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Judgment Search Results Home > Cases Phrase: debentures companies act Court: gujarat Year: 1963 Page 1 of about 2 results (0.015 seconds)

Sep 28 1963 (HC)

Girdardas and Co. Private Ltd. (In Liquidation) Vs. Commissioner of In ...

Court : Gujarat

Decided on : Sep-28-1963

Reported in : [1965]55ITR171(Guj)

..... is only by virtue of the artificial definition of 'dividend' in the income-tax act, as distinguished from that under the companies act, that the income-tax officer is permitted to go behind the liquidation proceedings and ascertain, presumably from the records of the company, whether from the funds lying with the liquidator there are funds which have their ..... clause, as amended by the finance act, 1955, reads thus : ''dividend' includes - (a) any distribution by a company of accumulated profits whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution by a company of debentures, debenture-stock or deposit certificates in any ..... its amendment by the finance act, 1955, stood as under : ''dividend' includes - (a) any distribution by a company of accumulated profits whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company : (b) any distribution by a company of debentures or debentures stock, to the extent ..... amended by the finance act of 1956, which defined 'dividend' as under : 'dividend includes - (a) any distribution by a company of accumulated profits whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution by a company of debentures, debenture stock or deposit .....

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Sep 05 1963 (HC)

Commissioner of Income-tax, Gujarat Vs. Jayantilal Amratlal

Court : Gujarat

Decided on : Sep-05-1963

Reported in : [1965]55ITR214(Guj)

..... are authorised by law for investment or trust premises or in ordinary or preference shares of joint stock companies, whether partly of fully paid, or in debentures or in giving loans to any public company of firm or firm good standing and reputation or in the purchase or mortgage of any movable ..... and that under the provisions of that clause he could, if he so desired, invest them in his own companies, that power was overridden by section 36 of the bombay trust act (xxix of 1950). the tribunal was also of the opinion that the fact that the settlor could offend against ..... commissioner of income-tax, where this high court held, inter alia, that the promoters of the assessee-company there, i.e., jayantilal amratlal and his two brothers, hariprasad and ramanlal, were persons acting in union and when they subscribed to a portion of the capital, they could be said to have held ..... , knowledge, commerce, health, safety or any other objects beneficial to mankind.' the trust deed was registered with the charity commissioner under the bombay trust act (act xxix of 1950). originally, as the recitals in the said deed of trust show, the trust fund consisted of the aforesaid 80 shares of the ..... such contravention. the question that arises before us is whether these facts attract the application of proviso 1 to section 16(1) (c) of the act. 4. the deed of trust appointed jayantilal amratlal, his wife, his two brothers, hariprasad and ramanlal, and one kasturlal chandulal parikh and bhagubhai chandulal, .....

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