Skip to content


Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1974 Page 1 of about 20 results (0.032 seconds)

Aug 21 1974 (HC)

Commissioner of Gift-tax Vs. B. Sathiar Singh

Court : Chennai

Decided on : Aug-21-1974

Reported in : [1975]98ITR316(Mad)

..... condition in the debenture deed. the question arose whether such an allotment was or was not an allotment of share 'as ..... of joint stock companies, madras : air1918mad680 , a division bench of this court had to consider the scope of the expression 'as fully paid up otherwise than in cash' occurring in section 104(1)(b) of the indian companies act, 1913, in that case there was an allotment of a fully paid up share to a debenture-holder . in exchange of his debenture pursuant to a ..... , second edition, at page 100, has pointed out in the foot-note as follows :'under section 52 (of the english companies act) (corresponding to section 75 of the indian companies act) the documents on the company's file must show that shares have been issued for a consideration other than cash and must contain a contract evidencing the consideration. those requirements are often evaded by ..... cash' and, therefore, came within the provisions of section 104(1)(b) of the act. the court distinguished spargo's case on the ground that the money was actually due by the company to spargo to whom the share was allotted, whereas in the case before it the debenture has not yet become payable to the allottee and, therefore, there was nothing which .....

Tag this Judgment!

Jan 19 1974 (HC)

Minerva Mills Ltd. Vs. Govt. of Maharashtra

Court : Mumbai

Decided on : Jan-19-1974

Reported in : [1975]45CompCas1(Bom)

..... to whom such a notice must, by reason by the provisions of sub-sections (3) and (4) of section 17 of the companies act, be given are : (a) debenture-holders and every other person or class of persons whose interests would be affected but the proposed alternation, and (b) the registrar of ..... in respect of those dues should not be secured in the manner contemplated by clause (b) of sub-section (3) of the section 17 of the companies act. mr. mridul has, after taking instructions from his clients, stated that they are prepared to give a bank guarantee in respect of the same. under those ..... not see how those general observations can be of any assistance to me for the purpose of deciding an application under section 17(1) of the companies act for the confirmation of a special resolution for the transfer of the registered office from this state to another state. 10. having construed the relevant statutory ..... high court in the said case fully supports the view which i have taken on this point on a plain reading of section 17 of the companies act. turning next to the question as to whether the state could object to the transfer of the registered office on the ground that the reasons which ..... , dated 1st september, 1973, the state of maharashtra was entitled to that notice under clause (a) of sub-section (3) of section 17 of the companies act as being a person whose interest would be affected by the alteration, and was also entitled, as such creditor, to have its claim discharged or secured to .....

Tag this Judgment!

Aug 23 1974 (HC)

Indian Tube Co. Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Aug-23-1974

Reported in : [1981]132ITR293(Cal)

..... the column relating to 'liabilities' in the 'form of balance sheet' given in part-i of schedule-vi to the companies act, 1956 (1 of 1956) shall not be regarded as a reserve for the purposes of computation of the capital of a company under the provisions of this schedule.' 2. in essence, under rule 1 of the second schedule, the capital of ..... the amounts credited to such reserve 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 ..... of may, 1963, could be taken into account as reserve for the computation of capital as on january 1, 1963, under rule 1 of the second schedule to the companies (profits) surtax act, 1964 ?'4. in order to determine this question it would be relevant to refer to certain facts as appearing from the order of the tribunal and from the balance ..... sabyasachi mukharji, j. 1. the assessee is a company incorporated under the indian companies act, 1913. this reference arises out of the procedures under the c. (p.) s.t. act, 1964, for the assessment year 1964-65, the relevant previous year being the calendar year 1963. as we are concerned with the c. (p.) s.t. act, 1964, it would be material to refer to certain .....

Tag this Judgment!

Aug 22 1974 (HC)

Addl. Commissioner of Income-tax, Gujarat Vs. Ahmedabad District Co-op ...

