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Judgment Search Results Home > Cases Phrase: debentures companies act Court: kerala Year: 1963 Page 1 of about 2 results (0.014 seconds)

Feb 19 1963 (HC)

Commissioner of Income-tax, Kerala Vs. South Indian Bank Ltd., Trichur ...

Court : Kerala

Decided on : Feb-19-1963

Reported in : [1963]49ITR956(Ker)

..... chargeable to tax under this section bears to the gross receipt from all sources which are included in the profit and loss account of the company, shall be deemed to be the sum reasonably expended by it for the purposes of realising such interest; and the amount for which allowance ..... income must be calculated as provided in the explanation to section, the relevant portion of which is in these terms :'explanation : in the case of a banking company, -(a) the amount which bears to the aggregate of its expenses as are admissible under sub-section (2) of section 10, other than under clauses (iii ..... :'such interest shall, however, be included in the total income of the assessee for the purposes of section 16 of the indian income-tax act, 1922.'such interest refers to what is mentioned earlier in the notification, viz., the interest receivable on the tax free bonds specified in the ..... or other securities for money issued by or on behalf of a local authority or a company ..... acting under section 60a of the indian income-tax act.section 8 provides that :'the tax shall be payable by an assessee under the head interest on securities in respect of the interest receivable by him on any security of the central government or of a state government, or on debentures .....

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Jan 22 1963 (HC)

Union of India (Uoi) Represented by the Secretary, Ministry of Labour, ...

Court : Kerala

Decided on : Jan-22-1963

Reported in : AIR1963Ker301

..... to it on 25-7-1952. the movables constitute b schedule items in the plaint. the hypothecation bond was registered with the assistant registrar of joint stoen companies under the provisions of the indian companies act. in addition to the above securities the 2nd defendant deposited with the plaintiff title deeds relating to one item of immovable property belonging to him and this ..... .'when in these cases the goods were seized in execution, the goods were not by such seizure finally alienated from the company (for the company might have paid out the execution), so that time was left for the rights of the debenture-holders to develop into a fixed charge on the goods. this was effected before the sheriff could sell, and therefore the ..... case fletcher moulton l. j., in a concurring judgment made the following observations:'while it is a floating security the company has a right, not a mere licence, to carry on its business until the debenture-holder intervenes, and when the debenture-holder does intervene he must do so with the intention of making his security a fixed security. in my opinion it ..... is a breach of contract on the part of the debenture-holder to interfere in the conduct of the business so long as his security is only a floating security;'counsel relied upon these rulings as establishing his contention that the .....

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