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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1976 Page 1 of about 20 results (0.045 seconds)

Oct 05 1976 (HC)

The Chief Controlling Revenue Authority, Ahmedabad Vs. the Nutan Mills ...

Court : Gujarat

Decided on : Oct-05-1976

Reported in : AIR1978Guj1; (1977)GLR409

..... not the original instrument but a verified copy thereof as it was permissible to do 50 having regard to the provisions contained in section 125 of the indian companies act. so far as the copy was concerned. section 7(1) was attracted and on a copy of the document according to the revenue, duty was payable on the same footing ..... under section 7 read with section 19 was not admissible in evidence and/or could not have been acted upon or registered by any public officer unless it was duly stamped. now the registrar of companies before whom the company produced the copy of the debenture trust deed was aware of the fact that the copy required to be stamped when it was received ..... in gujarat. it appears that even so, instead of refusing to act upon it the registrar of companies registered the charge in the relevant registers maintained by ..... respect of this transaction a debenture trust deed was executed between t1je company on one hand and the bank of baroda at bombay on the other. the company approach ed the competent authority at bombay for adjudication with regard to the proper stamp duty payable thereon in accordance with the stamp act applicable to the state of maharashtra. in accordance with the adjudication stamp .....

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Aug 11 1976 (HC)

Commissioner of Income-tax, Bombay City Iii Vs. Century Spg. and Mfg. ...

Court : Mumbai

Decided on : Aug-11-1976

Reported in : [1978]111ITR6(Bom)

..... as reduced by 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, or the income-tax act, 1961; (iv) its debentures, if any; and (v) any moneys borrowed by it from government or the industrial finance corporation of india or the industrial credit ..... being the proposed dividend on preference shares could not be treated as a liability to be excluded from the capital base for the purposes of statutory deduction under the companies (profits) surtax act, 1964 3. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that, (i) provision for taxation in excess of the liability ..... the amount standing to the credit of the dividend equalisation reserve account in such a case should be included in the computation of capital under the companies (profits) surtax act, 1964 (hereinafter referred to as 'the act'), has been decided by us in commissioner of income-tax v. geoffrey manners & co. ltd. : [1977]109itr172(bom) and, following that decision, a sum of rs ..... revenue, question no. 5 has been referred for our determination. 23. in respect of the income-tax assessment, relief was obtained by the assessee-company under section 84 contained in chapter vii of the income-tax act, 1961, to the extent of rs. 24,63,318 and decision of the question referred depends upon the interpretation of rule 4 of the second .....

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Sep 21 1976 (SC)

P.K. Badiani Vs. the Commissioner of Income Tax, Bombay

Court : Supreme Court of India

Decided on : Sep-21-1976

Reported in : AIR1977SC560; [1976]105ITR642(SC); (1976)4SCC562; [1977]1SCR638

..... at page 912 after referring to article 128 corresponding to regulation 96 of table 'a' of the indian companies act :a company may, if its constitution so allows, capitalize profits, instead of dividing them, by applying them in paying up unissued shares, or debentures or other securities, and issuing such shares or securities as fully paid to its members, thereby transferring the ..... to the dictionary of english law by earl jowitt, vol.1 'capitalisation' means 'the conversion of profits or income into capital, e.g., by resolution of a company'. buckley on the companies acts, thirteenth edition, has pointed out at page 907 'profits carried to reserve do not cease to be profits unless and until they are effectually capitalised'. says the learned ..... be capitalised. but the legislature did not intend to rope in the capitalised profits in clause (c). we may add that though under clause (b) distribution by a company of debentures, debenture stock or deposit certificates in any form in lieu of capitalised profits is to be deemed dividend within the meaning of sub-section (6a), mere distribution of bonus shares ..... 2(6a) of the 1922-act. they read as follows :2 (6a) 'dividend' includes- (a) any distribution by a company of accumulated profits whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution by a company of debentures, debenture-stock or deposit certificates in any .....

