Court : Supreme Court of India
Decided on : Apr-20-1955
Reported in : AIR1955SC604; 25CompCas344(SC); 2SCR374
..... application was based on a report of the official receiver in which after setting out the relevant facts he submitted that even though under section 229 of the indian companies act the company which was admittedly insolvent was governed by rules prevailing with regard to the respective rights of the secured and unsecured creditors and to debts provable and valuation of annuities ..... indenture made in england on the 13th october, 1924, the company charged by way of first charge in favour of the trustees all its ..... respondent 3 in his capacity as the receiver of the trustees of the debenture-holders of the company. 2. the appellants are the secretary and president respectively of the madras tramways workers association (regd. no. 1253) a trade union registered under the trade unions act. the workmen employed by the company are entitled under the award of the special industrial tribunal, madras, in ..... company was incorporated in england with its principal office situated at no. 1, rundalls road, vepery, madras-7 and was running the tramway service in madras with licence issued to it by the government under the tramways act. it had issued 1300 first debentures of pounds 100 each and the debenture-holders had appointed the beawer trust ltd., england as trustees. by an .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-12-1955
Reported in : AIR1955Cal258,59CWN550
..... payable on the plaint under article i, schedule i, court-fees act, was paid. thereafter, the defendant company, by its liquidator, applied to this court for the transfer of the suit to its extraordinary original civil jurisdiction under clause 13 of the letters ..... , against sree radhakrishna sugar mills ltd., (in liquidation), and certain other parties for the enforcement of a charge, alleged to have been created by a certain debenture of trust deed and some other reliefs. the suit was valued at rs. 15,00,000/- and the 'ad valorem' duty of rs. 10,000/-, ..... effect of such a certificate will be exactly the same. 15. the learned trial judge has referred to the provisions of the government of india act of 1935 to the effect that the high court shall have no original jurisdiction in respect of matters concerning the revenue and he has expressed some ..... on a finding of overpayment, its effect, in my view, is not recommendatory but mandatory. the language in sections 13, 14 and 15, court-fees act is that the court shall issue a certificate to a particular party 'authorising him to receive back from the collector' the fee directed to be refunded. that ..... standing counsel contended that, in any event, the fees leviable in this court after the transfer could only be those prescribed by the court-fees act and the different and higher fees prescribed by the rules of the original side could not properly be demanded or levied. 7. the second point is .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Oct-07-1955
Reported in : AIR1956P& H90
..... super tax or any other tax or duty on income or revenue or allowance for managing agents' commission or for expenditure by way of interest on debentures or otherwise or capital account or on account of any sums which may be set aside in each year out of the profits for reserve or any ..... v. commr. of taxes,' (1936) 4 itr 264 b. their lordships held in that case that if the only evidence before the court had been the company's resolution fixing the directors' fees and vouchers of payment, it could not have reasonably refused to hold that the assessment was excessive, but taking other facts into ..... in clause 2 of this agreement which runs as follows:'2. that this remuneration shall be a sum equal to 10% of the yearly profits of the company after allowing the usual working expenses, interest on loans and advances, repairs and outgoings, depreciations etc. but without any deduction in respect of income-tax, ..... under the name and style of hansraj gupta and co.one pt. mela ram who was the general manager of the partnership was employed by the company because he was greatly experienced, and well versed in the 'kohlu' hiring business having looked after the business of the firm and its predecessors for the ..... agreement the amount payable by way of commission to pt. mela ram came to rs, 81,961/-, and the company claims this as a deduction under section 10 (2) of the income-tax act.4. in paragraph 10 of their petition the petitioners claim that this amount has been erroneously held to be covered .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-16-1955
Reported in : AIR1956Bom459; (1956)58BOMLR3; ILR1956Bom100
..... reduced to writing and the case for the respondent-is that, though the contract is oral, it is nevertheless subject to the articles of association because under section 21, companies act, the articles of association must be taken to constitute an agreement in writing between the appellant and the respondent inter se as they are both members of the said association ..... has been raised alternatively on the assumption that the articles of association can in law constitute a valid arbitration agreement as a result of the provisions of section 21, companies act.7. it would, we think be convenient to deal with this latter argument first and that would naturally take us to the relevant articles of association and bye-laws ..... v. odessa waterworks co.' (1889) 42 ch.d. 636 (n) one of the shareholders had sued the company on behalf of all the shareholders from an injunction restraining the company from giving effect to a resolution by which the shareholders were given debenture bonds, bearing interest and redeemable at par by annual drawing instead of paying dividends in cash. the argument for ..... the plaintiff was that the resolution in question contravened the articles of association.sterling j. in delivering an interlocutory judgment, observed that the articles of association constitute a contract not merely between the shareholders and the company, but .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-21-1955
Reported in : AIR1955Bom439; (1955)57BOMLR827; 1955CriLJ1564; ILR1955Bom1039
