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Judgment Search Results Home > Cases Phrase: indian securities act 1920 Page 1 of about 83,406 results (0.170 seconds)

May 03 1991 (HC)

Commissioner of Wealth-tax Vs. Smt. Janki Kishori Devi

Court : Allahabad

Reported in : (1992)102CTR(All)18; [1991]192ITR229(All); [1991]59TAXMAN206(All)

..... the war years. to remove the difficulty in the working of the indian securities act, 1920, a comprehensiveact, namely, the public debt act, 1944, was enacted. intitially, this act dealt with the public debt, and securities of the union and part a states but by means of an amendment act 57 of 1956, made with the concurrence of provincial governments of part ..... 2(1a), the central or state government issuing the security. section 2(42c) of the income-tax act adopts this definition of the term 'security'. the marked distinction between the meaning given to the expression 'government security' in the two acts referred to above is that, while under the indian securities act, 1920, the 'government security' must be issued in respect of 'any loan contracted ..... , we hold that the bonds in question are government securities within the meaning of clause (xxii), section 5(1) of the wealth-tax act, read with section 2(2) of the public debt act, 1944. it would be pertinent to mention here that until 1946, the indian securities act, 1920, governed the securities issued by both the central and the provincial governments. ..... ' either before or after the passing of the said act, the one under the public debt act, 1944, must be created and issued by the government .....

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Jun 28 1951 (HC)

Wasudev Ramchandra Vs. National Savings Bank Ltd.

Court : Mumbai

Reported in : AIR1953Bom209; (1952)54BOMLR765

..... , ltd.', air 1037 bom 145. but, it appears to me that the position under the public debt act has substantially been altered. there is in this act no section corresponding to s. 1c (2), indian securities act, 1920. on the other hand there is s. 19 which is in these terms:'no recognition by the bank ..... bank of india to pay the- price of the promissory note. now, there is no doubt that under the indian securities act, 1920, which applied to government secu-itics until it was repealed by the. public debt act, 1944, s. 16 (2) in terms provided that no renewal or conversion shall affect the rights as ..... of a person as the holder of a government security, and no order made by the bank under this act shall be called in ..... respect of renewal or conversion after the lapse of six years from the date of such issue. therefore, it is quite obvious that under the indian securities act, if a government promissory note which had a forged endorsement on it was converted or renewed by government, the true owner of the old promissory ..... the new promissory note in suit. moreover, in the case of government promissory loan notes the public debt act, 1944, section 11(3) in terms provides'that a duplicate security or a new security issued to any person shall be denied to constitute a new contract between the central government and such person .....

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Sep 23 2005 (HC)

Commissioner of Income Tax Vs. Vijaya Bank

Court : Karnataka

Reported in : (2005)199CTR(Kar)329; [2006]285ITR97(KAR); [2006]285ITR97(Karn)

..... convince us with regard to the second question of law referred to us. he would refer to the objects of interest-tax act and in particular he invites our attention to the indian securities act, 1920, public debt act, 1944, the security (contract regulation) act, 1956 and the dictionary meaning of 'loan' in support of his submission. he would argue that section 2(7) earlier specifically provided for ..... (2 of 1934);(ii) discount on treasury bills; and(iii) ...(iv) ...(v)...' the definition of securities in terms of section 2(a) of the indian securities act, 1920 reads as follows :'2(a). 'government securities' mean promissory notes, (including treasury bills) stock certificates, bearer bond and all other securities issued (central government) at any time or by the government of any part a state before 1st nov ..... exclusion with regard to interest on securities. later on, the exclusion is included. therefore, according to him, in the light of inclusion of exclusion .....

