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Judgment Search Results Home > Cases Phrase: debentures companies act Court: mumbai Year: 2003 Page 1 of about 20 results (0.021 seconds)

Nov 18 2003 (TRI)

Fisons Plc Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-18-2003

Reported in : (2004)91ITD450(Mum.)

..... the following reasons: as per the requirements of section 195 of the income tax act (the act), the assessee-company's income from any source, including capital gains arising on the sale of the shares and debentures of rallis, included in the impugned assessment, was subject to deduction of tax ..... the cit(a) erred in upholding disallowance of uk (sic) 430 being expenses incurred in connection with sale of the shares and debentures of rallis. the expenses are in the nature of payment to anz international merchant banking, on account of reimbursing them for travelling ..... advance tax on, inter alia, the subject capital gains, as advance tax payable as computed in the manner laid down in section 209 of the act ..... at source. as such, the assessee-company was not required to make any payment of ..... , after taking into account the tax deductible at source, will work out to a 'nil' figure. in terms of sections 234b and 234c, interest thereunder is leviable only in a case where the assessee is liable to pay advance tax but has failed to pay such tax or has deferred payment thereof, as the case may be. as the assessee-company .....

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Jan 08 2003 (HC)

Taparia Tools Ltd. Vs. Joint Commissioner of Income-tax

Court : Mumbai

Decided on : Jan-08-2003

Reported in : (2003)180CTR(Bom)256; [2003]260ITR102(Bom); [2003]41SCL430(Bom)

..... lenders) at serial no. 1 and serial no. 6 were maliram makharia stock brokers private limited and sharp knife company private limited.these lenders opted for one time upfront payment of rs. 55 per debenture of face value rs. 100 payable on allotment. they opted for deferred interest option (i.e., d.i.o ..... expenditure. that, the assessee has treated the upfront payments as deferred revenue expenditure to be written off over the period of debentures. under section 36(1)(m) of the income-tax act, interest on borrowed capital paid by the assessee is allowable as a deduction. in this case, the assessee follows the ..... the date of the transaction are liable to be taxed notwithstanding the fact that they are not actually received or deemed to be received under the act. under the mercantile system of accounting, therefore, book profits are liable to be taxed. the profits earned and credited in the books of ..... was a revenue expenditure. that, there is no dispute on the nature of the expenditure. that, only the manner of allowing such expenditure under the act is in dispute. that, although in the final accounts the assessee debits on the basis of deferred revenue expenditure, for tax purposes, the assessee claims ..... on accrual system and secondly, the liability has been discharged in the very first year. it was contended that there was no provision under the act under which the liability incurred by the assessee could be reduced. that, rs. 55 had gone out of the pocket of the assessee for all .....

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Jan 23 2003 (TRI)

J.T. Holdings Pvt. Ltd. Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-23-2003

Reported in : (2004)89ITD569(Mum.)

..... redeemable on the expiry of 10 years from the date of allotment. the offer opened on 10-12-1991 and under it, every member of the company was offered 1 debenture for every 20 equity share held by him. it was also stated in the letter of offer that the warrant holders will have a right on the expiry of 24 ..... . 10,00,000/- being the sale proceeds of detachable warrant of reliance industries ltd. under section 28 of the act.6. the learned cit(a) in his order has stated that the debentures alongwith the detachable warrants were issued to the assessee company by m/s reliance industries ltd. the said detachable warrants entitled the assessee to apply for the equity shares of ..... or profession.5. regarding the contention of the assessee company that the detachable warrant did not have any cost, the ao has stated that m/s reliance industries ltd had issued the debenture certificates alongwith the detachable warrant (sic) since the paid up value of ..... assessee has treated the debentures as stock in trade, therefore, the same is a trading asset for the assessee; hence the consideration received by the company on sale of detachable warrant was a trading receipt. therefore, the ao taxed the sale proceeds of detachable warrant of rs. 10,00,000/- under the provisions of section 28 of the act as income from business .....

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Oct 17 2003 (TRI)

The Jt. C.i.T., Special Range-13 Vs. Tata Finance Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-17-2003

Reported in : (2004)91ITD9(Mum.)

