Court : Chennai
Decided on : Jun-12-2009
Reported in : (2009)25VST175(Mad)
..... default in payment of deferred tax, the assessee undertakes that the movable and immovable properties of the company and that of the directors shall be liable to be attached/proceeded towards realisation of deferred tax instalments and the term 'movables' shall include cash/shares/debentures/bank balance. as per clause 4 of the deferral agreement, the assessee shall not alienate, dispose, ..... property, the crown's debt is entitled to have priority over the claim of others.(iii) since there is no specific provision claiming 'first charge' in the central excise act and the customs act, the claim of the central excise department cannot have precedence over the claim of secred creditor, viz., the petitioner bank.(iv) in the absence of such specific provision ..... bank of india case : (2009)4scc94 , the supreme court, while noticed that, none of the earlier judgments held that by virtue of the provisions contained in the drt act or the securitisation act the first charge has been created in favour of the bank/financial institutions, etc., the supreme court held as follows:48. on the basis of above discussion, we hold ..... reply, sipcot informed on 5th dec., 2002 that possession of the mortgaged assets of the defaulter had already been taken by sipcot under section 29 of the state financial corporation act for recovery of term loan dues and that they are providing security incurring huge expenditure. it requested not to proceed with proposed auction sale by the sales tax department. however .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-01-2009
..... whether the tribunal was correct in ignoring the finding recorded by the appellate commissioner that the assessee had violated section 11(5) of the act by making investment in chit funds and debentures of sriram group of companies by drawing an analogy from one other sale transaction of m/s. classic developers and recorded a perverse finding by taking into consideration irrelevant ..... circumstances and ignoring the cogent evidence examined by the appellate commissioner.?3. whether the tribunal was correct in proceeding to hold that the income of the assessee was exempt from tax under section 11 of the act ..... . therefore, the petitioner, in the best interests of public educational institution did not want to forefeit the larger amount by discontinuing the contribution immediately after the finance (no. 2) act 1998 came into force as such foreclosure without further contribution would result in a larger loss.8. she also further contends that in view of clause 10(23c)(vi) of ..... examined by the assessing officer and thus it would serve no purpose. she also further contends that they have also obtained registration certificate as contemplated under section 12a of the act and in view of this prays for dismissal of the appeal.9. the issue that arise for our consideration would be as to whether the assessee has dis-invested .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-06-2009
Reported in : 2010(1)BomCR239
..... locus standi to request the court to confirm the bid of highest bidder, more particularly when the appellant is having 90 per cent of the debenture value of the company in liquidation. in this view of the matter, the appellant metropolitan infrahousing pvt. ltd.can be said to be a decree holder and on ..... this common judgment at the admission stage itself.3. the icici bank instituted a suit being suit no. 3636 of 1999 as debenture holders of the company in liquidation i.e. pal peugeot under debenture deed dated 21st december, 1997 for rs. 136.79 crores. the said suit was filed on 12th may, 1999. on 30th ..... fact that the appellant - metropolitan infrahousing pvt. ltd. is also a creditor of the company i.e. pal peugeot as they are holding 90 per cent of the debentures and to that extent they are also creditors of the company as well as in view of the fact that the trade union i.e. shakharamseth ..... were entitled to request the court to reduce the reserve price as the appellants were also pursuing the matter in their capacity as creditors of the debtor company. it is further submitted by mr. chinoy that in view of the same, the impugned order passed by the learned judge on 27th june, 2008 ..... confirmation of sale in their favour. before the learned single judge, the union viz. sakharamseth employees union asserting its right as a recognised union of the company i.e. pal peugeot, filed an affidavit to the effect that the reserve price should be reduced to rs. 661 crores and to accept the .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Jan-06-2009
Reported in : 310ITR274(P& H); 177TAXMAN74(Punj& Har)
..... released the interest component of the debentures to the assessees, it had made income-tax deductions therefrom. it is the contention of the learned counsel for the petitioners that the assessees cannot be made ..... section shall apply accordingly.based on section 195 of the act, it is the submission of the learned counsel for the petitioners, that liability of deducting income-tax on the interest component of debentures purchased by the assessees from m/s. oswal agro mills limited, rested on the shoulders of the said company, and that? when m/s. oswal agro mills limited eventually ..... being extracted hereunder:other sums. - (1) any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the provisions of this act (not being income chargeable under the head 'salaries' shall, at the time of credit of such income to the account of the payee or at the ..... in the nature of foreign exchange assets as defined in section 115c of the act. the controversy in the present references pertains to the interest income derived by the assessees from the aforesaid debentures. the claim of the assessees is that the aforesaid income derived as interest from debentures should be assessed on receipt basis, and not on accrual basis. the claim of .....Tag this Judgment!
Court : Orissa
Decided on : Mar-20-2009
Reported in : 2009(I)OLR779
..... india alleging therein that the petitioner filed his nomination papers along with an affidavit wherein he had declared that neither he nor his spouse was holding any shares or debentures in the company named above. but on the basis of the petition, the sub-collector-cum-returning officer was directed to conduct an inquiry and who, after inquiry came to a conclusion ..... that though the complainant disclosed that he was a director of the company, named above, yet he failed to disclose the shares and debentures held by him and his spouse in the said company. the petitioner challenges the order of cognizance on the ground that as per section 36 of the representation of peoples ..... is the director of neelachal builders pvt. ltd. and the details of the motor vehicle owned by the company. according to him, as he has disclosed himself as a director of the said company, it pre-supposes that he is holder of the shares and debentures. hence, there was no mala fide intention on the part of the petitioner for suppression of fact ..... act, 1951 whenever any candidate files nomination paper it is the statutory obligation of the returning officer to scrutinize the nomination papers and .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Feb-03-2009
Reported in : 2009AIRSCW1202; AIR2009SC1674; 2009CriLJ1543; RLW2009(4)SC2949; 2009(2)SCALE188; (2009)11SCC376; 2009(2)LC628(SC); 2009(2)JT145; 2009(2)LHSC1334; 2009CriLJ1543; 2009(3)KCCRSN120
arijit pasayat, j.1. alleging that because of custodial torture and diabolic acts of the police officials of noida police, somvir singh @ sonu aged 17 = years lost his life. he was studying in 9th standard. after dis-continuing his education he was helping .....Tag this Judgment!
