Skip to content


Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1963 Page 3 of about 27 results (0.034 seconds)

Nov 12 1963 (HC)

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

Court : Chennai

Decided on : Nov-12-1963

Reported in : (1964)1MLJ281

..... : l.r. 63. la. 457 : 71 m.l.j. 525. the facts of that case were as follows. 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. it was held that the share-holders, did not, as a result of those transactions, receive any ..... observes:it 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 a ..... gift from the company. if they were a gift, they would not be paid up ..... taxable income, profits or gains within the meaning of section 4 of the indian income-tax act, 1922. the personal motive or purpose of the individual share-holders, even though they held controlling interest in the company, was held .....

Tag this Judgment!

May 03 1963 (HC)

Jogta Coal Co. Ltd. Vs. Commissioner of Income-tax, CalcuttA.

Court : Kolkata

Decided on : May-03-1963

Reported in : [1965]55ITR89(Cal)

..... satisfied by the issue of shares and the balance of rs. 10 lakhs by the issue of debentures. these debentures were issued to two canadian companies controlled by the harvey brothers and these companies in turn issued their own debentures for rs. 10 lakhs to the wives of the two brothers. the assessee had further received ..... in law in going behind the contract of saled in determining the original cost to the company for the purpose of making an allowance under clauses (vi) and (vii) of section 10(2) of the income-tax act.coming back to the madras high court once again in g. vijayaranga mudaliar v. ..... conclusively establish the correctness of a claim made by an assessee that, for the purpose of section 10(2) (vi) of the indian income-tax act, the original cost was the amount shown in the document; and, if a circumstances showed that an assessee had arranged to put an entirely fictitious price ..... on which the appellant was entitled to calculate the deduction allowance for purposes of depreciation under section 10(2) (vi) of the indian income-tax act.the appellate tribunal states that the allocation of the consolidated sale price was furnished to the income-tax officer as rs. 23,00,000. broadly ..... direct that the question with the necessary modification if any, be referred and the case stated in accordance with section 66(1) of the income-tax act...'in view of the above directions of the supreme court, the appellate tribunal has stated the case. it appears from the statement of the case that .....

Tag this Judgment!

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. .....

Tag this Judgment!

Oct 10 1963 (HC)

Manickavasagam Chettiar Vs. Commissioner of Income-tax.

Court : Chennai

Decided on : Oct-10-1963

Reported in : [1964]53ITR292(Mad)

..... treated as a distribution to proprietors by virtue of the provision of section 36(1)(c), finance act, 1947. the company contended that while the advance on the security of the debentures was an amount applied by way of loan, it was not applied for the benefit of any person, since the money was lent on commercial terms, and that the subsequent ..... interest was paid and in november, 1947, and may, 1949, the company waived the interest due for the periods up to 31st october, 1947, and 31st ..... one or more of the following modes :- (i) in shares, stocks, debentures and securities of any public or private company, public body or government whether the same be trustee securities within the meaning of the indian trusts act or not; (ii) in loans or advances to any person, firm, body or company in such manner and on such terms an with or without security ..... to extend its business to eire and formed an associated company at that place. on 16th september, 1947, that eire company acquired shares in the appellants company which were later forfeited because of non-payment of calls. on the same date the appellant company advanced pounds 35,000 to the eire company on the security of debentures carrying interest at 5 per cent. per annum. no .....

Tag this Judgment!

Jun 28 1963 (HC)

Commissioner of Income-tax Vs. J. Thomas and Co. Ltd.

Court : Kolkata

Decided on : Jun-28-1963

Reported in : [1965]55ITR312(Cal)

..... of the case runs as follows :'the directors of the appellant-company acquired a controlling interest in another company, whose operations thereafter they carried on as directors. the second company became indebted to the appellant-company on trading account and issued debentures in its favour to secure the debt.the holder of the remaining ..... paid as compensation for loss of employment, that, is, for being deprived of profits to which as between himself and the company mr. thomas would, but for an act of deprivation by his employer, has been entitled.mr. meyer has urged that the finding of the president is absolutely conjectural, ..... contract and whose presence on the board was regarded as detrimental to the profitable conduct of the companys business.on the above facts the following question has been framed under section 66(2) of the act for a decision by this court : 'whether, on the facts and in the circumstances ..... holder of an office as compensation for being deprived of profits to which as between himself and his employer he would, but for an act of deprivation by his employer or some third party such as legislature, have been entitled. when the deprivation is by the legislature there could ..... payment of compensation was for the premature termination of the contract. the matter was referred to the president under section 5a(vii) of the act and the president concurred with the decision made by the accountant member and held the there was evidence to show that the expenditure claimed .....

Tag this Judgment!

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 .....

Tag this Judgment!

Apr 11 1963 (SC)

Bengal Kagazkal Mazdoor Union and anr. Vs. the Titaghur Paper Mills Co ...

Court : Supreme Court of India

Decided on : Apr-11-1963

Reported in : [1963(7)FLR202]; (1963)IILLJ358SC; [1964]3SCR38

..... has been earmarked for a particular purpose which is binding and must be carried out, for example, an amount kept in reserve for paying debentures when they fall due, it cannot be deducted from the gross rehabilitation amount. further when that case lays down that the whole or a part ..... the tribunal seems to have ignored this fact altogether in calculating rehabilitation amount for the years in dispute. as was pointed out in the associated cement companies case : (1959)illj644sc , all the rehabilitation amount which may have been allowed to the employer for rehabilitation in previous years but remained unused for ..... account of new blocks being added followed by further rise of prices after the purchase of the new blocks. as was pointed out in the associated cement companies case : (1959)illj644sc , the tribunal has before awarding the proper amount in respect of rehabilitation, to make deduction, (firstly) on account of break- ..... court then decided was that in calculating the amount of tax payable, the tribunal should take into account the concessions given by the income-tax act, though in the report it is printed that the tribunal should not take into account the concessions. this will however be clear from the ..... calculating the income-tax the tribunal should take into account the concessions given by the income-tax act to the employers, for two more depreciations are allowed under s. 10(2)(vi) of the income-tax act. at p. 962 of the report in the supreme court reports, the word 'not' .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //