Court : Andhra Pradesh
Reported in : (1983)34CTR(AP)104; 143ITR661(AP)
..... provided an artificial definition of speculative transaction and that in construing the same the concepts obtaining under the indian contract act and the sale of goods act are not relevant. it was further observed that even where the contract is highly speculative and amounts to a wagering contract, it will not be a speculative transaction within the meaning of s. 43(5), if it is settled ..... well as by the aac. on further appeal, however, the tribunal took the view, that since the contract was settled otherwise than by delivery of goods, it was a speculative transaction within the meaning of expln. 2. s. 24(1) of the indian i.t. act, 1922 and, therefore, must be set off against the unabsorbed speculative losses brought forward from the previous ..... v. pioneer trading co. p. ltd. : 70itr347(cal) . that was case where the assessee, a private limited company, entered into a contract dated july 6, 1953, with a japanese part to supply 52,000 long tons of indian iron ore, to be delivered in three consignments of 24,000, 8,000 and 20,000 tons. the agreed basis of payment was ..... years. when the matter came up before the calcutta high court, it was contended for the department that what was settled in that case was not the contract, but a claim for damages arising format breach of a contract and that such .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1950SC134; (1950)52BOMLR719; 181ITR472(SC); 1SCR335
..... section 42. in the concluding part of the judgment their lordships said as follows :- 'these considerations lead their lordships to the conclusion that under the indian act a person resident in british india, carrying on business there and controlling transactions abroad in the course of such business, is not by these mere facts ..... applied distributively to the profits of a single source' (p. 765), and again, 'no doubt if it can be held that under the indian act profit in the case of a business must be taken so strictly that it is not to be understood distributively at all the profit of the ..... unnecessary, in the present case, to consider the applicability of the decision in kirk's case  a.c. 588 to assessments arising under the indian act which makes the place at which the profits accrue or arise the test of liability or non-liability, as the case may be, as i am of ..... , the high court's conclusion that the profits accrued or arose outside british india is well founded.' 47. in my view this decision does not make us any the wiser for the decision of the present case. it is true that the indian act ..... . they are not saying that the place of formation of the contract prevails against everything else. in some circumstances it may be so, but other matters - acts done under the contract, for example - cannot be ruled out a priori. in the case before the board the contracts were neither framed nor carried out in british india .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 18ITR472(SC)
..... section 42. in the concluding part of the judgment their lordships said as follows :-'these considerations lead their lordships to the conclusion that under the indian act a person resident in british india, carrying on business there and controlling transactions abroad in the course of such business, is not by these mere ..... be applied distributively to the profits of a single source' (p. 765), and again, 'no doubt if it can be held that under the indian act profit in the case of a business must be taken so strictly that it is not to be understood distributively at all, the profit of the ..... sale. it appears, however, unnecessary, in the present case, to consider the applicability of the decision in kirks case to assessments arising under the indian act which makes the place at which the profits accrue or arise the test of liability or non-liability, as the case may be, as i am ..... ; the high courts conclusion that the profits accrued or arose outside british india is well founded.'in my view this decision does not make us any the wiser for the decision of the present case. it is true that the indian act ..... they are not saying that the place of formation of the contract prevails against everything else. in some circumstances it may be so, but other matters - acts done under the contract, for example -cannot be ruled out a priori. in the case before the board the contracts were neither framed nor carried out in british india .....Tag this Judgment!
Court : Kerala
Reported in : AIR1964Ker92
..... on that date the law existing in the several states shall govern the formation of forward contracts in those states and that thereafter the orders and notifications ..... and co. (india) private ltd. v. waverley jute mills co., ltd., air 1959 cal 89. in that case the validity of the central act -- the forward contracts (regulation) act (act 74 of 1952) -- was challenged on the ground that the act was beyond the legislative competence of the parliament' as it deals with and purports to regulate trade and commerce which are within the exclusive ..... which may be framed under the provisions of act 24 of 1946 ..... have to hold that the vegetable oils and oilcakes (forward contract prohibition) order, 1050 is void and inoperative.17. another argument of the learned counsel for the appellant may now be considered. it is stated that act 24 of 1946 of the indian legislature which was made applicable to part b states by act 52 of 1950 passed on 17-8-1050 provides that .....Tag this Judgment!
Court : Kolkata
Reported in : AIR2003Cal233
..... effectively and comprehensively be dealt with for which no separate provision for adjudication of dispute by in-house procedure under clauses 29 and 30 is necessary. the act does not contemplate for formation of such in-house tribunal for adjudication of dispute as regard theft and pilferage of electric energy.4. the mechanism provided in the aforesaid conditions of supply, ..... without notice in case of consumerhaving been found to be guilty of mal-practice in respect of use of energy or pilferageis contrary to the provision of section 20 ofthe indian electricity act, 1910, which is reproduced hereunder :'power for licensee to enter premises and to remove fittings or other apparatus of licensee.-- (1) a licensee or any person ..... proved before competent court of law the person and/or the consumer being the accused has to be punished. realization and payment of security deposit necessarily has link with lawful contract of supply, not as penal measure. the competent court of law alone can impose penalty. therefore, i cannot hold the condition for realization and payment of additional security ..... . the statesman, bartaman and biswamitra, moreover the conditions of supply have also been printed on the electricity bills.10. he submits that there is no inconsistency between the indian electricity act, 1910 and amended condition of supply, which have been challenged here. he contends further that principle of natural justice may be excluded expressly or by necessary implication by legislation .....Tag this Judgment!
