Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD749(Mum.)
..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting; based on the above discussion, cit(a) observed that showing debentures etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the interest-tax ..... by the cit(a) that the definition of debentures etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pari materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2002)80ITD9(Kol.)
..... the companies act, 1956 deals with deposits, whereas the debentures are dealt within part iv of the companies act covering sections 82 to 123. they are, therefore, understood as different connotations under the ..... companies act. we are, therefore, of the view that the observation of the ..... deposit for the purposes of interest-tax act as well.10. we are dealing with a case of a company and, therefore, the terms used in the interest-tax act have to be understood the way they are understood under the companies act, 1956 or by the people dealing with the companies. under the companies act, the issues of deposit and debenture are dealt with separately. section 58a of .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)985
..... . (supra) it is an allowable expenditure.29. the learned departmental representative referred to the provisions of section 78 of the companies act and submitted that the payment was related to shares and not the debentures because it was to be paid only when the debenture-holders became shareholders and retain the shares for three years period. he, therefore, supported the order of the cit ..... noted that entries passed in the books of account by the assessee are in conformity with the aforesaid accounting standard as well as the statutory provisions enacted in the it act, 1961, and the companies act. we have, therefore, no hesitation in answering the question referred to us as under: the gains earned on cancellation of the foreign exchange forward contracts by the ..... standard had rightly shown this receipt on revenue account. the entries were made as per report of the directors and in accordance with sch. 2 to part-i of the companies act.the assessee, therefore, could not be heard to contend that. receipts were wrongly shown in the books of account as of revenue nature. the special bench did not take ..... (in liquidation) (supra) a case before their lordships of the bombay high court, a private limited company decided to convert itself into a public limited company and as per the provisions of the companies act the private company was would up on 23rd april, 1947, and the public company was incorporated later on the same day. an agreement was executed on 5th april, 1948, between the .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97ITD125(Ahd.)
..... ltd. (supra) it is an allowable expenditure.the learned departmental representative referred to the provisions of section 78 of the companies act and submitted that the payment was related to shares and not the debentures because it was to be paid only when the debenture holders became shareholders and retain the shares for three years period. he, therefore, supported the order of the cit ..... entries passed in the books of account by the assessee are in conformity with the aforesaid accounting standard as well as the statutory provisions enacted in the income tax act, 1961, and the companies act. we have, therefore, no hesitation in answering the question referred to us as under : the gains earned on cancellation of the foreign exchange forward contracts by the assessee ..... standard had rightly shown this receipt on revenue account. the entries were made as per report of the directors and in accordance with sch. 2 to part-i of the companies act.the assessee, therefore, could not be heard to contend that receipts were wrongly shown in the books of account as of revenue nature. the special bench did not take into ..... . (in liquidation) (supra) a case before their lordships of the bombay high court, a private limited company decided to convert itself into a public limited company and as per the provisions of the companies act the private company was would up on 23-4-1947, and the public company was incorporated later on the same day. an agreement was executed on 5-4-1948, between the .....Tag this Judgment!
Court : Mumbai
Reported in : (1930)32BOMLR953
..... opposition of the imperial bank, i think, therefore, on consideration of all the circumstances that the disposition of the debentures in favour of the imperial bank of india, limited, ought not to be validated under section 227, clause (#), of the indian companies act.86. i would, therefore, allow first appeal no. 29 of 1928, allow the application of the liquidator, ..... dispositions of the property of the company were void. the learned district judge ordered otherwise under section 227, clause ..... orders. under section 168 of the indian companies act ' a winding-up of a company by the court shall be deemed to commence at the time of the presentation of the petition for winding-up.'61. all the three dispositions of the debentures, which the viramgam spinning and manufacturing company, limited, held from whittle and company, after the date of the presentation of ..... on march 3, 1.925, the company was ordered to be wound up as the schemes were not accepted. the liquidator after giving notice to the. creditors with whom the debentures were deposited made the present applications before the district judge of ahmedabad for a declaration under section 227, clause (#), of the indian companies act, vii of 1913, that the .....Tag this Judgment!