..... which are specifically excluded from the provisions of section 2(7). since interest on debentures, bonds, etc. is not specifically excluded from the provisions of section 2(7), it is liable to tax under section 2(7) of the interest tax act.2. the assessee is a resident indian company. it filed its return of chargeable interest under section 7(1) of the ..... in ascertaining the character of the interest received on debentures, would not be out of context. banks are bound by the banking regulation act, 1949, in the matter of maintaining the balance-sheet and in the balance-sheet, in accordance with section 29 of the said act, and the third schedule thereto, banking companies have to make investments to the prescribed percentage and enter ..... the same under the head "investments", even though (sic) are other heads in the balance-sheet like advances and loans, etc. where banks show debentures under the head "investments', the debentures are in the nature of securities interest on ..... . bhardwaj, cit and ors.', (2003) 259 itr 295. in this case, the assessee was a company incorporated under the companies act, 1956. it was promoted by the rbi, icici, uti, sbi, idbi, etc. it was an investment company as defined under section 2(5b)(ii) of the interest tax act, 1974, as it then stood. it was a dealer in money market instruments such as .....

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Jan 08 2003 (HC)

Taparia Tools Ltd. Vs. Jt. Cit

Court : Mumbai

Decided on : Jan-08-2003

Reported in : [2003]126TAXMAN544(Bom)

..... lenders) at serial no. 1 and serial no. 6 were maliram makharia stock brokers private limited and sharp knife company private limited. these lenders opted for one time up-front payment of rs. 55 per debenture of face value rs. 100 payable on allotment. they opted for deferred interest option (i.e., d.i ..... that, the assessee has treated the up-front payments as deferred revenue expenditure to be written off over the period of debentures. under section 36(1)(iii) of the income tax act, interest on borrowed capital paid by the assessee is allowable as a deduction. in this case, the assessee follows the ..... revenue expenditure in their annual accounts. in the circumstances, if one reads section 36(1)(iii) with section 43(2) of the income tax act, it would be clear that the question of allowances permitted to be deducted under diverse heads from income, profits and gains would differ according to ..... the date of the transaction are liable to be taxed notwithstanding the fact that they are not actually received or deemed to be received under the act. under the mercantile system of accounting, therefore, book profits are liable to be taxed. the profits earned and credited in the books of ..... was a revenue expenditure. that, there is no dispute on the nature of the expenditure. that, only the manner of allowing such expenditure under the act is in dispute. that, although in the final accounts the assessee debits on the basis of deferred revenue expenditure, for tax purposes, the assessee claims .....

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Oct 17 2003 (HC)

Godavari Sugar Mills Ltd. Vs. State of Maharashtra

Court : Mumbai

Decided on : Oct-17-2003

Reported in : 2004(1)MhLj761

..... its business in order to generate funds for its business activities. moreover, the method of showing the discount in the 'discount on debentures account' and the method of writing off over the period of the ..... the amount of donation given for earning the agricultural income cannot be allowed as deduction under section 8(9) of the act. the tribunal held that the amount of rs. 3,150/- spent as perquisite on the general manager of the company cannot be allowed. the tribunal confirmed disallowance of loss of rs. 7,20,890/- arising out of compulsory acquisition of ..... debentures was found to be in conformity with the accounting practice and, therefore, the deduction ..... the agricultural income tax act to allow deduction of bad debt which is written off. in the case of madras industrial investment corporation ltd. (supra) the facts were altogether different. in that case, the liability to pay the discounted amount over and above the amount received for the debentures was held to be a liability incurred by the company for the purposes of .....

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Mar 21 2003 (HC)

State Bank of India Vs. Alstom Power Boilers Ltd.

Court : Mumbai

Decided on : Mar-21-2003

Reported in : 2003(5)BomCR421; [2003]116CompCas1(Bom); [2003]43SCL449(Bom)

..... . mafatlal formed a separate and distinct class of a minority equity shareholder whose interest was likely to be adversely affected by the scheme, the apex court observed:--'...even though the companies act or the articles of association do not provide for such a class within the class of equity shareholders, in a given contingency it may be contended by a group of ..... the objectors and by a detailed but common order dated 31st october, 2002 rejected all the objections and approved the scheme of arrangement under sections 391-394 of the companies act (for short the act). being aggrieved by the said order, the appellants arc before us.7. though appeal lodging no. 953 of 2002 was lodged on 1st november, 2002 and appeal no ..... of equity shareholders and creditors was not valid. point no. 3: the provisions of sica have an overriding effect. the scheme of arrangement proposed by the company under sections 391 to 394 of the companies act was in the nature of modification of the terms and conditions of the scheme of rehabilitation sanctioned by the bifr which was impermissible. point no. 4 : the ..... by the sica and the scheme of rehabilitation continues to be in force till the last preference share is redeemed or till the last debenture/bond issued in pursuance of the scheme is paid off, then a dishonest company may issue preference shares redeemable after a long time and/or may issue yankee bonds redeemable after number of years to claim protection .....

