Court : Kolkata
Decided on : May-10-1962
Reported in : AIR1963Cal140
..... held by the learned judge that where on an application made under section 34 of the indian arbitration act for stay of a suit, an issue is raised as to the formation, existence or validity of the contract containing the arbitration clause, the court is not bound to refuse a stay but may in ..... that issue and may, if necessary, set down the application for trial on evidence, even though it may involve a decision as to the formation existence and validity of the contract itself which incorporates an arbitration clause. this view was questioned by chakravartti c.j. in birla jute . v. dulichand : air1953cal450 , ..... 199 s.r. das j. held that on an application for stay of a suit under section 34 of the indian arbitration act 1940, where an issue hag been raised as to the formation, existence and validity of an arbitration agreement, the court is not obliged to grant the stay but has a discretion ..... was not maintainable because the applicant had previously made an application under section 33 and had failed to take the point that the contract wag violative of act vi of 1951 and the point directly related to the question of the existence and validity of the arbitration agreement. in spite of ..... thing done by the seller is to file the suit mentioned above. in the suit the principal point taken is that the contract is violative of the forward contracts (regulation) act being act lxxvii of 1952 the other points taken may be summarised as follows: (1) that no permission of the central government was .....Tag this Judgment!
Court : Chennai
Decided on : Oct-05-1962
Reported in : AIR1963Mad249; (1963)IMLJ171
..... . the learned judges allowed this to be done substantially for two reasons: (1) that the debtor was entitled to relief under section 72 of the contract act as the payment of excess interest was made under a mistaken belief that in law the plaintiff was entitled to a higher rate of interest; (2 ..... could not obviously be recovered back under section 72 of the indian contract act. the distinction between a case where a payment unrelated to an antecedent contract is made under a mistake of law and a case where such payment is made under a contract which was induced by a mistake of law has been ..... due by them either by wiping out the outstanding interest or reducing the rate of interest agreed to be paid by an agriculturist on loan contracted by him. the act classifies the debts into three categories: (1) those incurred prior to the 1st october 1932; (2) those incurred after the 1st october ..... for scaling down. the rate of interest is reduced to five per cent, per annum simple interest and the amount paid, notwithstanding its appropriation at the contract rate is re-appropriated at this statutory rate of interest and the balance if any is adjusted towards principal (vide veeraraju v. balakotiswara rao, : air1951mad67 ..... lj): (at p. 302 of air): 'if a mistake of law has led to the formation of a contract, section 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 .....Tag this Judgment!
Court : Chennai
Decided on : Mar-17-1962
Reported in : 49ITR515(Mad)
..... states : 'there is only one method by which a partner can retire from a firm without the consent of his co-partners, and that by dissolving the firm.' but the indian partnership act has enacted a special provision for retirement of a partner, and that is section 32 which reads as follows :'32. (1) a partner may retirei - (a) with the consent ..... occur in the event of the death of pa partner or in the event of the liquidation of one of the partners which is a limited company registered under the indian companies act. the right of the other partners of the firm who remained, after the death of any one of the partners or after the winding up of any one of ..... involve the concept of the dissolution of the firm as originally constituted and the formation of a new firm by the other partners. section 17(a) for the partnership act prescribes that the mutual rights and duties of the partners in the reconstituted firm remain (subject to the contract between the parties) the same as they were immediately before the change, as far ..... its original five partner. a retirement of a partner may sometimes happen by dissolving the firm. it can also take place without any such dissolution. section 32 of the indian partnership act enumerates the circumstances in which a partner may retire from a firm without a dissolution (in such cases the number of the remaining partners should be two or more). the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-27-1962
Reported in : AIR1963SC953; 48ITR186(SC); Supp2SCR515
