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Judgment Search Results Home > Cases Phrase: debentures companies act Court: kolkata Year: 1978 Page 1 of about 14 results (0.023 seconds)

Feb 10 1978 (HC)

Commissioner of Income-tax Vs. I.B. Sen and Sons P. Ltd.

Court : Kolkata

Decided on : Feb-10-1978

Reported in : [1980]121ITR664(Cal)

..... was only rs. 1,34,318.94. it was urged that the principal business of the company was not acquisition of shares, stocks, debentures, securities and hence the company was not wholly or mainly dealing in investments within the meaning of section 372(2) of the companies act.6. the tribunal accepted the contention of the assessee and upheld the appellate order passed by the ..... . v. cit : [1977]106itr76(sc) , such companies are not limited to companies whose principal business was the acquisition and holding of shares, debentures, stocks or other securities but covered companies whose primary or principal source of income was house property or capital gains as well. the learned counsel for the ..... mainly in the holding of investments ' within the meaning of section 23a of the indian i.t. act, 1922. but in the case in hand there was no material suggesting that its principal business was acquisition of shares, stocks, debentures or other securities or the company had been wholly or mainly dealing in or holding of investments.11. in view of the foregoing ..... answer it would be necessary at the outset to precisely find out the meaning of the word ' investment ', which term had not been defined in the act, though section 23a thereof referred or related to companies whose business consisted wholly or mainly in the dealing in or holding of investments. in the view taken by the supreme court in nawnestates (p.) ltd .....

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Dec 06 1978 (HC)

Turner Morrison and Co. Ltd. Vs. Shalimar Tar Products (1935) Ltd. and ...

Court : Kolkata

Decided on : Dec-06-1978

Reported in : [1980]50CompCas296(Cal)

..... be challenged in an application under section 155 on the ground of illegality and fraud committed by its officers and other persons. the scope of section 155 of the companies act is wide and generous for doing justice against illegality and fraudulent actions. in the present case the contesting respondents filed affidavit of objection in reply to the petition of ..... names of the sellers and the entries of those of the purchasers in the register must be deemed to be without sufficient cause as mentioned in section 155 of the companies act. if the sales are invalid, illegal and ineffective, the court in these circumstances is to direct a rectification of the register. the application by the aggrieved party challenging ..... shall be illegal.' 42. the word 'securities' has been defined in clause (h) of section 2 of the act and it says : ' 'securities' include- (i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate ; (ii) government securities ; and (iii) rights or interests in securities ;' 43. in ..... this connection the definition of 'spot delivery contract' should be noted as will appear in clause (i) of section 2 of the act. i quote the same .....

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Nov 20 1978 (HC)

Commissioner of Income-tax Vs. Avery India Ltd.

Court : Kolkata

Decided on : Nov-20-1978

Reported in : [1980]124ITR856(Cal)

..... liabilities ' in the ' form of balance-sheet ' given in part i of schedule vi to the companies act, 1956 (1 of 1956), shall not be regarded as a reserve for the purposes of computation of the capital of a company under the provisions of this schedule. ' 6. in this particular case, the ito excluded the reserve ..... such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (xi of 1922), or the income-tax act, 1961 (xliii of 1961); (iv) the debentures, if any, issued by it to the public iprovided that according to the terms ..... or increasing (by revaluation or otherwise) any book asset is not capital for computing the capital of a company for the purposes of this act. explanation 2.--any premium received in cash by the company on the issue of its shares standing to the credit of the share premium account shall be regarded as ..... as exceed the standard deduction, at the rate or rates specified in the third schedule. 'second schedule to the act ?' 1. subject to the other provisions contained in this schedule, the capital of a company shall be the sum of the amounts, as on the first day of the previous year relevant to the ..... profits tax was a reserve within the meaning of rule 1 of the second schedule to the companies (profits) surtax act, 1964, and should be included in the computation of capital for the purpose of the said act '2. we ought to point out that this question has been referred at the instance of the .....

