Court : Chennai
Reported in : 42ITR788(Mad)
..... could not come within section 10a. in this connection, learned counsel referred to the provisions of section 87b(f) of the indian companies act, 1913, under which a variation of a managing agents contract was to be approved by the shareholders at a general meeting of the company, and he urged that as in the present ..... would not be decisive of the question as to whether the transaction was intended for the avoidance or reduction of the excess profits tax. therefore, the formation of the new companies could not have been prompted by a desire to be relieved of a portion of the work. the real or dominant object ..... arise in the present case. the assessee firm is continuing and is earning profits. the decision is not an authority for the proposition, that the formation of the new firm for carrying on in part the business of the old firm would not be a transaction within the meaning of section 10a. ..... that one of the meanings of the word was the carrying on or completion of an action or a course of action which would include the formation of the new firms.learned counsel for the assessee relied upon the decision of the supreme court in sohan pathak and sons v. commissioner of income ..... co. ltd. and manickavasagam ltd., were designed mainly to screen a portion of the income obtained under the original managing agency agreement, and that the formation of the two new companies could not be held to be genuine. the officer also held that the transactions, under which a portion of the profits payable .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1982Cal440
..... the agreement and (2) that even if the licence in question with which the judicial committee was involved was void under section 20 of the indian contract act, section 56 thereof was also applicable and therefore on that finding on the fact of the arbitrators with which the members of the judicial committee ..... it was held that where an application was made under section 34 of the indian arbitration act for stay of a suit and an issue was sought to be raised as to the formation, existence or validity of the contract containing the arbitration clause, the court was not bound to refuse the stay but ..... to the learned judge, to also consider the case as pleaded and find out whether the issues as to formation of the contract had been raised bona fide or merely to avoid the contract. in the facts and circumstances of the case the learned judge examined the application and refused to grant stay. ..... the parties aforesaid hereunder or any other matter arising out of the agreement shall be referred to arbitration in accordance with and subject to the indian arbitration act, 1940 and the venue of the arbitration shall be in madras or at calcutta and not elsewhere. 2. whereas the dispute have arisen ..... hereunder or any matter arising out of this agreement, shall be referred to arbitration in accordance with and subject to the provision of the indian arbitration act, 1940 or any statutory modification or re-enactment thereto for the time being in force and the venue of arbitration shall be madras or .....Tag this Judgment!
Court : Mumbai
Reported in : (1974)76BOMLR156
..... standard english works on the subject, i must next refer to the statutory provision with which i am directly concerned, viz. section 23 of the indian contract act, the material part of which enacts that the 'consideration or object' of an agreement is lawful, unless it is of such a nature that if ..... different and it is with this distinction in mind that i must proceed to consider the preliminary issue of illegality based on section 23 of the indian contract act.13. the agreement in the present case is alleged to be illegal as formed, and not to be illegal in the matter pi its performance ..... court has, in the full bench case of kashinath v. bapurao considered the distinction between 'object' and 'motive' for the purpose of section 23 of the contract act (at p. 311). it is stated that section 23 is not concerned with motive, but is confined to the consideration and object of the transaction. equating ..... e.r. 92 cited by mr. parpia is an illustration of the principle enunciated by cheshire (at p. 306) that if a contract is illegal in its formation, a contract which is founded on and springs from the illegal transaction is also illegal and void. the facts of that case were that the defendant ..... mr. parpia within the first of the two classes into which cheshire divides illegal contracts. two questions, therefore, arise for my consideration viz., (1) is the agreement as pleaded in para. 3 of the plaint illegal in its formation by reason of the facts (a) that the plaintiffs had agreed to lend .....Tag this Judgment!