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Oct 14 1976 (SC)

Nawn Estates (P.) Ltd. Vs. Commissioner of Income-tax, West Bengal

Court : Supreme Court of India

Decided on : Oct-14-1976

Reported in : [1977]106ITR76(SC)

..... used in section 87(f) of the indian companies act, 1913 (which was in operation when the indian income-tax act, 1922 was enacted) or as used in section 372(11) of the companies act, 1956 which followed it and thus has to be confined to such companies whose principal business is the acquisition and holding of shares, debentures, stocks or other securities. according to mr. mukherjee ..... , the appellant cannot in this view of the matter be deemed to be a company falling within the purview of the aforesaid expression ..... consists wholly or mainly in the dealing in or holding of investments 2. the facts material for our present purpose are : the assessee-appellant is a private limited company incorporated under the indian companies act, 1913, its shares being held by the members of nawn family. for the assessment years 1955-56, 1956-57, 1957-58 and 1959-60 corresponding to the financial ..... word investment in rule 8 of part i of the fourth schedule to the finance (no. 2) act, 1915, observed at page 534 as under :-that they (i.e. the shares and debentures held by the respondent company in a belgian and two rumanian oil producing companies) are investments in the ordinary sense of the term probably no one would deny. they are money .....

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Oct 14 1976 (SC)

The Nawn Estates (P)ltd. Vs. C.i.T., West Bengal

Court : Supreme Court of India

Decided on : Oct-14-1976

Reported in : AIR1977SC153; [1977]106ITR45(SC); (1977)1SCC7; [1977]1SCR798

..... of the indian companies act, 1913 (which was in operation when the indian income tax act, 1922 was enacted) or as used in section 372(11) of the companies act, 1956 which followed it and thus has to be confined to such companies whose principal business is the acquisition and holding of shares, debentures, stocks or other ..... securities. according to mr mukherjee, the appellant cannot in this view of the matter be deemed to be a company falling within the ..... the dealing in or holding of investments?2. the facts material for our present purpose are: the assessee-appellant is a private limited company incorporated under the indian companies act, 1913, its shares being held by the members of nawn family. for assessment years 1955-56, 1956-57, 1957-58 and 1959 ..... explanation 2(i) thereto, the legislature intended to cover fields of activity wider than those contemplated by the aforesaid provisions of the companies act, 1913 or 1956. the term investment in the context in which it occurs not being a term of art, there ..... of part i of the fourth schedule to the finance (no. 2) act, 1915, observed at p. 534 as under:that they (i.e. the shares and debentures held by the respondent company in a belgian and two rumanian oil producing companies) are investments in the ordinary sense of the term, probably no one .....

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Nov 26 1976 (HC)

Additional Commissioner of Income-tax, Madras-i Vs. Thirumagal Mills L ...

Court : Chennai

Decided on : Nov-26-1976

Reported in : [1977]108ITR236(Mad)

..... known liability of which the amount cannot be determined with substantial accuracy is a provision : (see william pickles accountancy, second edition, page 192; part iii, clause 7, schedule vi to companies act, 1956, which defines provision and reserve).'we are of the opinion that, without anything more, the principle laid down by the above two decisions of the supreme court will themselves ..... . the directors may also without placing the same to reserve carry forward any profit which they may think prudent not to divide.'paragraph 27 of the english schedule to the companies act, 1948, of england gave the meaning of the expressions, 'provision', 'reserve' and 'capital reserve'. we are not referring to these definitions in detail because they have been substantially incorporated in ..... 'reserve'. but that indiscriminate use has now become a thing of the past, in view of the changes effected in the provisions of the companies act itself.in the well-known book by frank h. jones guide to company balance-sheets and profits and loss accounts, sixth edition, there is a separate chapter, namely, chapter ix on 'provisions and reserves'. that chapter opens ..... 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, issued by it to the public; and(v) any moneys borrowed by it from government or the .....