Court : Kerala
..... and the state were unaware that part vii was inapplicable and, hence, the agreement entered into under part vii is rendered void by virtue of section 20 of the indian contract act, 1872 (for brevity "contract act"). the agreement is void for reason only of both the parties having been under a mistake as to the inapplicability of part vii. an alternative contention is also ..... effect of the law of registration upon the validity of the assignment deed. at the most, such mistake would be a mistake of law and under section 21 of the indian contract act the contract would not be void on that ground".29. in the instant case also neither party was in error as regards the essential facts upon which the agreement proceeded. it ..... are binding. the opinion that the agreement is enforceable is erroneous when no provision of part vii of the l.a.act is applicable. it is further contended on behalf of the appellant/writ petitioner that section 23 of the indian contract act applies if the agreement is executed for a purpose which is forbidden by law. the agreement becomes void and unenforceable under ..... any other ground. in their lordships' opinion, this reasoning is fallacious. if a mistake of law has led to the formation of a contract, s.21 enacts that that contract is not for that reason voidable. if money is paid under that contract, it cannot be said that that money was paid under mistake of law : it was paid because it was due under .....Tag this Judgment!
Court : Mumbai
..... it is only tulip which breached its obligation to obtain the noc of the banks. the learned arbitrator has ruled otherwise. the law relating to frustration of contract under section 56 of the indian contract act, 1872 would required to be seen to consider whether the learned arbitrator has gone against the provisions of that law and accordingly misconducted himself. section 56 runs ..... judgment in the case of satyabrataghose vs. mugneeram bangur and co. and anr. 1954 scr 310 : air 1954 sc 44 which deals with the distinction between english and indian law of frustration of contract. the doctrine of transaction in english law is held not to have application in india because of the statutory provisions contained in section 56 of the ..... . agreement to do impossible act.- an agreement to do an act impossible in itself is void. 11. the doctrine of frustration of contract has been clearly set out in pollock and mulla's contract law 13th edition volume i at page 1124 thus: ??doctrine of frustration frustration signifies a certain set of circumstances arising after the formation of the contract, the occurrence of which ..... is due to no fault of either party and which renders performance of the contract by one or both parties physically and commercially impossible ? . taking from p. s. atiyah's ??an introduction to .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 108ITR465(AP)
..... the constitution of the firm would depend upon the context of the use of that expression.........under section 42 of the partnership act subject to the contract between the parties a firm is dissolved on, inter alia, the death of a partner. but, change in the constitution ..... provisions of sub-section (2) of section 187 do not change the concept of reconstitution of a firm as understood in the indian partnership act nor do they obliterate the distinction between reconstitution and dissolution and that once a firm is dissolved either by agreement or by operation ..... as, on the death of a partner of a partnership firm, the partnership automatically gets dissolved under section 42(c) of the indian partnership act, 1932, that a new firm for the remaining broken period in each of the two accounting years has come into existence as ..... has been run uninterruptedly. even if it amounts to dissolution of the earlier firm according to the provisions of section 42 of the indian partnership act, there is no doubt that such dissolution and succession has to be treated as a reconstitution of the firm according to the provisions ..... indian income-tax act, 1922, therein it was held that the death of one of the partners resulted in the dissolution of the partnership unless there is a contract to the contrary and such contract need not be expressed but may be inferred from the conduct of the parties although the contract must invariably be between the original partners at the time of formation of the contract .....Tag this Judgment!
Court : Madhya Pradesh
Reported in : AIR1963MP31; 1962MPLJ61
..... in importance after the city was made the capital of the new state of madhya pradesh. in fact, the suit was brought before the formation of the state. there is no evidence in the case given by the defendant to establish that there was considerable rise in prices up to ..... consideration at the time it was entered into and the value of the property had considerably risen subsequently, that does not affect the enforceability of the contract. the validity of a transaction should on principle be judged as on the date of the transaction. as remarked in venkateswara ayyar v. raman ..... circumstances proved.'in sankaralinga v. ratnaswaml, air 1952 mad 389 a division bench of the madras high court after reviewing various authorities observed :'..... a contract which has been abandonee has no legal existence for any purpose and it cannot be the foundation for any relief whether it be specific performance or ..... w. 3) would give a false version favouring the plaintiff on this point.11. another point leading to the same conclusion is that if the contract were cancelled as alleged, thedefendant would not have allowed the plaintiff to continue in possession up to 1956, when the suit was broughtand further the ..... equity cannot bo imported into the indian law in view of article 113, lim. act, which fixes a period of three years within which a suit for specific performance should be brought. except in mercantile and business contracts, time is not of the essence of the contract, but it may be material for .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2005SC3087; 2005(4)AWC3210(SC); 2005(3)BLJR2122; 2006(1)BomCR882; 126CompCas809(SC); 2005(5)CTC195; 2005(2)CTLJ121(SC); [2005(4)JCR34(SC)]; JT2005(6)SC416; 2005(4)
..... be appointed for other purposes. once an agent is appointed, his authority may be express or implied in terms of section 186 of the contract act.27. for creating a contract of agency, in view of section 185 of the indian contract act, even passing of the consideration is not necessary. the consideration, however, so far as the employers are concerned as evidenced by the scheme ..... comes about where the principal, by words or conduct, has represented that the agent has the requisite actual authority, and the party dealing with the agent has entered into a contract with him in reliance on that representation. the principal in these circumstances is estopped from denying that actual authority existed. in the commonly encountered case, the ostensible authority is general ..... insurer directly, and, thus, for all intent and purport they were to treat their employers as 'agents' of the corporation. the scheme clearly and unequivocally demonstrates that not only the contract of insurance was entered into by and between the employee and the insurer through the employer but even the terms and conditions of the policy were to be performed only ..... of the word 'agent' is not conclusive. if the employee had reason to believe that his employer was acting on behalf of the corporation, a contract of agency may be inferred.29. in basanti devi (supra), this court stated the law thus:'...formation of the contract of insurance is between lic and the employee of desu. scheme has been introduced by lic purely on .....Tag this Judgment!