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Nov 23 1978 (HC)

Stewarts and Lloyds of India Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Nov-23-1978

Reported in : [1980]125ITR270(Cal)

..... sc) , on which great reliance has placed by dr. pal, the facts were as follows :20. the assessee was a members' club incorporated under the indian companies act. the concerned assessment was for the assessment years 1956-57, 1957-58, 1958-59 and 1959-60, the corresponding accounting years being the calendar years 1955, 1956 ..... such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961);(iv) the debentures, if any, issued by it to the public : provided that according to the ..... on the facts and in the circumstances, the tribunal was not right in law in holding that the reassessment proceedings under section 8 of the companies (profits) surtax act, 1964, for the purpose.of making the second reassessment on 31st august, 1970, for the assessment year 1965-66 had been validly initiated.42 ..... ground was sought to be raised to the following effect:'the reassessment order dated 3lst august, 1970, under section 6(2)/8 of the companies (profits) surtax act, 1964, is bad in law and should be cancelled since the income-tax officer could have no reason to believe that the conditions precedent ..... of rs. 13,85,000 could not be taken into account in the computation of capital of the assessee under the second schedule to the companies (profits) surtax act, 1964, for the assessment year 1965-66 ?3. whether, on the facts and in the circumstances of the case, the tribunal was .....

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Aug 25 1978 (HC)

Hindustan Gas and Industries Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-25-1978

Reported in : [1979]117ITR549(Cal)

..... incidences and consequences of issuing a share and borrowing money on loan or on a debenture are different and distinctive. a debenture-holder as a creditor has a right to sue the company, whereas a shareholder has no such right. apart from that the scheme of the companies act and in particular the forms and contents of its balance-sheets are extremely rigid and, in ..... .' 12. on a consideration of the provisions of the companies act, 1956, as also similar provisions in the english company law we cannot persuade ourselves to accept the contentions of the assessee and hold that when a company issues redeemable preference shares it is in fact obtaining a loan as it could by issuing debentures. there is a fundamental difference between the capital made available ..... issue of shares is different from obtaining loan on debentures and that a loan obtained cannot be treated as an asset or advantage for the enduring benefit of the business of the assessee. 6. mr. bhattacharyya also drew our attention to the relevant sections of the companies act, 1956. section 80 of the said act indicates the nature of redeemable preference shares. the section ..... , where it was pointed out that the purity of the latter principle is preserved, in effect if not in name, by the strict provisions contained in section 58 of the companies act, 1948. these only allow redemption either out of profits or out of the proceeds of a fresh issue and, in the former case, require the establishment of a 'capital redemption .....

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Apr 04 1978 (HC)

Kumarapuram Gopal Krishnan Ananthakrishnan Vs. Burdwan-cutwa Railway C ...

Court : Kolkata

Decided on : Apr-04-1978

Reported in : [1978]48CompCas611(Cal),82CWN774

..... report of february 28, 1973, noted that the loans might require the approval of the shareholders by a special resolution as provided in section 149(2a) of the companies act, 1956. the company was a habitual defaulter in filing statutory documents while for defaults for financial years 1968-69 and 1969-70, prosecution cases were filed before the chief presidency magistrate, ..... the moneys so raised or any part thereof for all or any of the purposes of the company; to make, accept, endorse, execute and issue promissory notes, bills of exchange, debentures and other negotiable or transferable instruments and to invest the money of the company not immediately required upon such securities as may from time to time be determined. '4. on ..... seeds and any seeds and products and of goods or merchandise made thereof.(w) to acquire and hold and otherwise deal in shares, stock, debentures, debenture-stock, bonds, obligations and securities issued or guaranteed by any company constituted or carrying on business in india or elsewhere.(x) to lend money, either with or without security and generally to such persons and upon ..... thereof for such consideration as the company may think fit, and in particular, for shares, debentures or securities of any other company having objects altogether or in part similar to those of this company.(q) to borrow and raise money in such manner as the company shall think fit and in particular by the issue of debentures or debenture-stock perpetual or otherwise charged upon .....

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Jul 20 1978 (HC)

In Re: Standard Brands Ltd.

Court : Kolkata

Decided on : Jul-20-1978

Reported in : [1980]50CompCas75(Cal)

..... under clause (f) of section 433 of the companies act, 1956.2. it appears that the company was incorporated on the 18th january, 1941, as a public limited company and its registered office is situate at no. 22, chittaranjan avenue, calcutta. the objects of the company, inter alia, are to acquire and hold shares, stocks, debentures, debenture-stocks, bonds, obligations and securities issued or guaranteed ..... . mukherjee rightly submitted that the present application is admittedly filed long beyond three years from the date of sanction accorded under sub-section (5) of section 439 of the companies act for presenting the winding-up petition. therefore, the application on the face of it is barred by limitation and it must be taken off the file.11. mr. mukherjee ..... business and is carrying on its business smoothly. it is further alleged that the sanction of the regional director under sub-section (5) of section 439 of the companies act was accorded under quite different factual circumstances and as such the winding-up petition cannot be filed on the basis of sanction accorded 5 years ago and on the ..... by the company and to carry on, inter alia, all kinds of agency business and to take part in management, supervision and control of the business of any other company association, firm and persons and to act as managing agents, agents, secretaries, directors or sole .....

