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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat pune Page 1 of about 17 results (0.084 seconds)

Jan 15 2001 (TRI)

Kalyani Exports and Investment (P) Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)72TTJ(Pune.)341

..... 1995-96.shri naresh kumar, the learned senior departmental representative strongly supported the order of the commissioner (appeals). he submitted that the coupons which the assessee-company had sold were received along with the nonconvertible debentures of bfl. the warrants entitled the assessee to acquire equity shares of bfl at a cost to be decided by bfl. these coupons were separately traded ..... to december, 1994, is not for the purpose of business and hence is not an allowable deduction under section 37(1) of the income tax act. moreover, on the date of agreement, the assessee-company had already advanced a sum of rs. 5,62,05,888 to kcpl. this was an interest-free advance. the assessee could have adjusted this ..... real transactions and these transactions were not entered on the basis of a pretence and accordingly, the commissioner (appeals) is not justified in brushing aside the agreement which was duly acted upon by the assessee.shri naresh kumar, the learned senior departmental representative strongly supported the order of the commissioner (appeals). he submitted that the advance given was in april, ..... accordingly computed the capital gains as per annexure to the assessment order, which was challenged before the commissioner (appeals).the commissioner (appeals) went into various provisions of the income tax act, 1961, relating to capital gains and held that the action of the assessing officer was as per the provisions of law. the commissioner (appeals) noted that the assessee had .....

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Jan 15 2001 (TRI)

Kalyani Exports and Investments Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... kumar, the learned senior d.r. strongly supported the order of the cit(a). he submitted that the coupons which the assessee-company had sold were received alongwith the non-convertible debentures of bfl. the warrants entitled the assessee to acquire equity shares of bfl at a cost to be decided by bfl. these ..... is not for the purpose of business and hence is not an allowable deduction under section 37(1) of the income-tax act. moreover, on the date of agreement, the assessee-company had already advanced a sum of rs. 5,62,05,888 to kcpl.this was an interest free advance. the assessee ..... capital asset. it was held by the bombay high court that lands were not agricultural lands within the meaning of section 2(14) of income-tax act, 1961 and therefore, profits from sales were chargeable as capital gains. regarding alternate contention of the assessee, it was held that assessee was entitled to ..... kumar, the learned senior d.r. strongly supported the orders of the authorities below. he submitted that as per section 1(14) of the income-tax act, stock-in-trade is not included in the definition of 'capital asset'. mode of computation of capital gain has been provided under section 48, wherein from ..... per annexure to the assessment order, which was challenged before the cit (appeals).4. the cit (appeals) went into various provisions of the income-tax act, 1961 relating to capital gains and held that the action of the assessing officer was as per the provisions of law. the cit (appeals) noted that .....

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Oct 03 2000 (TRI)

Taparia Tools Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)81ITD508(Pune.)

..... the department by the judgment of the hon'ble supreme couit in the case of madras industrial investment corporation ltd. (supra). in this case, the assessee-company issued debentures in december, 1966, at a discount.the total discount on the issue of rs. 1.5 crores amounted to rs. 3 lakhs. for the asst. ..... an amount of rs. 58,90,500 without giving a statutory opportunity of showing cause against such enhancement as required under section 251(2) of the act.38. the facts and arguments of the parties are same as those discussed in the assessee's appeal relating to asst. yr. 1996-97 above. ..... an amount of rs. 47,85,225 without giving a statutory opportunity of showing cause against such enhancement as required under section 251(2) of the act.34. the facts and arguments of the parties are same as those discussed in the assessee's appeal relating to asst. yr. 1996-97 above. ..... the income by rs. 40,838 without even giving a statutory opportunity of showing cause against such enhancement as required under section 251(2) of the act.20. shri naresh kumar, the learned senior departmental representative, strongly supported the orders of the authorities below. first he specifically highlighted the facts given on ..... per cent per annum payable half-yearly. a trust deed was executed with sbi on 29th june, 1996, after having previously made enquiries with various banks to act as trustees. in its return for asst. yr. 1996-97, the assessee claimed the entire up-front interest payments of rs. 2,72,25,000 to .....

