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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1971 Page 1 of about 37 results (0.136 seconds)

Feb 09 1971 (HC)

Commissioner of Income-tax Vs. Nawn Estate Private Ltd.

Court : Kolkata

Decided on : Feb-09-1971

Reported in : [1972]86ITR300(Cal)

..... consider various provisions in various other statutes. for instance, in section 87f of the indian companies act, 1913, 'an investment company' has been stated to be a company 'whose principal business is the acquisition and holding of shares, stocks, debentures or other securities'. there are similar provisions in the new companies act as well. mr. mukherjee also referred us to some of the provisions of the excess ..... . in the finance acts of 1937 and 1952 also these expressions ..... profits tax act, 1940, wherein, as we have indicated, the expression 'holding of investments or other property' has been used .....

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Sep 01 1971 (HC)

Bank of India Ltd. Vs. Ahmedabad Manufacturing and Calico Printing Co. ...

Court : Mumbai

Decided on : Sep-01-1971

Reported in : [1972]42CompCas211(Bom)

..... transferee company are to receive, would, therefore, be debentures, it is also not disputed that these would be new issues, in so far as the ..... . it has not been disputed that, in order to carry out the scheme in the present case, the transferee company would be required to issue a new type of equity shares not hitherto issued. though section 2(12) of the companies act defines the terms 'debenture' as including 'bonds', and the convertible bonds as well as the redeemable bonds which the shareholders of the ..... of the term 'arrangement', one is relegated to its meaning as a matter of plain language and to the context in which it is used in chapter v of the companies act. the word 'arrange' has, as one of its meaning, in the shorter oxford dictionary, 3rd edition, 'to come to an agreement or understanding', and the word 'arrangement' has, as its ..... by the act has been judicially construed in england as being applicable to a scheme under which a company transfers its assets to a new company, in consideration of the assignment of the new company's shares to the first company's members, and if the first company's debentures are not paid off, in further consideration of the new company issuing debentures to the first company's debenture holders (pennington .....

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Jul 23 1971 (HC)

All India Voltas and Volkart Employees' Federation Vs. Voltas Ltd. and ...

Court : Mumbai

Decided on : Jul-23-1971

Reported in : (1972)ILLJ326Bom

..... of workers shall not be given a certain benefit, so long as the company acts fairly and in a bona fide manner as in the present case. expenses of issuing debentures : 16. in the accounting year 1965-66 the company issued 7% debentures redeemable in 1970-75 secured by a mortgage of its assets and a ..... question which has been raised is relative to the issue of debentures by the company in the year 1965-66. the company issued 7% debentures redeemable in the years 1970-75 secured by a mortgage of its assets amounting to ..... an enduring nature or, in other words, any capital assets, when it borrowed moneys on the issue of debentures. it was a simple transaction of loan albeit secured by its immovable property but the company did not acquire any asset which was in the nature of a capital asset. any expenditure, therefore, ..... one crore of rupees. in so issuing these debentures the company incurred expenses of rs. 4,41,529. these expenses are in respect of items such as underwriting, commission, brokerage, advertising and ..... 12) of the act and, therefore, should not have been allowed to be deducted. in other words, it was urged that the tax on the excess dividend charged to the company and paid by it should also be added back and would increase the figure of 'available surplus.' : (3) expenses of issuing debentures : the third .....

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Jun 16 1971 (HC)

In Re: Asiatic Oxygen Ltd.

Court : Kolkata

Decided on : Jun-16-1971

Reported in : AIR1972Cal50

..... for delivery of shares under section 113 of the companies act, 1956 does not lie. for that the companies act, 1956 provides for no special remedy. a suit has to be filed for that.section 113 of the companies act reads as follows :-- '(1) every company , shall, within three months after the allotment of any of its shares, debentures or debenturestock, and within two months after the application ..... for the registration of the transfer of any such shares, debentures or debenture stock, complete and have ready for delivery the certificate, of all ..... companies act of 1948. rule 7 of the rules of the supreme court (companies) (no. 2) 1948 of england enumerates the applications which shall be made by motion. rule 8 of the said rules enumerates the applications which have to be made by summons. sub-rule (i) of rule 8 of the said rules enumerates applications in regard to delivery of certificates or debentures ..... under section 80 (3) of the act. rule 11 (a) of our companies (court) rules, 1959 sets out the applications which shall be made by petition. rule 11 (b) of our rules provides that all other .....