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Jul 25 1978 (HC)

Shaw Wallace and Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Jul-25-1978

Reported in : [1979]119ITR399(Cal)

..... 394 of the companies act, 1956, when a scheme of amalgamation is sanctioned by the court, the following provisions are made for carrying out the scheme :(i) the transfer to the transferee-company of the whole or any part of the undertaking, property or liabilities, of the transferor-company; (ii) the allotment or appropriation by the transferee-company of the shares, debentures, policies' or ..... the shares of shareholders who dissent to the scheme pr do not assent to transfer their shares in the transferor-company to the transferee-company and elaborate provisions in that behalf are contained in section 395 of the companies act, 1956. in the instant case, under the schemes of amalgamation as sanctioned by the court, the whole of the undertakings, properties ..... be transferred to the assessee as from the 1st january, 1966, and vest in the assessee under section 394(2) of the companies act, 1956, (b) all liabilities and debts of the subsidiary companies would as from the said date be transferred to and become the liabilities and debts of the assessee. (a) the assessee being the beneficial owner of ..... and assets of the transferor-companies were transferred to and vested in the assessee as the transferee-company and the transferor-companies were ultimately dissolved. the schemes of amalgamation as .....

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Aug 04 1978 (HC)

Duncan Brothers and Co. Ltd. Vs. Commissioner of Income-tax, Central

Court : Kolkata

Decided on : Aug-04-1978

Reported in : [1981]128ITR302(Cal)

..... not have been included in the capital. in support of his contentions, he referred to the form of the balance-sheet of a company as prescribed in sch. vi to the companies act, 1956. under the column 'reserves and surplus' in the said form there is a marginal note as follows:'the word 'fund' ..... to the computation of the capital of the assessee under the companies (profits) surtax act, 1964. it was specifically contended by the assessee before the ito and the aac that the amounts set apart by it for the purposes ..... within the meaning of rule 2(ii) of the said second schedule. the term 'fund', it will be observed, has not been defined in the companies (profits) surtax act, 1964. as such, it is to be given its ordinary meaning as understood in common parlanceetymologically, 'fund' means a sum of money available for the ..... that a provision for taxation did not constitute a fund within the meaning of clause (ii) of rule 2 of the second schedule to the companies (profits) surtax act, 1964, and, therefore, could not be taken into account for the purpose of the diminution or the reduction of capital under that rule. it ..... been ploughed back, or retained in the business, as opposed to 'external' sources of finance, such as funds arising from the issue of shares or debentures.' 22. on the -facts and records in the present reference, it appears to us that the controversy in the proceedings below up to the tribunal related .....

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Dec 05 1978 (HC)

Alkali and Chemical Corporation of India Ltd. Vs. Commissioner of Inco ...

Court : Kolkata

Decided on : Dec-05-1978

Reported in : [1980]122ITR490(Cal)

..... 1967-68 was a mistake apparent from the record and the income-tax officer had jurisdiction to rectify that mistake under section 13 of the companies (profits) surtax act, 1964, so as to exclude that sum from the capital base ' 2. the facts found and/or admitted in these proceedings are shortly ..... of the capital base by his subsequent order under section 13 of the said companies (profits) surtax act, 1964 ? 3. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the sum of ..... justified in holding that the omission to make a proportionate reduction of the capital base under rule 4 of the second schedule to the companies (profits) surtax act was a mistake apparent from the record in the original assessment proceedings and the income-tax officer had jurisdiction to make such proportionate reduction ..... the ito had included in the assessee's capital a sum of rs. 41,44,658 under rule 3 of the surtax act, as being addition to the company's share capital during the relevant previous year by the issue of bonus shares from out of the assessee's general reserve and ..... surtax act, rule 1 whereof provided that the capital of a company would be the aggregate of certain amounts in existence on the first day of the previous year relevant to the assessment year. the said amounts consisted, inter alia, of-(a) its paid up share capital, (b) its reserve, (c) its debentures issued .....

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