Court : Mumbai
Decided on : Nov-18-1975
Reported in : 118ITR794(Bom)
..... of consideration for a contract of partnership has been dealt with by lindley on partnership, 13th edn., in the following words, at page 113 : 'agreements to enter into partnership, like all other agreements, require to ..... transaction, viz., the formation of the partnership and not whether there was consideration for the transfer or transmission of interest in the goodwill. 19. it is clear that in the ultimate analysis a partnership is contract, i.e., an agreement enforceable at law which must be supported by consideration (sees. 2(g) and (h) and s. 25 of the indian contract act, 1872). the aspect ..... legal provisions. the transfer then of the goodwill, viz., 40% share in the goodwill, arises as a result of and is incidental to the formation of the new partnership. now, under s. 2(xii) of the g.t. act, 'gift' means, (1) a transfer, (2) by one person to another, (3) of any existing movable or immovable property, (4) made voluntarily, and ..... a transfer of this property, viz., 40% of the assessee's interest in the goodwill, which prior to the formation of partnership solely belonged to the assessee within the meaning of s. 2 of the g.t. act. under s. 2 of the act 'property' is defined as including any interest in property, movable or immovable, and would certainly include goodwill. again, the .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : May-17-1975
Reported in : 38STC144(P& H)
..... then again, under section 23 of the indian sale of goods act where there is a contract for the sale of unascertained or future goods by description when the goods of that description and in a deliverable state ..... paid for. therefore, in the present case, it would be a sale of unascertained goods. under section 23 of the indian sale of goods act when there is a contract of sale of unascertained goods no property in the goods is transferred to the buyer unless and until the goods are ascertained. ..... are unascertained. the agreements speak of inspection of goods. inspection and appropriation of unascertained goods indicates not only freedom in the formation but also in the performance of contracts. unascertained goods are distinct from specific or ascertained goods in the sense that future goods include goods not yet in existence or ..... delivered and the period of delivery. all these features indicate with unerring accuracy that there is offer, inspection, and appropriation of goods to the contract. the goods will be accepted by the factory after inspection and price will be paid on delivery. the mutual assent is not only implicit but ..... at the controlled rate. the source of the obligations to deliver the specified quantities of wheat and to pay for them is not in any contract, but in the statutory order. in our judgment, clause 3 sets up a machinery for compulsory acquisition by the state government of stocks of .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Aug-12-1975
Reported in : AIR1975SC1906; 1975LabIC1446; (1975)2SCC553; 1SCR300
..... merger resolution after about three years on the 2nd october. 1967 a copy of which was annexure i to the writ application. the subject of the notification. annexure i. is 'formation of a combined cadre for the officers of the industries department'. it was clearly mentioned in this notification that after the teaching posts were placed in a separate cadre 'it ..... framing of the rules and attacked them as being violative of articles 14 and 16 of the constitution.5. in paragraph 5 of the counter filed by the appellant the formation of a combined cadre by resolution dated 2-10-1967 was admitted. but it was asserted that in spite of the merger of the two cadres into one the intention ..... was felt that the promotion prospects would be bleak due to the formation of a separate cadre for teachers in view of the limited posts available for promotion.' hence formation of separate cadre for teachers was considered not to be beneficial to them. so the combined cadre was brought into force with .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-13-1975
Reported in : 108ITR874(Bom)
..... a standing offer of sale by the non-resident to the indian subsidiary company at applicable c.i.f. prices and that the indian subsidiary company placed its indent order with the non-resident company. in other words, the formation of the contract in respect of the goods sold by the non-resident company ..... chargeable to tax under section 42 of the indian income-tax act, 1922 ?' 2. the question relates to the assessment of the assessee which is a non-resident company and it pertains to the assessment ..... fact that the transactions were between principal and principal and that even in the matter of sales that were effected by the indian subsidiary company in india it did not act as an agent of the non-resident company. in this behalf the first significant aspect which has been found by the ..... profits of the non-resident could be deemed to have accrued within the taxable territories under section 42(1) of the act. the income-tax officer held that the indian subsidiary company was the sales organisation of the non-resident company and that there was business connection. as regards the contention ..... , bombay city-i, bombay, the following question has been referred to us by the tribunal for our opinion under section 66(2) of the indian income-tax act, 1922 : 'whether, on the facts and in the circumstances of the case, the assessee-company derived any income from business connection in india .....Tag this Judgment!
Court : Allahabad
Decided on : Jan-28-1975
Reported in : AIR1975All434
..... a restriction on the registration by any registering officer appointed under the indian registration act, 1908 of any document relating to any transfer prohibited by section 3. section 5 provides that, 'the provisions of this act shall have effect notwithstanding anything inconsistent therewith contained in any other law or in any contract or other instrument.' sub-section (1) of section 6 repeals the ordinance ..... ) (c) (iv) provides for exemption of transfer to or transfer by'a co-operative society to the share capital of which the state government has subscribed directly or in the formation or augmentation of the share capital of which it has assisted indirectly as provided in chapter vi of the uttar pradesh co-operative societies ..... or controlled by the central government or the state government; (iv) a co-operative society to the share capital of which the state government has subscribed directly or in the formation or augmentation of the share capital of which it has assisted indirectly as provided in chapter vi of the uttar pradesh co-operative societies ..... the state government; or (vi) a banking company as defined in the uttar pradesh public moneys (recovery of dues) act, 1972, or (vii) any co-operative society to the share capital of which the state government has subscribed directly or in the formation or augmentation of the share capital of which it has assisted indirectly as provided in chapter vi of the .....Tag this Judgment!