Court : Allahabad
Reported in : 68ITR673(All)
..... facto become partners in the business so as to clothe them with all the rights and obligations of a partner as defined by the indian contract act. in such a case the family as a unit does not become a partner, but only such of its members as in fact ..... representative making a group of individuals, such as a joint family, a partner at all as defined by section 4 of the partnership act. the contract of partnership, moreover, cannot be entered into between groups of persons as entities with changing membership such as hindu joint families are. ..... section are ' where two or more such joint families form a partnership '. it is not possible to say that because under the contract act and the partnership act two or more joint families as such cannot form a partnership, therefore, the words mentioned above are surplusages. as pointed out earlier ..... this provision came on the statute bookin 1936, buteven before that the position was clear that a partnership is a creature of contract and for its formation sentient beings or juristic persons or legal entities were required and a mere association of individuals like a hindu undivided family could ..... not form a partnership. the legislature knew this legal position yet in 1936 thought it fit and proper to use the words ' where two or more such joint families form a partnership ' in section 4(3) of the act .....Tag this Judgment!
Court : Telecom Disputes Settlement and Appellate Tribunal TDSAT
..... was executed between the competent authority and the respondent. 89. our attention was also drawn to the well known treatise of chitty on contract, which merely states that loi would lead to a presumption of the formation of a contract where the language thereof does not negative the contractual intentions. 90. in a given case, apart from the fact that the loi holders ..... the offer of grant of licence shall stand withdrawn at the expiry of permitted period. 115. indisputably, the licences are governed by provisions of the indian telegraph act, 1885, indian wireless telegraphy act, 1933 and telecom regulatory authority of india act, 1997, as modified and prescribed from time to time. 116. at that point of time, in terms of paragraph 32 of the said ..... for the licensor, bearing in mind a particular fact situation not to part with its privilege by granting licence in terms of the proviso appended to section 4 of the indian telegraph act, 1885. an existing licensee shall, however, stand on entirely different footings. 91. there exists a clear distinguishing feature between an existing licensee and the new licensees. whereas in ..... to use gsm technology also in addition to the cdma technology being used under the existing uas licence(s) issued to the company under section 4(2) of the indian telegraph act, 1885 and shall not confer any right on the licensee for allocation of radio-spectrum for operating wireless access services or establishing back-bone radio-links. spectrum shall be .....Tag this Judgment!
Court : Chennai
..... a-2 the respondent is entitled to get the relief of specific performance when the respondent has not complied with the requirement of section 2(b) and (e) of the indian contract act, 1872 ? 2. whether the courts below are right in holding that the veracity of exhibit b-3 to be proved by the 1st appellant when the respondent disputed his signature ..... fact, this court is also of the view that ex.a2 has the potentiality to satisfy the requirements of the provisions of section 2(b), (e) and (h) of the indian contract act 1872 and therefore, this court does not have any hesitation to endorse the concurrent findings of the courts below to say that the courts below are right in holding that ..... set of promises, forming the consideration for each other, is an agreement;'' 37. it may be relevant to note here that there is no specific or standard format to constitute an agreement of contract. as it is envisaged under clause(b), the proposal to whom it is made is said to be accepted when it signifies his ascent. when the proposal is ..... karnataka high court in sudha vs. shardamma (1986 (1) civ.lj.377) at 382, (kant). 41. as observed in the earlier paragraphs, there is no standard format to reduce the terms of the contract. a contract is completed when an offer made is accepted; it is the acceptance that gives rise to the cause of action; and not merely the making of an .....Tag this Judgment!