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Jun 30 2003 (TRI)

Deputy Commissioner of Income Tax Vs. Abu Dhabi Commercial Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-30-2003

Reported in : (2004)83TTJ(Mum.)345

..... of sub-section (28b) of section 2 which defines interest on securities including inter alia 'interest on debentures or other securities for money issued by' amongst others 'a company', concluded that since interest on debentures is nothing but interest on securities which is different from loans and advances, the same cannot be exigible ..... (2001) 73 ttj (all) 930 : (2001) 79 itd 56 (all), have consistently taken the view that interest on debentures will however not be covered by section 2(7) of the act and, accordingly, not be exigible to interest-tax. in coming to this conclusion various benches of the tribunal have taken the view ..... will not ipso facto bring the interest thereon in the ambit of section 2(7) of the act. if that was a reason enough for coverage by section 2(7), the interest on debentures, which are also admittedly in the nature of a usance promissory note, could not have been treated ..... and the factual matrix of the case as also the applicable legal position deliberated upon.14. we find that section 2(7) of the interest-tax act, 1974 defines interest as "interest on loans and advances made in india and includes-- (a) commitment charges on unutilised portion of any credit sanctioned ..... (a) concluded that "since commercial paper is equated with a promissory note, which falls within the ambit of section 2(7) of the interest-tax act, the return coming out of commercial papers has to be subjected to interest-tax." 13. shri sonde, learned advocate, appeared for the assessee, and .....

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Feb 26 2003 (HC)

R.V. Dnyansagar Vs. Maharashtra Industrial and Technical Consultancy O ...

Court : Mumbai

Decided on : Feb-26-2003

Reported in : 2003(3)ALLMR192; 2003(4)BomCR118; [2005]123CompCas520(Bom); (2003)IIILLJ348Bom; 2003(2)MhLj547; [2003]46SCL153(Bom)

..... the state within the meaning of article 12 of constitution or not.3. in this regard, the averment made by the petitioner is that the respondent is deemed government company registered under the companies act; it is a joint venture of the industrial credit and investment corporation of india (icici), industrial development bank of india (idbi), industrial finance corporation of india (ifci) ..... to convey.6. in mysore paper mills, interalia the question posed before the apex court, whether mysore paper mills which was a company incorporated under the companies act, 1956 and was a government company as defined in section 617 of the companies act was covered within the meaning of the word 'state' as defined in article 12 of the constitution of india. in that case ..... of facts obtaining with regard of mysore paper mills in paragraph 12 it was held thus:'12. the indisputable fact that the appellant-company is a government company as envisaged in section 617 attracting section 619 of the companies act, that more than 97% of the share capital has been contributed by the state government and the financial institutions controlled and belonging to ..... institutions noticed under article 94-a and not only such nominees of financial institutions hold office so long as moneys remain owed to those institutions or those institutions hold debentures in the company as a result of direct subscription or private placement, but the board also has no powers to remove them during such period.(f) the appellant .....

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Apr 23 2003 (TRI)

Mafatlal Holdings Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-23-2003

Reported in : (2004)85TTJ(Mum.)821

..... transfer of shares. according to the cit(a), since the shares were not duly transferred in the name of the purchaser by executing paper transfer deed as required under the companies act, the transaction cannot be considered as a valid transaction. to support his contention, the learned cit(a) placed his reliance on number of decisions. according to the learned counsel, these ..... governments, states, dominion, sovereigns, municipalities or public authorities or bodies or any company corporation, forum or person whether incorporated or established in india or elsewhere. thus, the main object clause of the company is to carry on business of finance and ..... . 28th feb., 2001, for the asst. yr. 1998-99. the assessee is a company belonging to the mafatlal group. the main objects of the company are to carry on the business of an investment company and to invest in and acquire and hold, sell or otherwise deal in shares, stocks, debentures, debenture-stocks, bonds, units, obligation and securities issued or guaranteed by indian or foreign .....

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