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Jun 10 1998 (HC)

British Bank of the Middle East Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1998)149CTR(Bom)169; [1998]233ITR251(Bom)

..... clause (a) of section 2 of the said act to mean :'promissory notes (including treasury bills), stock certificates, bearer bonds and all other securities issued by the central government at any time or by ..... the purposes of this act as may be prescribed.' 7. promissory note has been defined in clause (4) of the said section to include a 'treasury bill'.8. it may also be pertinent in this connection to refer to the definition of government securities given in the indian securities act, 1920, which is the law governing government securities. 'government security' has been defined in ..... banque national de paris, bombay, by which he was informed that the earnings on treasury bills could be considered as interest on securities as security bills were also a form of government securities under section 2 of the public debt act, 1944. hence, this reference.3. we have heard mr. dastur, learned counsel for the assessee, who submits that discount ..... the return the assessee itself had considered and shown the same as business income. it was contended that the treasury bills were securities under the public debt act and discounts earned on the same represented interest on securities. the income-tax officer did not accept the above claim of the assessee. according to him, the amount received by the .....

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Mar 02 1938 (PC)

The Secretary of State Vs. the Bank of India Limited.

Court : Mumbai

Reported in : (1938)40BOMLR868

..... , matters of amount being left for subsequent settlement if the necessity should arise.2. it is convenient first of all to refer to the material sections of the indian securities act, 1920, which, having replaced the repealed act of 1886 dealing with the same matters, now regulates the legal position of these government promissory notes. such notes circulate in large numbers in india ; hence the ..... note on the lady's behalf, forged her indorsement to it in his favour and indorsed it for value to the respondents. the respondents, acting in good faith, applied to the public debt office under the indian securities act, 1920, to have a renewed promissory note payable to them issued in exchange for the note which the respondents gave up in exchange. the lady, becoming ..... 1886. if it had been intended by the insertion of that section in the act of 1920 to abrogate the common law indemnity existing under the repealed act, the legislature would, it seems, have used words clearly expressing that intention, so as to secure that save as provided by section 21, there should be no right of indemnity. their lordships see no reason to ..... -the applicant giving the prescribed indemnity against the claims of all persons claiming under the security so renewed, or (ii) refuse to issue a renewed security unless such indemnity is given. rules have been made under the act to ' prescribe ' the indemnity which may be exacted, which is to be a bond of the applicant with two sureties in double the face amount .....

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May 02 1938 (PC)

Secretary of State Vs. Bank of India Ltd.

Court : Privy Council

..... lordships, matters of amount being left for subsequent settlement if the necessity should arise. it is convenient first of all to refer to the material sections of the indian securities act, 1920 which having replaced the repealed act of 1886, dealing with the same matters, now regulates the legal position of these government promissory notes. such notes circulate in large numbers in india; hence the ..... note on the lady's behalf, forged her indorsement to it in his favour and indorsed it for value to the respondents. the respondents acting in good faith applied to the public debt office under the indian securities act, 1920 to have a renewed promissory note payable to them issued in exchange for the note which the respondents gave up in exchange. the lady, becoming ..... 1886. if it had been intended by the insertion of that section in the act of 1920 to abrogate the common law indemnity existing under the repealed act, the legislature would, it seems, have used words clearly expressing that intention, so as to secure that, save as provided by s. 21, there should be no right of indemnity. their lordships see no reason to ..... the applicant giving the prescribed indemnity against the claims of all persons claiming under the security so renewed, or (ii) refuse to issue a renewed security unless such indemnity is given. rules have been made under the act to "prescribe", the indemnity which may be exacted, which is to be a bond of the applicant with two sureties in double the face amount .....

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Mar 27 1928 (PC)

The Mercantile Bank of India Limited Vs. Capt. Vincent L. D'silva

Court : Mumbai

Reported in : AIR1928Bom436; (1928)30BOMLR1225

..... forgery is in the old note.11. i should here like to mention, what i intended to mention yesterday evening, viz., that under the indian securities act, 1920, which applies to government securities such as those which mr. justice russell had to deal with, it is provided by section 16 as follows :-(1) when a renewed ..... as distinct contracts, and as i have already pointed out, we think it really follows in that respect what is stated in the indian securities act, section 16, as regards government securities.38. the result is that in my opinion the plaintiffs have failed to establish their case as regards this municipal debenture, and that ..... in the title of the person from whom he derived his title.9. it is said then that there is no distinction drawn here in the indian act between forgery and other forms of fraud, and that in the present case the bank are protected because there is nothing on the face of ..... face of the document, the subsequent endorsees can get no title.6. the question then which we have to determine is one of construction of the indian act-by which of course we are bound-as to whether the law in india is different on this point from the law in england. it has ..... trusts or equities cannot be enforced unless the person acquiring the property in question has notice of the trust. that is borne out clearly by the indian trusts act, 1882, section 63 of which states :-where trust-property comes into the hands of a third person inconsistently with the trust, the beneficiary may .....

