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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat allahabad Page 1 of about 4 results (0.072 seconds)

Oct 15 1999 (TRI)

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... of the liability to the depositors shall be invested or depositors of the commercial bank, paper of the government company or public sector bank or public financial corporation or any other company incorporated under the companies act. the appellant company has invested any debentures in accordance with the provisions of section 6 of the r.n.b.c. directions. these investments are ..... section 372 it is slated that investments would be deemed to include debentures. a debenture has been defined under the companies act section 2(12) to include debentures/bonds and any other securities of a company where constituting a charge on the assets of the company or not. the treaties on the companies act by ramaiya, 14th edition (1998) on page 32 draws a distinction ..... interest on loans and advances. under the companies act also, section 370 deals with loans and advances and section 372 deals with investment. section 212 of the companies act defines debentures to include debentures, bonds and in all the securities. section 13(c) read with section 13(b) and section 193 of the companies act also make a distinction between the loans and ..... advances and investments in securities and debentures.11.9 in view of above discussions, we are .....

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Jul 17 2006 (TRI)

Asstt. Commissioner of Income Tax Vs. District Cooperative Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2007)109ITD215(All.)

..... , undertaking and issuing the same; (e) the effecting, insuring, guaranteeing , underwriting, participating in managing and carrying out of any issue, public or private of state, municipal or debenture stock of any company corporation or association and the lending of money for the purpose of any such issue; (f) carrying on any transacting every kind of guarantee and indemnity business; (g) managing ..... a cooperative society carrying on banking business, were business income of the assessee, and the assessee was entitled to deduction under section 80p(2)(a)(i) of the' income tax act, 1961, in respect thereof. cit v. karnataka state cooperative apex bank and mehsana district central cooperative bank ltd. v. ito followed. held also that cit v. karnataka state ..... of bonds, scripts or valuables on deposit or for sale custody or otherwise; the providing of safe deposit vaults; the collecting and transmitting of money and securities; (b) acting as agents for any government or local authority or any other person or persons; the carrying on of agency business of any description including the clearing and forwarding of goods ..... his submissions, material on record and case laws cited by him. further, banking business as per banking regulations act, 1949 has been defended as under: forms of business in which banking companies may engage (i) in addition to the business of banking a banking company may engage on any one or more of the following forms of business, namely; (a) the borrowing .....

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Mar 22 1984 (TRI)

U.P. Forest Corporation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1984)9ITD206(All.)

..... been constituted as a local authority for which reason it is precluded from having a share capital.it can borrow money from the state government and it can issue debentures or stock. it was launched with a loan of rs. 15 lakhs from the government. if it were an agency or instrumentality of the state government, ..... to argue that the corporation is not a local authority. the fact that in the assessment order, the ito had shown the status of the corporation as a company cannot be conclusive. in fact, it appears to be a mere mistaken mention or a typographical error because we find from the photostat copies of the return ..... c. jain's case (supra). reference was also made by him to the fact that in the assessment order the status of the corporation was shown as 'company'. next, he argued that a functional test had to be applied in terms of the decision of the hon'ble allahabad high court in the case of city ..... state. referring to para 14 at page 559 of volume 18 of american jurisprudence and to notes no. 18 to 22 at page 201 of the palmer's company law (23rd edition), he submitted that the veil of corporate structure could be lifted to find whether its income belonged to the state. he also submitted that ..... on income levied by the central government in the same way and to the same extent as a company but it only shows that tax was payable as a company and the absence of a similar provision in the 1974 act could not mean that it was to be free from taxation. there is no provision making income .....

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Mar 17 1987 (TRI)

Pradeshiya Industrial and Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1987)22ITD306(All.)

..... the corporation. it is urged that the claim of the assessee cannot be supported on this point particularly in view of section 215(3) of the companies act. according to the revenue, the fact that return was filed on un-approved account would not invalidate the first return. the learned departmental representative refers ..... (a) sustained also the decision of the ito to disregard the revised return.the cit (a) also referred to section 211 of the companies act, 1956, which required a company to prepare balance-sheet which gives a true and fair picture at the end of the financial year and that the profit and loss account ..... and balance-sheet would be modified accordingly. that resolution was passed on 19-10-81.it was further also resolved that the executives of the company be authorised to take necessary steps in taking follow up action. it is argued at length by the assessee's learned co,unsel that the ..... same picture. according to him, the cash system followed by the assessee would not give a true and fair picture of the affairs of the company. he also remarked that even the auditors had objected to the change of the accounting system and under ground also, the change of the accounting was ..... accounting has to be enquired into. it was clarified that the major sources of finance of the company were loans from the u.p. government, banks and corporations apart from the assessee's own bonds and debentures, on which interest was paid. it was also indicated that the assessee advance d money to .....

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