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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1985 Page 1 of about 38 results (0.154 seconds)

Apr 25 1985 (HC)

income-tax Officer Vs. Official Liquidator

Court : Kerala

Decided on : Apr-25-1985

Reported in : [1985]58CompCas590(Ker); (1986)55CTR(Ker)92; [1985]155ITR510(Ker)

..... the intervention of court is perfectly valid and is not hit by section 171 of the companies act, 1913, for the reason that a secured creditor is outside the winding-up ..... 171 of the companies act, 1913, for leave of the winding-up court.6. in ranganathan v. government of madras [1955] 25 comp cas 344 ; 2 scr 374 the supreme court held that a sale effected by the receiver of the trustees of the debenture holders of a company in liquidation without ..... high court in union of india v. seth spinning mills ltd. (in liquidation) , wherein it was held that the bar under section 171 of the companies act, 1913, applies also to proceedings of the ito for assessment of penalty and the decision of the mysore high court in mysore spun silk mills ltd.'s ..... held that the expressions ' other legal proceeding ' in sub-section (1) and ' legal proceeding ' in sub-section (2) of section 446 of the companies act convey the same meaning and proceedings under both the sub-sections must be such as can appropriately be dealt with by the winding-up court. proceedings by way of ..... takes other legal proceedings for the realisation of his security, it was held that a secured creditor is also bound under section 171 of the companies act, 1913, to obtain leave of the winding-up court even though such leave would be automatically granted to him. considering the decisions in shiromani .....

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Aug 19 1985 (HC)

In Re: Investment Corporation of India Ltd.

Court : Mumbai

Decided on : Aug-19-1985

Reported in : [1987]61CompCas92(Bom)

..... . in view of this, mr. bulchandani's contention must be negatived.15. mr. bulchandani then argued that the companies act itself provides for issue of debentures. that it was for the controller of capital issues and other authorities to sanction and approve the issue of debentures. that if this court sanctions the scheme of arrangement, it must mean that the court had decided the ..... to the sanction and approval of the controller of capital issues and subject to the petitioner company obtaining orders from all the authorities concerned with the issue of debentures. orders were then passed on march 27, 1985, dispensing with the procedure under section 101 of the companies act. the petition has now come up for hearing for sanctioning the scheme of arrangement. the same ..... is, however, opposed by the registrar of companies and/or the company law board.4. mr. bulchandani, learned counsel appearing .....

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Jan 25 1985 (SC)

Lohia Machines Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Decided on : Jan-25-1985

Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686

..... calculated by reference only to the paid up capital and reserves, though in the case of the companies (profits) surtax act 1964 as it stood prior to its amendment by finance act 66 of 1976, the legislature chose to be more liberal and allowed even debentures and long term borrowings from certain approved sources to be taken into account in computing the capital of ..... payable by he company m respect of debentures and long term borrowing from approved sources was deleted. it is obvious from this amendment of the companies (profits) surtax act, 1964 as also from provision in the ear her three statutes that the consistent practice adopted by tie legislature over the years has ..... purpose of arriving at the chargeable profits liable to sur-tax. but by section 29 of finance act 66 of 1976 clauses (iv) and (v) of rule 1 of the second schedule were deleted with the result that the debentures if any, issued by a company as also long term borrowings from approved sources were no longer includible and were consequently excluded in ..... computing the capital of the company. it is significant note that when this exclusion of debentures and long term borrowing from approved sources was made, rule 3 of the first schedule was also simultaneously amended by section 29 of finance act 66 of 1976 and the provision for adding back the amount of interest .....

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Mar 11 1985 (HC)

Karnataka Forest Plantations Corporation Limited Vs. Commissioner of I ...

Court : Karnataka

Decided on : Mar-11-1985

Reported in : (1986)53CTR(Kar)308; [1985]156ITR275(KAR); [1985]156ITR275(Karn)

..... all relied on by sri sarangan, the facts in brief were these : eastern investments limited, an investment company under an arrangement with one of its major shareholders reduced its share capital and issued him debentures with the approval of the high court under the companies act, paid out interest to that shareholder and claimed that as deduction under s. 12(2) of the 1922 ..... act as paid out wholly and exclusively for earning its income which was negatived by the i.t. authorities ..... being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly be a permissible deduction under section 12(2) of the income-tax act. whether the loan is taken on an overdraft, or on a fixed deposit or on a debenture makes no difference ..... held by a third party, the interest payable on the same would be an allowable deduction in calculating the total income of the assessee company. what difference does it make if the holder of the debentures is a shareholder there appears to be none in principle in view of the fact that no suggestion of fraud is made in respect of the .....

