Skip to content


Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat kolkata Year: 1982 Page 1 of about 1 results (0.071 seconds)

May 10 1982 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : May-10-1982

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 .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //