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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat hyderabad Page 1 of about 19 results (0.055 seconds)

Oct 18 2001 (TRI)

Chenai Finance Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)81ITD7(Hyd.)

..... is seen that interest received on hundi loans and debentures were accounted for on cash basis as commented in the audit report. according to the provisions of section 209(3) of the companies act, it is obligatory on the part of the company to maintain books of account on accrual basis with ..... . cit [1973] 88 itr 323 (sc).since two views are possible on the overriding nature of the provisions of section 209(3) of the companies act, the ratio laid down by the apex court in the above decision clearly applies, and the provisions of section 263 are not attracted.12. for ..... hundi loans and debentures the interest income is accounted on receipt basis and accordingly income accrued rs. 28,493 has not been accounted for....similar note is left for the assessment year 1992-93 as well. while conceding that the mercantile system of accounting is mandatory under the companies act, the learned counsel ..... on cash basis and returning income on that basis is not consistent with the provisions of section 209(3) of the companies act because of the amendment brought about by companies (amendment) act, 1988 with effect from 15-6-1988 in that section. the said section 209, to the extent relevant for our ..... learned counsel for the assessee reiterated the contentions made out before the cit. he admitted that under section 209(3) of the companies act, it is mandatory that a company follows mercantile method of accounting. when that is not done, the statutory auditor has to qualify the report, and that is what .....

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Oct 22 1997 (TRI)

State Bank of Hyderabad Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1998)66ITD464(Hyd.)

..... into.22. we have considered the submissions advanced before us. it is true that when the interest-tax act was introduced in parliament, the intention was that interest on government securities as also debentures and other securities issued by local authorities, companies and statutory corporations will not be included in the tax base. this is clear from a reading of ..... the statement of objects and reasons given for introduction of the interest-tax act, 1974. it has been pointed out that in the statement of objects it has been clearly specified that interest on government securities as also debenture and other securities issued by local authorities, companies and statutory corporations will not be included in the tax base. the learned ..... the statement of objects and reasons of the act. it appears that due to this intention, any amount chargeable to income ..... counsel has also pointed out that while defining the expression 'interest' under s. 2(7) of the act, any amount chargeable to income-tax, under the it act, under the head "interest on securities .....

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Aug 28 1990 (TRI)

A.P. State Civil Supplies Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1991)37ITD1a(Hyd.)

..... in this field. 2. the proposed corporation shall be called "the andhra pradesh state civil supplies corporation (private) limited" and shall come into existence after it is registered under the companies act, 1956. the following orders are issued :- (i) the functions and objects of the a.p. state civil supplies corporation shall be: to engage in, promote, improve, develop, ..... of the property of the company or for redemption of debentures or redeemable preference shares for special dividends or for equalising dividends or for any other purpose whatsoever and to transfer any such fund or part thereof to any other fund, herein mentioned; the submission was, that sections 13,16,17 and 18 of the companies act which relate to the procedure ..... profits were appropriated only by the government which cannot be equated with appropriation for private gain. sri viswanatham took us through the provisions of sections 17 to 19 of the companies act, 1956, (vide, para 8 supra). to appreciate his contentions, reference to section 13 is necessary. section 13 sets out the conditions to be stated in the memorandum of ..... in this field. 2. the proposed corporation shall be called "the andhra pradesh state civil supplies corporation (private) limited" and shall come into existence after it is registered under the companies act, 1956. the following orders are issued :- (i) the functions and objects of the ap state civil supplies corporation shall be: to engage in, promote, improve, develop, counsel and .....

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Oct 31 1994 (TRI)

Deputy Commissioner of Vs. A.P. State Textiles Development

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)53ITD142(Hyd.)

