Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)28ITD60(Mum.)
..... was nationalised by the act of parliament. that act is known as kosangas company (acquisition of undertaking) act, 1979 (act no. 28 of 1979).6. section 3(1) of the said act laid down that on the appointed day, the right, title and interest of gokul gas pvt. ltd. (assessee-company) in relation to the undertaking (kosangas company) shall stand transferred to and vest in the central government free from all encumbrances. sub-section (1) of section 4 lays down ..... . this amount along with rs. 10,000 receivable by the assessee as compensation under section 8 of the act no. 28 of 1979 was, according to him, liable to be added as business income. he, accordingly, made addition of rs. 4,01,00,975 in total income.11. the above addition was challenged by the assessee in the appeal filed before the commissioner of ..... income-tax (appeals). the commissioner of income-tax (appeals) held that no deduction had been allowed in the earlier years and as such provisions of section 41(1) were not attracted. he then considered provisions .....Tag this Judgment!
Court : Allahabad
Reported in : 50CompCas690(All)
..... each other in any of the following manner namely ;--......(iii) where the undertakings are owned by bodies corporate,--......(c) if they are under the same management.... '8. prior to the companies (amendment) act, 1974 (section 43), which came into effect from february 1, 1975, the words 'within the meaning of section 370 of the companies act, 1956 (1 of 1956)' occurred at the end of sub-clause ..... each of these two bodies corporate and, further, m.b.o. ltd. exercises or controls such voting power independently or together with its subsidiaries. these conditions are very important and unless they co-exist along with the other conditions, which of course exist in this case, it cannot be said that the respondents could take the aid of this provision. the ..... of the voting power of the petitioner. the word 'together' cannot be equated with the words 'along with' as was submitted before us by the learned counsel for the respondents.11. on behalf of the petitioners our attention was invited particularly to the provisions aforesaid. they were analysed, as shown by us, above and it was submitted that in order to ..... the intention of the legislature, as has been emphasised by us above, it is to be borne is mind that m.b.o. ltd. and w.w.s. ltd. are companies registered in england. they are not governed by the provisions of the act and even if there is any concentration of economic power to the common detriment by the holding of these .....Tag this Judgment!
Court : Orissa
Reported in : 141STC26(Orissa)
..... in view the trends in supply of materials, the central government had exempted import of pvc resins from customs duty by the notification no. 66 dated march 15, 1979 under section 25(1) of the customs act, 1962 and the said notification of exemption was to ..... agricultural units and it was registered with the d.i.c., bargarh. under the ipr 1989, small-scale industrial units undertaking expansion/modernisation/diversification after december 1, 1989 on the basis of an exclusive project report duly appraised by a financing institution ..... falls upon it. when that shadow is removed the law begins to operate proprio vigore from the date of such removal unless it is retrospective.(3) a law void for lack of legislative competence is not revived if legislative power is subsequently given ..... central sales tax act. encouraged by the said policy declarations and notifications, the petitioner made investment of rs. 25,36,809 on acquisition of land and a further investment of rs. 2,117.35 lakhs on construction of factory buildings and installation of plant and machinery and set up an industry with an installation capacity of manufacturing 1,920 metric tonnes of continuous ..... 11, 2000, but by the impugned notifications dated july 30, 1999, the said exemption was withdrawn with effect from 1st august, 1999.43. in o.j.c. no. 13017 of 1999, the case of the petitioner, larsen & toubro company ltd., is that under ipr 1989 deferment of payment of tax under the orissa sales tax act and the central sales tax act .....Tag this Judgment!
