Court : Madhya Pradesh
Decided on : Nov-23-1974
Reported in : AIR1975MP104
..... express words are not necessary to give power to reopen accounts. if that were so, it would have been unnecessary to expressly give such power in section 3 of the usurious loans act, 1918. again, we do not agree that the operation involved in computing the interest due required the court to traverse the entire period from the date of ..... was challenged in this case. the referring bench was of the view that as there was no express power under section 7 of the act to reopen accounts such as to be found in section 3 of the usurious loans act, 1918, the amounts paid and appropriated towards interest could not be disallowed and such payments credited towards principal.18. in making the reference, the ..... this contention, if we ,keep in view the object andscheme of the act itself. the act, as compared to the usurious loans act, 1918 or the central provinces and berar debt conciliation act, 1933, and the central provinces and berar relief of indebtedness act, 1939, is neither an act for scaling down the debt nor an act for reducing the rate of interest claimed by the money-lender on the ..... which the account was not furnished. in either event, the court must reopen the accounts. the legislature, therefore, deliberately did not include a separate provision in section 7 of the act such as to be found in section 3 of the usurious loans act, 1918, as it would be a mere superfluity.11. the question whether accounts could be reopened under section 7 of the .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-22-1974
Reported in : AIR1974Cal339
..... contractual rates upto the date of redemption in all circumstances even if there is no question of the rate being penal, excessive or substantially unfait within the meaning of the usurious leans act, 1918. in view of the principle laid down by the federal court in this decision we are of opinion that in the circumstances of the present case the respondent should .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-19-1974
Reported in : 118ITR656(Bom)
..... of the agreements between them were illegal as offending against law and particularly the provisions of the bombay money-lenders act and usurious loans act and it would be prepared to pay only interest at the rate of interest as provided under the moneylenders act, on the amount advanced by the assessee-firm from time to time. the assessee did not accept the suggestions of ..... its own cost. on the expiry of the period of five years, the assessee had to return to the producers all copies of the films and the balance stock of loan and publicity materials. after the assessee had exploited to a certain extent its right of distribution of the three films, the agreements were cancelled and the producers paid an aggregate ..... in the ordinary course of business, any compensation received for its termination would be a revenue receipt, irrespective of whether its performance was to consist of a single act or a series of acts spread over a period, and, in this respect, it differs from an agency agreement.' 28. the court also laid considerable emphasis on the fact that the respondent was ..... talzapurkar, j. 1. this is a reference under s. 66(1) of the indian i.t. act, 1922, and at the instance of the commissioner of income-tax, bombay city-iii, bombay, the following question has been referred to us for our opinion : 'whether, on the facts .....Tag this Judgment!
Court : Chennai
Decided on : Dec-18-1974
Reported in : (1975)2MLJ431
..... turn said, that it was constrained to increase the rate of interest on its advances from 9 per cent. to 11 per cent, on overdraft, open loan, and key loan facilities. that was to take effect from the 18th of february, 1965.25. on receipt of this communication, one partner of the first defendant firm, who ..... for the recovery of a sum of rs. 1,52,941-50 made up of a sum of rs. 83,941-77 on the cash credit open loan and a sum of rs. 66,725-20 under the fully secured account and a sum of rs. 95-87 under the cash credit account. the plaintiff ..... an equitable mortgage thereon. the other security which they offered was under exhibit a-29, dated 20th may, 1964, which was in connection with an express loan granted by the bank to the tune of rs. 80,000 on a hypothecation of the machineries and movables contained in the mill premises, but delineated in ..... firm, known as v. krishna chettiar and brother had on application obtained financial aid from the plaintiff-bank under four different heads, such as key loan advances, gash credit open loans, bills purchases account, and cheques discounting account. from time to time, under one or other of the heads of advances, moneys were lent by ..... act, the deed of hypothecation, by itself, cannot create a right in the plaintiff to seek for a charge-decree as against the movables which are the subjectmatter of the deed of hypothecation.5. the second contention is that the rate of 11 per cent per annum with quarterly rests is an arbitrary and usurious .....Tag this Judgment!
