Court : Kolkata
Decided on : Jan-24-1979
Reported in : AIR1979Cal197
..... person who carries on the business of money-lending in (west bengal) or who has a place of such business in (west bengal), and includes a pawnee as defined in section 172 of the indian contract act, 1872; 2(14) 'money-lending business' and 'business of money-lending' means the business of advancing loans either solely or in conjunction with any other ..... guarantee cannot be construed as a promissory note or an allied document and/or unconditional undertaking. the words 'promise to pay' are also found in section 25(3) of indian contract act where a time barred debt can be revived by virtue of such express promise to pay. the guarantee agreement in suit is certainly not an agreement of that nature ..... . a guarantee is a collateral engagement to answer for the debt, default or miscarriage of another person. section 126 of the indian contract act defines the contract of guarantee as follows :-- section 128: a 'contract of guarantee' is a contract to perform the promise, or discharge of liability of a third person in case of his default. the person who gives the guarantee .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-05-1979
Reported in : (1979)11CTR(Bom)274; 121ITR196(Bom); 2TAXMAN65(Bom)
..... rather too much has been read in the word 'and'. if expln. 2 is properly considered it would appear that it was intended that both types of contracts, viz., contracts of purchase as well as contracts of sale were intended to be covered by the definition of 'speculative transaction' if the other requirements of the section were met and with that object in ..... transaction means what the definition of the expression in expln. 2 says. further, according to the supreme court, whether a transaction was speculative in the general sense or under the contract act was not relevant for the purpose of the explanation. thus, a transaction which is otherwise speculative, would not be a speculative transaction within the meaning of expln. 2 if ..... that for the purposes of this section, - (a) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchandise business to guard against loss through future price fluctuations in ..... as to constitute a business, the business shall be deemed to be distinct and separate from any other business. explanation 2. - a speculative transaction means a transaction in which a contract for purchase and sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips : provided .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Dec-04-1979
Reported in : AIR1980AP132
..... does not govern the present situation. 14. the above discussion may be summarised thus:- the creation of the master- and- servant relationship is initially the function of a contract. but the continuance of that contractual relationship together with the incidents thereof comes to be governed by law. regulation 18 provides for the power to pass interim suspension. but ..... power the prevention of the employee from working would entail the employer in liability to pay the employee for the period of interim suspension according to the terms of the contract. (see generally hotel imperial v. hotel workers' union, : (1959)iillj544sc , balwantrao patel v. state of maharashtra, : (1968)iillj700sc ; v. p. gindroiniya v. state of m. p., : (1970) ..... of many progressive societies has been reversed..................... the movement from status to contract is largely a creature of the common law. the reverse movement has been largely a creature of the legislation...........................' the intervention of the law in the matters of public employment ..... in any hazardous employment. the wheel of history has taken a full turn rendering maine's celebrated dictum that ' the movement of progressive societies had hitherto been from status to contract' obsolete, unreal and inapplicable to the contemporary condition. lord simon of claisdale recently wrote in johnson v. morton, (1978 ) 3 all er 37. 'since maine the movement .....Tag this Judgment!
Court : Delhi
Decided on : May-23-1979
Reported in : AIR1979Delhi223
..... that interest was not payable under the contract nor under any other provision of law. in the same way, the money has been withheld in the present case. there is no ..... filed. the court held that no interest was payable on the price which had been withheld. if the present contention is correct, then the contract between the parties should have been treated as a written instrument and the court should have directed or allowed interest, but the court held ..... the first instance to establish the existence of a state of circumstances which attracts the equitable jurisdiction, as, for example, the nonperformance of a contract of which equity can give specific performance.' the present case does not however attract the equitable jurisdiction of the court and cannot come within the ..... whether it was an 'instrument' within the meaning of the definition of 'wages'. in the relevant section, wages included amounts payable under any law, 'contract or instrument.' so the question before the court was whether an award directing payment of gratuity was an 'instrument'. a complete analysis of this question ..... occurring in the interest act appears in my view to mean an instrument executed between the parties such as a mortgage, sale-deed, loan agreement, contract, lease and so on. in such instrument, provision is often made for paying amounts by specific dates. the meaning of the section appears to be .....Tag this Judgment!
