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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1963 Page 2 of about 27 results (0.110 seconds)

Feb 19 1963 (HC)

Commissioner of Income-tax, Kerala Vs. South Indian Bank Ltd., Trichur ...

Court : Kerala

Decided on : Feb-19-1963

Reported in : [1963]49ITR956(Ker)

..... chargeable to tax under this section bears to the gross receipt from all sources which are included in the profit and loss account of the company, shall be deemed to be the sum reasonably expended by it for the purposes of realising such interest; and the amount for which allowance ..... income must be calculated as provided in the explanation to section, the relevant portion of which is in these terms :'explanation : in the case of a banking company, -(a) the amount which bears to the aggregate of its expenses as are admissible under sub-section (2) of section 10, other than under clauses (iii ..... :'such interest shall, however, be included in the total income of the assessee for the purposes of section 16 of the indian income-tax act, 1922.'such interest refers to what is mentioned earlier in the notification, viz., the interest receivable on the tax free bonds specified in the ..... or other securities for money issued by or on behalf of a local authority or a company ..... acting under section 60a of the indian income-tax act.section 8 provides that :'the tax shall be payable by an assessee under the head interest on securities in respect of the interest receivable by him on any security of the central government or of a state government, or on debentures .....

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Jun 14 1963 (HC)

Nizam Sugar Factory Vs. Commissioner of Agricultural Income-tax, Hyder ...

Court : Andhra Pradesh

Decided on : Jun-14-1963

Reported in : [1964]52ITR939(AP)

..... so far as they are necessary for the decision of the two questions under reference. the nizam sugar factory limited was incorporated as a joint-stock company under the hyderabad companies act in april, 1937. its main objects, as they appear from the memorandum of association, ar :'(1) to carry on the business of manufacturers ..... in respect of income-tax or super-tax or any other tax or duty or income or revenue or expenditure by way of interest on debentures or otherwise on capital account of any sum which may be set aside in each year out of the profits for reserve or any other ..... their ability on all questions of or relating to manufactur and finance and disposal of the companys products.'net profits' were to be ascertained after payment of all expenses of the company, and after providing for interest on debentures. on these facts, it was held by the court of appeal that in computing its ..... profits for the purposes of income-tax, the company was entitled to deduct the sums so paid as being 'money ..... assessee 'solely for the purpose of earning such profits or gains' within the meaning of section 10(2)(ix) of the indian income-tax act, 1922, and the assessee company was entitled to claim that this sum should be deducted in computing its profits and gains. roberts c.j. pointed out that '... the taxable .....

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Dec 17 1963 (HC)

Commissioner of Income-tax Vs. Allahabad Bank Ltd.

Court : Kolkata

Decided on : Dec-17-1963

Reported in : [1966]36CompCas365(Cal),[1966]60ITR384(Cal)

..... carefully the argument advanced by learned counsel on behalf of the applicant, it seems to us that, if we came to the conclusion that section 78 of the companies act, 1956, applied to banking companies, the order of the tribunal in the instant reference must be upheld. the real question for determination in this reference, therefore, is whether or not section 78 of ..... to be included in the share premium account. ' 5. having regard to the provisions of the explanation to paragraph d of the first schedule to the finance act, 1956, and section 78(3) of the companies act, 1956, the appellate assistant commissioner held that the sum of rs. 45,50,000 (rupees forty-five lakhs and fifty thousand) formed an identifiable part of ..... of, or the commission paid or discount allowed on, any issue of shares or debentures of the company ; or (d) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the company, (3). where a company has, before the commencement of this act, issued any shares at a premium, this section shall apply as if the shares ..... had been issued after the commencement of this act: provided that any part of the premiums which has been so applied that .....

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Jan 31 1963 (HC)

Chennupati Ramakotayya Vs. Myheni Lakshmanaswamy and anr.

