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Judgment Search Results Home > Cases Phrase: debentures companies act Court: punjab and haryana Year: 2009 Page 1 of about 5 results (0.023 seconds)

Jan 20 2009 (HC)

Commissioner of Income-tax Vs. Majestic Auto Ltd.

Court : Punjab and Haryana

Decided on : Jan-20-2009

Reported in : [2009]310ITR90(P& H)

..... ) on printing of the memorandum and articles of association ;(iii) by way of fees for registering the company under the provisions of the companies act, 1956 (1 of 1956) ;(iv) in connection with the issue, for public subscription, of shares in or debentures of the company, being underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus ;(d) such other items ..... of expenditure (not being expenditure eligible for any allowance or deduction under any other provision of this act) as may ..... company commences ;(ii) in a case referred to in clause (ii) of sub-section (1), the aggregate of the issued share capital ..... or the setting up of the new industrial unit of the assessee;(b) 'capital employed in the business of the company means-(i) in a case referred to in clause (i) of sub-section (1), the aggregate of the issued share capital, debentures and long-term borrowings as on the last day of the previous year in which the business of the .....

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Jan 06 2009 (HC)

Smt. Trishla JaIn Vs. Income-tax Commissioner

Court : Punjab and Haryana

Decided on : Jan-06-2009

Reported in : [2009]310ITR274(P& H); [2009]177TAXMAN74(Punj& Har)

..... released the interest component of the debentures to the assessees, it had made income-tax deductions therefrom. it is the contention of the learned counsel for the petitioners that the assessees cannot be made ..... section shall apply accordingly.based on section 195 of the act, it is the submission of the learned counsel for the petitioners, that liability of deducting income-tax on the interest component of debentures purchased by the assessees from m/s. oswal agro mills limited, rested on the shoulders of the said company, and that? when m/s. oswal agro mills limited eventually ..... being extracted hereunder:other sums. - (1) any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the provisions of this act (not being income chargeable under the head 'salaries' shall, at the time of credit of such income to the account of the payee or at the ..... in the nature of foreign exchange assets as defined in section 115c of the act. the controversy in the present references pertains to the interest income derived by the assessees from the aforesaid debentures. the claim of the assessees is that the aforesaid income derived as interest from debentures should be assessed on receipt basis, and not on accrual basis. the claim of .....

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Jan 16 2009 (HC)

In Re: Mohta Bearings Ltd.

Court : Punjab and Haryana

Decided on : Jan-16-2009

Reported in : [2009]91SCL17(Punj& Har)

..... of government of punjab. notices had also been issued to the official liquidator attached to the company under section 394 of the companies act, 1956.7. on consideration of all the relevant facts and the procedural requirements under sections 391 - 394 of the companies act and the relevant rules and on due consideration of the report of regional director, which has ..... reported that m/s. s. chadha associates, chartered accountants have scrutinised the books of account and other relevant records and reported that the affairs of the transferor company have been conducted in such a way that it is not prejudicial to interest to its members or to public interest. the chartered accountants have stated that undertakings ..... guarantees and provide securities to other companies; (hi) to carry on business of farming, horticulture, floriculture etc. the company was essentially in the business of money-lending and ..... 1,73,100 equity shares was rs. 17,31,000. the object of the transferee company detailed in memorandum and articles of association, inter alia, was : (i) to acquire and hold shares, stocks, debentures, debenture stocks, bonds, obligations and securities issued or guaranteed by any company constituted or carrying on business in india or elsewhere; (ii) to make loans or .....

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Sep 03 2009 (HC)

Saini and Co. Rice Mills Etc. Vs. State of Punjab

Court : Punjab and Haryana

Decided on : Sep-03-2009

Reported in : (2009)156PLR559

..... of loans and advances to banks or financial institutions, accepting, collecting, discounting or re-discounting bills of exchange or promissory notes, subscribing to or purchasing stocks, shares, bonds or debentures, granting letters of credit or loans and advances to the financial corporations and the like. chapter v deals with the small industries development assistance fund while chapter vi deals with ..... and(e) the rate of interest and other terms and conditions on which advances or other financial accommodation may be made or guarantees may be given.(3) every banking company shall be bound to comply with any directions given to it under this section.35a. power of the reserve bank to give directions:(1) where the reserve bank is ..... in the affirmative, their lordships held that the rbi was competent to issue directions and guidelines to banking companies in terms of sections 21 and 35(a) of the banking regulation act, 1949. the court for that purpose relied on a constitution bench judgment delivered by it in central bank of india v, ravindra and ..... ) dealing with the one time settlement, directions and policy decisions taken by the rbi. the question was whether the said decisions, schemes and directions were binding on the banking companies and whether the debt recovery appellate tribunal could direct settlement of the outstanding claims on the basis of one time settlement scheme envisaged under the rbi circular. answering the questions .....

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Oct 09 2009 (HC)

H.C. Arora Vs. State of Punjab and ors.

Court : Punjab and Haryana

Decided on : Oct-09-2009

Reported in : (2009)156PLR721

..... by the merchant bankers.27. merchant bankers or arrangers are required, if funds are to be raised through public issue in the form of equity, debentures or bonds. they are also needed if funds are to be raised through govt. securities or floating of issue of slr, non-slr bonds. the ..... who claim themselves to be merchant bankers, are only required if the loan is to be raised in the form of securities by floating issue of equity, debentures or bonds or in case of govt. securities or slr bonds. for a term loan, loan arranger is not recognized in the financial system. (j) ..... of the view that officials of the bank and the board are public servants within the meaning of section 2(c) of the prevention of corruption act, 1988. therefore, there is need to enquire whether the payment of commission amounting to rs. 1.62 crores to a loan arranger amounts to ..... that they have enriched themselves and committed an offence under the provisions of the prevention of corruption act, 1988 whether such a financial transaction adheres to the norms of transparency, accountability, regulations and instructions of the reserve bank of india are various questions ..... commission was a booty shared by the employees of the bank and the board whether the employees of the bank and the board, for their acts of omission and commission, are liable to be prosecuted for criminal misconduct, having taken advantage of their official position and whether it can be presumed .....

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