..... question in c.a. no. 214/1956 is whether the same appellant is liable to pay income-tax in accordance with the provisions of the indian income-tax act, 1922 from the date on which those provisions were extended to the territory of the state of rajasthan. c.a. no. 399 of 1960 ..... there were prolonged negotiations, proposals and counter-proposals, offer and acceptance of terms... all indicating that the matter was treated even by the ruler as a contract between his government and the appellant. that is why in the letter dated april 22, 1938, it was stated that messrs crawford bailey & co. solicitors ..... agreement of april 17, 1941, is purely contractual in nature and is not law. even on the footing, learned counsel for the appellant argues, the contract in question gives rise to rights in one party and obligations on the other. these rights and obligations, it is stated, were accepted by each succeeding ..... ruler of jodhpur who was a sovereign ruler at that time and combined in himself all legislative, executive and judicial functions. this law, or legislative contract as learned counsel for the appellant has put it, continued in force when jodhpur merged into the united state of rajasthan, by reason of s. ..... no doubt made demands for the payment of royalty not only for the period since the formation of the united state of rajasthan, but also for arrears of royalty for the period prior to the formation of that state. he found however that as to exemption from excise duty or the claim .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Feb-02-1962
Reported in : AIR1962SC933; (1963)IMLJ70(SC); Supp2SCR989
..... enforcing payment, out of the revenues of india, of the debts and liabilities which had been contracted or incurred by the east indian company, or debts or liabilities of a similar nature, which might afterwards be contracted or incurred by the government of india. we are further of opinion that the east india company ..... the corresponding state, would have been liable in similar circumstances before the constitution was enacted. the history of events leading up to the formation of the state of rajasthan has to be adverted to in this connection. it is clear, on a reference to the government publication called 'the ..... (1)(c) of the constitution, raises a question of considerable importance, namely, the extent of the vicarious liability of government for the tortious acts of its employees, acting in the course of their employment as such. the trial court dismissed the claim for compensation as against the state of rajasthan, which was ..... traced backwards until we reach the government of india act 1858 (s. 65), which itself was based upon s. 10 of the act (3 & 4 wm. iv c. 85) of which the relevant portions have been set out above. 19. from the resume of the formation of the state of rajasthan given above, it ..... is clear that we need not travel beyond the stage when the rajasthan union was formed on the eve of the constitution. it has not been shown that the rajasthan union would not have been liable for the tortious act of its .....Tag this Judgment!
Court : Chennai
Decided on : Oct-19-1962
Reported in : AIR1963Mad287; 33CompCas446(Mad); (1953)1MLJ270
..... arise out of liquidation proceedings in the salem provident society ltd., which was formed as a private limited company and registered both under the insurance-act and the indian companies act, 1913, on 12-2-1935 with its head office at salem. the-society originally had 2000 shares of which 1020 shares were thrown ..... the company and it failed to implement within the time fixed for the purpose, the proposals suggested to it, viz., either write down the policy contracts for putting the company on a sound financial basis and prevent the company from working at a deficit, by which is meant reducing the amount ..... paid a sum of eight annas for each share. thus rajagopal became possessed of 501 shares of this company.2. at the itme of the formation of the company the petitioner rajagopal constituted himself as chairman of the board.3. as the affairs of the company were far from satisfactory the ..... it appears to me that where a shareholder seeks to avoid a contract for taking shares after the winding up, the court will not exercise its discretion in his favour unless the contract was ab initio void. under section 102, companies act, the contract is not ab initio void. it is only voidable at the ..... open for subscription and 980 shares were not allotted to anybody. at the time of the formation of the company the petitioner v. rajagopal had taken .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-23-1962
Reported in : AIR1963SC222; 2SCR353
..... the bank from the said parties and were seeking to realise the same from the properties of the said debtors in the manner provided by the provisions of the act. 45. after the formation of the state of pepsu, the patiala bank was operating in the entire pepsu area, and, after its merger with the state of punjab, the bank was having ..... they did under the supplementary covenant. but the passage quoted above presupposes that on the date of the later treaty by which the earlier treaty is rescinded or modified the contracting parties are sovereigns and if, as we have already held, the effect of the original covenant is to completely divest the rulers of their sovereign power there can be no ..... of 1947), on the ground that the procedure prescribed thereunder is discriminatory in character, having regard to the fact that under the amended s. 34 of the indian income-tax act, 1922, the persons coming under both the sections from the same class. this court restated the principle that art. 14 of the constitution not only guarantees equal protection as regards ..... was observed. 'the rulers of charkhari and sarila retained, at the moment of final cession, whatever measure of sovereignty they has when paramountcy lapsed, less the portion given to the indian dominion by their instruments of accession in 1947; they lost none of it during the interlude when they toyed with the experiment of integration.' 18. these observations cannot in the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Aug-17-1962