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Oct 03 2000 (TRI)

Taparia Tools Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)74TTJ(Pune.)229

..... the department by the judgment of the honble supreme court in the case of madras industrial investment corporation ltd. (supra). in this case, the assessee-company issued debentures in december, 1966, at a discount. the total discount on the issue of rs. 1.5 crores amounted to rs. 3 lakhs. for the ..... of rs. 58,90,500, without giving a statutory opportunity of showing cause against such enhancement, as required under section 251(2) of the act.the facts and arguments of the parties are same as those, discussed in the assessees appeal relating to assessment year 1996-97 above.accordingly, out ..... of rs. 47,85,225, without giving a statutory opportunity of showing cause against such enhancement as required under section 251(2) of the act.the facts and arguments of the parties are same as those discussed in the assessees appeal relating to assessment year 1996-97 above.accordingly, our ..... income by rs. 40,838 without even giving a statutory opportunity of showing cause against such enhancement as required under section 251(2) of the act.shri naresh kumar, the learned senior departmental representative, strongly supported the orders of the authorities below. first he specifically highlighted the facts given on per ..... per annum payable half-yearly. a trust deed was executed with sbi on 29-6-1996, after having previously made enquiries with various banks to act as trustees. in its return for assessment year 1996-97, the assessee claimed the entire upfront interest payments of rs. 2,72,25,000 to .....

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Dec 30 2005 (TRI)

Joint Commissioner of Income Tax Vs. Kalindi Holdings (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)106TTJ(Pune.)292

..... interest granted. rather, there are underlined issue related to stock market mechanism which came into apply the value of debentures at the time of sale is more as a result of the fundamentals of the company and the temperament in overall economically environment, etc. in a nutshell, although the interest income earned from fcd ..... 12. on perusal of provisions of explanation to section 73 of the act, it is seen that where any part of the business of a company other than excluded category of company consists in the purchase and sale of shares of other companies, such company shall, for the purposes of section 73, be deemed to be ..... stating that provisions of explanation to section 73 are not applicable to the investment company as defined in clause (ii) of section 109 of the companies (sic-it) act. the assessee submitted before the ao that inasmuch as the assessee is an investment company, provisions of explanation to section 73 are not to be applied. the aforesaid ..... sale and purchase of shares and then the amount is to be treated as a speculative loss within the meaning of explanation to section 73 of the act. in this view of the matter, we, therefore, uphold the order of the cit(a) in directing the ao to consider interest income of rs ..... treatment of loss from share trading activity of rs. 2,47,97,775 as speculative loss within the meaning of explanation to section 73 of the act.3. on perusal of p&l a/c, it was noticed that the assessee had incurred loss from share trading at rs. 2,47,97, .....

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Mar 14 1997 (TRI)

Kalyani Steels Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)59TTJ(Pune.)316

..... (e) hardly any part of the funds of the existing steel division has been used for the seamless tube project; (f) the information under s. 217(2a)(b) of the companies act printed under the annual accounts for 1993-94 revealed employment of specialists for the tube project who were subsequently transferred to kstl; and (g) the existing steel division has not ..... shown. even the consultants fee has also been separately shown in the name of tube division. he also pointed out that premium on shares, debentures, etc., was also transferred by the assessee to the new company.29. in order to substantiate the above submissions, the learned senior departmental representative took us through the various pages of the paper-books of the ..... payment of project expenses were met out of cash credit account of steel division; (v) the payment of interest on debentures was made out of cash credit accounts of steel division; (vi) same set of persons were authorised to operate all the bank accounts; (vii) cash accrual of rs. 21.10 ..... issue in 1992 was to finance the requirements of both steel and tube divisions. further, following factors also prove the commonness of the fund, namely, (ii) proceeds of equity and debenture issue were deposited in cash credit account of steel division. the cash credit accounts were produced before us for verification. the assessee also filed certificate of chartered accountants; (iv) substantial .....

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Mar 14 1997 (TRI)

Kalyani Steels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)62ITD233(Pune.)

