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Showing 21 to 34 of 34 Records
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1968 (6) TMI 39 - HIGH COURT OF ANDHRA PRADESH
Company – Service of documents on members by, Shares – Power, to issue of at discount, Company – Service of documents on members by, Power of court to rectify register of members
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1968 (6) TMI 25 - HIGH COURT OF MADRAS
Winding up – Power of court to assess damages against delinquent, directors, etc. ... ... ... ... ..... applicant chooses to apply. The argument, if accepted, would come to this. An applicant can keep mum for any length of time on the only ground that such retention is a continuing offence and apply under section 235 of the Act or section 543 of the 1956 Act any time he chooses and still maintain that his application is in time. This would run counter to the spirit and letter of the rule of limitation prescribed by the statute which has to be respected. In these circumstances, I am unable to give the direction asked for in the judge s summons, as the application is out of time not having beer filed within three years from the date of the first appointment of liquidator or within three years from the date when they were expended and therefore retained. I have already stated that the merits of this application have not been gone into as I consider it is not necessary for the purpose of this application. Therefore, the application is dismissed. There will be no order as to costs.
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1968 (6) TMI 24 - HIGH COURT OF GUJARAT
Winding up - Appeals from orders ... ... ... ... ..... s addressed by him to the official liquidator and the company judge. If we grant leave we would in effect be converting an appeal into a review of the impugned order on fresh grounds not taken before the company judge. We would be examining the validity of the discretion exercised by the company judge on contentions which were not raised before him but which are raised for the first time before us. This we cannot do. The application of the appellant for leave to appeal must therefore be rejected. We are, therefore, of the view that the appellant is not entitled to maintain the appeal and in this view of the matter, it is unnecessary to consider the merits of the grounds raised by the appellant in support of the appeal. The appeal therefore fails and is dismissed with costs. The ad-interim relief granted on 3rd May, 1968, will stand vacated and the notice issued on the application for stay will stand discharged. The costs of the application for stay will be costs in the cause.
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1968 (6) TMI 11 - CALCUTTA HIGH COURT
Firm of chartered accountants were the assessee`s tax consultants - sum paid by the assessee as professional fees to its tax consultants - it is an admissible deduction under section 10(2)(xv) of the IT Act, 1922
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1968 (6) TMI 10 - CALCUTTA HIGH COURT
Assessee deals in jute and hessian - contracts were for purchase and sale of jute or hessian and, instead of actual delivery - Tribunal was justified in holding that the loss suffered by the transfer or delivery of pucca delivery orders was speculation loss under the second Explanation to the proviso to section 24(1) of the Indian Income-tax Act, 1922
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1968 (6) TMI 9 - CALCUTTA HIGH COURT
Speculative loss - carried forward to be set off - Explanation 2 to section 24(1) ... ... ... ... ..... here was any settlement of the contracts of purchase and sale and therefore one of the vital limbs of Explanation 2 to section 24(1) of the Indian Income-tax Act is not found as a fact in order to bring the transaction within the mischief of a speculative transaction. In our case the Appellate Assistant Commissioner in his second order has found that the assessee undertook to deliver the goods but purchased delivery orders and made over these orders to its own purchasers to perform its obligations under the contract. In other words, instead of actual delivery of the goods, the assessee settled the contracts by delivery of P.D.Os. In these premises, the assessee s transactions were speculative transactions within the meaning of Explanation 2 to section 24(1). The answers to the questions framed in this reference are, therefore, as follows Question No. 1... Yes. Question No. 2... Yes. The assessee will pay to the Commissioner his costs of this reference. CHATTERJEE J. -I agree.
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1968 (6) TMI 8 - MADRAS HIGH COURT
Whether it is permissible for the ITO while deciding the applicability of section 23A to take the assessment result of the accounting year in question and view the additions to the returned profits as a result of disallowance of claims for deduction on the ground that the outgoing had not been proved, as part of the profits of the accounting year - Held, yes
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1968 (6) TMI 7 - MADRAS HIGH COURT
Whether on the facts and in the circumstances of the case, the department was justified in assessing the assessee in the status of an 'association of person' - Held, yes
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1968 (6) TMI 6 - MADRAS HIGH COURT
Assessee was carrying on business in forest contracts - For s. 10(2)(vii) to apply there must be a sale of goods. When a person hands over his property to a firm of partners consisting of himself and others, there is no transfer of property so as to constitute a sale of goods as defined in the Sale of Goods Act - Tribunal was justified in its view that there was no sale of the lorries and so no profit made by the assessee
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1968 (6) TMI 5 - MADRAS HIGH COURT
Reference Application - reference application signed by the ITO for and on behalf of the Commissioner was valid as he was competent to do so by reason of rule 2(ii) of the Tribunal Rules and notification thereunder - therefore, petition filed before the Tribunal u/s 66(1) of the IT Act was competent in law
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1968 (6) TMI 4 - CALCUTTA HIGH COURT
For determining the `break-up value`, one has to ascertain the value of a company`s physical assets and deduct therefrom the company`s current liabilities and prior charge capital - held that Tribunal was not justified in adopting the net wealth of the company as determined in its wealth-tax assessment as the net assets of the company
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1968 (6) TMI 3 - MADRAS HIGH COURT
Section 23A Indian Income Tax Act, 1922 - notional dividend - distributable profit for purposes of section 23A of the IT Act, 1922, would not include notional dividend
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1968 (6) TMI 2 - KERALA HIGH COURT
Salary - deductibility - There was no material before the Tribunal which would justify a reasonable conclusion that extraneous considerations weighed with the assessee in fixing up the salary of her husband who was appointed as manager - claim towards salary is allowed
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1968 (6) TMI 1 - CALCUTTA HIGH COURT
Business income - sales tax - if, the assessee is found liable to pay sales tax to the State Govt., the amounts so paid would be allowed as a deduction in the year of payment. Similarly, if the assessee had to refund any moneys to the purchasers at the auctions, then such refunds would also be allowed as deduction in the year in which they are made
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