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Nov 04 1985 (HC)

Commissioner of Income-tax Vs. Shree Synthetics Limited

Court : Madhya Pradesh

Decided on : Nov-04-1985

Reported in : [1986]162ITR819(MP)

..... of the memorandum and articles of association; (iii) by way of fees for registering the company under the provisions of the companies act, 1956 (1 of 1956); (iv) in connection with the issue, for public subscription, of shares in or debentures of the company, being underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus ..... ; (d) such other items of expenditure (not being expenditure eligible for any allowance or deduction under any other provision of this act ..... underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus, in connection with the issue, for public subscription, of shares in or debentures of the company ', the submission of learned counsel for the revenue would have some force because this word ' being ' as it stands today in the section cannot be read ..... sub-section (2) of section 35d starts with the words ' where the assessee is a company, also expenditure ', which if read with sub-clause (iv) ' in connection with the issue, for public subscription, of shares in or debentures of the company, being underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus' .....

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Sep 17 1985 (HC)

Commissioner of Income-tax Vs. National Rayon Corporation Ltd.

Court : Mumbai

Decided on : Sep-17-1985

Reported in : [1986]160ITR716(Bom)

..... though a contingent one, for, the expression 'liability' occurring in clause 7(1)(a) of part iii of the sixth schedule to the companies act, 1956, includes any expenditure contracted for and arising under a contingent liability; but if the sum so appropriated is shown to be in excess ..... the supreme court has set out the definition of the term 'provision' given in clause 7 of part iii of schedule vi to the companies act, 1956. a perusal of that definition shows that the expression 'reserve' means any amount retained or returned by way of providing for depreciation, ..... be a reserve and includible in computing the capital of the assessee company under rule 1 of the second schedule to the companies (profits) surtax act, 1964, and as far as the sum of rs. 79 lakhs representing debenture redemption reserve is concerned, it will not be includible in computing the ..... . 17,00,000 and rs. 79,00,000 representing 'gratuity reserve' and 'debenture redemption reserve', respectively, were includible in computing the capital of the assessee company under rule 1 of the second schedule to the companies (profits) surtax act, 1964 ?'2. coming first to the question of gratuity reserve, little scope for ..... the period 1972-77. it is common ground that the company was bound to redeem these debentures during the said periods. in computing the capital of the company for the purposes of determination of standard deduction under the surtax act, the surtax officer concerned held that these reserves had been created .....

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Sep 11 1985 (HC)

Commissioner of Income-tax Vs. Ganganagar Sugar Mills Ltd.

Court : Rajasthan

Decided on : Sep-11-1985

Reported in : [1987]164ITR245(Raj)

..... officer took one view at the time of passing of the order of assessment and held that the amounts set apart by the company were reserves for redemption of debentures and for bad and doubtful debts, it could not be said that an apparent mistake has been committed by him. if that was ..... , the income-tax officer initiated proceedings for rectification of his earlier order under section 13 of the act of 1964 and held that the amounts kept apart by the company as reserves for redemption of debentures and for meeting bad and doubtful debts could not be treated as reserves, as these were provisions made ..... of fact. 4. the income-tax officer in the first instance had accepted that the company had made reserves for redemption of debentures and for bad and doubtful debts and thereafter initiated proceedings under section 13 of the act of 1964, which could have been taken only when the income-tax officer would have ..... the act of 1964. on appeal, the commissioner of income-tax (appeals) jaipur, affirmed the order passed by the income-tax officer on the ground that the company intended to create a fund out of the profits so as to enable it to redeem the debentures out of such fund when the debentures become ..... of the act of 1964 could not have been resorted to merely because of a change of opinion on a debatable question as to whether the reserves for redemption of debentures and for bad and doubtful debts were really of the nature of reserves or were provisions made by the company for the purpose .....

