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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Page 1 of about 22 results (0.304 seconds)

May 10 1982 (TRI)

Shaw Wallace and Co. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)2ITD181(Kol.)

..... not create any charge on the profit of the assessee. he also referred to schedule ii to the act, the companies act, 1956 and clause 7 of part iii of schedule vi to the companies act, 1956 and stated that if these provisions are taken into consideration, the debenture stock redemption fund was only a reserve, and therefore, the ito was justified in not excluding the ..... . the next question is whether notwithstanding the use of the expression 'reserve', the amounts to the credit of the debenture stock redemption reserve constitutes really a reserve. part iii (the interpretation clauses of schedule vi of the companies act) of schedule vi of the companies act throws some light on the matter. rule 7(1)(&) says that the expression 'reserve' shall not include any amount ..... paragraphs 7 and 8 of his order as follows : 7. one of the questions that arises is whether the debenture stock redemption reserve is in effect a 'sinking fund' as appearing in the form of balance sheet under schedule vi to the companies act, 1956 and whether it is thus coming under item 7 under the head 'reserves and surplus' on the liabilities ..... ) the 'reserve' as appearing in the balance sheet is in accordance with the requirements of part i of schedule vi of the companies act, 1956. (viii) the 'reserve' has been created by carving out a part of the surplus fund of the assessee. (ix) the debenture stock account would be reduced, as and when the payment is made, and ultimately the balance in .....

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Jun 26 2001 (TRI)

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)80ITD9(Kol.)

..... the companies act, 1956 deals with deposits, whereas the debentures are dealt within part iv of the companies act covering sections 82 to 123. they are, therefore, understood as different connotations under the ..... companies act. we are, therefore, of the view that the observation of the ..... deposit for the purposes of interest-tax act as well.10. we are dealing with a case of a company and, therefore, the terms used in the interest-tax act have to be understood the way they are understood under the companies act, 1956 or by the people dealing with the companies. under the companies act, the issues of deposit and debenture are dealt with separately. section 58a of .....

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Sep 15 1993 (TRI)

Asiatic Oxygen Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)49ITD355(Kol.)

..... expenditure or discount or commission on issue of shares; (4) in paying monies payable on the redemption of any redeemable preference shares or any debenture of the company. at page 299 of a. ramaiya's guide to the companies act, eleventh edition, 1988 it is stated after a reference to certain english decisions that the effect of section 78 is to create a new ..... held that floating shares were not a part of the banking activity of the assessee and the shares were floated with a view to strengthening the capital structure.9. the companies act contains provisions relating to the share premium.section 78 is the relevant provision. section 78(1) shows that when shares are issued at a premium the amount of premium should ..... "reserves and surplus" in the liability side of the balance-sheet. the assessee has credited the amount in respect of the forfeited shares under the head "capital reserve". thus the companies act itself treats the profit on forfeiture of shares as a capital reserve not available for distribution as dividend. it is, therefore, not possible to uphold the conclusion of the departmental ..... on the shareholder requiring payment of the call money together with interest, if any. this power is conferred by article 29 of table a to the schedule i to the companies act, 1956.articles 30 to 35 also deal with the forfeiture of shares. under article 31 if the shareholder fails to comply with the notice issued by the board of directors .....

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Feb 28 2002 (TRI)

Shree Education Society Vs. Assistant Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD288(Kol.)

..... rs. 65,00,087 an amount of rs. 47,25,080 is investment, which includes preference shares, equity shares and debentures of limited companies. other investments are fixed deposit with government companies of rs. 6,00,000 and cash and bank balance of rs. 7,71,813, the ao further observed that ..... no clarity as to the status of the companies in whose shares or debentures, the funds of the assessee-society have been invested. whether they are closely or widely-held companies or whether these companies are controlled by the trustees or the ..... learned departmental representative argued that only a small fund was used for education and huge fund amounting to 92 per cent was invested in shares and debentures, therefore, the assessee-society is not entitled to exemption under section 10(22) and pleaded for confirming the action of lower authorities.12. we ..... 10(22) of the it act.43. from the record we found that the ao has pointed out that out of total assets of rs. 65 lakhs, an amount of rs. 47.25 lakhs has been invested which includes investment in preference shares, equity shares and debentures of limited companies. but there is ..... the educational activities of the society form a small part of the total activities. main activities of the trust are investments in shares and debentures to earn .....