..... of the existing steel division has been used for the seamless tube project; (f) the information under s. 217(2a)(b) of the companies act printed under the annual accounts for 1993-94 revealed employment of specialists for the tube project who were subsequently transferred to kstl; and (g) the ..... also been separately shown in the name of tube division. he also pointed out that premium on shares, debentures, etc., was also transferred by the assessee to the new company.29. in order to substantiate the above submissions, the learned senior departmental representative took us through the various ..... from the evidence produced before us that commonness of funds between the two divisions is established beyond any doubt. the issue of partly convertible debentures in october, 1992, was to finance the requirements of both the steel as well as the tube division. this is clear from the ..... division; (iv) substantial payment of project expenses were met out of cash credit account of steel division; (v) the payment of interest on debentures was made out of cash credit accounts of steel division; (vi) same set of persons were authorised to operate all the bank accounts; (vii ..... requirements of both steel and tube divisions. further, following factors also prove the commonness of the fund, namely, (ii) proceeds of equity and debenture issue were deposited in cash credit account of steel division. the cash credit accounts were produced before us for verification. the assessee also filed certificate .....

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Aug 30 2005 (TRI)

Finolex Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)101TTJ(Pune.)463

..... was considered to be a case of expansion of the business.12. in the prospectus issued by the assessee-company for raising monies in respect of ratnagiri unit for issue of redeemable convertible debentures, it has been stated that the setting up of the plant for the manufacture of pvc resins would mean ..... has over 25 years of managerial and marketing experience in plastic industries. mr. k.p.chhabria has been appointed as the managing director of the company and he shall act subject to the supervision and control of the board. he has 20 years of managerial and technical experience in the plastic industry. he, along ..... in allowing the deduction of interest of rs. 5,08,73,310 paid in respect of the debentures under section 36(1)(iii) r/w section 2(28a) of the act. the ground further states that the debentures were issued in respect of the new pvc resin project (at ratnagiri) which did not start ..... use. this capitalization implies inclusion of interest in the actual cost of the asset for the purposes of claiming depreciation, investment allowance, etc. under the it act. 18.2 it is an accepted accounting principle that where an asset is acquired out of borrowed funds, the interest paid or payable on such ..... expenses as the business had not been carried on by the assessee during the relevant accounting year, which is the requirement under section 28 of the act. in support of the above conclusion, the cit relied on the judgment of the supreme court in the case challapalli sugars ltd v. ctt .9 .....

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Dec 06 1982 (TRI)

income-tax Officer Vs. Wanson (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1983)5ITD102(Pune.)

..... of the trust deed make it clear that the beneficiaries would be the employees of the nature envisaged by section 77 of the indian companies act. there is no difficulty at all in determining who the employees of the company are. but, shri sathe, relying on the supreme court, decision in allahabad bank ltd.'s case (supra), submitted that it is not sufficient ..... been claimed as a deduction.18. the ito rejected the assessee's claim. he noticed that the trust is forced to invest their funds only in the shares and debentures of the assessee company and that only the dividend income could be used for.the purpose of the welfare of the employees. the amount utilized was trifling. he was of opinion that ..... , they cannot be questioned. further, pointing out to the clause which requires the trust to invest their funds in the shares and debentures of the company itself, he submitted that it would be only a further means of controlling the company. finally, he submitted on this aspect of the matter that if these facts are kept in mind, it will be realized that ..... proper reading of clause 2 would show that only such funds which, in the discretion of the trustees required investment, could be considered for investing in the shares and debentures of the company. he submitted further that it is open for the trustees to invest in other securities also according to their discretion. he further pointed out that there is no requirement .....

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Jul 01 1993 (TRI)

Mrs. Mangla S. Paranjape and ors. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)47ITD67(Pune.)

..... or de hors the transfer of shares. normally, shareholding having voting power of more than 50 per cent. is considered as controlling interest, in the case of a company registered under the companies act. a company becomes a juristic person having perpetual succession and common sea! independent of the shareholders. the shareholders will have a right only to vote and receive the dividends if ..... . regarding the merits, the learned departmental representative, first of all pointed out what the rights of the shareholders are. in that connection, he referred to section 2(46) of the companies act and the decision in the case of cit v. standard vacuum oil co. [19661 59 itr 685 (sc) at page 691. he also submitted that the shareholder has no interest ..... to receive their capital in the course of winding up as contributories after satisfying the requirements of creditors, the owner of the assets, viz., the company, will have to be regarded, and is regarded under the companies act, as the owner of the assets and, therefore, the period for the purpose of determining whether an asset is a long-term capital asset or ..... specify the price for bonus shares but the price for the shares en bloc inclusive of the bonus shares. palmer's company law, 21st edition, at page 885, reads as under : "a bonus or a rights issue of shares or debentures, both for the purposes of short and long-term gains, is not treated as involving any disposal and thus does not .....

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