Court : Kolkata
Reported in : AIR1945Cal37
..... the property is required and there is nothing making it compulsory to give any further details of property, so that there is nothing in the registration under the companies act of these debentures which would inform any person exactly what the immovable property was that was charged. it should be remembered that under the provisions of section 109 a ..... 'a general description of the property charged' (i. e., what is required to be registered under the provisions of the companies act). i must mention here that there was no debenture trust deed accompanying the issue of these debentures. in the debenture deed itself the only reference to the property charged is its undertaking for all, its property whatsoever, and wheresoever present and ..... 500 and paid for them. with the money realised from the issue of these debentures the company paid for the machinery it had installed. the debentures were duly registered under section 109, companies act, but they were never registered under the provisions of the registration act (act 16) of 1908. the company after working for a time got into financial difficulties and a winding up order ..... , enquire at the local registry whether there were any charges created on the land. if registration under the companies act of debentures of floating charges is in bombay and is sufficient he would find nothing in the local registry under the registration act. he might, therefore, on searching and finding nothing lend the money only to discover later before the money .....Tag this Judgment!
Court : Chennai
Reported in : AIR1932Mad474; (1932)62MLJ720
..... sense and that in effect the words 'incorporated company' in section 17 of the bills of sale act meant only a company incorporated under the companies act. one reason which he gave for his interpretation that 'incorporated company' in that section meant only a company incorporated under the companies act was that by the provisions of the companies act the debentures of such a company had to be registered in a register which ..... of such incorporated companies to be registered again under ..... was open to any creditor for examination, and therefore there was no necessity for the legislature to require the debentures .....Tag this Judgment!
Court : Mumbai
Reported in : (1950)52BOMLR505
..... said provincial government in accordance with the provisions of section 9 of the act. the appellant lala manmohan das is the holder of the bulk of the said debentures.6. the said debentures were secured by a debenture trust deed, ex. d. 4 dated may 7, 1932, and made between the company of the one part and the central bank of india, ltd. and lala ..... in the said trust deed was invalid under section 9 of the act, the floating charge created by such deed did not fall within the prohibition contained in section 9(2). there was accordingly an effective charge in favour of the debenture holders upon the undertaking of the company, and the debenture holders were accordingly secured creditors.13. on december 20, 1940, the united ..... p.l. jaitly & co. as managing agents of the company, appeared at the hearing, but the united provinces government did not appear.10. on december 20, 1939, mr. justice allsop on the said application held that the said debentures by reason of section 9 of the act created no valid charge and that the debenture holders should rank only as unsecured creditors.11. from ..... a valid charge on the undertaking and assets of the company, or whether the charge upon the undertaking intended to be created in favour of the debenture holders is void by reason of the provisions of section 9, sub-sections (2) and (3), of the indian electricity act, ix of 1910 (hereinafter called the act). these sub-sections are in the following terms : 9 .....Tag this Judgment!
Court : Mumbai
Reported in : (1949)51BOMLR287
..... australia upheld a federal income-tax imposed on interest paid or credited to persons who were not residents of australia, on money raised by debentures of a company and used in australia. the tax was imposed upon the company who paid the interest, though the company was entitled under the act to deduct the amount paid in tax from the interest payable to the absentee ..... debenture-holders. the intention of the legislature was undoubtedly to tax the debenture-holders who actually received the interest, but as it was doubtful whether the act could be enforced against them, they ..... being non-residents, the primary liability was imposed upon the company. it was held by the high court that the legislation ..... from the income.' in broken hill south ltd. v. the commissioner of taxation, new south wales (1937) 56 com. l.r. 337 it. was held that a foreign company in receiving interest. on debentures secured by mortgage of property situated in new south wales could be taxed by the new south wales state for the income received as interest. in this case .....Tag this Judgment!
Court : Chennai
Reported in : (1947)2MLJ563
..... a chartered accountant rather than the official receiver. accordingly; i appoint mr. price as provisional liquidator of the company to take charge of the assets of the company at rajahmundry. he will of course act in close co-operation with the trustees of the debenture-holders who are already in possession of the building, machinery and plant. counsel for the trustees states that his ..... pointed out that there are assets of a value of over 11 lakhs of rupees apart from the assets charged in favour of the debenture-holders. the petitioner states that there has been serious trouble between the company and its employees and that the trouble still continues. it seems that police assistance has already been sought to secure the safety of the ..... been duly served and is now represented before me by counsel. in addition, the trustees for the holders of the first debentures issued by the company are represented by counsel, and one shareholder appears by counsel.2. the company was registered in january, 1929, and has an authorised capital of rupees 23 lakhs divided into 20,000 ordinary and 3,000 preference shares ..... rs. 11 lakhs with outstanding interest of over 4 lakhs of rupees. in addition to this, the balance sheet shows that the company has other debts amounting to over 23 lakhs of rupees. the debentures are secured by a mortgage of the buildings, machinery and plant. that charge does not extend to the, manufactured stock, raw materials and furniture said to be .....Tag this Judgment!