Court : Chennai
Reported in : 116CompCas214(Mad); (2003)4CompLJ50(Mad); 49SCL319(Mad)
..... admitted to the membership of the exchange 'unless he/institutions referred to herein above satisfies the requirements prescribed in that behalf under the securities contracts (regulation) act, 1956, and the rules framed thereunder.'19. article 23 prohibits the formation of partnerships, unless all the partners are members of the exchange. a non-member may not be a partner in the business carried on ..... regarded as being ineligible to function as companies under the provisions of the companies act.43. as between the companies act and the securities contracts (regulation) act, the latter enactment is the special law in relation to stock exchanges and stock broking, while the companies act is the general law which deals with the formation and management of companies and various matters enacted therewith. the companies ..... industry, commerce and art.30. prior to the formation of registration of this company in the year 1957, the stock exchange that functioned at madras was madras stock exchange association (private) limited which had been registered on august 12, 1937 under the indian companies act of 1913. after the coming into force of the securities contracts (regulation) act, 1956, which enactment was passed to prevent .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1952All706; 22ITR108(All)
..... continuous management of the affairs of the company was precisely the business of the assessee-firm which was one of the purposes of its formation under the indian partnership act. in this case, therefore, there was a continuity of the business of the firm.secondly, even a single venture can sometimes constitute ..... articles of association do not give any indication that the assessee firm was being appointed managing agents as servants and not merely as agents under a contract. in this case, therefore, a consideration of 'the documents appointing the assessee as managing agents of messrs. shankar sugar mills, limited, does not ..... affairs of a company, andincludes a director or any other person occupying the position of a manager by whatever name called and whether under a contract of service or not.' it is clear that there are only two main distinctions between a manager and a managing agent. the chief distinction ..... or a long-undertaking, but to any separate commercial adventure in which people may embark, this was a contract which came within section 2, sub-section 3(d), of the act with the liabilities imposed in such cases and possibly in accordance with a decision in the court of appeal ..... 'in the case of a director there may be special terms in the articles of association, or there may be an independent contract which may bring about contractual relationship between the company and the director and constitute the director an employee of the company; but independently of such special .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : AIR1963AP152
..... a distance from the shore, through country craft owned by it. among the properties acquired by the company on its formation were the rights, interests and the benefits of all existing contracts then possessed by one p.v. rangayya of masulipatam and his family. this family may for the sake of brevity ..... 2. the east coast transport and shipping company, limited, masulipatam (hereinafter referred to as 'the company') was incorporated under the provisions of the indian companies act in or about the year 1937. the main activity of the company consisted in conducting the business of clearing and forwarding agents for loading goods ..... section 320 provides for payment to a director for loss of office, etc., in connection with the transfer of shares. nowhere in the companies act do we find any provision for the payment of remuneration to persons other than those provided under the aforesaid section. i am, therefore, not ..... to pay remuneration to the members of the family, who have been instrumental in the formation of the company, would be justified either by the provisions of section 291 or any other provisions of the companies act. section 291, which defines the board's powers and enume rates the restrictions on ..... to the presingu family, but reliance is placed by the learned counsel for the applicant on section 291 of the indian companies act which reads:'(1) subject to the provisions of this act, the board of directors of a company shall be entitled to exercise all such powers, and to do all .....Tag this Judgment!
Court : Delhi
Reported in : ILR1977Delhi57; 1977RLR499
..... . what can be contingent is some right or obligation arising under a concluded contract. the term 'contingent' contract is peculiar to indian law. both 'in the english and american systems of law such contracts are treated as conditional contracts', see sanjiva row's commentaries on the indian contract act (1965 ) ii 838 and law of contract in india by v. c. ramachandran (1971 ) ii 939 in the ..... by demanding arbitration. when the suit was filed, the seller applied for stay. opposing the application, the buyer contended 'that clause 6 of the contract does not amount to a 'submission' within the meaning of the indian arbitration, act'. mitter, j., said : i cannot also accept the first contention of mr. chatterjee. the (seller) had under cl. 6 the option of ..... to refer the matter in dispute to arbitration. the (buyer) had agreed to refer disputes covered by cl. 6 to arbitration. the contract binds him. that clause fulfills the definition of 'submission' as given in the indian arbitration act. the test is, in my opinion, whether both parties are bound by that clause and not whether a right had also been expressly ..... discussion on 'conditional promises' in halsbury's law of england (4th ed.) vol. 9, page 353 para 511, it is said : a conditional promise ...... should be distinguished from a condition precedent to the formation of contract. in the case of .....Tag this Judgment!