Court : Chennai
Decided on : Mar-22-1974
Reported in : AIR1975Mad137
..... court is that the plaintiffs had not made any formal application for an extension of time under section 5 of the limitation act, and that, therefore, their appeal against hakim shyam sundarlal was beyond time. in our opinion the court below has erred in exercising its discretion ..... a case where a memorandum of appeal was filed beyond time, but without a written application for excusing the delay under section 5 of the limitation act. considering this aspect sulaiman, c.j. speaking for the bench said-'the first ground on which the appeal has been dismissed by the lower appellate ..... the provisions. as i said, there is no warrant in the language of section 5 of the limitation act to lay down as an axiomatic rule of procedure that unless an application in writing or any other similar formal application accompanies either the appeal or ..... 5 leaves, therefore, a judicial discretion in courts in the matter of the application of the principles set out in section 5 of the limitation act. as all such rules are to be understood and applied as beneficial provisions, bare technicalities ought not to prevail over the pith and substance of ..... application. but he was in accord with the learned assistant judge that as there was no application apparently a written application, under section 5 of the limitation act, the main application was not maintainable. he relied upon an unreported decision of this court in c. r. p. no. 2312 of 1966 (mad), .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-12-1974
Reported in : AIR1975SC583; (1975)1SCC375; 2SCR715
..... and contract carriages for the purpose of a higher levy of vehicle tax on contract carriages has no reasonable relation to the purpose of the act.31. the act contained originally 3 schedules out of which schedule i was repealed in 1938 with the result that there are now schedules ii and iii only ..... fares paid by or for individual passengers, either for the whole journey or for stages of the journey.34. under section 46 of the motor vehicles act, 1939, an application for stage carriage permit must contain, among other things, the route or routes or the area or areas to which the application ..... contract; and includes a motor cab notwithstanding that the passengers may pay separate fares.''stage carriage' has been denned in section 2(29) of that act as under:stage carriage means a motor vehicle carrying or adapted to carry more than six persons excluding the driver which carries passengers for hire or ..... : 1scr809 (hereinafter referred to as 'atfabari case'), the appellants challenged the validity of the assam taxation (on goods carried by roads and inland waterways) act, 1954, on the ground that it violated article 391 and was not saved by article 304(b). by a majority of 4 to 1, this court upheld ..... contract carriage and was paying tax at the rate of rs. 30/- per seat per quarter under the madras motor vehicles taxation act 3 of 1931 (hereinafter called the 'act'). this act was passed with a view to abolish levy of tolls in the presidency of madras and the, levy of taxes on motor .....Tag this Judgment!
Court : US Supreme Court
Decided on : Mar-26-1974
..... will sometime rectify. the present case is a minor species of the same genus. a person who took his gun to a pawnshop for a loan undoubtedly had "acquired" the gun prior to that time. it is therefore odd to think of the "acquisition" occurring when he redeemed his ..... important provisions of the affidavit-waiting period procedure. but, if a pawnbroker only receives second-hand weapons as security for the repayment of a loan and does not deal in new firearms, he is not transporting, shipping, or receiving a firearm in interstate or foreign commerce. used weapons ..... same shop two other firearms, a russian 7.62-caliber rifle and a remington .22-caliber rifle, belonging to his wife. for these he received loans of $10 and $15, respectively. the owner of the pawnshop was a federally licensed firearms dealer. some weeks later, on february 1, 1972, and ..... it is reasonable to conclude that a pawnbroker might "dispose" of a firearm through a redemptive transaction. finally, congress explicitly included pawnbrokers in the gun control act, specifically mentioned pledge and pawn transactions involving firearms, and did not include them in the statutory exemptions. pp. 415 u. s. 819 -823. ( ..... had its origin in 1(k) of the national firearms act, pub.l. 474, 48 stat. 1236 (1934). that act set certain conditions on the "transfer" of machine guns and other dangerous weapons. as defined by the act, "transfer" meant "to sell, assign, pledge, lease, loan, give away, or otherwise dispose of." the term .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-24-1974
