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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat ahmedabad Page 1 of about 57 results (0.200 seconds)

Jun 06 2000 (TRI)

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the business, legal charges for drafting agreement or memorandum and articles of association of the company, expenses on printing of ma and aa, expenses by way of fees for registering the company under the provisions of the companies act, expenses incurred for public issue of shares and debentures etc. it does not include interest on funds borrowed for expansion and extension of existing ..... be determined in accordance with the charging provisions. it was further held in para 26(iii) at page 58 : "(iii) the term 'accrual' of income used in the companies act, as explained in the various accounting standards and as understood for the purpose of taxation taws in certain circumstances may have different meanings depending on the purpose of legislation, the ..... business. section 35(2)(d) also clearly indicates that this provision is not applicable in relation to expenditure eligible for any allowance or deduction under any other provision of this act. the aforesaid ..... mp) ; (regarding harmonious construction) 3. pepper (inspector of taxes) v. hart [1994] 210 itr 156 (hl) (regarding purposive interpretation).shri gupta also submitted that provisions of section 210 of companies act require the board of directors to lay before the annual general body, the balance-sheet and p & l account. section 211 of the said .....

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Mar 24 2006 (TRI)

Ashima Syntex Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD247(Ahd.)

..... [1984] 210 itr 580 stating that if a solitary decision is there, it is binding. he then referred to the provisions of section 81 of the companies act wherein both loan and debentures are covered by section 81(3). the cases cited by the id.departmental representative, he submitted have not considered the calcutta high court decision. in the fourth ..... a company, whether constituting a charge on the assets of the company or not. in view of the definitions given by the various authorities with ..... of legal charges for drafting the memorandum and articles of association of the company; (iii) by way of fees for registering the company under the provisions of the companies act, 1956 (1 of 1956); (iv) in connection with the issue, for public subscription, of shares in or debentures of the company, being underwriting commission, brokerage and charges for drafting, typing, printing and ..... part of the profits. the term 'debenture' is usually associated with a company of some kind, and most debentures are securities given by companies, but they are often granted by clubs and occasionally by individuals." the definition of the term 'debenture' as appearing in the companies act in section 2(12) was also noted as including debenture stock, bonds and any other securities of .....

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Jun 06 2000 (TRI)

Core Health Care Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... to the business, legal charges for drafting agreement or memorandum and articles of association of the company, expenses on printing of ma and aa, expenses by way of fees for registering the company under the provisions of the companies act, expenses incurred for public issue of shares and debentures, etc. it does not include interest on funds borrowed for expansion and extension of existing business ..... are to be determined in accordance with the charging provisions. it was further held in para 26(iii) at p. 58 : "(iii) the term 'accrual' of income used in the companies act, as explained in the various accounting standards and as understood for the purpose of taxation laws in certain circumstances may have different meanings depending on the purpose of legislation, the ..... . sec.35d(2)(d) also clearly indicates that this provision is not applicable in relation to expenditure eligible for any allowance or deduction under any other provision of this act. the aforesaid argument ..... in the following cases : 3. pepper (inspector of taxes) vs. hart (1994) 210 itr 156 (hl) (regarding purposive interpretation).147. shri gupta also submitted that provisions of s. 210 of companies act required the board of directors to lay before the annual general body, the balance sheet and p&l a/c. sec. 211 of the said .....

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Jun 06 2000 (TRI)

Core Health Care Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)70TTJ(Ahd.)490

..... to the business, legal charges for drafting agreement or memorandum and articles of association of the company, expenses on printing of ma and aa, expenses by way of fees for registering the company under the provisions of the companies act, expenses incurred for public issue of shares and debentures, etc. it does not include interest on funds borrowed for expansion and extension of existing ..... to be determined in accordance with the charging provisions. it was further held in para 26(iii) at p. 58: "(iii) the term 'accrual' of income used in the companies act, as explained in the various accounting standards and as understood for the purpose of taxation laws in certain circumstances may have different meanings depending on the purpose of legislation, the ..... business. sec.35d(2)(d) also clearly indicates that this provision is not applicable in relation to expenditure eligible for any allowance or deduction under any other provision of this act. the aforesaid argument ..... in the following cases : 3. pepper (inspector of taxes) v. hart (1994) 210 itr 156 (hl) (regarding purposive interpretation).shri gupta also submitted that provisions of section 21 of companies act required the board of directors to lay before the annual general body, the balance sheet and profit and loss account. section 211 of the said .....

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Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)985

..... . (supra) it is an allowable expenditure.29. the learned departmental representative referred to the provisions of section 78 of the companies act and submitted that the payment was related to shares and not the debentures because it was to be paid only when the debenture-holders became shareholders and retain the shares for three years period. he, therefore, supported the order of the cit ..... noted that entries passed in the books of account by the assessee are in conformity with the aforesaid accounting standard as well as the statutory provisions enacted in the it act, 1961, and the companies act. we have, therefore, no hesitation in answering the question referred to us as under: the gains earned on cancellation of the foreign exchange forward contracts by the ..... standard had rightly shown this receipt on revenue account. the entries were made as per report of the directors and in accordance with sch. 2 to part-i of the companies act.the assessee, therefore, could not be heard to contend that. receipts were wrongly shown in the books of account as of revenue nature. the special bench did not take ..... (in liquidation) (supra) a case before their lordships of the bombay high court, a private limited company decided to convert itself into a public limited company and as per the provisions of the companies act the private company was would up on 23rd april, 1947, and the public company was incorporated later on the same day. an agreement was executed on 5th april, 1948, between the .....

