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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1947 Page 1 of about 10 results (0.027 seconds)

Aug 29 1947 (PC)

The Commissioner of Income-tax Vs. the Nattarasankottai Electric Suppl ...

Court : Chennai

Decided on : Aug-29-1947

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 .....

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Apr 22 1947 (PC)

Commissioner of Income-tax Vs. Chowringhee Properties, Limited

Court : Mumbai

Decided on : Apr-22-1947

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 .....

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Aug 29 1947 (PC)

Commissioner of Income-tax, Madras Vs. Nattarasankottai Electric Suppl ...

Court : Chennai

Decided on : Aug-29-1947

Reported in : [1947]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 .....

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Sep 04 1947 (PC)

In Re: Vadilal Laldas Patel

Court : Chennai

Decided on : Sep-04-1947

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 .....

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Jan 31 1947 (PC)

Commissioner of Income-tax, Gujarat I Vs. Rajkot Seeds, Oil and Bullio ...

Court : Gujarat

Decided on : Jan-31-1947

Reported in : [1975]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 .....

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Mar 05 1947 (PC)

Commissioner of Income-tax Vs. A.H. Wadia

Court : Mumbai

Decided on : Mar-05-1947

Reported in : (1947)49BOMLR633

..... . the facts with regard to question no. 5 are more or less the same as those in question no. 4. the durbar held debentures in a company called the central provinces portland cement co. ltd. which company failed and went into liquidation. a new company named the c.p. cement company was formed in 1929, which took over the assets and liabilities of the old ..... refund of income-tax deemed under the provisions of section 49b to have been paid by it.17. by section 48 of the indian income-tax act it is provided:if any individual, hindu undivided family, company, local authority, firm or other association of persons, or any partner of a firm or member of an association individually satisfies the income-tax officer ..... , in accordance with the provisions of sub-section (1), any government to which that sub-section applies shall be deemed to be a company within the meaning of that act, and the provisions of that act shall apply accordingly.and then sub-section (3) is a definition section as to the scope of the expression 'his majesty's dominions.' there is no doubt ..... extra-territorial in its character, in my opinion, the indian legislature is perfectly competent to enact extra-territorial legislation. the indian legislature is the creature of the government of india act of 1935; but within the limits of that statute it is sovereign in character. section 99 empowers the legislature to make laws for the whole or any part of british .....

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Mar 05 1947 (PC)

Commissioner of Income-tax, Bombay City Vs. A. H. Wadia, as Agent to t ...

Court : Mumbai

Decided on : Mar-05-1947

Reported in : [1947]15ITR367(Bom)

..... .the facts with regard to question no. (5) are more or less the same as those in question no. (4). the durbar held debentures in a company called the central provinces portland cement co. ltd., which company failed and went into liquidation. a new company named the c. p. cement company was formed in 1929, which took over the assets and liabilities of the old ..... -off or refund of income-tax deemed under the provisions of section 49b to have been paid by it.'by section 48 of the income-tax act it is provided :-'if any individual, hindu undivided family, company, local authority, firm or other association of persons, or any partner of a firm or member of an association individually satisfies the income-tax officer ..... , in accordance with the provisions of sub-section (1), any government to which that sub-section applies shall be deemed to be a company within the meaning of that act, and the provisions of that act shall apply accordingly.'and then sub-section (3) is a definition section as to the scope of the expression 'his majestys dominions.' there is no doubt that ..... competent to legislate upon; and if it is for peace, order and good government of british india, then no limitation is placed upon the legislature that the provisions of the act of the legislature passed should be intra-territorial in their character. it is entirely a matter of state policy to what extent the indian legislature should enact extra-territorial statues .....