Court : Andhra Pradesh

Decided on : Jan-31-1963

Reported in : AIR1964AP14

..... with full vigour to the instant case. this is an a tortiori case. in that this is not a statutory corporation but a company governed by the indian companies act, it is expected to make profits, declare dividends, distribute them among the share-holders and is even liable to be wound up, which ..... effect to its policy of exploiting the mines in pubiic sector in febraury, 1961, when it was registered as a private limited company, under the provisions of the indian companies act. immediately thereafter, it applied to the appropriate government in accordance with mineral con-cession rules, 1960, for a mining lease for ..... that the company is a private limited concern and is in consonance with the character of such a concern. as ..... affairs, me money which the corporation needed was raised, not by the issue of shares but by borrowing and its borrowing was not secured by debentures but was guaranteed by me treasury, if it could not repay, the loss fell on the consolidated fund of the united kingdom, that is to ..... indicate that a private individual' could also own shares in the company.15. sri balaparameswari rao lays great stress on article 3(b) which lays down'any intimation to the public to subscribe for any shares or debentures of the company is hereby prohibited.'16. the provision is necessitated by the fact .....

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Jan 08 1963 (HC)

Sri Meenakshi Mills Ltd., and Others Vs. Commissioner of Income-tax, M ...

Court : Chennai

Decided on : Jan-08-1963

Reported in : [1963]50ITR769(Mad)

..... , which carried on a money-lending business in british india, advanced in gwalior to a company incorporated in british india with headquarters in bombay, a loan on the security of its first mortgage debentures. the interest was payable at gwalior and the debentures were also deposited there. the company brought the borrowed money to british india and utilised it for the purpose of its ..... indicates that the transference of the money must be the result of a definite arrangement entered into between the lender and the borrower and not the result of a casual act of the borrower without any reference to the lender. mr. ranganathan, learned counsel for the department, however, would seem to suggest that this interpretation of the relevant provision of the ..... territory, and since the remittance exceeded the sum of interest earnings on the fixed deposits, such interest earnings should be brought to tax under section 4 of the income-tax act as having been remitted to british india. in coming to this conclusion, the income-tax officer relied upon a similar assessment that had been made in the previous assessment year ..... madurai had by that means brought that income into the taxable territory. appeals were taken to the appellate assistant commissioner whose view was that section 42 of the income-tax act applied, and justified the assessments. there were further appeals to the appellate tribunal; while the tribunal appeared to be conscious of the fact that the weight of judicial opinion was .....

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May 09 1963 (SC)

Sri Gopal Jalan and Company Vs. Calcutta Stock Exchange Association Lt ...

Court : Supreme Court of India

Decided on : May-09-1963

Reported in : AIR1964SC250; [1963]33CompCas862(SC); [1964]3SCR698

..... concerned, observed at p. 264, 'in the present case, the articles relating to forfeiture do not, in my view, offend against the provisions of the companies act, as they do not contemplate a reduction of capital or a purchase of shares or a trafficking in shares'. now, obviously, if upon forfeiture, the shares ..... re-issue of a forfeited share is not an allotment of share within s. 75(1). the word 'allotment' has not been defined in the companies act either in our country or in england. but we think that the meaning of that word is well understood and no decision has been brought to ..... question in this appeal is, what is the meaning to be ascribed to the word 'allotment' occurring in s. 75(1) of the companies act, 1956 that section requires a company to file a return of the allotment of its shares with the registrar within a month of the making of the allotment. the appellant who ..... . as the learned judges of the high court pointed out, s. 75 occurs in part iii of the act which deals with 'prospectus and allotment, and other matters relating to issue of shares or debentures'. section 69 to 75 are classed under the sub-heading 'allotment' and the only kind of allotment that ..... is dealt with in these sections is the appropriation of shares to individuals out of the unappropriated share capital of the company. in these circumstances it would be .....

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Feb 05 1963 (HC)

Commissioner of Income-tax, Calcutta Vs. Associated Clothiers Ltd., Ca ...

Court : Kolkata

Decided on : Feb-05-1963

Reported in : AIR1963Cal629

..... proceed on broad general principles. in the first place, the veil of incorporation is not intended to conceal the internal affairs of the company from view because the companies act itself recognises it as an essential feature of corporate personality that it should be accompanied by the widest publicity. these special instances may be ..... been held as yet in any case that even in cases of state enterprises in what are known as the government companies under the companies act its employees are regarded as government employees in 'spite of many controls, financial and administrative that the government may have in respect of such ..... classified as (1) under express statutory provisions, as for instance, members being liable under the companies act if the numbers of the company are allowed to fall below the prescribed minimum or in the case of fraudulent trading or misdescription of ..... court has always looked to the reality of the transaction and would not allow the purpose of the acts to be defeated by the use of the companies acts, as for instance, in samrose properties ltd. v. gibbard, (1958) 1 wlr 235. a similar approach was made in the prize ..... stamp act (1 of 1879) at page 46 made the following observation:'the document, upon the face of it, professes to be a conveyance of a tea garden from eightgentlemen to the kondoli tea company, limits in consideration of 43,320, the said consideration being payable in shares and debentures of the company taken .....

