpose of the individual shareholders, even though they held controlling interest in the company, was ..... . it was held that the shareholders did not, as a result of those transactions, receive any taxable income, profits or gains within the meaning of section 4 of the indian income-tax act, 1922. .....

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Jan 08 1963 (HC)

Sri Meenakshi Mills Ltd., and Others Vs. Commissioner of Income-tax, M ...

Court : Chennai

Decided on : Jan-08-1963

Reported in : [1963]50ITR769(Mad)

..... , which carried on a money-lending business in british india, advanced in gwalior to a company incorporated in british india with headquarters in bombay, a loan on the security of its first mortgage debentures. the interest was payable at gwalior and the debentures were also deposited there. the company brought the borrowed money to british india and utilised it for the purpose of its ..... indicates that the transference of the money must be the result of a definite arrangement entered into between the lender and the borrower and not the result of a casual act of the borrower without any reference to the lender. mr. ranganathan, learned counsel for the department, however, would seem to suggest that this interpretation of the relevant provision of the ..... territory, and since the remittance exceeded the sum of interest earnings on the fixed deposits, such interest earnings should be brought to tax under section 4 of the income-tax act as having been remitted to british india. in coming to this conclusion, the income-tax officer relied upon a similar assessment that had been made in the previous assessment year ..... madurai had by that means brought that income into the taxable territory. appeals were taken to the appellate assistant commissioner whose view was that section 42 of the income-tax act applied, and justified the assessments. there were further appeals to the appellate tribunal; while the tribunal appeared to be conscious of the fact that the weight of judicial opinion was .....

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Jan 10 1963 (HC)

United India Life Assurance Company Ltd. Vs. Commissioner of Income-ta ...

Court : Chennai

Decided on : Jan-10-1963

Reported in : [1963]49ITR965(Mad)

..... even be conceded that the binding character of the scheme. this is the view expressed by the judicial committee in dealing with a case under section 153 of the companies act. that case is reported in raghubar dayal v. bank of upper india ltd.learned counsel for the assessee has based his entire argument only on this decision of the ..... of the following matters;(a) the transfer to the transferee company of the whole or any part of the undertaking and of the property or liabilities of any transferor company;(b) the allotting or appropriation by the transferee company of any shares, debentures, policies, or other like interests in that company which under the compromise or arrangement are to be allotted or ..... transferee company of any legal proceedings pending by or against any transferor company;(d) the dissolution, without winding ..... appropriated by that company to or for any person;(c) the continuation by or against the .....

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