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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat mumbai Page 1 of about 115 results (0.085 seconds)

Mar 20 2001 (TRI)

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD749(Mum.)

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting; based on the above discussion, cit(a) observed that showing debentures etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the interest-tax ..... by the cit(a) that the definition of debentures etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pari materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Mar 20 2001 (TRI)

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting. based on the above discussion, cit(a) observed that showing debentures, etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the income-tax ..... by the cit(a) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pan materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Feb 18 1997 (TRI)

Mahindra and Mahindra Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD129(Mum.)

..... or persons to whom such re-issued debentures may be allotted by the board shall have and shall always be ..... deemed to have had the same rights and privileges as if the debentures had never been redeemed. without prejudice to the rights reserved hereinabove ..... company shall have the right to repurchase the debentures at any time and cancel or reissue them at its discretion either by re-issuing the same debentures or by issuing other debentures from time to time in accordance with the provisions of section 121 and other applicable provisions of the companies act, 1956. upon such re-issue the person ..... crores were issued by way of right issue and the balance amounting to rs. 22.5 crores were issued to financial institutions. so far as the debentures of rs. 25 crores are concerned, the assessee-company has the right of repurchase and the relevant clause in the letter of offer reads as follows :- "(iv) right of re-purchase/buy-back scheme. - the .....

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Mar 27 2007 (TRI)

Ganesh Banzoplast Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)111TTJ(Mum.)385

..... company's assets or secured by appointing of trustees, as the case may be. this creation of the charge on ..... between debentures, shares and dividends. debentures are securities, whether they are secured by way of a charge on the ..... .the first grievance of the assessee relates to confirmation of disallowance of debenture issue expenditure amounting to rs. 5,21,22,533 on the ground that it is capital in nature.2. the brief facts of the case are that the appellant assessee is a public limited company registered under the companies act, 1956. it is a manufacturer and supplier of benzoate plasticizers, benzoic ..... has observed that the term "debenture" is not a technical term nor a term of art but in its ordinary sense denotes one of the modes for borrowing money by any company in exercise of its borrowing powers.7. the learned counsel for the assessee while referring to sections 117a, b, 118 and 119 of the companies act contended that there is clear distinction .....

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Aug 31 2006 (TRI)

Goldcrest Finance (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)926

..... on various dates of hearing and the undermentioned issues were confronted from the assessee-company: (b) allowability of depreciation claimed by the assessee-company acting as lessor in alleged bogus lease transactions; (d) taxability of income on remaining miscellaneous issues emanating from found and seized and found cash, shares and debentures and loose papers etc.17. after considering the transactions on sale and lease ..... aug., 1996. as it is clear from the inventory of seizure of contents of fire safe vault made, the articles in the said fire safe vault were shares and debentures of different companies. though the initial restraint order under section 132(3) was revoked on 10th aug., 1996, the said fire safe vault was further restrainted on several dates upto 25th oct ..... various dates by officers other than the officers who were authorized under the warrant of authorization. on final revocation of the prohibitory orders, under section 132(3) of the act, shares of different companies were found totalling item nos. 1 to 15 as per the inventory prepared on 20th sept., 1996 and were seized on the date itself. the perusal of the ..... by the search team on 19th july, 1996 as per the panchnama issued on 20th july, 1996. notice under section 158bc of the it act was issued by the assessing authority on 31st march, 1997 asking the assessee-company to file the return of total income for the block period within 15 days from the date of service of the said notice. in .....

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May 11 2005 (TRI)

Deputy Commissioner of Vs. Oscar Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)98ITD339(Mum.)

..... other investments, whether proper records have been made therein, and also whether the shares, securities, debentures and other investments have been held by the company in its own name except to the extent of exemption, if any, granted under section 49 of the companies act, 1956. further the assessing officer of olpl has, in the assessment order, dealt with the ..... interest of the company. 8. the company has granted unsecured loans, to companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956. the terms and conditions on which these loans have been taken are not prima facie prejudicial ..... of establishing inter-lacing, connectivity, inter-dependence between the olpl and them, are reproduced as under: 7. the company has taken unsecured loans, from companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956. the terms and conditions on which these loans have been taken are not prima facie prejudicial to the ..... generally repaying the principal amounts as stipulated and are also regular in payment of interest wherever stipulated. 13. the company has not accepted any deposits from the public to which provisions of section 58a of the companies act, 1956, and the companies (acceptance of deposits) rules, 1975 apply.therefore, accordingly the findings of the statutory auditors in their report lending .....