..... in appeal was whether the provisions of the indian income-tax act, 1922-1939, by virtue of which the whole income of the company, including that which arose without british india, was subjected to income-tax, were valid.the question was answered in the ..... of wallace and co., which carried on business in bombay.in the previous year for the purposes of income tax the income of the company arising in british india was rs. 17,85,831 and its income arising without british india was rs. 7,48,427. there was no connection between ..... in their view the derivation from british india of the major part of its income for a year gives to the company as respects that year a territorial connection sufficient to justify the company being treated as at home in british india for all purposes relating to taxation on its income for that year from ..... the company and british india excepting the derivation from british india of the major part of the income during the previous year and the question in issue ..... v. commissioner of taxation (n. s. w.)', (1936) 56 clr 337. it was held in that case that acts passed by the parliament of new south wales, under which interest realised outside this state on debentures, secured by the mortgage of properties within the limits of the state, was made liable to tax, were within the constitutional .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-22-1955
Reported in : AIR1956Bom415; (1956)58BOMLR112; ILR1956Bom154
..... failed to establish that the value of the investments was less than the nominal value of the consideration for which the assessee company had received them, viz., the liability to discharge the debentures and interest thereon and the allotment of its share capital as fully paid. it is difficult to understand what bearing this ..... stock had a definite market value on the date of exchange and this value was less than the original value of the stock of the company and the company claimed the difference as a permissible deduction, and this deduction was allowed by the high court, and what was held was that the surrender of ..... but as the transactions were not business ones and as he derived no immediate pecuniary gain, the state cannot tax them, for under the income-tax act the state has no power to tax a potential future advantage. all it can tax is income and gains made in the relevant accounting year'. therefore ..... right in entering the cost value of the silver and shares at the date of the withdrawal, because it was not a business transaction and by that act the business made no profit or gain, nor did it sustain a loss, and the appellant derived no income from it. he may have stored ..... before the tribunal the president and the accountant member differed. the president took the view that the amount was income within the meaning of the act and liable to tax. the accountant member took a different view. the matter was therefore referred to the judicial member and the judicial member agreed .....Tag this Judgment!
Court : Allahabad
Decided on : May-04-1955
Reported in : AIR1956All14
..... reconciling the conflicting claims of the different bodies. it is to be seen whether i can do that. as i read section of the indian companies act, i interpret it to mean that it is open to the court, notwithstanding the fact that a scheme might have been unanimously agreed to ..... can the court sanction, any arrangement or compromise with its creditors under sections 153 and 154 of the companies act, 1913, which necessarily involves the doing of any act which is ultra vires the company, being in excess of its corporate powers as defined in its memorandum of association. it is true that ..... mills ltd. (hereinafter described, for brevity's sake, as the company) under section 153 of the indian companies act (vii of 1913) praying that this court may sanction a scheme put forward by it for payment of its debts. 2. this company was registered in 1910. one of its principal objects was the ..... thenceforth quietly to possess use and enjoy the same and receive the rents, income, profits and benefits thereof without interruption or hindrance by the company, the managing agents or by any person or persons whomsoever.....'. it will be noticed that these terms of the mortgage deed also do not ..... of arrangement usually contains a clause empowering the company or its 'liquidator' to assent to any modifications or conditions approved or imposed by the court, and the clause fa sometimes quailifed, e.g., by adding the words and by the trustees for the debenture-holders'. in the absence of any such clause .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jan-20-1955
Reported in : AIR1955AP116; 28ITR220(AP)
..... money laid out in buying a thing expected to fetch a regular periodical return a lawyer may buy a share certificate or a debenture in a company. there would be no presumption in such a case that the share or debenture was purchased with the sole object of re-selling at a profit. on the other hand, if a person regularly dealing in ..... were in embarrassed circumstances, that they were under pressure to meet the demands of their creditors, that the execution of the decree was stayed under the provisions of the madras act 4 of 1938 pending an application for scaling down of the decretal debts, and that as there was no immediate prospect of realising their share of the decretal amount, they ..... : 'whether the sum of rs. 75,040/- is a receipt not from business but only of a casual and non-recurring nature exempt under s. 4(3)(vii), income-tax act ?'(2) having regard to the nature of the question, it is necessary to state the material facts which have a bearing on the character of the transaction leading to the .....Tag this Judgment!
Court : Chennai
Decided on : Mar-31-1955
Reported in : AIR1956Mad285; (1956)1MLJ335
..... the motor was being supplied on loan. on nth april, 1953, the madras company ceased to carry on business and mr. brookes, for and on behalf of the trustee of the debenture-holders of the said company, took possession of all the assets under the powers reserved to him by the ..... and expense of the applicants and deliver them to the applicants or their authorised agents at madras. to this application the respondents were the madras company in liquidation represented by the official receiver, madras, and mr. brookes. subsequently, notice was ordered by the court to the government of madras ..... addressed by the chief accountant of the calcutta company to the madras company, it appears that mr. brookes evidently as receiver on behalf of the debenture-holders had intimated to the calcutta company his intention to return the aforesaid motors. on 28th november, 1953, the calcutta company wrote to mr. brookes as follows:loan- ..... title of b to the said property a is deprived of property y. but the principle underlying section 119 of the transfer of property act should also apply to the case where instead of a subsequent deprivation of transfer there is no transfer at all. there is one decision ..... other party or his legal representative or transferee from him without consideration. an exchange is defined thus by section 118 of the transfer of property act:when two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things, being money only, the .....Tag this Judgment!