..... government lays down the intention of the govt. which might be charitable, it was not translated into reality through the instrumentality of the assessee corporation. it being a company, under the companies act, is governed by its memorandum of association and articles of association which nowhere binds it, to the avowed objects contained in the memorandum of association. he referred to ..... with the commissioner (appeals) on this issue, namely, that the character of the corporation is to be determined with reference to its memorandum and articles of association. a company incorporated under the companies act has a separate legal entity, than its shareholders. the premier case on this issue is the case of solomon v. solomon & co. ltd. wherein the entire ..... charitable institution but was a corporation carrying on business activities. he further submitted that if it was all charitable institution, it should have been registered under section 25 of the companies act, 1956. referring to the decision of the supreme court in cit v. indian sugar mills association [1974] 97 itr 486, he submitted that distribution of dividend clause ..... specific assets.- subject to the provisions of the act, any general meeting declaring a dividend may resolve that such dividend be paid wholly or in part by the distribution of specific assets and in particular of paid-up shares, debenture or debenture stock of the company or paid up shares, debenture-stock of any other company or in any one or more of such .....

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Nov 30 1987 (TRI)

Cheemakurthi Sri Krishnamohana Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1988)26ITD213(Hyd.)

..... huf comprised of only movable property viz., debts due to and due from the huf, the interest of huf in various firms, the stocks, shares and debentures in various companies like colgate palmolive, gwalior rayons, hindusthan motors, bajaj auto, reliance textiles industries ltd., etc., life insurance policies. on 25-3-1982 a memorandum of partition ..... cases of partition, partial or otherwise, there is bound to be a conflict of interest between the father and his sons. if the father does not act bona fide in the matter when he effects partition of joint family properties between himself and his minor sons whether wholly or partially, the sons on ..... . it is only the minor who after attaining majority can question the same by filing appropriate suit for that purpose or for a proper person to act as a guardian ad liten to question the partition on the basis that it is unequal and is not in the interest of the minor. however, ..... in trade as the assessee claimed exemption with regard to shares held by it under section 5(1)(xxiii) read with section 5(1a) of the wt act. the ito relied upon the supreme court's decision in kalloomal tapeswari prasad (huf) v. cit [1982] 133 itr 690 for the proposition that any ..... of movable property in the manner in which the impugned partition took place was accepted and recognised for the purpose of partition claims under the income-tax act. reliance was placed upon the madras high court's decision in the case of av.r.a. veerappa chetliar v. cit [1959] 35 itr 322 .....

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Jun 15 1987 (TRI)

Suman Savings and Investments Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1987)23ITD345(Hyd.)

..... of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956), to be a nidhi or mutual benefit society ; (vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business referred to in the ..... sub-paras (2) and (3), of the notification cited supra, which are as follows [a. remaiya-guide to the companies act, ninth edition, 1980] :- 2. extent of the directions.-these directions shall apply to every financial institution which is a company and which carries on any of the following types of business :- (2) managing, conducting or supervising as a promoter, ..... (iii) a housing finance company, that is to say, a company which carried on, as its principal business, the business of financing of acquisition or construction of ..... carries on, as its principal business, hire-purchase transactions or the financing of such transactions ; or (ii) an investment company, that is to say, a company which carries on, as its principal business, the acquisition of shares, stock, bonds, debentures, debenture stock, or securities issued by the government or a local authority, or other marketable securities of a like nature ; or .....

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Sep 21 2001 (TRI)

Assistant Commissioner of Vs. G. Rajaiah Setty

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)81ITD451(Hyd.)

..... arises from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares, or debentures of, an indian company referred to in the first proviso, the provisions of clause (ii) shall have effect as if for the words "cost acquisition" and "cost ..... relating to equity linked savings scheme to encourage investment of savings in equities. 25. a new section 80ccb has been inserted in the income-tax act in respect of deduction relating to investment made in accordance with the equity linked savings scheme which will be notified by the central government. 25.1 ..... in the units referred to in sub-section (2) of section 80ccb.the above provisions of section 45(6) alongwith explanation thereunder was inserted by finance act, 1990 with effect from 1-4-1991, simultaneous with the provisions of section 80ccb, which allowed a deduction relating to investments made under certain equity linked ..... units in section 45(6). further, the mode of computation of capital gains has been specified in section 48 of the i.t. act, 1961. in terms of this section, capital gains are to be computed by deducting from the full value of the consideration resulting from the transfer ..... 45(6) and explanation thereunder, deleted the addition made by the assessing officer, in the following manner- section 45(6) was inserted by the finance act, 1990 with effect from 1-4-1991. it is to be noted that there is no express ban on indexing the cost of acquisition of the .....

