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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1974 Page 2 of about 20 results (0.156 seconds)

Sep 12 1974 (HC)

Commissioner of Income-tax Vs. Travancore-cochIn Chemicals Ltd.

Court : Kerala

Decided on : Sep-12-1974

Reported in : [1975]99ITR24(Ker)

..... may also notice the observations of warrington j. in hinds v. buenos ayres grand national tramways company ltd., [1906] 2 ch 654 the question there considered was whether the company was justified in charging interest on debenture stock to the capital account as part of the cost of conversion of its undertaking to a ..... cost of the plant and machinery to the assessee under section 43(1) of the income-tax act, 1961, for purposes of development rebate as claimed by the assessee '2. the assessee is a limited company engaged in the manufacture of caustic soda, and incorporated in 1951. it had an old 40 tonne ..... is erected or constructed, is part of the actual cost tothe assessee within the meaning of section 33 read with section 43 of the income-tax act, 1961. this seems to us to be in accordance with both popular and commercial conceptions. once it is recognised that a building, plant or machinery ..... be included in the actual cost of all depreciable assets for the purpose of determining the depreciation allowance under section 10(2)(v) of the act. it was held by the bombay high court that the expenditure incurred in getting prepared suitable plans and designs for the construction oi the cinema ..... was further held that the contributions formed part of ' the actual cost to the assessee' within the meaning of section 10(5) of the indian income-tax act, 1922. chagla j., who delivered the judgment of the court, noticed the english decision in birmingham corporation v. barnes, [1935] 3 itr 19 tc .....

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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 .....

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Aug 02 1974 (HC)

Commissioner of Income-tax Vs. T. Stanes and Co. Ltd.

Court : Chennai

Decided on : Aug-02-1974

Reported in : [1976]105ITR251(Mad)

..... any investment authorised by law for the investment of trust funds, but nothing in these rules shall prohibit the trustees from purchasing shares in the company, and shares or debentures in any of the companies under the management of messrs. t. stanes & co. ltd., out of moneys received by them or from accepting gifts, or allotments by ..... part thereof under section 10(2)(xv) or under the corresponding provisions of section 37 of the income-tax act, 1961 ?'5. on behalf of the revenue it was contended that the trust, namely, the stanes and company ltd. staff pension fund was created and had its own sources of income as a separate entity. but ..... assessment years 1959-60 and 1960-61 the sum of rs. 13,789 and rs. 16,587 are not allowable deductions under section 10(2)(xv) of the act; and (2) except to the extent of rs. 1,004, rs. 5,070, rs. 2,352 and rs. 6,716 referable to the excess of ..... in determining whether a particular item may or not be deducted from profits, it is necessary first to enquire whether the deduction is expressly prohibited by the act, and then, if it is not so prohibited, to consider whether it is of such a nature that it is proper to be charged against incomings in ..... rs. 2,352 and rs. 6,716, respectively. the question for consideration is whether the company is entitled to a deduction of this excess payments under section 10(2)(xv) of the act or the corresponding section 37 of the new act.7. these amounts were paid as pension. it is also seen from the statement of facts .....

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Apr 19 1974 (HC)

Subhash Oil Industries and ors. Vs. State of Uttar Pradesh and anr.

Court : Allahabad

Decided on : Apr-19-1974

Reported in : AIR1975All19

..... approved by the state government;(c-2) an amount equal to one-half of one per centum on the amounts realised by the issue of debentures;(d) an amount equal to one-half of one per centum on the accumulations in the development reserve created under para v-a of this ..... doubt the matter is referred to the rating committee and the proceedings are conducted according to the provisions of section 57-a of the supply act. the committee acts in a quasi-judicial manner and investigates the claim. the purpose behind the provisions of sections 57 and 57-a are to enable the ..... , 1972. as regards the notification under section 3 (2) (aa) the position is as follows: section 3 (2) (aa) of the state act only acted as a fetter on the power of the lincensee to revise the rates. thatprovision having been struck down, the fetter has been removed and the unilateral right ..... proposed was in accordance with the provisions of the vith schedule of the supply act. sanction accordingly was accorded and the state government published the impugned notification dated 24th of may, 1972 (annexure a-2). the licensee company thereafter gave a public notice dated 9th of june 1972 in respect of its ..... the proceeding under clause 6 (1) of the sugarcane (control) order (1966) regarding reservation of sugarcane areas was of quasi judicial nature and while acting in a quasi-judicial manner authorities had to follow the principles of natural justice. no adverse order could accordingly be passed against a party without giving him .....

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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 .....

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May 28 1974 (FN)

Commissioner Vs. National Alfalfa

Court : US Supreme Court

Decided on : May-28-1974

..... an income tax deduction for amortizable debt discount claimed to be the difference between the face amount of the debentures and the preferred's value at the time of the exchange. i the facts are stipulated. the respondent, national alfalfa dehydrating and milling company (hereinafter called "nad" or the "taxpayer"), is a delaware corporation organized in may, 1946. it has its principal ..... predecessors did not provide explicitly for amortization and deduction of debt discount. the successive regulations, however, beginning with art. 150 of treasury regulations 33 (revised 1918), issued under the revenue act of 1916, have provided for such amortization and deduction by the issuer. [ footnote 7 ] page 417 u. s. 144 the first statutory recognition of bond discount appeared in 1232(b ..... that has been thought to justify the deduction. this has been the economic resemblance, in both form and function, which bond discount bears to stated interest for which the revenue acts and the codes have allowed a deduction. although, as has been noted, there has been some descriptive confusion in the regulations, with their references to "loss" as well as to ..... deduction provision in 1.163-3(a)(1). [ footnote 8 ] the 1954 code's 1232(b)(2) was amended by the interest equalization tax act, pub.l. 88-563, 5, 78 stat. 845, and by the tax reform act of 1969, pub.l. 91-172, 413(b), 83 stat. 611, applicable to bonds and other evidences of indebtedness issued after may 27 .....