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Aug 03 1971 (HC)

Commissioner of Income-tax Vs. Radha Swami Bank

Court : Allahabad

Decided on : Aug-03-1971

Reported in : [1972]85ITR136(All)

..... 'interest on securities',-- (i) interest on any security of the central or state government; (ii) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a central, state or provincial act. (2) nothing contained in sub-section (1) shall be construed as precluding an assessee from being charged ..... (i) and (ii) of sub-section (1) shall not again form part of the deductions admissible under sections 30 to 37 for the purposes of computing the income of the company under the head 'profits and gains of business or profession.' explanation.--for the purposes of this section, 'moneys borrowed' includes moneys received by way of deposits.' '21. amounts not ..... borrowed for the purpose of investment in such securities. whereas, formerly the proviso to section 8 had not been considered applicable to the case of securities purchased by a banking company in the course of its business and the expenditure incurred, including interest payable on moneys borrowed, was considered as falling under section 10(2), the explanation now propounded the ..... because the apportionment was desirable for determining on some equitable consideration how much of the expenditure incurred in the course of the banking business could be allowed.5. a banking company borrows funds for the purpose of its banking business, and in the course of its business acquires securities as trading assets. there was a controversy on the question whether .....

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Apr 27 1971 (SC)

Commissioner of Income-tax, Mysore Vs. Mysore Electrical Industries Lt ...

Court : Supreme Court of India

Decided on : Apr-27-1971

Reported in : [1971]41CompCas617(SC); [1971]80ITR566(SC); (1971)2SCC243a; [1971]SuppSCR521

..... any item under the heading 'current liabilities and provisions' in the column relating to 'liabilities' in the 'form of balance-sheet' given in part i of schedule vi to the companies act. 1956 (i of 1956). shall not be regarded as a reserve for the purposes of computation of the capital of a ..... the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (xi of 1922), or the income-tax act, 1961 (xliii of 1961);(iv) its debentures, if any; and(v) any moneys borrowed by it from government or the industrial finance corporation of india or ..... computed in accordance with the provisions of the second schedule or an amount of rs. 2,00,000/-whichever is greater. the second schedule to the act contains the rules for computing the capital of a company for the purposes of surtax. rule 1 of the second' schedule with which alone we are concerned in this section reads:subject to the other ..... made on april 27, 1949 and a general meeting of the shareholders held on 27th june 1949 adopted the report and recommendation of the directors. the company was assessed to business profits tax chargeable under the business profits tax act for the accounting period 1st january to 31st march 1949 and the question which arose was: what was the capital of the .....

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Jan 29 1971 (HC)

Mayavaram Financial Corporation Ltd. and ors. Vs. Reserve Bank of Indi ...

Court : Chennai

Decided on : Jan-29-1971

Reported in : [1971]41CompCas890(Mad)

..... received from third parties by the foreman will not amount to banking and as such outside the provisions of the reserve bank of india act. in this connection he refers to section 5(b) of the banking companies act, 1949 (x of 1949), which defines ' banking ' as follows: ' ' banking ' means the accepting for the purpose of lending or investment of deposits ..... or otherwise, of trade, industry, commerce or agriculture ; or (ii) which carries on as its business or part of its business the acquisition of shares, stock, bonds, debentures or debenture stock or securities issued by a government or local authority or other marketable securities of a like nature ; or (iii) which carries on as its principal business hire-purchase transactions ..... deposit ' thus : '2(1)(f) 'deposit' means any deposit of money with, and includes any amount borrowed by, a company, but does not include- (i) any loan received from government; (ii) any loan raised on terms involving the issue of debentures or the creation of any mortgage, pawn, pledge or hypothecation, charge including floating charge, or lien on the assets of ..... a subsidiary of the holding company of its holding company or by a company from a holding company of its holding company ; (vi) any loan received by a government company from any other government company; (vii) any loan received from a member of the company or any money received from a member by way of subscription to any shares, stock, bonds and debentures (including calls or deposits .....