Reported in : AIR1975SC17; (1974)2SCC777; 2SCR138
..... already stated what these purposes are and having regard to them the registration of a motor vehicle does not automatically, make it liable for taxation under the taxation act. the taxation act is a regulatory measure imposing compensatory taxes far the purpose of raising revenue to meet the expenditure for making roads, maintaining them and for facilitating the movement and ..... lord parker, c.j., was construing the word 'adapted' when used disjunctively with 'constructed'. he observed at p. 456:one can get illustration after illustration, on looking at the act itself, where 'adapted,' when used disjunctively with 'constructed' must mean a physical alteration, and, as it seems to me, other cases where the word 'adapted' alone is used and ..... for compulsory registration and other regulatory provision are confined to the vehicles on the public roads. the provisions of section 22 are definitely to advance the objects of the act and to effectuate the regulatory provision';. by the very language the principal purpose is to insist upon registration in respect of vehicles plying in public places. further, the expression ..... reddy, j.1. these appeals raise a common question as to whether dumpers, rockers and tractors are motor vehicles within the meaning of the relevant state motor vehicles taxation acts, and are accordingly taxable thereunder. apart from these appeals, bolani ores ltd.-appellant in civil appeal no. 1816 of 1968-has filed a writ petition challenging the constitutional validity .....Tag this Judgment!
Court : Gujarat
Decided on : Nov-25-1974
Reported in : AIR1976Guj33; (1975)GLR558
..... concerned it is on the ground of the regulations framed as part of the final development plan, for anand. under section 12 of the act restrictions have been set out on development work after publication of the declaration of intention of the local authority for the formulation of a development ..... the public interest to make any variation in the final development plan whether sanctioned before or after the commencement of the bombay town planning (gujarat amendment) act. 1965, it shall publish in the official gazette the variations proposed in the development plan and the amendments, if any, in the regulations. it ..... land can be obtained from the local authority have to be submitted to the state government along with the plan. under section 10 of the act, on receipt of the development plan under section 8, the state government may, after consulting the consulting surveyor and within the prescribed period sanction ..... the commencement certificate granted by anand municipality an january 20 1970, to the respondents nos, 4 to 12.4. chapter iv of the act deals with the declaration of intention to make a scheme and making of a draft scheme, whereas chapter iii deals with the making of town ..... this scheme on september 30, 1966. on february 28, 1969, the town planning officer gave his decisions under the bombay town planning act, 1954, (hereinafter referred to as 'the act') regarding the reconstituted plot. petitioner's plot number 126/1 is immediately to the east of final plot no. 127/1 which .....Tag this Judgment!
Court : US Supreme Court
Decided on : Dec-16-1974
..... validity of mortgages, and the right to enforce through bankruptcy state remedies against fraudulent conveyances. stellwagen v. clum, 245 u. s. 605 , 245 u. s. 613 -615 (1918); wright v. vinton branch, 300 u. s. 440 , 300 u. s. 463 n. 7 (1937). [ footnote 2/19 ] under 77(e), a two-thirds ..... would have an opportunity to consider later page 419 u. s. 173 whether to deal with it by relaxing the limitations on the amount of government loan guarantees available to conrail, by means of a joint resolution as provided in 210(b). congress was thus to have a "second look" at ..... "mr. adams. there is a specific limitation in the final bill which says no more than $200 million [later raised to $500 million] of government loan guarantees can be used for acquisition in any event, so if the court, in 5 to 10 years, should come in with a higher value, the ..... for securities of the new corporation via a reorganization plan under the umbrella of a section 77 proceeding under the bankruptcy act. in addition, the bill calls for the use of federal loan guarantees, rather than direct grants, wherever possible. this procedure allows for the necessary funds to come from the private sector ..... circumstances, congress may have supplanted the traditional remedy, albeit by implication. in my view, this is precisely what congress has done in the rail act. the act provides a strict timetable for bringing conrail into operation. usra is expected to present the final system plan to congress within 570 days of the enactment .....Tag this Judgment!