Court : Allahabad
Reported in : (1920)ILR42All655
..... consignor undertaking to send the goods for the consignee, the former is the agent of the latter and the railway becomes the bailee of the person to whom the goods are sent. this view is supported by and carried out in sections 90 and 91 of the indian contract act. the ..... attempted by the plaintiff or required of the defendants. it is clear that the contract of carriage was over. to hold otherwise would be to impose a wholly unreasonable burdan upon carriers. the railway company might be responsible as ware housers, when a somewhat different set of considerations would ..... this question are contained in a clear statement by chief justice cockburn in the course of the , judgment in chapman v. great western railway co. (1830) 5 q.b.d. 278. the contract of the carrier being not only to ..... to remain) after reoti ram had unloaded them from the wagon.7. [the judgment here referred to the evidence and proceeded]:the railway company was certainly not responsible for the honesty of reoti ram or of any other agent or sub-agent of the plaintiffs employed to take ..... company as bailees for failing to take reasonable care of the goods entrusted to them as carriers, whereby a total loss has occurred, the first question which arises is at what point does their obligation under such a contract of carriage cease, and have the defendants been guilty of any breach of duty within the period of their obligation.11. the principles governing .....Tag this Judgment!
Court : Delhi
..... for grant of operating rights. it says as under: ?the central government shall not grant an operating right to any person unless such person (a) is an indian national, or a company as defined in section 3 of the companies act, 1956 (1 of 1956); and (b) satisfies such conditions as ..... any reasonable cause to believe that any person, to whom an exploration licence has been granted, has violated any undertaking given under clause (d) of sub-section (1), terminate the exploration licence.? rule 69: fails to fulfil or contravenes, any of the terms, fails to comply with ..... for production, as the case may be, the administering authority may order suspension of all or any of the operations and permit continuance of only such operations as may be necessary to restore conditions as envisaged in the scheme of reconnaissance or work programme for exploration ..... sharply, the respondent had a right to cancel the process which had not resulted in a concluded contract.? 56. in commissioner of municipal corporation, shimla v. prem lata: (2007) 11 scc40 it has been observed by their lordships: ?39. it is now well-settled that where a ..... central government of exclusive rights to work those minerals.66. learned asg submitted that in the mining and mineral separation of beach sand, the heavy minerals are separated and monazite rich tailings are stockpiled as per atomic energy regulation board (aerb) guidelines for w.p.(c) 7537/2018 and batch matters page 62 of 95 future processing and/or acquisition .....Tag this Judgment!
Court : Mumbai
Reported in : 69CompCas527(Bom)
..... sick industrial companies, there is no recourse to the provisions of the act. under section 15, sub- section (2). it is open the central government and other authorities including scheduled banks to make a reference in respect of such a company if the requirements of sub-section (2) are fulfilled. sub-section (2) ..... where it is stated that it is a well-settled rule of construction that no provision in a statute should be given retrospective effect unless the legislature, by express terms or by necessary implication, has made it retrospective and that where a provision is made retrospective, care ..... under section 22 of the said act.18. under section 31, where in a pending proceeding, immediately before the commencement of the act, a receiver or official liquidator has been appointed, such proceedings are to be continued. this section was relied upon by mr.doctor, learned counsel for the company. this section, ..... industrial undertakings. secondly, it state that the act is meant to provide a speedy determination by a board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of measures so determined. the act ..... petition can be proceeded with.11. under section 22, if an enquiry is pending under section 16, or if any scheme as is referred to in section 17, etc., is under preparation or consideration, then no proceedings for the winding up of such company shall be proceeded with further .....Tag this Judgment!
Court : Orissa
Reported in : 98(2004)CLT363; 268ITR130(Orissa)
..... law in this country when the constitution came into force. this was the law in force then, which continued by reason of article 372. unless abrogated by an act of parliament, or by a clear pronouncement of this court, we think that this legal principle would continue to hold good. having anxiously scanned mcdowell's case : 154itr148(sc) , we find no reference ..... a public limited company wholly owned by the state government of orissa and has been incorporated with, inter alia, the object of promoting and establishing industries which are likely to advance the industrial development of orissa. on september 29, 1995, the appellant entered into a purchase-cum-lease agreement with the orissa state electricity board (in short, 'oseb'), an undertaking of the state ..... bank at differentgrid sub-stations comes under the 'energy saving device' and can becategorised as energy saving device like other items in annexure-a(e) (a) yours faithfully (sd.) ........7/11/2003,chief electrical inspector (t & d).'16. it will be clear from the aforesaid communication that as per the said expert opinion of the chief electrical inspector (t & d), at ..... challapalli sugars ltd. v. cit : 98itr167(sc) , and in collector of central excise v. dai ichi karkaria ltd. : 1999ecr4(sc) , to show that such sale and lease back agreements are in vogue. he also referred to explanation 4a to section 43 of the act introduced by the finance (no. 2) act of 1996, with effect from october 1, 1996, to show that even .....Tag this Judgment!