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Aug 31 2004 (TRI)

The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD258(Hyd.)

..... fide belief that only chit fund commission constituted turnover in view of the information given by the icai. he vehemently contended that the assessee being a limited company got its accounts audited under the companies act 1956 and that it had no reason or difficulty in furnishing the particulars required, if it believed that section 44 ab, in form 3ca and 3c.d ..... . 40,00,000, it had not got its accounts audited under section 44ab, though it got its accounts audited by a chartered accountant under the companies act. now, the question before us is whether the assessee had acted in defiance of law or in utter disregard of the statutory obligation cast on it entitling the ao to levy penalty. in our considered opinion ..... consisting of foreman's commission, interest, dividend etc.this turnover was based on requirements specified under the chit funds act 1982 and the a.p. chit fund act 1971. the accounts have been audited under the companies act and audit report obtained under the companies act was filed along with the return of income the assessing officer was of the opinion that the assessee had not ..... . (vii) sale proceeds of property held as investment property will not form part of turnover. (viii) sale proceeds of any shares, securities, debentures, etc., held as investment will not form part of turnover. however if the shares, securities, debentures etc., are held as stock-in-trade, the sale proceeds thereof will form part of turnover." in "issues on tax audit", second revised .....

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Sep 24 2001 (TRI)

Assistant Commissioner of Income Vs. Beehive Engineering and Allied

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)81ITD330(Hyd.)

..... to the assessee. the offer made was at the rate of the one debenture for every 25 shares held. instead of acquiring the debentures offered by way of rights, the assessee-company renounced its rights to the debentures, for a consideration of rs. 265 for each debenture. in the process, the assessee earned a profit of rs. 63, ..... issue has been made. here the expression "security" will take its meaning from the definition in clause (h) of section 2 of the securities contracts (regulation) act, 1956. 30.3. the period of holding of the bonus asset will be reckoned from the date of allotment of such an asset. 30.4. these ..... is to be determined by spreading the cost of the original shares over the number of original and bonus shares. there are no specific provisions under the it act to deal with computation of the cost of acquisition in such cases. 30.2. computation of the cost of bonus shares on the principle of averaging, ..... the ao restored.5. the learned counsel for the assessee, on the other hand, pleaded that the provisions of section 55(2)(aa) introduced through the finance act, 1994, w.e.f. 1st april, 1995, have no application for the assessment year under appeal. he also mentioned that the only claim made by ..... and deleted the addition of rs. 63,600. he noticed that there was an amendment brought about by insertion of section 55(2)(aa)(ii) by finance act, 1994, w.e.f. 1st april, 1995, by virtue of which capital gains on the sale of certain financial assets like the rights in question, have .....

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May 08 1996 (TRI)

Sri Telaprolu Bapaniah Vidya Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1982)1ITD32(Hyd.)

..... that this provision has to be applied only with reference to investments in the capital of the concern as distinct from investments in the debentures of a company or by way of loans to a company or other concern. this is because under clause (a) of sub-section (2), a trust will be deemed to have used of ..... income or property for the benefit of any of the specified persons. if clause (h) of sub-section (2) is applied to such lending by way of debentures or loans for adequate security and on adequate interest, that would nullify the provision in clause (a) and render it otiose. such an interpretation will not be a ..... person referred to in sub-section (3) has a substantial interest." circular no. 45 dated 2-9-1970 was issued by the cbdt with reference to the finance act, 1970. this circular is found at page 33 of statutes' part of 79 itr. at page 43, para 21, it is stated that section 13, which specified ..... , therefore, set aside the orders of the authorities below and direct the ito to grant the exemption to the assessee under section 11 of the act, if the assessee's case did not fall under section 13(2) (a) after verifying whether the conditions mentioned in it are satisfied. ..... by this common order.2. the assessee-trust claimed exemption under section 11 of the income-tax act, 1961 ("the act"). the ito held that the assessee-trust was hit by the provisions of section 13(2) (h) of the act and he refused exemption for the assessment year 1975-76 and following the same he refused exemptions .....

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