Court : Gujarat

Decided on : Aug-22-1974

Reported in : [1975]101ITR733(Guj)

..... the three years under consideration to show cause why action should not be taken under section 263 of the income-tax act, 1961. the assessee filed its written explanation before the additional commissioner, contending, inter alia, that since securities and debentures formed part of the stock-in-trade, the income from interest on such securities is part of the business income ..... the provisions of the act applicable to the source from which the income is received. income from property will be computed in the manner provided by section 9; income from securities of the central government or the state government or debentures or other securities for money issued by or on behalf of a local authority or a company will be computed in ..... . the learned additional commissioner, however, rejected the contention of the assessee on the ground that the government securities and municipal debentures were held as part of the investment of the co-operative society and were ..... of the co-operative society and, therefore, exempt under section 81(1) of the income-tax act, 1961, which section is applicable for the first two years under consideration .....

Tag this Judgment!

Oct 11 1974 (HC)

Kesava Panicker Vs. Damodara Panicker and ors.

Court : Kerala

Decided on : Oct-11-1974

Reported in : AIR1976Ker86

..... for the promotion of education. not having sufficient funds to erect a building to house the school the society decided on issuing debentures ..... occurring in entry 44 of list 1 of the seventhschedule to the constitution by the formationand registration of a society under the societies registration act. the society would continue to remain as an unincorporated societythough under the societies registration actit would have certain privileges some of thembeing analogous to ..... -garded as amounting to creation of a trust for the application of section 92 of the civil procedure code. the effect of the societies registration act is not to invest properties of the society with the character of trust property. even if the purpose for which the society was ..... the societies registration act, is more like that of a club or a joint stock company. in order to redress a wrong done to the company or to recover monies or damages alleged to be due to the company, the action should prima facie be brought by the company itself'. the facts ..... of the case were the following. a society was registered under the societies registration act .....

Tag this Judgment!

Oct 31 1974 (SC)

Challapalli Sugar Ltd. Vs. the Commissioner of Income-tax, A.P., Hyder ...

Court : Supreme Court of India

Decided on : Oct-31-1974

Reported in : AIR1975SC97; [1975]98ITR167(SC); (1975)3SCC572; [1975]2SCR538

..... , but for its employment in that way, would be invested in good securities, paying a reasonable rate of interest. section 208 of the companies act, 1956 (act 1 of 1956) deals with payment of interest on share capital in certain contingencies. sub-section (1) of that section reads as under:( ..... of affairs no dividends may be paid unless such dividends are paid out of profits: interest on debentures (being a charge is, however, payable whether profits are earned or not). where company raises share capital and out of the proceeds defrays the expenses of the construction of any works ..... 17. in the case of hinds v. buenos ayres grand national tramways company, limited [1906] 2 ch. d. 654 a tramway company, for the purpose of converting its undertaking to a system of electric traction, issued conversion debenture stock. the directors passed resolutions that the interest on this stock should ..... & pcgler's practical auditing 11th edition it is observed on pages 190-191 under the head 'interest payable out of capital during construction''interest on debentures issued for a similar purpose can be charged to capital during the period of construction (hinds v. buenos ayres grand national tramways co. ltd. ..... commencement, of the business on the aforesaid loan and claimed depreciation on full amount. the income-tax officer did not include interest on debentures in arriving at the figure of actual cost and as such rejected the claim of the assessee in this respect. the appellate assistant commissioner .....

Tag this Judgment!

Mar 12 1974 (HC)

Mcleod and Co. and ors. Vs. S.K. Ganguly and ors.

Court : Kolkata

Decided on : Mar-12-1974

Reported in : [1975]45CompCas563(Cal),79CWN132

..... rs. 10,45,384.68 is lying in their hands as the funds of the company as on march 14, 1969, it isclaimed that on december 11, 1971, when a meeting of the company was held under section 391 of the companies act, 1956 (hereinafter referred to as ' the act'), the sum of money held by the liquidators had increased to rs. 11.18 lakhs ..... purpose, and upon such terms as the court may impose. (3) the memorandum of association and the articles of association of the company should be altered and amended, in accordance with the provisions in the companies act, 1956, so as to correctly reflect the capital structure of the company under the scheme. 21. subject to the conditions mentioned above, the scheme proposed by the ..... holders of preference shares of the company of rs. 50 each have been similarly paid in full in 1949. the holders of ordinary shares of the ..... lovelock and lewes, the auditors of the company, were appointed liquidators. the first appellant who were the managing agents of the company handed over all assets, books, papers and documents including the compensation money to the liquidators. it is claimed on behalf of the appellants, and indeed it is not disputed, that the debenture-holders of the company have been paid in full. the .....