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Oct 07 1980 (HC)

G.N. Venkataswamy Vs. Tamil Nadu Small Industries Development Corporat ...

Court : Chennai

Reported in : AIR1981Mad318; (1981)2MLJ254

..... the government in such form and for such of the purposes of this act as may be prescribed.' in fact. prior to that act, there was the indian securities acto 1920.17. the public debt act 1944 was amended by act vi of 1949.the object 'of that amendment was :-'until 1946 the indian securities act, 1920, governed the securities issued by both the central and the provincial governments. the working of ..... this act disclosed certain defects and it was considered necessary to amend it, particularly in ..... change only the law in respect of central securities and the provisions of the indian securities act were accordingly replaced, so far as the central public debt was concerned, by a comprehensive new act, the public debt (central government) act, 1944, which was brought into effect from the 1st may 1946 leaving the provincial securities to be regulated by the indian securities act, 1920. as the money market is common to .....

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Feb 06 1979 (HC)

Hindusthan Commercial Bank Ltd. Vs. Probodh Kumar Mitter and anr.

Court : Kolkata

Reported in : AIR1980Cal292

..... renewer of the note against the loss sustained. in that case it was argued that the common law indemnity could not be implied under the indian securities act, 1920 because of section 21 thereof which excluded an implied indemnity because it gave a right to demand an express indemnity and to refuse to give renewed ..... lovering and lord mayor of sheffield corporation v. barclay bank were applied in india. in that case under the provisions of section 21 of the indian securities act, 1920, the prescribed officer while renewing the government promissory note at the request of the holder gave an express indemnity against the claims of all persons claiming ..... and to credit the same in the account of r. n. ghosh. if the bank was the pledgee then under section 176 of the indian contract act the bank would have sold the shares only if the pledger had committed default in making payment of its dues. that had not been the case ..... appear that the principle of collen v. wright, ((1857) 8 e & b 647) was applied. that was a case under section 235 of the indian contract act where the agent represented that he had authority to enter into the contract. that principle is certainly not applicable to the facts of our case.57. in ..... ot this case the defendant bank is a mercantile agent and protected under section 27 of the sale of goods act. he also referred to sections 176 and 178 of the indian contract act and contended that the defendant bank was also in this position of a pledgee of the said shares and had .....

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Jan 08 1930 (PC)

The Commissioner of Income-tax Vs. Raja Bahadur Bansilal Motilal

Court : Mumbai

Reported in : AIR1930Bom381; (1930)32BOMLR671

..... also ' enfaced '- as it is called-by a direction that the interest was payable at hyderabad (deccan), this enfacement was effected under certain statutory rules framed by virtue of the indian securities act 1920. it had the effect of making the interest thenceforth payable at the hyderabad residency treasury, which, though an office of the government of india, has now been expressly found by ..... first sentence of schedule d means 'received by any person in the united kingdom' (see colquhonn v. broohs (1889) 14 app. cas. 493. in section 4(1) of the indian income-tax act of 1922 the words 'accruing or arising' are found in juxtaposition to the words 'or received' accordingly, i think it plain that the words ' accruing or arising ' denote something ..... scale.blackwell, j.11. the answers to the questions submitted on this reference depend upon the meaning to be attributed to the words in section 4(1) of the indian income-tax act 1922 ' income, f profits or gains, as described or comprised in section 6, from whatever x source derived, accruing or arising, or received in british india.' 12. the learned ..... .9. as regards the authorities cited to us, they are not, i think, directly in point in the present case. the english authorities depend on the english act which is worded differently from the indian act, and enacts a different basis of taxation from that in india, which depends on income accruing or arising or received in british india or deemed so to .....

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