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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat delhi Year: 2003 Page 1 of about 5 results (0.191 seconds)

Mar 17 2003 (TRI)

Housing and Urban Development Vs. Dcit, Spl. Range-24

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-17-2003

..... other transaction. when we say this, we draw support from the definitions of the word and explanations used in section 370 of the companies act as well as section 295a of the companies act wherein loan and deposits have been defined. the judgment relied upon by the counsel for the assessee and placed on the record does ..... distinction between 'loan' and 'deposit'. it was the submission if the id. dr that under the companies act as far as 'loan' and 'deposit' are concerned, such a definition is immaterial as a deposit like any other loan is only the money lent, except ..... id, dr brought to our notice the meaning of the word 'loans' and deposits u/s 295(1) of the companies act. ld. dr, while referring to the commentary in a ramada's companies act drew out attention to page 19.1 wherein it has been observed that for the purposes of this section there is not ..... statutory body cannot be equated with that of lic. the id. dr also referred to the provisions of section 370 of the companies act and the explanation attached thereto for the purposes that in accordance with the explanation to section 370, 'loan' includes any deposit of money made by one ..... us. he referred to page 29 of the order wherein the tribunal has observed that : "the dispute has arisen with regard to the interest for bounds, debentures, government securities. it was the submission of the id dr that this was a case of lic which is a statutory body wherein it has to deploy .....

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Aug 29 2003 (TRI)

Anz Grindlays Bank Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-29-2003

Reported in : (2004)88ITD53(Delhi)

..... vs.u.a.b. gurukul, air 1982 mad 292 wherein it was observed as under: "a consideration of the aforesaid provisions of the banking regulation act, 1949, clearly points out that a banking company, more particularly, nationalized bank like the petitioner has really no free scope for carrying on the business of banking permitted under the provisions of the banking ..... should be considered falling outside the ambit of section 43(5).9. the next contention of assessee's counsel was that section 73 explanation excludes specifically the banks/investment companies and, therefore, transactions by banks cannot be considered as speculative one. according to her, deeming provisions are to be construed strictly and one cannot travel outside the ambit ..... article of trade. to buttress his arguments, he also referred to the definition of 'goods' in sale of goods act and in frca. according to him, the words 'commodity' and 'goods' are interchangeable and thus, would include shares, securities, units, debentures etc. hence, expression "including stock and shares" would not make any difference.11. proceeding further, he submitted that ..... carry the same meaning as given in clause (h) of section 2 of securities control (regulation) act, 1956 (in short scra). then, she referred to clause (h) of section 2 of srca according to which 'securities' would include (i) stocks and shares, bonds, debentures, govt. securities and rights or interest in securities. so, according to her, the expression 'stocks .....

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Jun 04 2003 (TRI)

Eicher Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jun-04-2003

Reported in : (2004)83TTJ(Delhi)673

..... than what it has borrowed. the liability to pay the discounted amount over and above the amount received for the debentures is a liability which has been incurred by the company for the purposes of its business in order to generate funds for its business activities.the amount so obtained by ..... state government.since the benefit of deferral of sales-tax was granted by an order of the bifr under the provisions of the sick industrial companies (special provisions) act, 1985 (sica) and consented to by the government of maharashtra, there was, therefore, no necessity for obtaining a formal eligibility certificate or ..... newly amended provisions. 12. with the intent to give a fillip the state government has introduced sub-section (3b) to section 22 of mpgst act vide act no. 14 of 1988 with retrospective effect from 1st april, 1981. according to the new provision, a registered dealer who belongs to any of ..... of the compilation of the assessee through which asstt. cst has certified that the assessee was in arrears of sales-tax dues under bst act and cst act at rs. 4,18,60,501 as on 31st march, 1992 and the assessee was allowed to liquidate the abovementioned outstanding dues in ..... sicom to raise a loan liability as envisaged in section 38 of the bombay st act, 1959. the technical requirement of obtaining an eligibility certificate from the state department of industries and creation of other liability by the sicom stood .....

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Oct 20 2003 (TRI)

Deputy Commissioner of Vs. Ranbaxy Laboratories Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Oct-20-2003

Reported in : (2004)88ITD283(Delhi)

..... assessment year 1992-93 and rs. 46,68,886 for assessment year 1994-95. the facts as narrated in assessment year 1992-93 are that the company had offered 12.5 per cent secured convertible debentures of rs. 300 each aggregating to rs. 4,306.36 lakhs to the public on rights basis and had incurred expenditure of rs. 47,54,541 ..... nature of the transaction. it was apparent from the scheme that the assessee had incurred expenditure for raising capital of the company as well as loans. the part a of debentures was to become permanent part of the capital structure of the company within a short period of 6 months from the date of allotment. it was only part b which was to ..... dated 29th june, 1994 has been claimed while computing taxable income. it is claimed that while completing assessment, the said expenditure be allowed under section 37 of the income-tax act, 1961 and in terms of various judicial pronouncements made by supreme/high courts including judgment made in the case of india cements ltd. v. cit 60 itr 52 (sc) and ..... promotion and advertisement. we have perused the reasonings given by the cit(a). the disallowance was made just because approval was obtained for claiming deduction under section 35cc of the act. its allowability should, therefore, be tested on the touchstone of section 37. since the expenditure was incurred in the interest of business it is to be allowed subject to the .....

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Nov 14 2003 (TRI)

Sanjay Chawla Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Nov-14-2003

Reported in : (2004)89ITD586(Delhi)

..... consideration in the sale documents of the properties. in respect of the immovable properties, there is no fixed market such as market for shares, bonds, debentures or other commodities like sugar, cloth, steel, etc. in order to arrive at a valuation in respect of the property, there must necessarily be ..... is a fourth category also providing for limited scrutiny of cases not covered in classes a, b and c, above assessed with special ranges and company cases.9. the procedure for random sampling of cases for scrutiny to be followed by the ao's has also been indicated with regard to three ..... the revenue would be required to establish by adducing evidence that the sales consideration has been understated. this section has been omitted by the finance act, 1987 w.e.f. 1st april, 1988 not because the social evil of understatement of sales consideration of properties for the purpose of tax ..... case (supra) is a landmark judgment which has considerably enriched tax jurisprudence. this decision rendered in the context of section 52(2) of the act, 1961 enunciated the proposition that mere difference between market value and consideration declared by the assessee in the sale document was not sufficient and assessee ..... not be a ground for holding that notice under section 143(2) issued by the ao in legitimate and proper exercise of his powers under the it act is ab initio illegal and void. in support of his contentions, reliance is placed on the following decisions :kerala financial corporation v. cit ( .....

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