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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat jodhpur Page 1 of about 3 results (0.035 seconds)

Feb 27 2006 (TRI)

Uma Polymers (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)284ITR1(Jodh.)

..... had made such investments. the particulars of the receipt and gir no. of such persons, who had made such investments in the said companies, registered under the companies act, were furnished.notices of five companies out of 7 companies were received unserved with the remark of the postal department that they have shifted their addresses. but no attempt was made by the department ..... the employment ceased; and where two or more persons hold one or more shares in a company jointly, they shall, for the purpose of membership, be treated as single member (c) prohibits invitation to the public to subscribe for any shares in or debentures of, the company. (d) prohibits any invitation or acceptance of deposits from persons other than its members, ..... director or their relatives.17. in view of the aforesaid definition a private company must, in its articles, incorporate the said restrictions, limitations and prohibitions. sub-section (3 ..... and duties, the court upheld the piercing of the veil to look at the real, transaction.we have mentioned earlier that a private company is prohibited from inviting public to subscribe to its share capital or debentures. it arranges its share capital primarily from friends and relatives. the shares are, therefore, subscribed by a small number of persons who .....

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Dec 09 2005 (TRI)

Deputy Commissioner of Income Tax Vs. Bhilwara Spinners Ltd.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)99TTJ(Jodh.)180

..... 19th aug., 1997 pertaining to asst. yr. 1994-95.2. brief facts leading to this appeal are that the assessee is a private limited company incorporated under the companies act. in sechedule x of p&l a/c, the assessee had debited a sum of rs. 85.11 lakhs as expenses under the head miscellaneous ..... attention to page no. 75 of his 3rd paper book, which depicts bifurcation of expenses relating to publishing issue and expenses relating to issue of debenture and working capital loan. the learned authorised representative has also placed reliance on the findings of the learned cit(a) that an expenditure of rs. ..... or redundant. therefore, we are of the considered opinion that the claim of 100 per cent depreciation on these items is allowable to the assessee-company because such expenditure is definitely an expenditure of revenue nature as the same is required for the running of machinery and plant which when put ..... perused the evidence on record.8. before us, it was demonstrated by referring to the pictographs of various processes involved in the factory of assessee-company and it was submitted by learned authorised representative that all plant and machinery put together amount to a single unit and no new assets are ..... hon'ble jurisdictional high court are a authority on subject where such expenses are made by the object of enhancement of capital base of the company but where the object of such enhancement of capital was to have more working funds for the assessee to carry on its business and to .....

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Jul 05 2005 (TRI)

Deputy Commissioner of Income Tax Vs. M.L. Jain

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)96TTJ(Jodh.)362

..... , various incriminating documents/articles were found and seized by the department. the books of account as per annex.-a and a-l were share certificates and debentures were found and seized. these books, ivps and kvps, share certificates allegedly belonged to this assessee. a statement of sh. m.l. jain was ..... from books of account of the assessee after ignoring the mistakes in calculation and wrong consideration or misconception of facts with regard to name of companies, etc. the impugned deletion is in order and warrants no interference at our hands. therefore, this ground of appeal also fails and hence ..... below taxable limit or that when there is no tax liability after allowing rebate under section 88. the definition of "undisclosed income" given in the act is very clear in this regard. reliance can be placed on various decisions but the decision of the jurisdictional high court in chain sukh rathi v ..... of gifts are debited in the books of account of the donors. in these circumstances, the statements recorded under section 132(4) of the act that too during the search proceedings when the atmosphere is surcharged usually and when the documentary evidence justifies the claim of the assessee, no such ..... was found during the course of search. this addition is solely based on the statement of the assessee recorded under section 132(4) of the act. it is a well established position of law that a statement recorded during search does not tantamount to any money, bullion, jewellery or other .....

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