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Nov 12 1963 (HC)

Commissioner of Income-tax, Madras Vs. Athi V. Ramachandra Chettiar.

Court : Chennai

Decided on : Nov-12-1963

Reported in : [1964]52ITR96(Mad)

..... is common, however, for articles to contain a power for the company to capitalise profits or reserves, and to issue fully paid shares or debentures of a nominal value equal to the amount capitalised to its shareholders. these new shares or debentures are known as bonus shares or debentures, but the name is misleading in that it implies that they are ..... the indian income-tax act quoted the same observation with approval. that is the case of commissioner of income-tax v. mercantile bank of india. the facts of that case were as follow : an investment company was carrying on business in india and it capitalised its accumulated undistributed profits and issued to its shareholders bonus debentures, which were subsequently redeemed ..... the personal motive or purpose of the individual shareholders, even though they held controlling interest in the company, was ..... . it was held that the shareholders did not, as a result of those transactions, receive any taxable income, profits or gains within the meaning of section 4 of the indian income-tax act, 1922. .....

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Sep 05 1963 (HC)

Commissioner of Income-tax, Gujarat Vs. Jayantilal Amratlal

Court : Gujarat

Decided on : Sep-05-1963

Reported in : [1965]55ITR214(Guj)

..... are authorised by law for investment or trust premises or in ordinary or preference shares of joint stock companies, whether partly of fully paid, or in debentures or in giving loans to any public company of firm or firm good standing and reputation or in the purchase or mortgage of any movable ..... and that under the provisions of that clause he could, if he so desired, invest them in his own companies, that power was overridden by section 36 of the bombay trust act (xxix of 1950). the tribunal was also of the opinion that the fact that the settlor could offend against ..... commissioner of income-tax, where this high court held, inter alia, that the promoters of the assessee-company there, i.e., jayantilal amratlal and his two brothers, hariprasad and ramanlal, were persons acting in union and when they subscribed to a portion of the capital, they could be said to have held ..... , knowledge, commerce, health, safety or any other objects beneficial to mankind.' the trust deed was registered with the charity commissioner under the bombay trust act (act xxix of 1950). originally, as the recitals in the said deed of trust show, the trust fund consisted of the aforesaid 80 shares of the ..... such contravention. the question that arises before us is whether these facts attract the application of proviso 1 to section 16(1) (c) of the act. 4. the deed of trust appointed jayantilal amratlal, his wife, his two brothers, hariprasad and ramanlal, and one kasturlal chandulal parikh and bhagubhai chandulal, .....

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Dec 06 1963 (SC)

Burn and Company Ltd. Vs. Its Workmen

Court : Supreme Court of India

Decided on : Dec-06-1963

Reported in : [1964(8)FLR138]; (1964)ILLJ370SC; [1964]5SCR823

..... as payment to meet a future liability inasmuch as the liability to make to payment to the trustees arose under the act itself. this is not a case where the company was laying by money for a future liability but was able to use it if it liked. that would be ..... paid in the past or loss of previous years carried forward but written off in the accounting year as also future liabilities, e.g., redemption of debenture stock, or provision for provident fund and gratuity and other benefits, etc., which, however, necessary they may be cannot be included in the category ..... (3) repairs to buildings, (4) repairs to machinery, were all revenue expenditure. mr. sen has pointed out that the annual accounts of the company show the expenditure incurred for capital expenditure separately. he contends that entries in the profit and loss account on the items mentioned above having been accepted by ..... machinery was obtained, it would be unreasonable to ignore the quotations received from those countries. the tribunal however points out that mr. mukherjee, the company's witness has himself admitted that rehabilitation could be conveniently made by importing from eastern european countries. the only reason this witness has given for ..... like, east germany, poland, czechoslovakia and u.s.s.r. etc. mr. sen has rightly urged that it must be left to the company to decide from which country the new machinery should be obtained and if it decided that rehabilitation could properly be made by obtaining replacements of .....

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