Court : Orissa
Reported in : 137TAXMAN556(Orissa)
..... present case, the transaction has created legal rights and obligations of three parties, namely, the appellant, the o.s.e.b. and the ipicol, which are all state government undertakings in which the state government of orissa. owns 100 per cent shares, in accordance with the transaction, the appellant has taken a loan of rs. 20 crores by cheque from ipicol and paid ..... whether the aforesaid view taken by the commissioner in the order dated 29-3-2001 under section 263 of the act is supportable by any expert opinion, mr. mohapatra produced before us a copy of the communication dated 7-11-2003 of the chief electrical inspector (t & d), government of orissa, which is subsequent to the order dated 29-3-2001 of the commissioner ..... law in this country when the constitution came into force.this was the law in force then, which continued by reason of article 372. unless abrogated by an act of parliament, or by a clear pronouncement of this court, we think that this legal principle would continue to hold good. having anxiously scanned mcdowells case : 154itr148(sc) , we find no reference therein to ..... limited company wholly owned by the state government of orissa and has been incorporated with inter alia the object of promoting and establishing industries which are likely to advance the industrial development of orissa. on 29-9-1995 the appellant entered into a purchase-cum-lease agreement with the orissa state electricity board (hereinafter referred to as 'o.s.e.b.'), an undertaking .....Tag this Judgment!
Court : Mumbai
Reported in : 2004(2)ALLMR15; III(2004)BC157; 2004(2)BomCR475; 128CompCas601(Bom); 2004(2)MhLj739; 53SCL183(Bom)
..... to recover their secured debt under sub-section (4) of section 13 of that act.(2) without prejudice to the provisions of sub-section (1), the central government or the reserve bank or a state government or a public financial institution or a state level institution or a scheduled bank may, if it has sufficient reasons to believe that any industrial company has become, for the purposes of ..... this act, a sick industrial company, make a reference in respect of such company to the board for determination of the measures which may be adopted with respect to such company;provided that a reference shall not be made under this sub-section in respect of any industrial company by -- (a) the government of any state unless all or any of the industrial undertakings belonging to such ..... become sick, it may approach the bifr. mr. anturkar pointed out that under section 16(2) of the sica which provides for making of a reference by the central government, reserve bank, state government or a public financial institution, no period of limitation is provided and under section 16(1)(b) of the sica, the bifr itself can take up a reference upon its own ..... appropriate orders, if it is of the opinion that no rehabilitation is possible. reference must go to its logical conclusion and it cannot be scuttled by reading section 15(1) as a period of limitation.11. for the reasons stated above, we allow this petition and set aside the order dated 5th july 2002 passed by the bifr as well as the .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (2007)136CompCas598
..... ill conceived in the light of the rbi circular dated 08.12.2003, a close scrutiny of which, envisages the eligibility of the overseas corporate bodies in undertaking fresh investments with the prior permission of government/reserve bank of india as the case may be. by virtue of the rbi circular dated 08.12.2003, dealing with de-recognition of overseas corporate ..... to who are the persons behind the promoters and in the management of the petitioner company, ownership of which must be investigated under section 247 of the act. o the company's banker while extending financial facilities in its letter of sanction dated 04.11.2003 stipulated that in case the company incurs any net loss in any year, the same should be made good by ..... cannot be deprived of its right to make fresh investment in the company. a shareholder has got every right to take part in the management of the ..... petitioner empowered, by virtue of the rbi guidelines, to make investments in the company with prior sanction of the rbi. the company ought to have obtained the requisite permission before the impugned allotment of shares made in favour of the fourth respondent. the petitioner continues to be a shareholder and unless the rbi declares that it is not eligible for any shares, the petitioner .....Tag this Judgment!