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May 15 1974 (FN)

Calero-toledo Vs. Pearson Yacht Leasing Co.

Court : US Supreme Court

Decided on : May-15-1974

..... covering of such bond into the general funds of the government of puerto rico in case it may be in legal tender or by certified check; the hypothecary debentures or debentures of insurance companies shall be transmitted by the pertinent clerk of the court to the secretary of justice for execution." "(c) after fifteen(15) days have elapsed since service ..... interference by the congress in respect of internal government and administration, subject only to compliance with applicable provisions of the federal constitution, the puerto rican federal relations act and the acts of congress authorizing and approving the constitution, as may be interpreted by judicial decision. those laws which directed or authorized interference with matters of local government by ..... , there was no appeal from "final" judgments of the federal circuit courts. see 36 stat. 1157 (1911). when consideration was being given to amendment of the judiciary act in 1924 and 1925 "[a]ttention was drawn to the disparity between the want of obligatory review over [decisions of the circuit courts involving the constitutionality of state statutes] and ..... appeal to the supreme court from an order granting or denying, after notice and hearing, an interlocutory or permanent injunction in any civil action, suit or proceeding required by any act of congress to be heard and determined by a district court of three judges. " (emphasis added.) [ footnote 8 ] that section provides: "an interlocutory or permanent injunction restraining .....

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Jun 17 1974 (FN)

Scherk Vs. Alberto-culver Co.

Court : US Supreme Court

Decided on : Jun-17-1974

..... in "any contract touching two or more countries." this invocation of the "international contract" talisman might be applied to a situation where, for example, an interest in a foreign company or mutual fund was sold to an utterly unsophisticated american citizen, with material fraudulent misrepresentations made in this country. the arbitration clause could appear in the fine print of a ..... alberto-culver is an american corporation with its principal place of business and the vast bulk of its activity in this country, while scherk is a citizen of germany whose companies were organized under the laws of germany and liechtenstein. the negotiations leading to the signing of the contract in austria and to the closing in switzerland took place in the ..... jj., joined, post, p. 417 u. s. 521 . page 417 u. s. 508 mr. justice stewart delivered the opinion of the court. alberto-culver co., the respondent, is an american company incorporated in delaware with its principal office in illinois. it manufactures and distributes toiletries and hair products in this country and abroad. during the 1960's, alberto-culver decided to ..... bremen v. zapata off-shore co., 407 u. s. 1 , would be controlling. we have here, however, questions under the securities exchange act of 1934, which, in 3(a)(10), defines "security" as including any "note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit-sharing agreement. . . ." 15 u.s.c. 78c(a)(10). we held in tcherepnin .....

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Jun 26 1974 (FN)

Codispoti Vs. Pennsylvania

Court : US Supreme Court

Decided on : Jun-26-1974

..... furthering the constitutional goals enunciated in duncan v. louisiana, supra, and bloom v. illinois, supra. . the application of bloom to the consecutive sentences imposed for the separate contemptuous acts of codispoti and langnes is made even more questionable in light of the concession that the result would be different in other fact situations. it is indicated in the part ..... point during the trial. iii when the trial judge, however, postpones until after trial the final conviction and punishment of the accused or his lawyer for several or many acts of contempt committed during the trial, there is no overriding necessity for instant action to preserve order and no justification for dispensing with the ordinary rudiments of due process. ..... . 488 . our cases, however, do not expressly address petitioners' remaining argument that they were entitled to jury trials because the prison sentences imposed after post-trial convictions for contemptuous acts during trial were to be served consecutively page 418 u. s. 513 and, although each was no more than six months, aggregated more than six months in jail. [ footnote ..... of the court. * in december, 1966, petitioners dominick codispoti and herbert langnes were codefendants with richard mayberry in a criminal trial ending in a verdict of guilty. each acted as his own counsel, although legal advice was available from appointed counsel. at the conclusion of the trial, the judge pronounced mayberry guilty of 11 contempts committed during trial and .....

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Jun 19 1974 (FN)

Parker Vs. Levy

Court : US Supreme Court

Decided on : Jun-19-1974

..... the discretion of that court." [ footnote 5 ] the specification under art. 134 (charge ii) alleged in full: "in that captain howard b. levy, u.s. army, headquarters and headquarters company, united states army hospital, fort jackson, south carolina, did at fort jackson, south carolina, on or about the period february, 1966, to december, 1966, with design to promote disloyalty and ..... in defining "conduct unbecoming an officer and a gentleman": "there are certain moral attributes which belong to the ideal officer and the gentleman, a lack of which is indicated by acts of dishonesty or unfair dealing, of indecency or indecorum, or of lawlessness, injustice, or cruelty. not every one can be expected to meet ideal standards or to possess the ..... within the meaning of art. 134: "most important to the case is the government's contention that, regardless of any deficiencies under the smith act, the specification properly alleges, and the evidence adequately establishes, conduct to the discredit of the armed forces, in violation of article 134." " * * * *" "membership by a school teacher in an ..... " himself with a communist organization in germany. the serviceman argued that there was no allegation that he possessed any intent to overthrow the government by force, so that the smith act, 18 u.s.c. 2385, would not reach his conduct. the court of military appeals affirmed on the theory that his affiliation, nonetheless, brought "discredit" on the armed forces .....

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