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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 2001 Page 1 of about 91 results (0.079 seconds)

Mar 20 2001 (TRI)

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-20-2001

Reported in : (2002)82ITD749(Mum.)

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting; based on the above discussion, cit(a) observed that showing debentures etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the interest-tax ..... by the cit(a) that the definition of debentures etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pari materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Mar 20 2001 (TRI)

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Mar-20-2001

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting. based on the above discussion, cit(a) observed that showing debentures, etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the income-tax ..... by the cit(a) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pan materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Mar 20 2001 (HC)

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Decided on : Mar-20-2001

Reported in : (2002)74TTJ(Mumbai)624

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v. cit : [1966]60itr52(sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting.based on the above discussion, commissioner (appeals) observed that showing debentures, etc., under the head 'investment' in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression 'loans and advances' under section 2(7) of the ..... the commissioner (appeals) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression 'loans and advances' under the interest tax act.9. in para 4.3 it is stated that companies act is not pari materia, with interest tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider ..... an expression under the taxing statute. according to the commissioner (appeals), it is immaterial whether securities and debentures are shown as investments by the assessee itself or under the directions of some authority or under the provisions of statutes like companies act or banking regulation act.10. in para 4.4, commissioner (appeals) after referring to certain judicial pronouncements observes that :(i) .....

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Jun 26 2001 (TRI)

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Jun-26-2001

Reported in : (2002)80ITD9(Kol.)

..... the companies act, 1956 deals with deposits, whereas the debentures are dealt within part iv of the companies act covering sections 82 to 123. they are, therefore, understood as different connotations under the ..... companies act. we are, therefore, of the view that the observation of the ..... deposit for the purposes of interest-tax act as well.10. we are dealing with a case of a company and, therefore, the terms used in the interest-tax act have to be understood the way they are understood under the companies act, 1956 or by the people dealing with the companies. under the companies act, the issues of deposit and debenture are dealt with separately. section 58a of .....

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Sep 28 2001 (HC)

Shirish Finance and Investment (P.) Ltd. Vs. M. Sreenivasulu Reddy

Court : Mumbai

Decided on : Sep-28-2001

Reported in : 2002(1)BomCR419

..... have been detailed in the plaint as under: (a) on 14-12-1993, airedale investment & trading (p.) ltd., defendant no. 2 company, acting in concert with defendant nos. 1 and 3 to 11, acquired through negotiations 75,000 fully convertible debentures which were purported to be converted into 3,75,000 equity shares on 11-8-1995. the conversion of the ..... down that the company law board may, on an application made by ..... or any member of the company or the company itself could apply to the company law board for rectification of the register of members. 128. section 111a of the companies act was inserted with effect from 20-9-1995 by the depositories act, 1996. section 111a does not apply to private companies. sub-section (2) provides that the shares or debentures and any interest therein of ..... a company shall be freely transferable. subsection (3) lays .....

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Jun 26 2001 (HC)

National Engg. Inds. Ltd. Vs. Cit

Court : Kolkata

Decided on : Jun-26-2001

Reported in : [2001]80ITD9(Cal)

..... iv of the companies act covering sections 82 to 123. they are, therefore, understood as different connotations under ..... the companies act. we are, therefore, of the view that the observation of ..... dealing with a case of a company and, therefore, the terms used in the interest tax act have to be understood the way they are understood under the companies act, 1956 or by the people dealing with the companies. under the companies act, the issues of deposit and debenture are dealt with separately. section 58a of the companies act, 1956 deals with deposits, whereas the debentures are dealt with in part .....