Tag this Judgment!

May 13 1974 (HC)

Commissioner of Income-tax Vs. J.K. Cotton Spinning and Weaving Mills ...

Court : Allahabad

Decided on : May-13-1974

Reported in : [1975]98ITR153(All)

..... , chartered accountant (aust.), auditing for students (australia : the law book co. of australia pvt., 1952) observed at page 188 :' the companies act of each state provides that where a company issues shares to secure funds for construction of works or building or to provide plant which cannot be made profitable for a lengthened period, the ..... now let us examine the case law on the point. in commissioner of income-tax v. standard vacuum refining company of india ltd. : [1966]61itr799(cal) a company had borrowed moneys on debentures in june, 1963, interest to run from that date, and utilised the amount along with other money financed ..... on a reference to the calcutta high court by the department it was held that the interest paid on the debentures issued formed part of the actual cost incurred by the assessee-company in acquiring the capital asset and, under section 10(2)(vi), 10(2)(via), 10(2)(vib) ..... expenses incurred during the period of construction including a sum of rs. 22,53,284 being the interest which had accrued on the aforesaid debenture from the date of the borrowing to the date of commencement of the business were capitalised and depreciation on the full amount was claimed. ..... f. c. a. audits, ninth edition, london : gee & co. (publishers) ltd., 1936, says at page 282:' if interest has been paid on debentures or loans raised to meet capital expenditure and such capital expenditure is not revenue earning, as for example the construction of a new railway system, which work may .....

Tag this Judgment!

Jun 07 1974 (HC)

S.L. Verma Vs. the Delhi Flour Mills Company Ltd. and ors.

Court : Delhi

Decided on : Jun-07-1974

Reported in : [1975]45CompCas33(Delhi); 11(1975)DLT226

..... maintainable, inter alia, for the reason that the central government alone could direct investigation and section 217(a)(ii) of the companies.act, 1956, was not available to a private party for the purpose of getting the affairs of a company investigated by an inspector appointed by the central government, except if there were other proceedings pending before the court such as proceedings ..... i may now deal with these grounds. (8) it is firstly stated that large borrowings had been made by the holding company in the from of deposits and debentures from the open market for the purpose of making investments in the subsidiary company and high imerest had been paid on those loans. the figures for 1966, 1967, 1968 and 1969 are given and ..... show that the debentures and deposits varied bet.veenrs.221akhsandrs.29 lakhs approximately in these four years. the next ground was that the directors of the first respondent were ..... behaving as despotic owners by investing about seven times the paid up capital of the holding company in the subsidiary company without earning interest, much less dividend and this .....

Tag this Judgment!

Jul 11 1974 (HC)

Factors (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jul-11-1974

Reported in : [1975]98ITR105(Mad)

..... of one item of capital asset which could not be treated as profits available for distribution. the distribution of such capital gain would be contrary to the provisions of the companies act. in support of this argument, he relied on certain english decisions. before dealing with these decisions, it is necessary to note certain general principles relating to declaration of dividend. the ..... ] l ch 45(ch d). the question for consideration in that case was whether the profit made by the company in the redemption of its debenture stock at a discount could be distributed as dividend to the shareholders. the company was a trust investment company. the objects as defined by clause 3 of its memorandum of association were (a)''to acquire and hold stocks ..... not authorise a separate and independent business, but was a subsidiary to the main purpose in clause 3(a) and that the amount of discount at which the debenture stock had been redeemed was not net profit of the company or profit arising from its business and that no part thereof could be distributed as dividend. it should be noted that the ..... of the classes therein specified and from time to time change such investments for others of the like nature, and (b) to borrow on debenture stock and to redeem or pay off any moneys so borrowed. the company was formed on the double account system and the business accounts were conducted and kept as required by the articles of association on the .....

Tag this Judgment!


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