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May 15 1985 (HC)

Commissioner of Income-tax Vs. Sijua (Jharriah) Electric Supply Co. Lt ...

Court : Kolkata

Decided on : May-15-1985

Reported in : (1986)54CTR(Cal)114,[1986]158ITR332(Cal)

..... a contingent one, for the expression 'liability' occurring in clause 7(1)(a) of part iii of the sixth schedule to the companies act includes any expenditure contracted for and arising under a contingent liability.' it was further held by the supreme court that if the sum so ..... circumstances of the case, the tribunal was justified in including the reserve for debenture redemption of rs. 11,00,000 as reserve for computation of capital according to the second schedule to the companies (profits) surtax act, 1964, for the assessment year 1972-73.11. in the facts and ..... reduction of rs. 11,00,000 should be taken into account for the purpose of computation of capital according to the second schedule to the companies (profits) surtax act, 1964, for the assessment year 1972-73?'the income ..... act, 1964. no facts could be ascertained from the order of the income-tax officer or the appellate assistant commissioner. it was submitted by the assessee before the tribunal that the assessee company had issued 1,500 debentures of rs. 100 each during the year 1951. according to the terms of the debenture issue, the company was required to redeem 60 debentures ..... companies (profits) surtax act, 1964, the following question of law has been referred to this court for the assessment year 1972-73 :' whether, on the facts and in the circumstances of the case, the tribunal was justified in holding reserve for contingencies of rs. 2,26,610 and the reserve for debenture .....

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Oct 17 1985 (HC)

Commissioner of Income-tax Vs. National Rayon Corporation Ltd.

Court : Mumbai

Decided on : Oct-17-1985

Reported in : (1986)52CTR(Bom)254; [1986]160ITR723(Bom)

..... excess will the amount be deemed to be a reserve and includible in computing the capital of the assessee company under rule 1 of the second schedule to the companies (profits) surtax act, 1964, and as far as the sum of rs. 79 lakhs representing debenture redemption reserve is concerned, it will not be includible in computing the capital of the assessee for the ..... on account of devaluation of the indian rupee on june 6, 1966, should have been allowed while computing the capital for the purpose of determining 'statutory deduction' under the companies (profits) surtax act, 1964, for the assessment years 1968-69 and 1969-70 ?'2. as far as question no.(1) is concerned, it is agreed between the counsel that in view of ..... redemption reserve' and 'gratuity reserves' were 'other reserves' under rule 1 of the second schedule to the companies (profits) surtax act, 1964, and the same are to be taken into account in computing the capital of the assessee ..... companies (profits) surtax act, 1964 (referred to hereinafter as 'the surtax act'). the assessment years with which we are concerned are the assessment years 1968-69 and 1969-70. the questions which have been referred to us for our opinion are as follows :'(i) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the 'debenture .....

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Feb 12 1985 (SC)

Balkrishan Gupta and ors. Vs. Swadeshi Polytex Ltd. and anr.

Court : Supreme Court of India

Decided on : Feb-12-1985

Reported in : AIR1985SC520; (1985)2CompLJ1(SC); 1985(1)SCALE236; (1985)2SCC167; [1985]2SCR854

..... whatever. but transfers of shares are common, and they take place either by a fully executed document such as was contemplated by regulation 18 of table a of the indian companies act, 1913, or by what are known as 'blank transfers'. in such blank transfers, the name of the transferor is entered and the transfer deed signed by the transferor is handed ..... in wise v. lansdell (supra) danckwerts j. observed:it seems to me that, unless there is some provision in the company's articles or in the companies act which empowers me to say that the bankrupt is no longer a member of the company, and is. therefore, unable to vole, expressly. i must come to the conclusion that the bankrupt still remains a member ..... that no notice of any trust, express, implied or constructive, shall be entered in the register of members or of debenture holders. section 153b of the act requires that notwithstanding anything contained in section 153, where any shares in, or debentures of, a company are held in trust by any person, the trustee shall make a declaration to the public trustee. section 187b of ..... the act provides that save as otherwise provided in section 153b but notwithstanding anything contained in any other provisions of the act or any other law or any contract, memorandum or .....

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