Reported in : AIR1963SC309; 1963MhLJ49(SC); 3SCR623
..... regularcourse of business, or (c) the delegation is necessary, or (d) the beneficiary,being competent to contract, consents to the delegation.' 17. it is true that s. 1 of the indian trusts act makes provisions of theact inapplicable to public or private religious or charitable endowments; andso, these sections may not ..... plaint and urged beforeus on behalf of the appellants that the evidence would show that all the oldtrustees had not joined in the act of formation of the hakimia society andtransferring the property vested in them to the society or its members.assuming, however, for the purpose of ..... is admitted that on or about 19th march, 1917,seven persons signed a memorandum of association and registered themselves asmembers of the society under act xxi of 1860. defendant says that all thesepersons were the trustees and in the management of be trust properties undertrust deed dated 15-9 ..... . this registration in the opinion of the courtand the formation of the committee of its management for the registered societywas 'one of the acts done by the trustees in the course of themanagement' and was in fact an act to secure more efficient management ofthe trust property and the ..... the present question that what was doneshould be deemed in law to be the act of the entire old body of the trustees,even so, the learned counsel argues, the act .....Tag this Judgment!
Court : Kolkata
Decided on : May-14-1962
Reported in : 49ITR57(Cal)
..... in india and in england. the deductions permissible to a trader are not stated affirmatively in the english income-tax act of 1918 as they are in the indian act of 1922. under the english act they are to be ascertained by an examination of the deductions which are not allowed by rule 3 of the ..... assessee company was formed in 1933, to take over a business carried on by howard, who became governing director. in the discussions leading up to the formation of the company the question of the sale, the remuneration to be paid to howard and an annuity to be paid to his widow, were all discussed ..... it to pounds 2,000 provided the annuity was secured to his widow. the special commissioners, however, did not draw the inference therefore that the annuity contract was part of the remuneration to mr. howard for his service as managing director.(3) the commissioner also found that the promised annuity could not be ..... products in their own hand, was an expenditure of a capital nature to secure an enduring benefit for the companys trade by getting rid of an onerous contract and was not an admissible deduction in computing the companys profits. this was upset by rowlatt j. and his judgment was upheld by the court of ..... service of the company for another year receiving emoluments to the extent of rs. 1,35,000. besides this, there was a further stipulation in his contract of employment that he should enjoy pension at the rate of rs. 11,400 per annum continuously for 20 years. thus in the normal way the .....Tag this Judgment!
Court : Allahabad
Decided on : Apr-04-1962
Reported in : 46ITR217(All)
..... 1950, published in the government gazette is a permissible deduction within the meaning of clause (xv) of sub-section (2) of section 10 of the indian income-tax act ?'the reference relates to three assessment years 1952-53, 1953-54 and 1954-55. the facts giving rise to the reference are these. the assessee is ..... he held that no business was carried on by the assessee in the years in question on account of the ban imposed by the government. the formation of another company, namely, vijay veopar chamber, and the transfer of the office premises and the furniture by the assessee company to the newly formed company ..... the company took in the litigation with its members was that the pending contracts should be canceled by reason of the imposition of the government ban. we are not concerned with the merits of the stand taken by the contending ..... all the facts relating to the litigation between the company and its members are not before us. we only know that the members wanted the pending contracts to be squared up at the closing rates of february 14, 1950. we are informed by learned counsel for the assessee that the stand which ..... the company did not revive its business. on the coming into force of the government ban all the members of the company jointly decided that pending contracts should be squared up at the closing rates of february 14, 1950. if the intention of the company was to continue its business there was .....Tag this Judgment!