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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat bangalore Page 1 of about 19 results (0.109 seconds)

Aug 27 1997 (TRI)

Karnataka Bank Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (1998)60TTJ(Bang.)103

..... the madras high court in the case of lakshmi vila bank ltd. (supra) on the ground that that was a case relating to debentures and not to securities. he referred us to s. 6(2) of the companies act, according to which debenture is a loan and is unsecured. he contended that the decision of the madras high court is under the interest-tax ..... came to the conclusion that debentures were also in the nature of loans raised by ..... with s. 2(7) of the interest-tax act.in regard to debentures, the ao was of opinion that debenture was a document which either created or acknowledged a debt. according to s.2(12) of the companies act, debenture included debenture stock, bonds and any other securities of the company whether constituting a charge on the assets of the company or not. the ao also referred to the ..... guide to the companies act, 10th edn., p. 18 of shri a. ramaiah and .....

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Nov 12 2002 (TRI)

Jindal Vijayanagar Steel Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2003)87ITD630(Bang.)

..... activity ranging from manufacturing to lending of loans and advances. the company after complying with the necessary statutory and operational formalities obtained certificate of commencement of business under the companies act on 8-7-1994. the company thereafter mobilised share capital, borrowings in the form of debentures on private placement, short term borrowings from the banks for working ..... capital needs, also raised inter corporate loans from various companies. before doing so the company in its extraordinary general meeting held on ..... 15-9-1994 passed a resolution under section 293(1)(a) of the companies act authorising the board of directors ..... as corporate treasury division were established consisting of board of directors, financing executives and other staff to carry on the business. further the company had borrowed funds from banks, private placement of debentures, intercorporate borrowing, etc. which in turn was lent to earn the income.4.2 the activity involved lending and borrowing of more .....

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Aug 31 2005 (TRI)

The Income-tax Officer Vs. D.C.C. Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2007)104ITD280(Bang.)

..... tax, v. eyre smelting pvt. ltd. the term 'reserve' means something specially kept apart for future use or for a specific occasion. companies in india maintain diverse types of reserves : such as capital reserve, reserve for redemption of debentures, reserve for replacement of plant an machinery, reserve for buying new plant to be added to the existing ones, reserve for bad and ..... of india or the karnataka government. hence, it is not correct to hold that amounts reflected by reserve represent the surplus. acquiring the security or debenture is mentioned in section 6(1)(a) of the banking regulation act. the learned jurisdictional high court in the case of cit and anr.v. grain merchants co-operative bank ltd. 267 itr 742 observed at ..... expression 'reserve', the supreme court observed as follows at page 503 in commissioner of income-tax v. century spinning & manufacturing co. ltd. the term 'reserve' is not defined in the act and we must resort to the ordinary natural meaning as understood in common parlance, "the dictionary meaning of the word 'reserve' is : (a) to keep for future use or enjoyment ..... with the view expressed by the learned counsel of the assessee that all the reserve funds created by the assessee in accordance with the provisions of the co-op society act cannot automatically be termed as 'surplus funds' since the 'reserves' are created automatically be termed as 'surplus funds' since the 'reserves' are created by transfer of part of profit every .....

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Nov 07 1996 (TRI)

Arasina Hotels Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (1997)60ITD667(Bang.)

..... attainment of the main objects reads as follows : "to borrow or raise money for the performance or discharge of any liabilities of the company; to create, execute, grant or issue any mortgages, debentures, stocks, bonds, or other obligations of the company either at par, premium or discount founded or based upon all or any of the property and rights of the ..... the business or undertaking, properties, or rights of the companies in consideration of shares, debentures, or other securities and to enter into any agreement with other companies or firms or individuals for joint working in business or for sharing of profits in any other company, firm or persons if such acts are advantageous to this company." it is argued that it is, therefore, clear from ..... the memorandum of association that the assessee-company is empowered to ..... company present or future including its uncalled capital and upon such terms as the company shall think fit and to purchase, redeem, pay off or allot .....

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Nov 20 2000 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Bangalore

..... purpose of calculating deduction under section 32ab. in this case also, one of the arguments advanced by the assessee was with reference to the provisions of companies act as referred to in sub-section (3) of section 32ab. however, as stated earlier, the hon'ble high court clearly held that the interest and ..... include the entire income of the assessee as per the p&l a/c, since such profit has been computed in accordance with the provisions of the companies act as mentioned in sub-section (3) and audited as mentioned in sub-section (5). however, on careful consideration of the legal provisions, we are ..... -section (1) of section 32 from the amounts of profits computed in accordance with the requirements of parts ii and iii of the sixth schedule to the companies act. 1956 (1 of 1956), as increased by the aggregate of- (ii) the amount of income-tax paid or payable, and provision therefor; (iii) ..... which the profits of the business of the assessee for the purpose of section 32ab has to be calculated in accordance with the requirements of the companies act and, therefore, the assessee's claim is well founded. it is pointed out by the learned counsel that what is relevant for the purpose ..... of cardboard boxes and plastic items. therefore, by no stretch of imagination can it be held that income from house property, dividend and interest on debentures are attributable to the business of such manufacture. moreover we find that the decision of the gauhati high court in the case of dinjoye tea estate .....