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Dec 01 1986 (TRI)

Rajiv Investment (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1987)20ITD431(Kol.)

..... shall be regularly followed subsequently year after year. thereafter, the following resolution was moved and passed : resolved that the method of valuation of the closing stock of shares and debentures followed by the company so far be and is hereby changed from 'at cost' to 'at cost or market rate whichever is lower' and the closing stock of said asset as on ..... a loss to the extent of rs. 4,64,547 on the basis of the iac's order under section 144b of the income-tax act, 1961 ('the act'), the relevant portion of which reads as follows : the company has all along been valuing the closing stock of shares at cost. as assessee can change its method of valuation of closing stock provided ..... lower. the changed method of valuation is also one of the recognised methods of valuation of unsold stock [see british paints india ltd.'s case (supra)]. section 145 of the act, lays down that if an assessee regularly employs a method of accounting his income should be computed in accordance therewith. a recognised method of accounting followed regularly would necessarily result ..... court in the case of cit v. sri visweswardas gokuldas [1946] 14 itr 110 wherein it has been held that the proviso to section 13 of the indian income-tax act, 1922 gives the ito full liberty of action if he is satisfied that the method adopted by the assessee does not allow of a correct assessment of the profits.in .....

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Mar 01 1983 (TRI)

Indian Aluminium Company Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)5ITD338(Kol.)

..... expanded production facilities in factories at belur, hirakud, muri and alupuram were set up. it was submitted that capital cost of this project was met out of debenture loan, aluminium ltd. loan, bank loan and the shortfall from retained profit. the aac after considering the submissions made before him held that the bank loans satisfied ..... 8-1981 by which he rectified the order passed by the aac.2. the sto while making the assessment under section 6(2) of the companies (profits) surtax act, 1964 ('the act'), rejected the assessee's claim for inclusion of bank loans amounting to rs. 72,57,782, while determining the capital base under the ..... aac regarding inclusion of bank loan while computing the capital base was not legally correct. the commissioner (appeals) passed an order under section 13 of the act on 10-8-1981 by observing as under : in my opinion the order of the aac dated 12-8-1977 while disposing of the main appeal contained ..... the conditions prescribed under rule 1(v) of the second schedule of the act. therefore, this loan will have to be taken in to the capital base under the second schedule. he, therefore, directed the sto to recompute the capital ..... act.3. when the matter went up to the aac, it was contended on behalf of the assessee that the loan in question was .....

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Mar 31 2000 (TRI)

Assistant Commissioner of Vs. A.S. Wardekar

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD405(Kol.)

..... financial institute i.c.c.i, unit trust of india and general insurance corpn. held substantial equity shares and debentures issued by the company, but by september, 1988 the assessee and his associates most of whom were earlier connected with the partnership firm and the ..... received rs. 175 lakhs from ubl who purchased the share. wiel was an independent entity which continues to remain in business. the assessee has acted upon the agreement to the hilt and has not undertaken any such forbidden activity directly or indirectly. thus, under the said agreement the assessee has ..... income given in the case of cit v. shaw wallace 59 ia 206 wherein the definition of income is as per following : income...in this act connotes a periodical monetary return 'coming in' with some sort of regularity, or expected regularity from definite sources. the source is not necessarily one ..... limited by the words "profits" and "gains". a receipt may be taxable as income although it may contain no element of profit and gain. the act describes sources of income and prescribes methods of computing income but what constitutes income discreetly refrains from saying, the definition of income in the interpretation clause [ ..... those could properly be characterised as income either in its general connotation or within the extended meaning given to the term by the income-tax act. according to the counsel of the assessee, the case relied on by the assessing officer was distinguishable because in that case the assessee received .....