Court : Chennai
Reported in : (1947)2MLJ463
..... the charged property applicable in a particular way and as standingfrom the bank's point of view in no different position from interest received by it from debentures of an outside concern lodged by the company as security. that, essentially, is the position here. mr. rama rao saheb on behalf of the commissioner of income-tax submitted that the present case is ..... 830 debentures of rs. 160 each, bearing interest at 6 1/2 per cent, per annum ..... their lordships.7. though the view taken by the tribunal as to the beneficial ownership of the debentures registered in the name of the trustee be thus substantially correct, it does not follow that the company's claim to refund under section 48 of the indian income-tax act is well founded. that section, so far as material here, provides:(1) if any ..... ) under section 66(1) of the indian income-tax act, 1922. it arises out of an application made by the nattarasankottai electric supply corporation, ltd. (hereinafter referred to as the company) for refund of income-tax under section 48 of the act.2. the company raised a loan in 1935-36 by issuing mortgage debentures of the total value of rs, 83,000 divided into .....Tag this Judgment!
Court : Chennai
Reported in : 15ITR495(Mad)
..... as standing 'from the banks point of view in no different position from interest received or receivable by it from debentures of an outside concern lodged by the company as security.' that, essentially, is the position here mr. rama rao sahib on behalf of the commissioner of income ..... of rs. 83,000 divided into 830 debentures of rs. 100 each, bearing interest at 6 ..... by the tribunal as to the beneficial ownership of the debentures registered in the name of the trustee is thus substantially correct, it does not follow that the companys claim to refund under section 48 of the indian income-tax act is well founded. that section, so far as material here ..... the indian income-tax act, 1922. it arises out of an application made by the nattarasankottai electric supply corporation ltd. (hereinafter referred to as the company) for refund of income-tax under section 48 of the act.the company raised a loan in 1935-36 by issuing mortgage debentures of the total value ..... 1/2 per cent. per annum, subject to tax payable on the 1st april and on the 1st october of each year. the existing and future property and assets of the company .....Tag this Judgment!
Court : Mumbai
Reported in : (1947)49BOMLR686
..... bank in truth stands from the bank's point of view in no different position from interest received or receivable by it from debentures of an outside concern lodged by the company as security. the interest belongs to the company subject to the charge and to the mandate inherent in the transaction.8. their lordships would add that the views which they have ..... lordships' view the solution to the question at issue depends on a proper appreciation of the nature and effect of the transaction between the company and the bank. that transaction is completely stated by saying that the debentures in the hands of the bank are charged with the monies owing on over-draft. the debts for principal and interest which are created ..... .2. the question at issue is whether it was rightly decided by the high court that the respondent company on an assessment under that act to tax on its income from buildings was entitled to an allowance in respect of interest payable under certain debentures issued by it to the allahabad bank. the facts are simple, the relevant statutory provision is free from ..... to the bearer the principal and, on stated dates, the interest. the debentures were entitled to the benefit of a trust deed under which properties of the company, including the buildings mentioned, stood as security for the payment of the principal and interest of the debentures.4. the indian income-tax act (section 9 (1)) provides that tax shall be payable in respect of .....Tag this Judgment!
Court : Gujarat
Reported in : 101ITR748(Guj)
..... the aggregate of the deposit amounts of the members. on march 31, 1950, the association which till then was an unregistered body, resolved to get itself registered as a company under the indian companies act, which was then in force. pursuant to this resolution, draft memorandum and articles of association were prepared and on april 25, 1951, the association was converted into a ..... said property was constructed with the aid of the said amount ?'the facts leading to this reference may now be shortly stated : the assessee is a limited company registered under the provisions of the indian companies act, 1913. the relevant assessment years are 1960-61, 1961-62, 1962-63 and 1963-64. the point involved in this reference is whether the assessee, the ..... minims of some pounds 22,000,000 of port stock; a stock carried interest at 4 per cent. though the stock was issued to the dock companies, the act provided that they should divide it amongst their debenture holders and shareholders. the stocks were redeemable by the authority at its option after twenty years. the authority was to provide out of revenue, after ..... the question-who was the lender here again the crown relied on an alternative and said the lender was either the transferring companies or their debenture and share holders who now hold the stock, the contention being that either the company or the stockholders must be taken to have lent pounds 22,000,000., the amount of the stock of the port of .....Tag this Judgment!
Court : Kolkata
Reported in : 14ITR488(Cal)
..... fund founded and formed for the purpose of carrying on any business that has for its objects the acquisition of gain within the meaning of section 4 of the said act (indian companies act, 1882).(b) to grant terminable pensions or annuities dependent on human life or any other event or contingency in favour of any subscriber and/or any nominee or ..... been intended it would have been easy to say so. in my view the rule applies to all insurance companies. the assessee company carries on in my view insurance business and it is company incorporated under the indian companies act, therefore it is an insurance company within the meaning of rule 25.i pass now to the second of these objections.regarding the question whether ..... (i) payment of specified salaries and wages and (ii).........granting to any member a pension or annuity.it is conceded by the commissioner of income-tax that the company carried on the business of a life assurance company. the indian life assurance companies act, 1912, applies to all persons or bodies of persons, whether corporate or incorporate, (therein referred to as life assurance ..... case concerned corporation profits tax imposed by section 52 of the english finance act, 1920; the proviso to sub-section (1)(b) of the section allowed debenture interest to be deducted from the profits of a company before charging to tax. the company had two sources of income, dividends from other companies charged with corporation profits tax before receipt and profits of its business .....Tag this Judgment!