Court : Delhi
Decided on : Sep-22-1975
Reported in : ILR1976Delhi753
..... articles 19(l)(f) and 31(1) alleged to have been violated by the central bank of india ltd., a company incorporated under the indian companies act. in that case five shares held by the petitioner shamdasani were sold by the bank in purported exercise of its right of lien for recovery ..... -non-judicis on account of the additional reason which is very clear from the correspondence between shri verghese and shri birla in relation to the formation of trust for the management of the hindustan times, and the correspondence was annexed as annexures c-l to c-9, that the correspondence ..... the extent thereof, up to the limit specified in the contract should be determined by some outside authority.'mr. natesan, counsel for respondents i and 2 had not disputed that the proprietor who owns the newspaper ..... of journalistic ethics and practice. if a difference of opinion arises on a question of policy within the general statement of policy embodied in the contract of appointment and such difference is considered by either party to be so vital as to necessitate severance of employment, the liability turn damages and ..... two complaints, is the security of service of the editors who wanted to continue in their positions till the age of superannuation, irrespective of the contracts. it was contended that even the constitution of the conference did not provide that the editors should continue till the age of retirement; it .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Oct-10-1975
Reported in : AIR1976SC565; 46CompCas91(SC); (1976)3SCC259; 2SCR226
..... which alone the company was formed and hence there is a prima facie case for admitting the petition. 31. although the indian companies act is modelled on the english companies act, the indian law is developing on its own lines. our law is also making significant progress of its own as and when necessary. ..... the court in determining whether it is just and equitable to wind up the company requires a fair consideration of all the circumstances connected with the formation and the carrying on of the company during the short period which had elapsed since 12th may, 1930; and the common misfortune which had ..... considering whether the case comes within the phrase. 28. this court had to deal with the must and equitable' clause under section 162(vi) of the indian companies act, 1913, in rajahmundry electric supply corporation ltd. v. a. nageswara rao: : 2scr1066 and the court quoted with approval the following passage in ..... the year 1958 and until february 26, 1965, the entire business of the company has been the manufacture and supply of railway sleepers in execution of government contracts. the business of the company during this period had been always managed by r. p. j., p. c.j. under the general supervision and guidance ..... steel and since the end of the year 1958 the company carried on the business of the manufacture and supply of railway sleepers in execution of government contracts.7. on or about august 23, 1956, v.d.j. and m.p.j. were co-opted as directors of the company. on or .....Tag this Judgment!
Court : Chennai
Decided on : Mar-25-1975
Reported in : 102ITR665(Mad)
..... or an advantage of an enduring nature and that, therefore, the amount was allowable as a deduction under section 10(2)(xv) of the indian income-tax act, 1922. this decision was confirmed by the supreme court. both the high court and the supreme court in coming to this conclusion relied on ..... equipment of a company and the nature of the receipt depends almost entirely on the circumstances of each case and the nature of the contract or contracts under which the lump sum or sums were paid. the company could exploit this capital equipment in producing the articles they sell or alternatively ..... purpose of manufacturing any machine that the assessee was already manufacturing, and this fact excluded the applicability of section 10(2)(xv) of the indian income-tax act, 1922. it was also true that the learned judges in that case have pointed out that know-how was to be utilised not ..... . in 1953 the burmese government wished itself to establish an industry there for the production of pharmaceutical and other products, and the company secured a contract, dated 20th october, 1953, from the burmese government to assist in setting up this industry. the company undertook to disclose secret processes to the ..... about the indian government's policy of encouraging the setting up of local factories for making tools and the possibility of losing the entire market in india, the company agreed with rallis india to the formation of a new company in the name of ralliwolf private ltd. for the manufacture of .....Tag this Judgment!
Court : Orissa
Decided on : May-02-1975
Reported in : 109ITR370(Orissa)
..... in other words, it is open to the court to examine the question whether the reasons for the belief have a rational nexus to the formation of the belief and are not irrelevant or extraneous to the purpose of the section. in the assessment records of the first four years, a ..... detailed accounts and all other aspects were examined at great length. the deponent begs to submit that the 'work-site account' which related to the contract business had thus gone very much to the lime light and formed an important part of the consideration. this deponent had appeared during the settlement ..... by high authorities of the revenue. settlement was ultimately reached after taking note of the assessee's accounts. in agreeing to compute income from gross contract receipts at 10 per cent. the work-site account was certainly given its due consideration. the impugned action of the income-tax officer is ..... , if unsuccessful there, before the appellate officer or the appellate tribunal or in the high court under section 66(2) of the indian income-tax act. the existence of such alternative remedy is not however always a sufficient reason for refusing a party quick relief by a writ or order ..... for determining the assessable income and ultimately on 28th of august, 1970, the terms of settlement ,were communicated to the petitioner. in regard to the contract business, it was stipulated that ten per cent. of the gross receipts would represent the assessable income. on the basis of the terms of settlement .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-25-1975
Reported in : AIR1976Cal126,81CWN219
..... dispute the arbitration clause covers?'it has also been further held that where in an application made under section 34 of the arbitration act, for stay, an issue is raised as of the formation, existence or validity of the contract containing the arbitration clause, the court is not bound to refuse a stay, but may in its discretion, in the application for stay ..... submitted that the question of serially numbered contract forms and registration of the same as well as the ..... question of (october) portion of the contract being invalid as it was entered into prior ..... which contained the arbitration clause, is also hit by section 32 of the arbitration act. mr. bhabra further submitted that there is no illegality or invalidity in the said contract as there is substantial compliance of the prscribed form of tsd contract for raw jute as prescribed by the east indian hessian exchange ltd. mr. bhabra has drawn my attention to the working . and .....Tag this Judgment!