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Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97ITD125(Ahd.)

..... ltd. (supra) it is an allowable expenditure.the learned departmental representative referred to the provisions of section 78 of the companies act and submitted that the payment was related to shares and not the debentures because it was to be paid only when the debenture holders became shareholders and retain the shares for three years period. he, therefore, supported the order of the cit ..... entries passed in the books of account by the assessee are in conformity with the aforesaid accounting standard as well as the statutory provisions enacted in the income tax act, 1961, and the companies act. we have, therefore, no hesitation in answering the question referred to us as under : the gains earned on cancellation of the foreign exchange forward contracts by the assessee ..... standard had rightly shown this receipt on revenue account. the entries were made as per report of the directors and in accordance with sch. 2 to part-i of the companies act.the assessee, therefore, could not be heard to contend that receipts were wrongly shown in the books of account as of revenue nature. the special bench did not take into ..... . (in liquidation) (supra) a case before their lordships of the bombay high court, a private limited company decided to convert itself into a public limited company and as per the provisions of the companies act the private company was would up on 23-4-1947, and the public company was incorporated later on the same day. an agreement was executed on 5-4-1948, between the .....

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Oct 07 1987 (TRI)

Barkha Investments and Trading Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... be given the same technical meaning as borne by the expression " investment companies ", used in section 87(f) of the indian companies act, 1913, or as used in section 372(11) of the companies act, 1956, and, therefore, should be confined to such companies whose principal business was the acquisition and holding of shares, debentures, stocks or other securities. as against it, the revenue had contended that ..... its carrying on, as its principal business, acquisition of shares, debentures, stocks, etc., would be dividend or interest income which would not fall within the ambit of section 40a(1). but, if income accruing to a company (may be it is called an investment company elsewhere in the act or in the companies act, 1956, or has even been declared so by the reserve bank of ..... the said expression should relate to a company whose income was derived from investments in .....

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May 28 1997 (TRI)

Banco Products (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)63ITD370(Ahd.)

..... so, then there was no need of such stipulation. (5) the further or restriction on repurchase of such debenture prior to conversion makes it abundantly clear as such restriction was obviously self-imposed in view of provisions of s. 77 of the companies act, 1956, prohibiting repurchase of its share capital from open market." according to the learned departmental representative it was ..... clear that funds so obtained from through the issue of convertible debentures were clearly identifiable as equity capital and loan funds from the very beginning and for ..... was clear from the following paragraph relating to conversion : "the debentures shall carry an obligation on the part of the company to issue to the holders of every such fully paid debenture on 30th june, 1987, and on the part of the holders of the debentures, to take up without any further act or application, three equity shares of rs. 10 each credited as ..... fully paid up at par. thus, there will be a constructive receipt of rs. 30 by the holders of the debentures towards the convertible part of each debenture and constructive payment of the same amount by them to the company towards the .....

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May 28 1997 (TRI)

Banco Products (India) Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)59TTJ(Ahd.)387

..... so, then there was no need of such stipulation.(5) the further or restriction on repurchase of such debenture prior to conversion makes it abundantly clear as such restriction was obviously self-imposed in view of provisions of s. 77 of the companies act, 1956, prohibiting repurchase of its share capital from open market." according to the learned departmental representative it was ..... clear that funds so obtained from through the issue of convertible debentures were clearly identifiable as equity capital and loan funds from the very beginning and for ..... was clear from the following paragraph relating to conversion : "the debentures shall carry an obligation on the part of the company to issue to the holders of every such fully paid debenture on 30th june, 1987, and on the part of the holders of the debentures, to take up without any further act or application, three equity shares of rs. 10 each credited as ..... fully paid up at par. thus, there will be a constructive receipt of rs. 30 by the holders of the debentures towards the convertible part of each debenture and constructive payment of the same amount by them to the company towards the .....

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Nov 30 2005 (TRI)

Utkarsh Fincap Pvt. Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)99ITD259(Ahd.)

..... loans" and "advances" the interest on which is chargeable under the interest tax act. the tribunal in this case as reported in 79 itd 56 observed that: the companies act also make a distinction between the loan and advances and investments in securities and debentures. therefore, the investment in securities and debentures is not the same as 'loans' or 'advances' envisaged in section 2(7 ..... ) and consequently the interest on securities and debentures cannot be equated or take colour of such 'interest ..... parlance in the sense of payment of money beforehand and which is likely to become due at some future time.25. it may be stated here that section 296 of companies act provides for the applicability of section 295 regulating loans to directors for book debt which is in the nature of loans or advances from its inception.26. the term ..... . the interest received by the assessee is interest from intercorporate deposit. these inter-corporate deposits are governed by section 58a of the companies invested through issue of prospectus required under the companies act. to assess a person under this act, we have to examine whether the interest is received by the assessee on the loans and advances and in that context, we have .....

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