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Feb 07 2001 (TRI)

Goldeline Financial Services Vs. Hyderabad Stock Exchange

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Feb-07-2001

..... omitted or failed to dispose of, within the time specified in sub-section (1a) of section 73 of the companies act, 1956 (1 of 1956), thereafter in this section referred to as the 'specified time'), the application for permission for the shares or debentures to be dealt with on the stock exchange, within fifteen days from the date of expiry of the specified ..... forthwith refund the entire subscription amount received. if there is a delay beyond 8 days, after the company becomes liable to pay the amount, the company shall pay interest as per section 73 of the companies act, 1956". section 69 of the companies act, prohibits allotment of shares unless the minimum subscription stated in the prospectus is raised.14. on a perusal of the letter ..... the stock invest and collection received in the public issue account in the andhra bank.quoting the provisions of section 73 of the companies act, 1956, the learned counsel submitted that once the listing permission is granted, the issuer company is at liberty to appropriate the subscription money, and as such the appellant cannot be denied access to the subscription money by the ..... provisions of the said section as well. extract from section 73, considered relevant for the purpose, is reproduced below : "allotment of shares and debentures to be dealt in on stock exchange.--(1) every company intending to offer shares or debentures to the public for subscript ion by the issue of a prospectus shall, before such issue, make an application to one or more .....

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Oct 18 2001 (TRI)

Chenai Finance Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Oct-18-2001

Reported in : (2002)81ITD7(Hyd.)

..... is seen that interest received on hundi loans and debentures were accounted for on cash basis as commented in the audit report. according to the provisions of section 209(3) of the companies act, it is obligatory on the part of the company to maintain books of account on accrual basis with ..... . cit [1973] 88 itr 323 (sc).since two views are possible on the overriding nature of the provisions of section 209(3) of the companies act, the ratio laid down by the apex court in the above decision clearly applies, and the provisions of section 263 are not attracted.12. for ..... hundi loans and debentures the interest income is accounted on receipt basis and accordingly income accrued rs. 28,493 has not been accounted for....similar note is left for the assessment year 1992-93 as well. while conceding that the mercantile system of accounting is mandatory under the companies act, the learned counsel ..... on cash basis and returning income on that basis is not consistent with the provisions of section 209(3) of the companies act because of the amendment brought about by companies (amendment) act, 1988 with effect from 15-6-1988 in that section. the said section 209, to the extent relevant for our ..... learned counsel for the assessee reiterated the contentions made out before the cit. he admitted that under section 209(3) of the companies act, it is mandatory that a company follows mercantile method of accounting. when that is not done, the statutory auditor has to qualify the report, and that is what .....

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Jul 04 2001 (TRI)

Bombay Dyeing and Mfg. Co. Ltd. Vs. Arun Kumar Bajoria

Court : Company Law Board CLB

Decided on : Jul-04-2001

Reported in : (2001)107CompCas535

..... or investor or the securities and exchange board of india, if the transfer of shares or debentures is in contravention of any of the provisions of the securities exchange board of india act, 1992 or regulations made thereunder or the sick industrial companies (special provisions act) 1985 or any other law for the time being in force, within two months from date of transfer ..... of any shares or debentures held by a depository or from the date on which the instrument of ..... transfer or the intimation of the transmissions was delivered to the company, as the case may be after ..... , either in one lot or at intervals had been furnished. further, in that case, the clb also found that the acquirer had contravened the provisions of section 108a of the companies act. therefore the clb had approved the refusal to register all the shares. but in the present case, the share are dematerialized and instant registration takes place immediately after transfer. the .....

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Apr 11 2001 (TRI)

Deputy Commissioner of Vs. Andhra Petro Chemicals Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

Decided on : Apr-11-2001

Reported in : (2002)82ITD19Visakha

..... report and audited accounts for 1991-92 and 1992-93, statements of public issue expenses, quantities of share expenses, extract of the provisions of section 73 of companies act relating to allotment of shares and debentures. basing on these, learned ar of the assessee contended that since the interest amount have been adjusted and capitalised and no nexus is there relating to their ..... hon'ble a. p. high court and delhi high court. although the assessee's contention with regard to observation of the different guidelines, acts and rules under the provisions of company act and rules, rbi instructions etc., in confirmity with such act and rules, it cannot be brushed aside the fact that the interest income earned has gone to the coffer of the assessee ..... either withdrawn or utilised by the assessee-company till the final allotment of shares. after the final allotment of shares was made ..... alcohol. in the process of issue of shares, the assessee acted in consonance with guidelines given in the prospectus, approval of rbi, extracts of board meetings and as per the provisions of section 73 of the companies act and accordingly the shares application money was kept in bank account.the bank has acted as a trustee and the amount was not allowed to be .....

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