Court : Orissa
Decided on : Feb-13-2009
Reported in : 107(2009)CLT402
..... institution or any hospital or other medical institution as on the 1 st day of june, 1998;(ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the fund, trust or institution or any university or other educational institution or any hospital or other medical ..... the petition is liable to be dismissed.5. at this juncture, it is necessary to take note of the relevant provisions of section-10 of the it act, which are quoted below:section 10. incomes not included in total income - in computing the total income of a previous year of any person, any ..... stipulated in 3rd proviso to section 10(23c)(vi) by not investing the surplus funds in accordance with provisions of section 11(5) of the it act is not entitled to avail exemption under section 10(23c)(vi) for the assessment years 2003-04 and 2004-05. the learned ccit is fully ..... very purpose of the institution for imparting education clearly comes within the ambit of section 2(15) of the it act as public utility being charitable in nature. the primary and dominant purpose of the institution being charitable one the other object itself may not charitable ..... his explanation before the learned ccit. the learned ccit on 17.07.2006 has passed an order disallowing exemption under section 10(23c)(vi) of the it act for the assessment years 2003-04 and 2004-05. hence, this petition.3. mr. j.m.pattnaik, learned counsel for the petitioner submits that the .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Jul-15-2009
..... are those arising out of speculative transactions. a speculative transaction is one in which the contract for the purchase or sale of shares or debentures is settled otherwise than by actual delivery or transfer of the scrips. it is common ground between the parties that the claim of the ..... court rendered its decision and rejected the claim of the appellant, the board came out with comprehensive guidelines issued under section 11(1) of the act dealing with the constitution, management and utilization of the fund. these guidelines have a statutory force. as already noticed, the board had directed all ..... implementation of the guidelines. the circular issuing the guidelines made it clear that the same were being issued under section 11(1) of the act to protect the interests of investors in securities and to promote the development of and to regulate the securities market. 5. we may now ..... the stock exchange customers protection fund (hereinafter called the fund) by creating a trust and got the same registered under the bombay public trusts act, 1950 and the rules framed thereunder. trustees appointed by bse manage the fund. bse has also framed the stock exchange customers protection fund rules ( ..... not be released to you. it is against this communication that the present appeal has been filed under section 23l of the securities contracts (regulation) act, 1956. for the sake of convenience, we shall deal with the grievance of the appellant in regard to the two awards separately. re - .....Tag this Judgment!
Court : Maharashtra State Consumer Disputes Redressal Commission SCDRC Mumbai
Decided on : Oct-01-2009
..... . therefore, complainant was unable to make balance payment of allotment money. complainant wrote several letters, but company did not respond to the complainants letters. therefore, according to the complainant, even after payment of entire call moneys in time, o.ps. did not convert debentures into the shares and redeemed the amount of rs.10,593/- of rppl and rs.5,190 ..... shukla, advocate for the respondents. perused the record. according to the respondents, appellant/org. complainant is not a consumer within meaning of section 2(1)(d) of consumer protection act, 1986. appellant has not hired any services for consideration, for that matter purchased any goods from the respondents for consideration, with services or goods have found to be defective. it ..... existed between appellant and the respondents. therefore, this cannot be called as a consumer dispute. appellant is not a consumer within definition of section 2(1)(d) of consumer protection act, 1986. honble national commission in the case of morgan stanley mutual fund v/s. kartik das, (1994) 2 ctj page-385, held that such investors being merely prospective investors ..... were not consumers and not entitled to such reliefs under the consumer protection act, 1986. admittedly, appellant has applied for conversion in the year 1995 and filed consumer complaint in the year 2001 i.e. after six years without filing any delay condonation application .....Tag this Judgment!
Court : US Supreme Court
Decided on : Mar-03-2009
..... challenge the regulations in the absence of a live dispute over a concrete application of those regulations. i in 1992, congress enacted the forest service decisionmaking and appeals reform act (appeals reform act or act), pub. l. 102 381, tit. iii, 322, 106 stat. 1419, note following 16 u. s. c. 1612. among other things, this required the forest service to establish a ..... case on the ground of standing, we need not reach the government s contention that plaintiffs have not demonstrated that the regulations are ripe for review under the administrative procedure act. we likewise do not reach the question whether, if respondents prevailed, a nationwide injunction would be appropriate. and we do not disturb the dismissal of respondents challenge to the ..... that fire. pursuant to its categorical exclusion of salvage sales of less than 250 acres, the forest service did not provide notice in a form consistent with the appeals reform act, did not provide a period of public comment, and did not make an appeal process available. in december 2003, respondents filed a complaint in the eastern district of california, ..... challenging the failure of the forest service to apply to the burnt ridge project 215.4(a) of its regulations implementing the appeals reform act (requiring prior notice and comment), and 215.12(f) of the regulations (setting forth an appeal procedure). the complaint also challenged six other forest service regulations implementing the .....Tag this Judgment!