Court : Chennai
Decided on : Aug-10-1979
Reported in : (1980)16CTR(Mad)297; 129ITR738(Mad)
..... within the section and death duty was payable on the whole of the trust estate. an argument advanced in that case was that there was no contract with the other beneficiaries for this purpose and that the remuneration came out of the terms of the document itself. in dealing with that part of ..... to examine whether this possession and enjoyment has been relained to the entire exclusion of the donor or whether there was any benefit to him by contract or otherwise. it is in this context that we have to clear certain misconceptions in the order of the tribunal. this very document came up for ..... the donor ; or (2) has the donee retained such possession and enjoyment of the property to the entire exclusion of any benefit to the donor by contract or otherwise ?12. in the present case having regard to the terms of the document, it is clear that the deceased constituted himself as the sole ..... ii) the donee -must have retained such possession and enjoyment of the property to the entire exclusion of the donor or of any benefit to him by contract or otherwise. if the possession of the gifted property continued with the donor, then without any further investigation of what happened subsequent to the gift, the ..... enjoyment of it was not immediately assumed by the donee and thenceforward retained to the entire exclusion of the donor or of any benefit to him by contract or otherwise....... '10. there are two provisos to this provision. under the first proviso the property is not to be deemed to pass by .....Tag this Judgment!
Court : Allahabad
Decided on : Sep-13-1979
Reported in : AIR1980All52
..... the karta of the joint family, had agreed on the 8th december, 1955 to discharge the 1st defendant-appellant of all his obligations under the contract, whether on receipt of some consideration or otherwise voluntarily and of their own accord in due course of management of the property, their action ..... there is, however, no additional plea in the written statement to the effect that the plaintiffs were not entitled to specific performance of the contract on the ground that they were incapable of performing the essential term of the agreement to be performed by them, namely, the payment of the ..... court fixes for its payment. according to dr. gyan prakash, the amount found payable by the plaintiff-respondents to the first defendant under the contract was rs. 1,324/- only against which the plaintiffs were held entitled to recover their costs from the first defendant, the court-fees payable ..... the plaintiff-respondents urged that the plaint does contain a clear averment of the plaintiff-respondents' readiness and willingness to perform their part of the contract, namely, to pay the amount which may be found by the court to be payable by them in spite of their contention that nothing was ..... court any money except when so directed by the court;(ii) the plaintiff must aver performance of, or readiness and willingness to perform, the contract according to its true construction.' 10. learned counsel for the appellants urged that everything apart, the plaintiffs had no means to pay the amount .....Tag this Judgment!
