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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: old Court: orissa Year: 1964 Page 1 of about 2 results (0.030 seconds)

Dec 05 1964 (HC)

Banshidhar Onkarmal Vs. Commissioner of Income-tax, Bihar and OrissA.

Court : Orissa

Decided on : Dec-05-1964

Reported in : [1965]58ITR462(Orissa)

..... in eastern investments ltd. v. commissioner of income-tax. dealing with the question of payment of interest, their lordships said that this being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly ..... be a permissible deduction under section 12(2) of the income-tax act. whether the loan is on an overdraft or is a fixed deposit or a debenture makes no difference in law.mr. b. k. mohanty, learned counsel for the assessee, relied upon a division ..... vocation, the amount of the interest paid.'thus, three conditions are to be satisfied before the assessee can claim allowance under section 10(2)(iii) of the act, that is, (i) the capital must have been borrowed, (ii) it must have been borrowed for the purposes of the business, profession or vocation, and ..... , 1962, the tribunal rejected such application of the assessee.thereafter, the assessee filed an application under section 66(2) of the income-tax act before the high court and this court by its order dated march 30, 1964, directed the tribunal to state a case and refer the aforesaid question ..... these four years.the assessee challenged the correctness of this decision of the tribunal, and made an application under section 66(1) of the income-tax act, 1922, requesting the tribunal to refer a question law that arose from the order of the tribunal to the high court. by order dated december 31 .....

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Dec 05 1964 (HC)

Banchhanidhi Onkarmal Vs. Commissioner of Income-tax

Court : Orissa

Decided on : Dec-05-1964

Reported in : AIR1965Ori162

..... , eastern investment ltd. v. commissioner of income-tax, west bengal. dealing with the question of payment of interest their lordships said that this being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly be a ..... permissible deduction under section 12 (2) of the income-tax act. whether the loan is an over-draft or is a fixed deposit or a debenture makes no difference in law. 11. mr. d. k. mohanty learned counsel for the assessee, relied upon a ..... the question must be answered in the negative, and it must be held that having regard to the provisions of section 10 (2) (iii) of the act, the income-tax authorities had no power to scale down the rate of interest on the ground of reasonableness and/or on the ground of non-business considerations ..... or vocation, the amount of interest paid.' thus three conditions are to be satisfied before the assessee can claim allowance under section 10 (2) (iii) of the act, that is (i) the capital must have been borrowed, (ii) it must have been borrowed for the purpose of the business, profession or vocation and (iii ..... -12-62 the tribunal rejected such application of the assessee. 7. thereafter the assessee filed an application under section 66 (2) of the income-tax act, before the high court and this court by its order dated 30-3-1964 directed the tribunal to state a case and refer the aforesaid question of .....

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