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Aug 06 1993 (TRI)

Deputy Commissioner of Vs. Bengal Rowing Club

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1994)48ITD512(Kol.)

..... by the andhra pradesh and calcutta high courts are fully applicable to the facts of the present case. the assessee is a company registered under section 25 of the companies act. payment of dividend by the assessee to its members is strictly prohibited. clause 5 of the memorandum of association puts a ..... enabling the members to conduct a social club, the objects of which are immune from every taint of commerciality. the property of the incorporated company or a registered society, for all practical purposes in this behalf, is considered as property of the members. a members' club formed for ..... reserve with the club for its development and for providing better amenities to its members. when the body of individuals is incorporated into a company or formed into a registered society, what is essential is that it should not have dealings with an outside body which results in surplus. ..... 460 and the principle of mutuality, the supreme court observed as under: it is clear to us that those principles cannot apply to an incorporated company which carries on the business of horse racing and realises money both from that members and from non-members for the same consideration, namely, by ..... as consumers, and not as shareholders getting dividends on their share amount or as debenture holders earning interest. in all cases of incorporation as a company or as a registered society, the proper mode of regarding the company or the registered society is that it is a convenient instrument or medium for .....

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Oct 06 2006 (TRI)

Joint Commissioner of Income Tax, Vs. Usha Martine Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)104ITD249Cal

..... .w. haque that the a.o. has added the provisions for doubtful debts after taking into consideration the relevant facts and the legal interpretation as laid down in income tax act and companies act and by following the decision of the hon'ble madras high court in case of beardsell ltd. (supra) and the decision of this tribunal in ici india ltd. the ..... expression "revenue reserve" shall mean any reserve other than a capital reserve.23.4. shri poddar has thereafter contended that the above provision as laid down in schedule-vi of companies act has to be understood with the help of various legal interpretations as laid down in various dictionaries for accountants and the authority. he thereafter has first referred to the dictionary ..... liabilities are specified and clearly mentioned. ld. senior counsel has pointed out that the current liabilities and provisions have been defined in a broader way in schedule-vi of the companies act wherein the nature of liabilities and provisions along with the contingent liability has clearly been mentioned and nowhere provision for bad and doubtful debts appeared in such current liabilities and ..... as the central government otherwise directs. (3) in making the computation aforesaid, credit shall not be given for the following sums: (a) profits, by way of premium, on shares or debentures of the company, which are issued or sold by the company; (c) profits of a capital nature including profits from the sale of the undertaking or any of the undertakings of the .....

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Oct 06 2006 (TRI)

Joint Commissioner of Income Tax Vs. Usha MartIn Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)105TTJ(Kol.)543

..... representative shri m.w. haque that the ao has added the provisions for doubtful debts after taking into consideration the relevant facts and the legal interpretation as laid down in it act and companies act and by following the decision of the hon'ble madras high court in case of beardsell ltd. (supra) and the decision of this tribunal in ici india ltd. ..... are specified and clearly mentioned. learned senior counsel has pointed out that the current liabilities and provisions have been defined in a broader way in schedule vi of the companies act wherein the nature of liabilities and provisions along with the contingent liability has clearly been mentioned and nowhere provision for bad and doubtful debts appeared in such current liabilities and ..... stretch of imagination, the provision for bad and doubtful debts can be held as unascertained liability. he has filed detailed paper book in which he has annexed extract from the companies act and the extract of various publications such as dictionary for accountants, terms used in financial statements, text books on accountancy, accounting standard announced by icai, etc. and decisions ..... the central government otherwise directs. (3) in making the computation aforesaid, credit shall not be given for the following sums: (a) profits, by way of premium, on shares or debentures of the company, which are issued or sold by the company; (c) profits of a capital nature including profits from the sale of the undertaking or any of the undertakings of the .....

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