Court : Delhi
Decided on : Oct-26-1979
Reported in : AIR1980Delhi188
..... loss and is not in lieu of damages, nonetheless on equitable principles if a party has not suffered loss but gain on account of frustration of the contract, in our opinion, the earnest money should not be allowed to be forfeited. (24) accordingly, while accepting the appeal we grant to the plaintiff/ ..... not in their favor. indeed, as a reading of section 16 of the specific relief act would show vendee could not act at variance with the contract. that the appellant had not moved by the middle of september to get the income-tax clearance certificate or to get the property redeemed cannot be held ..... law as we understand it, is that though generally in suits for agreements of sale of immovable property time will not be of the essence of the contract, it could, however, be held to be so even with regard to payment of consideration if from a reading of the agreement and the appreciation of ..... the bench following another dicta of the privy council in edridge v. r. d. sethjia had observed that the party aspiring specifically to enforce the contract must perform the condition precedent on his part before he becomes entitled to the relief. this observation was made in the context of whether tender of ..... be granted are well-settled. section 16 of the specific relief act, 1963 reads as under : '16. personal bars to relief. specific performance of a contract cannot be enforced in favor of a person (a) who would not be entitled to recover compensation for its breach; or (b) who has become incapable .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jan-04-1979
Reported in : AIR1979SC826; 1979CriLJ566; (1979)1SCC535; 2SCR875
..... the operation manager and the financial controller in addition to a-1 had only an advisory role to play and the decision to entrust the contract to a particular contractor lay with the chairman of the board of directors in consultation with the coordinator and sales manager who was above the ..... , nor the operation manager ever pointed out that a-4 lacked the requisite experience or competence which disentitled him to the grant of the contract in fact shivananda and khurana had suggested as an alternative to inviting fresh tenders that a-4 should be asked to reduce his rates in ..... divide the aforesaid circumstances under the following broad heads, and deal with them seriatim:1. the conduct of the appellants evidencing their keenness to have the contract entrusted to a-4.2. issue of work order (exh. 19) with inflated figures relating to rock cutting and filling.3. removal of statement of ..... 7th april 1965. please have the agreement executed. earnest money of unsuccessful tenderers may also please be refunded early.' on july 30, 1965, formal contract (exh. 74) mentioning only the number and date of the work order in the blank columns of the printed form was prepared and signed by ..... filling and bypassing the financial controller forwarded the papers to the operation manager who not being conversant with the proceedings supported a-2 for entrusting the contract to a-4 at the lowest rates offered by ram & co. on the tender committee recommendations reaching him in circulation, srivastava put on .....Tag this Judgment!
Court : Allahabad
Decided on : Dec-18-1979
Reported in : AIR1980All143
..... wherein also a question of this very nature arose and it was held that section 65 of the act would apply even to a case in which the contract was void ab initio.6. i am, therefore, of the view that there was an agreement between the parties on the basis of the auction bids ..... court that the bids and the resolution constituted a contract in writing within the meaning of section 97 of the municipalities act and it was not necessary for the parties to comply with the provision of the section that ..... executive officer of the board. it was followed by a resolution by which the auction was confirmed. then the question arose as to whether this amounted to a contract in writing within the meaning of section 97 (1) and section 97 (2) of the u. p. municipalities act. it was held by the supreme ..... writing. the contention of the learned counselfor the appellants, therefore, was that although there might be an agreement between the parties yet it never ripened into a contract as no written agreement came into being and the same was also not registered. this, however, does not appear to be correct position of law. in fact ..... 65 of the act would be applied in a given case it must be established that there was an agreement which was discovered to be void or a contract which becomes void later on. in the instant case, there was no agreement at all according to the learned counsel for the appellants. this position, however, .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-13-1979
Reported in : (1979)12CTR(Bom)263; 123ITR441(Bom); 1TAXMAN396(Bom)
..... of earnest money and also to pursue further remedies against the purchaser. these further remedies could be a claim for specific performance of the contract or an alternative claim for damages. it is in the background of this claim that the proposal is being made which ultimately results in ..... in the correspondence of december, 1957. the mutual stands are clearly indicated in the two letters. according to the assessee-company's attorneys, the contract stood cancelled a long time ago and the assessee had become entitled to the return of the earnest money together with interest thereon. according to ..... before it. if it had been urged on behalf of the assessee-company that there had been no forfeiture but a bilateral cancellation of the contract resulting in certain pecuniary consequences, then the tribunal would have been required to give a finding as to the nature of the retention (by ..... will be borne out by the subject-matter of the letter. by this letter government's concurrence is indicated to the proposal that the contract of sale of the two byculla properties entered into with the assessee-company could be cancelled but on the condition that the sterling investment corporation ..... reasonable amount paid as earnest money does not amount to imposing a penalty. it distinguished between money deposited as guarantee for the due performance of a contract and earnest money. we, are, however, not concerned with such distinction on the facts arising in this reference. 20. mr. dastur on behalf .....Tag this Judgment!