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Judgment Search Results Home > Cases Phrase: debentures companies act Court: chennai Year: 1974 Page 1 of about 3 results (0.151 seconds)

Aug 21 1974 (HC)

Commissioner of Gift-tax Vs. B. Sathiar Singh

Court : Chennai

Decided on : Aug-21-1974

Reported in : [1975]98ITR316(Mad)

..... condition in the debenture deed. the question arose whether such an allotment was or was not an allotment of share 'as ..... of joint stock companies, madras : air1918mad680 , a division bench of this court had to consider the scope of the expression 'as fully paid up otherwise than in cash' occurring in section 104(1)(b) of the indian companies act, 1913, in that case there was an allotment of a fully paid up share to a debenture-holder . in exchange of his debenture pursuant to a ..... , second edition, at page 100, has pointed out in the foot-note as follows :'under section 52 (of the english companies act) (corresponding to section 75 of the indian companies act) the documents on the company's file must show that shares have been issued for a consideration other than cash and must contain a contract evidencing the consideration. those requirements are often evaded by ..... cash' and, therefore, came within the provisions of section 104(1)(b) of the act. the court distinguished spargo's case on the ground that the money was actually due by the company to spargo to whom the share was allotted, whereas in the case before it the debenture has not yet become payable to the allottee and, therefore, there was nothing which .....

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Jul 11 1974 (HC)

Factors (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jul-11-1974

Reported in : [1975]98ITR105(Mad)

..... of one item of capital asset which could not be treated as profits available for distribution. the distribution of such capital gain would be contrary to the provisions of the companies act. in support of this argument, he relied on certain english decisions. before dealing with these decisions, it is necessary to note certain general principles relating to declaration of dividend. the ..... ] l ch 45(ch d). the question for consideration in that case was whether the profit made by the company in the redemption of its debenture stock at a discount could be distributed as dividend to the shareholders. the company was a trust investment company. the objects as defined by clause 3 of its memorandum of association were (a)''to acquire and hold stocks ..... not authorise a separate and independent business, but was a subsidiary to the main purpose in clause 3(a) and that the amount of discount at which the debenture stock had been redeemed was not net profit of the company or profit arising from its business and that no part thereof could be distributed as dividend. it should be noted that the ..... of the classes therein specified and from time to time change such investments for others of the like nature, and (b) to borrow on debenture stock and to redeem or pay off any moneys so borrowed. the company was formed on the double account system and the business accounts were conducted and kept as required by the articles of association on the .....

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Aug 02 1974 (HC)

Commissioner of Income-tax Vs. T. Stanes and Co. Ltd.

Court : Chennai

Decided on : Aug-02-1974

Reported in : [1976]105ITR251(Mad)

..... any investment authorised by law for the investment of trust funds, but nothing in these rules shall prohibit the trustees from purchasing shares in the company, and shares or debentures in any of the companies under the management of messrs. t. stanes & co. ltd., out of moneys received by them or from accepting gifts, or allotments by ..... part thereof under section 10(2)(xv) or under the corresponding provisions of section 37 of the income-tax act, 1961 ?'5. on behalf of the revenue it was contended that the trust, namely, the stanes and company ltd. staff pension fund was created and had its own sources of income as a separate entity. but ..... assessment years 1959-60 and 1960-61 the sum of rs. 13,789 and rs. 16,587 are not allowable deductions under section 10(2)(xv) of the act; and (2) except to the extent of rs. 1,004, rs. 5,070, rs. 2,352 and rs. 6,716 referable to the excess of ..... in determining whether a particular item may or not be deducted from profits, it is necessary first to enquire whether the deduction is expressly prohibited by the act, and then, if it is not so prohibited, to consider whether it is of such a nature that it is proper to be charged against incomings in ..... rs. 2,352 and rs. 6,716, respectively. the question for consideration is whether the company is entitled to a deduction of this excess payments under section 10(2)(xv) of the act or the corresponding section 37 of the new act.7. these amounts were paid as pension. it is also seen from the statement of facts .....

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