Court : Kolkata
Decided on : Dec-17-1963
Reported in : 36CompCas365(Cal),60ITR384(Cal)
..... carefully the argument advanced by learned counsel on behalf of the applicant, it seems to us that, if we came to the conclusion that section 78 of the companies act, 1956, applied to banking companies, the order of the tribunal in the instant reference must be upheld. the real question for determination in this reference, therefore, is whether or not section 78 of ..... to be included in the share premium account. ' 5. having regard to the provisions of the explanation to paragraph d of the first schedule to the finance act, 1956, and section 78(3) of the companies act, 1956, the appellate assistant commissioner held that the sum of rs. 45,50,000 (rupees forty-five lakhs and fifty thousand) formed an identifiable part of ..... of, or the commission paid or discount allowed on, any issue of shares or debentures of the company ; or (d) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the company, (3). where a company has, before the commencement of this act, issued any shares at a premium, this section shall apply as if the shares ..... had been issued after the commencement of this act: provided that any part of the premiums which has been so applied that .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-05-1963
Reported in : AIR1963Cal629
..... proceed on broad general principles. in the first place, the veil of incorporation is not intended to conceal the internal affairs of the company from view because the companies act itself recognises it as an essential feature of corporate personality that it should be accompanied by the widest publicity. these special instances may be ..... been held as yet in any case that even in cases of state enterprises in what are known as the government companies under the companies act its employees are regarded as government employees in 'spite of many controls, financial and administrative that the government may have in respect of such ..... classified as (1) under express statutory provisions, as for instance, members being liable under the companies act if the numbers of the company are allowed to fall below the prescribed minimum or in the case of fraudulent trading or misdescription of ..... court has always looked to the reality of the transaction and would not allow the purpose of the acts to be defeated by the use of the companies acts, as for instance, in samrose properties ltd. v. gibbard, (1958) 1 wlr 235. a similar approach was made in the prize ..... stamp act (1 of 1879) at page 46 made the following observation:'the document, upon the face of it, professes to be a conveyance of a tea garden from eightgentlemen to the kondoli tea company, limits in consideration of 43,320, the said consideration being payable in shares and debentures of the company taken .....Tag this Judgment!
Court : Kolkata
Decided on : May-03-1963
Reported in : 55ITR89(Cal)
..... satisfied by the issue of shares and the balance of rs. 10 lakhs by the issue of debentures. these debentures were issued to two canadian companies controlled by the harvey brothers and these companies in turn issued their own debentures for rs. 10 lakhs to the wives of the two brothers. the assessee had further received ..... in law in going behind the contract of saled in determining the original cost to the company for the purpose of making an allowance under clauses (vi) and (vii) of section 10(2) of the income-tax act.coming back to the madras high court once again in g. vijayaranga mudaliar v. ..... conclusively establish the correctness of a claim made by an assessee that, for the purpose of section 10(2) (vi) of the indian income-tax act, the original cost was the amount shown in the document; and, if a circumstances showed that an assessee had arranged to put an entirely fictitious price ..... on which the appellant was entitled to calculate the deduction allowance for purposes of depreciation under section 10(2) (vi) of the indian income-tax act.the appellate tribunal states that the allocation of the consolidated sale price was furnished to the income-tax officer as rs. 23,00,000. broadly ..... direct that the question with the necessary modification if any, be referred and the case stated in accordance with section 66(1) of the income-tax act...'in view of the above directions of the supreme court, the appellate tribunal has stated the case. it appears from the statement of the case that .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-23-1963
Reported in : 35CompCas143(Cal),55ITR284(Cal)
..... 3, clauses (b) and (1) of its memorandum of association, are as follows : ' (b) to acquire and hold and otherwise deal with shares, stocks, debentures, debenture-stocks, bonds, obligations, and securities issued or guaranteed by any company constituted or carrying on business in india, or in the united kingdom, or in any colony, or dependency, or possession thereof or in any foreign ..... purpose of holding all or most of the shares of the other companies actively carrying on trades such as are referred to in sub-section (2) of section 2 of the indian companies act, 1913, and section 132a(i), second proviso, of the same act, distinguishing between a holding company and an investment company. in other words, the assessee does not fall within the category ..... of purely holding companies. on an examination of the accounts of the assessee-company, the tribunal came to the conclusion that the company did not carry on an ..... by the supreme court in maharaj kumar kamal singh v. commissioner of income-tax, : 35itr1(sc) . that two conditions must be satisfied before the income-tax officer can act under section 34(1)(b): he must have information which comes to his possession subsequent to the making of the original assessment order and that information must lead to his .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-18-1963
Reported in : AIR1965Cal34,68CWN702
..... rock boring co. ltd., (1877) 2 qbd 463 at p. 474. nevertheless it was well settled under section 38 of the indian companies act and the corresponding sections of the english companies act that the cases of transfer and transmission of shares were well within the purview of section 38 (1) (b). we are satisfied that ..... and that if upon deciding the question of legal title it appears that the right name is not registered, there is jurisdiction to rectify (see buckley on the companies acts, 12th edition, page 233, ex parte, ward (1868) 3 ex 180 and (1877) 2 qbd 463. in the case last cited, the dispute was ..... no jurisdiction to pass the order of rectification under section 155. on the point of unnecessary delay the practice is well stated in buckley on the companies acts 12th edition, page 290 thus : 'a transfer to which no objection can be made ought to be confirmed by the directors at the first meeting ..... to convey and transfer one-half of the shares to him. mohamad basir was the legal owner of the shares. under section 153 of the indian companies act, 1956 no notice of any trust, express or implied or constructive, can be entered in the register of members. in view of regulation 25 of ..... entries in or omissions from the register. by the newly introduced subsection (5) the legislature extended the beneficent provisions of section 155 to the case of debenture holders. it is plain that the intention of the legislature was to extend the scope, of section 155 and not to abridge it by section 467 .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-28-1963
Reported in : 55ITR312(Cal)
..... of the case runs as follows :'the directors of the appellant-company acquired a controlling interest in another company, whose operations thereafter they carried on as directors. the second company became indebted to the appellant-company on trading account and issued debentures in its favour to secure the debt.the holder of the remaining ..... paid as compensation for loss of employment, that, is, for being deprived of profits to which as between himself and the company mr. thomas would, but for an act of deprivation by his employer, has been entitled.mr. meyer has urged that the finding of the president is absolutely conjectural, ..... contract and whose presence on the board was regarded as detrimental to the profitable conduct of the companys business.on the above facts the following question has been framed under section 66(2) of the act for a decision by this court : 'whether, on the facts and in the circumstances ..... holder of an office as compensation for being deprived of profits to which as between himself and his employer he would, but for an act of deprivation by his employer or some third party such as legislature, have been entitled. when the deprivation is by the legislature there could ..... payment of compensation was for the premature termination of the contract. the matter was referred to the president under section 5a(vii) of the act and the president concurred with the decision made by the accountant member and held the there was evidence to show that the expenditure claimed .....Tag this Judgment!