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Apr 01 1976 (HC)

Controller of Estate Duty Vs. Estate of Late Mrs. Oakshott

Court : Chennai

Decided on : Apr-01-1976

Reported in : [1977]106ITR126(Mad)

..... any investments for the time being authorised by law for the investment of trust funds or in or upon the debentures (debenture) stock or rent charge guaranteed or preference shares of any company incorporated by special act or acts of the imperial parliament or the legislature of any colony or royal charter or in the purchase of and the ..... of my trustees and necessary to be taken in order to afford adequate protection to the interests as employees of the many loyal employees of spencer and company limited. 6. my trustees shall out of the moneys to arise from the sale calling in and conversion of or forming part of my real and ..... and i express the wish but without the intent to create any legal obligation that my trustees so long as my holding of shares in spencer and company ltd., forms part of my estate and on the sale of the whole or greater part thereof will take such steps as may lie within the ..... fit or proper and to retain the same or any part thereof then present form of investment and in particular to retain the shares of spencer and company limited belonging to me at my death without being responsible for loss and also to permit my said wife to reside rent-free so long as ..... u. k. on his entire estate whichincluded 1,167 ordinary shares of spencer and co. ltd., as on its madrasregister and 71,340 ordinary shares of that company on its london registerand 2,780 'a' preference shares and 5,855 'b' perference shares on thecompany's london register. mr. oakshott has left behind him .....

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Mar 01 1976 (HC)

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

Court : Chennai

Decided on : Mar-01-1976

Reported in : [1977]108ITR895(Mad)

..... of holding its investment. it could hold its investments and earn its dividends without incurring this expenditure. before the introduction of the restrictive provision in the companies act of 1956, the respective companies were paying the directors for services rendered to them and they are now remunerated by the assessee. there was no change in the rendering of services ..... correct value of the shares, that the transactions were without any motive to avoid capital gain, that they had been necessitated by the various provisions of the companies act which prohibited inter-company loans and that the method adopted by the income-tax officer, viz., the secondary valuation, was proper.10. the tribunal was of the view that, ..... held shares in several companies, such as simpson and company ltd., addison & company private ltd., george oakes ( ..... as a private limited company. the objects of the company cover a very wide field. the acquisition of shares, stacks, debentures, etc., taking part in the formation, management, supervision or control of the business or operations of any company or undertaking and for that purpose to act as directors are some of the objects with which this company came into existence. it .....

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Jun 28 1976 (HC)

Commissioner of Income-tax, Gujarat-i Vs. Mafatlal Chandulal and Co. L ...

Court : Gujarat

Decided on : Jun-28-1976

Reported in : [1977]107ITR489(Guj)

..... case, the amount set apart for the dividend cannot be said to be an amount set apart for meeting a present liability. though, therefore, under the companies act, the proposed dividend has to be shown under the heading 'provision', in substance, it amounts to a 'reserve' as known to accountancy practice which has ..... of the revenue that in view of this statement made at the bar, the provision for tax liability was a provision as understood in the companies act and not a reserve. it was further contended by the learned advocate-general that so far as the dividend account was concerned, the amount of ..... general instructions for preparation of balance-sheet under the heading 'notes' at the end of that part.' 37. when one turns of schedule vi of the companies act, one finds in part i the form of balance-sheet. in the balance-sheet 'current liabilities and provisions' are separately mentioned. item no. (4) ..... of the matter. the balance-sheet drawn up by the assessee as showing the profits was prepared in accordance with the provisions of the indian companies act. these provisions also support the conclusion as to what is the true nature of a reserve shown in a balance-sheet.' thus, in this ..... 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, or the income-tax act, 1961; (iv) its debentures, if any; and (v) any moneys borrowed by it from government or the industrial finance corporation .....

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Nov 10 1976 (HC)

Yercaud Coffee Curing Works Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Nov-10-1976

Reported in : [1978]111ITR787(Mad)

..... . we may, for instance, refer to the provisions of the companies act, 1956, in this behalf. section 3 of the companies act, while defining what a private company means, states that it means, a company which, by its articles, among others, 'prohibits any invitation to the public to subscribe for any shares in, or debentures of, the company'. obviously, the expression 'public' occurring in this provision will take ..... in, not only individuals, but even corporate entities like an incorporated company or local authority or ..... by the government or in which not less than forty per cent. of the shares are held by the government; (b) if it is not a private company as defined in the indian companies act, 1913 (vii of 1913), and (i) its shares (not being shares entitled to a fixed rate at dividend, whether with or without a further right to participate in ..... by the government or in which not less than forty per cent, of the shares are held by the government; (b) if it is not a private company as defined in the indian companies act, 1913 (vii of 1913), and (i) its shares (not being shares entitled to a fixed rate of dividend, whether with or without a further right to participate in .....

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