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Nov 28 1947 (PC)

W. Jayaraghavan Vs. the Leo Films

Court : Chennai

Decided on : Nov-28-1947

Reported in : AIR1948Mad442; (1948)1MLJ209

..... . v. wallington (1897) 1 q.b. 692 affirmed by the house of lords 1898 a.c 309 there was a breach of contract to take debentures in a company; it was held that the damage for the breach was the loss sustained and not the sum agreed to be lent; at page 695, in the judgment ..... s.s. edison (1933) a.c. 449 ordinarily known as the edison case, at page 460:the law cannot take account of everything that follows a wrongful act; it regards some subsequent matters as outside the scope of its selection, because ' it were infinite for the law to judge the cause of causes,' or consequence ..... of the default of the defendant no. 1 to comply with his covenant. it is reasonably clear, if we look at section 73 of the indian contract act, that the plaintiffs were only entitled to compensation for any loss or damage, which naturally arose in the usual course of things from the breach of the ..... is not suggested that the law in england is different to that in india. it is to be observed, however, that, by section 73 of the contract act, in india, in the absence of proof of damage, nominal damages are not recoverable but that proof of damage is necessary to enable recoverability. it is instructive ..... the loss sustained. that term in the agreement, it is not suggested, gives anything more than what is provided by section 73 of the indian contract act. all that the appellant derived under the agreement was to have two copies of the film for exhibition within the specified territories in consideration for which he .....

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Jul 02 1947 (PC)

Brijlal Ramjilal Vs. Govindram Gordhandas Seksaria

Court : Mumbai

Decided on : Jul-02-1947

Reported in : (1948)50BOMLR556

..... should sell their 'shares' in the partnership ' at par ' to the first respondent, and that they should sell to him, also at par, certain debentures held by them.4. the appellants, without delay, began in the high court of bombay the suit which has ended in this appeal. their plaint, dated ..... filed objections to the filing of the award, which included the objections that the arbitrator had 'misconducted himself within the meaning of the arbitration act' (scilicet the indore arbitration act) and had ' given his decision on matters not referred to him for decision and without jurisdiction ' the other partners filed ' cross-objections ..... rise to this appeal that the arbitration was 'governed by the indore arbitration act,' and until the hearing at their lordships' bar all the parties appear to have acquiesced in this view.3. on february 8, 1941, the ..... of the prime minister of holkar state, indore. there is nothing in the record to indicate that the arbitrator was asked, or agreed, to act in accordance with any law but that of indore. on the contrary, the appellants pleaded in the course of the suit which has given ..... arbitration clause in the deed provided for the reference of disputes to arbitration 'in accordance with and subject to the provisions of the indian arbitration act, 1899, or any statutory modification thereof for the time being in force ' so far as appears from the record, the business of the partnership .....

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Mar 10 1947 (FN)

Koster Vs. Lumbermens Mut. Cas. Co.

Court : US Supreme Court

Decided on : Mar-10-1947

..... court for the eastern district of new york, of which plaintiff is a citizen. jurisdiction rests on diversity of citizenship. the defendants are the lumbermens mutual casualty company, a nominal defendant, organized under the laws of illinois; one james s. kemper, president and manager thereof, a citizen of illinois, and james s. kemper ..... now. the action was a class suit brought to recover amounts alleged to be due to plaintiffs on debentures. there was a possibility that, under one view as to construction of the debentures, the court would have to review the corporate internal affairs to determine net earnings which were or should be ..... williams, 294 u. s. 176 . the whole trend of recent congressional legislation has been to protect corporate stock and security holders. see e.g., securities act of 1933, 48 stat. 74, 15 u.s.c. 77a et seq. but this legislation was not intended as a complete substitute for the antidote provided ..... evident that the legality of many of these transactions will turn on the law of illinois, under which lumbermens exists and within whose territory the questioned acts took place. that would be home law if the case were tried in chicago; it would be foreign law to new york and the case, ..... , but he does page 330 u. s. 521 not appear to have attended any meetings of policyholders or to have raised objection to the acts alleged, or otherwise to have personal knowledge so that he could possibly be a witness except as to his ownership of the policy of insurance which .....

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