Court : Mumbai
Reported in : (1955)57BOMLR378; 25CompCas227(Bom)
..... . desai's clients may file, but it is worthy of note that the debt covered by the petitioners' debentures, as we have already pointed out, was solemnly admitted by the company and certified by this court, and under section 153(2) of the companies act every compromise or arrangement sanctioned by the court is binding on all the creditors or class of creditors, or ..... the debenture stock certificates do not contain any direct covenants with the stockholders to pay the ..... . there the english court held that the holder of some of the debentures, the interest on which was overdue, was entitled to petition for the winding up of the company. 33. the principle that emerges from these cases has been clearly stated in buckley on the companies acts (p. 465) : 'a holder of debenture stock constituted by trust deed in the ordinary form, under which ..... by the petitioners who are creditors in the sense that they are debenture holders to the extent of rs. 8,00,000 in the company, namely hirjee mills ltd. and they are asking for an order that the hirjee mills ltd. be wound up under the provisions of the indian companies act and they are asking also for the appointment of the court liquidator .....Tag this Judgment!
Court : Mumbai
Reported in : 2002(1)BomCR419
..... have been detailed in the plaint as under: (a) on 14-12-1993, airedale investment & trading (p.) ltd., defendant no. 2 company, acting in concert with defendant nos. 1 and 3 to 11, acquired through negotiations 75,000 fully convertible debentures which were purported to be converted into 3,75,000 equity shares on 11-8-1995. the conversion of the ..... down that the company law board may, on an application made by ..... or any member of the company or the company itself could apply to the company law board for rectification of the register of members. 128. section 111a of the companies act was inserted with effect from 20-9-1995 by the depositories act, 1996. section 111a does not apply to private companies. sub-section (2) provides that the shares or debentures and any interest therein of ..... a company shall be freely transferable. subsection (3) lays .....Tag this Judgment!
Court : Karnataka
Reported in : AIR1988Kant1; 64CompCas167(Kar); ILR1987KAR2919; 1987(3)KarLJ458
..... the company, whether constituting a charge on the assets of the company or not; 'from the above, it is obvious that the meaning is still ..... of the document under reference and then proceed to construe it with reference to the provisions of the companies act, 1956, the indian trusts act, 1882, and the act.15. the bank is the sole author of the trust; it describes itself as the debenture-trustees. it refers to the trust being in favour of and for the benefit of holders for ..... the next questions we should ask ourselves are what is a debenture-trust and who is a debenture-trustee ?9. section 118 of the companies act, 1956, provides that any trust deed for securing any issue of debentures shall be forwarded to the holder of such debentures or any member of the company at his request within seven days of the making of the ..... created on the same day presumably after the debentures had been issued and paid for.6. in order to appreciate the arguments advanced to further the contentions, it is necessary to understand the meaning of the terms, debenture, debenture-trust and debenture-trustee.'debenture' is denned as follows in the companies act, 1956 :'2(12) 'debenture' includes debenture stock, bonds and any other securities of .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1938All609
..... the case before the court was not one of winding up and that the company has not in fact been wound up. that may he so, but section 129, companies act, states as follows:where either a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken, by or on behalf of ..... those debenture-holders of any property comprised in or subject to the charge, then, if the ..... the same.8. now it is clear that the debenture-holders have a fixed charge under their debentures on the property in schedules 2, 3 and 4 and they have a floating charge on the other assets of the company. we consider therefore that the priority to the wages of workmen given by the companies act would only be in this case in regard to ..... the other assets of the company in clause 5 on which .....Tag this Judgment!
Court : Kolkata
Reported in : 47CompCas689(Cal)
..... wholly infructuous or materially different from the one sanctioned by the court. mr. bachawat further submitted that the issue of debenture which is convertible into shares of the company requires sanction of the central government under section 81(3) of the companies act, 1956. he submitted, that no materials have been placed before the court to show what steps, if any, ..... the scheme is not sanctioned it may not be necessary to issue further capital by the petitioner-company. similarly, mr. mukherjee rightly submitted that the question of obtaining sanction under section 81(3) of the companies act, 1956, with regard to the issue of debentures is premature unless and until the scheme has been sanctioned. mr. mukherjee referred to an order ..... by s.c. ghose j. in the company petition no. 343 of 1968 connected with company application no. 286 of 1968 (associated electrical industries (india) ..... having no effect on the scheme. he submitted that section 391(1) provides that only ' material interests ' of directors are required to be disclosed. he referred to buckley on the companies acts, 13th edition, page 332, where meaning directors' interests advantage by reason of fiduciary position (sic). referring to the decision in sidhpur mills co. ltd., in re : air1962guj305 , .....Tag this Judgment!