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Nov 20 2000 (TRI)

India Packing Products (P) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2002)74TTJ(Bang.)561

..... include the entire income of the assessee as per the profit & loss account, since such profit has been computed in accordance with the provisions of the companies act as mentioned in sub-section (3) and audited as mentioned in sub-section (5). however, on careful consideration of the legal provisions, we are ..... of calculating deduction under section 32ab. in this case also, one of the arguments advanced by the assessee was with reference to the provisions of companies act as referred to in sub-section (3) of section 32ab.however, as stated earlier, the hon'ble high court clearly held that the interest ..... the profits of the business of the assessee for the purpose of section 32ab has to be calculated in accordance with the requirements of the companies act and, therefore, the assessee's claim is well founded. it is pointed out by the learned counsel that what is relevant for the ..... be treated as business income on the ground that it has been computed in accordance with parts ii and iii of the vi schedule of the companies act, 1956. however, the assessing officer considered this contention of the assessee as not acceptable. according to the assessing officer, the deduction under section ..... cardboard boxes and plastic items. therefore, by no stretch of imagination can it be held that income from house property, dividend and interest on debentures are attributable to the business of such manufacture.moreover we find that the decision of the gauhati high court in the case of dinjoye tea estate .....

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Aug 24 2001 (TRI)

Five Bros. Trading and Inv. Co. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2002)83ITD204(Bang.)

..... clause 9 of the "objects incidental or ancillary to the attainment of the main objects" authorises the company, subject to the provisions of the companies act, to invest any money of the company, not for the time being required for any of the purposes of the company in such investments as may be thought proper and to hold, sell or otherwise deal with such ..... investments. again clauses 1 and 2 of the other objects of the company authorise it to invest capital and other monies in the purchase of or upon the security of shares, stocks, units, debentures etc. the company's issued, authorised and paid up share capital amounted to rs. 10,01,980 made up of 1, ..... 01,988 shares of rs. 10 each fully paid up. during the period ending 30-6-1986 the company obtained unsecured loans from vijaya bank to the tune of rs ..... activities such as investment in shares, financing, trading and leasing, all of which have to be viewed as part of the integrated and organized course of business.17. the company also earned dividends from later assessment years le., 1992-93 onwards and the dividends received are as follows :------------------------------------------------------------------------asst. year dividend income------------------------------------------------------------------------1992-93 rs. 26,78,3721993-94 .....

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Aug 24 2001 (TRI)

Five Brothers Trading and Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2004)86TTJ(Bang.)941

..... of the main objects" authorises the comp i any, subject to the provisions of. the companies act, to invest any money of the company, not for the time being required for any of the purposes of the company in such investments as may be thought proper and to hold, sell or otherwise deal with ..... such investments. again clauses 1 and 2 of the other objects of the company authorise it to invest capital and other monies in the purchase of or upon the security of shares, stocks, units, debentures, etc. the company's issued, authorised and paid up share capital amounted to rs. 10,01,980 ..... made up of 1,01,988 shares of rs. 10 each fully paid up. during the period ending 30-6-1986, the company obtained unsecured loans from vijaya bank to ..... monies to sister concerns and others during the year ended 31-3-1994, it has entered into leasing and deployed substantial funds in such business. the company carries on not only business of investment in shares, lending of funds, trading (liquors) in partnership but also in leasing of plant and machinery required ..... in shares, financing, trading and leasing, all of which have to be viewed as part of the integrated and organised course of business.the company also earned dividends from later assessment years i.e., 199293 onwards and the dividends received are as follows in the later years they also entered .....

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Apr 07 2006 (TRI)

infosys Technologies Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2007)109TTJ(Bang.)631

..... it is necessary to understand as to what is the depository, how it functions and why the charges are payable. the depository act, 1956 has introduced by way of consequential amendments to sub-section (3) to section 108 of companies act, 1956. the new subsection provides that the formalities prescribed by section 108 shall not apply to any transfer of securities between a ..... the status of his holdings from time to time. the investor can open accounts with one or more dps. when a person buys any security e.g. shares of debentures already in the depository mode, the buyer will become the owner of the said security in the depository within a day of the settlement being completed. the buyer is not ..... ii) of section 80hhe(1) includes 'technical service of software development'.in the case of tata consultancy services v. union of india , the jurisdictional high court has held that the company engaged in the software development provides service based on professionally qualified engineers. this service indirectly is in the nature of advice, consultancy or technical assistance relating to the discipline of ..... of expenditure incurred in foreign currency is only where an assessee is involved in rendering of technical services outside india. such exclusion is not required to be made when a company incurs expenditure in foreign currency in connection with the computer software development. the explanation to section 80hhe which has incorporated the principle in circular no. 694 also indicates that .....

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Aug 01 2005 (TRI)

The Deputy Commissioner of Vs. Insotex (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Bangalore

Reported in : (2006)103ITD211(Bang.)

..... the word 'provision' we can make useful reference to accounting standard 29 issued by icai and as defined in the companies act. a provision is defined in part iii of schedule vi to the companies act, as any amount written off, or retained by way of providing for depreciation, renewals or diminution in value of ..... does not apply to the assessee's case since the factual position is totally different. in madras industrial investment corporation ltd. (supra), the assessee issued debentures at a discount on the issue price which was claimed as an ascertained liability and hence deductible. in the assessec's case the bonds are not issued ..... supreme court in the case: reported in 225 itr 802, and having regard to the fact that deep discount bonds issued by appellant are comparable with debentures, i hold that the claim made by appellant of interest payable of rs. 2,79,76,080/- is an admissible deduction under section 37. ..... in the case of madras industrial investment corporation ltd., v. cit, reported in 225 itr 802, it was issue of debentures redeemable after 12 years. the discount allowed to the debenture holders of rs. 3 lakhs was equally divided over a period of 12 years and the proportionate amount was claimed in the ..... remained outstanding. the supreme court have held that discount amount may be equally spread over the years during which the debenture was redeemable. ar argued that similar consideration must prevail in the case of the appellant and that the bonds are treated at par with .....

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