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May 22 2007 (TRI)

Essar Investments Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of the case. with regard to the contention of the assessee that the subject warrants of essar shipping ltd. are of the nature of shares and debenture, the learned commissioner opined that in the companies' act the type of instruments called warrants does not find a place and it requires to be examined if the subject warrants could at all be likened to ..... and equated with shares and debentures. moreover, the hurry in which the assessee company go itself rid off 4 crores warrants itself would give those "value-less" items a ..... act, 1922. drawing our attention further to the definition of the speculative transaction under section 43(5) the learned counsel for the assessee ..... for shares was property and, therefore, a capital asset within the meaning of section 2(4a) of the indian income tax act, 1922 and the amount realised by the assessee by sale of the right to subscribe for shares in the managed company amounted to a relinquishment of a capital asset for the purposes of section 12b of the indian income tax .....

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Jun 20 2002 (TRI)

Deputy Commissioner of Vs. A.T.V. Projects India Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... indicate that only such expenditure which falls outside the purview of section 35d is allowable under section 37(1) of the act in the light of the decision of the apex court cited supra. if the company incurs expenditure on issue of debentures, when it is already in business, it is not covered either under section 35d(1)(i) or (ii) of the ..... officer has restricted the deduction to 1/10th of the total expenditure, presumably under section 35d of the income-tax act.3. aggrieved, the assessee company contended before the cit(appeals) that the expenditure incurred on stamps for allotment letters to its debenture holders and listing charges are allowable as revenue expenditure and it was wrongly treated by the assessing officer as preliminary ..... the circular does not say that an expenditure which is otherwise allowable under section 35d of the act can also be considered under section 37(1) of the act. the words, "for instances, where a company which is already in business, incurs expenditure on issue of debentures, and such expenditure is admissible as a deduction against the profits of the year in which it ..... income-tax act, because what is contemplated under section 35d is an expenditure incurred before commencement of the business orafter the commencement of .....

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Jul 18 2007 (TRI)

Shri Mahesh J. Patel Vs. the Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)109ITD35(Mum.)

..... called 'scra')and therefore, this definition has significance even under the i.t. act. similarly, section 2(45aa) of the companies act also adopts the same definition of "securities". the definition of "security" is contained in section 2(h) of securities contracts (regulation) act, which include: (i) shares, scrip, stocks, bond, debentures, debenture stock or other marketable securities of a like nature in or of any ..... incorporated company or other body corporate.it is pertinent to note that 'share' is not defined separately under securities contracts (regulation) act. section 2(46) of the companies act 1956 defines a 'share' to mean 'share ..... in the share capital of a company, and includes stock except where .....

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Oct 08 1999 (TRI)

Titan Investment and Finance Co. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD441(Mum.)

..... assessee." 9. clause (x) of s. 47 refers to "any transfer by way of conversion of bonds or debentures, debenture-stock or deposit certificates in any form, of a company into shares or debentures of that company". in terms of the above statutory amendment, it is claimed that the cost of the equity shares has to be ..... 12.50 by the debenture-holder of the convertible part and the constructive payment of the same amount by the debenture-holder to the company towards the price of one fully-paid equity share." 12. it is not disputed before us that as ..... of rs. 12.50 at par. (c) on conversion, the amount of rs. 12.50 due to the debenture-holder will be applied towards the price of one fully-paid equity share of the company of the face value of rs. 12.50 each at par. thus, there will be constructive receipt of rs. ..... our attention to the provisions of s. 49(2a) of the it act which has been introduced by the finance (no. 2) act, 1991, with retrospective effect from 1st april, 1962, which reads as follows : "where the capital asset, being a share or debenture in a company, became the property of the assessee in consideration of a transfer ..... per the above terms of the debentures and in terms of s. 49(2a) of the act, the cost of acquisition of the equity shares .....

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