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Apr 16 1971 (HC)

Orissa Cement Ltd. Vs. the Central Board of Direct Taxes and ors.

Court : Delhi

Decided on : Apr-16-1971

Reported in : ILR1971Delhi51B; [1972]84ITR451(Delhi)

..... government, or (ii) for redemption of its debentures, or (iii) for the acquisition of any capital asset in india, including the construction of any building, for the purposes of the business of the company. explanationn 1.-in this section, 'tax' means income-tax, payable under this act and surtax, if any, payable under the companies (profits) surtax act, 1964 (vii of 1964). explanationn 2.-the ..... first schedule to the industries (development and regulation) act, 1951, by granting them tax credit certificates this encouragement is available to such a company if an amount equivalent to the amount of the tax credit certificate is used for repayment of loans token by such company from any of the financial institutions of its debentures or for acquisition by the central government or for ..... interpretation sought to be placed by the respondents on the expression 'tax payable' would defeat the object of the section which was to give encouragement to such company to effect repayment of loans; redemption of debentures and acquisition of any capital asset in the three years mentioned in the scheme. (11) on the other hand, the respondents contend that paragraph 3(1 ..... the object of the section will be frustrated. in our opinion, it would not be so. the provisions of this section are not to enable such company to repay the loan or redeem its debentures or acquire any capital asset. the object of the section is that if any of these things has been done during the specified three years by such .....

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Sep 16 1971 (SC)

Commissioner of Income Tax, Gujarat Vs. Distributors (Baroda) (P) Ltd.

Court : Supreme Court of India

Decided on : Sep-16-1971

Reported in : AIR1972SC288; (1972)4SCC353; [1972]1SCR726

..... 2,41,705 1,96,384 2. dividend on shares of 1,95,179 2,58,511 3,21,746 3,12,251 managed companies 3. income from shares held as stock-in-trade (i) interest on debentures 369 342 309 312 (ii) dividends 3,40,695 4,68,775 5,48,325 5,53,999 (iii) dealing in shares 23,867 ..... for a period of five years in view of the provisions of the companies act, 1956.6. the group of persons who had floated the assessee company had earlier in the year 1940 floated a company called the cotton fabrics private ltd. by an agreement dated april 22, 1943, the assessee company was appointed the managing agent of the said cotton fabrics private ltd. in ..... or guaranteed by any company constituted or carrying on business in british india'. sub-clause (p) of that clause empowers the company 'to take part in the formation, management, supervision or control of the business or operation of any ..... be hereinafter referred to as the act) ?3. the assessee company was incorporated on october 11, 1941. the object clause in the memorandum of association contains the usual string of objects. confining ourselves to the objects relevant for our present purpose we get in clause (3) of the memorandum power 'to acquire and hold shares, stocks, debentures, debenture stocks, bonds, obligations and securities issued .....

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Sep 16 1971 (SC)

Commissioner of Income-tax, Gujarat Vs. Distributors (Baroda) P. Ltd.

Court : Supreme Court of India

Decided on : Sep-16-1971

Reported in : [1972]83ITR377(SC)

..... for a period of five years in view of the provisions of the companies act, 1956.6. the group of persons who had floated the assessee company had earlier in the year 1940 floated a company called the cotton fabrics private ltd. by an agreement dated april 22, 1943, the assessee company was appointed the managing agent of the said cotton fabrics private ltd. in ..... or guaranteed by any company constituted or carrying on business in british india '. sub-clause (p) of that clause empowers the company 'to take part in the formation, management, supervision or control of the business or operation of any ..... agency 209,999 2,56,315 2,41,705 1,96,384 2. dividend on shares of managed companies 1,95,179 2,58,511 3,21,746 3,12,251 3. income from shares held as stock-in-trade: (i) interest on debentures 369 342 309 312 (ii) dividends 3,40,695 4,68,775 5,48,325 5,53,999 ..... be hereinafter referred to as 'the act ')?3. the assessee company was incorporated on october 11, 1941. the objects clause in the memorandum of association contains the usual string of objects. confining ourselves to the objects relevant for our present purpose, we get in clause (3) of the memorandum power ' to acquire and hold shares, stocks, debentures, debenture stocks, bonds, obligations and securities issued .....

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