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Case Laws
Showing 41 to 60 of 111 Records
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1976 (1) TMI 120 - HIGH COURT OF CALCUTTA
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... ... ..... ence. Board of directors, as such, cannot be prosecuted. Whether one or two directors or the entire board of directors acted as agents in the company would appear only through evidence. On a careful consideration of the facts and circumstances of the case we are unable to hold that the learned Magistrate had no jurisdiction or competence to issue process. We also hold that it will be premature at this stage to quash the proceedings. The point as to whether the accused persons who are designated as directors are principal officers or agents could only be determined after the witnesses were examined. The result is that five of the petitions fail. The rules except in C.R. No. 274 of 1975, are discharged. The rule in C.R. No. 274 of 1975 is made absolute as the same is barred by limitation. Let the records go back at an early date so that the hearing nay be expedited. It. may be noted that the rules have abated with regard to H.L. Dey who has since died. Chanda, J. mdash I agree.
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1976 (1) TMI 119 - HIGH COURT OF BOMBAY
Compromise and arrangement ... ... ... ... ..... er should or should not be made. It is the essence of justice to give a hearing. Natural justice requires it. I do not see any valid reason to gag the mouth of the Porbunderwallas who held 605 shares. I would permit them to have their say before me. The interest of justice requires that if a party desires to make any submission, even at the stage of ex parte hearing, the court should hear him. In the present case, the liquidator is opposing the summons for directions, and ought I know that the Porbunder-wallas may be able to throw some light for the liquidator or be of assistance to the court. Mr. Mistree, the learned counsel for the Porbunder wallas, referred to the form of the summons which opens with the words Let all parties concerned......... and submitted that they were very much concerned with the present application. I find merit in this submission. In the circumstances, I allow the Porhunderwallas to make their affidavit. The affidavit is ordered to be taken on file.
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1976 (1) TMI 118 - HIGH COURT OF BOMBAY
Compromise and arrangements ... ... ... ... ..... ny and its officers either under the Madras Chit Funds Act, 1961, or under any other law of the land. The stay granted by this court by its previous orders staying the commencement or continuation of criminal proceedings n the State of Tamil Nadu shall stand vacated forthwith and both the State and private parties including the creditors and members of the company shall be free to continue criminal proceedings against the company and its officers already pending in the courts within the State of Tamil Nadu or commence criminal proceedings against them . The company is directed to transmit within 15 days from today, this order to all courts and parties to whomsoever the company has communicated the previous ex parte orders dated 10th October, 1974, and 14th October, 1974, within the State of Tamil Nadu. Copies of such communications to be filed in the office by the attorneys of the company. Order accordingly. The company to pay to the applicants costs of this judge s summons.
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1976 (1) TMI 115 - HIGH COURT OF BOMBAY
Adjournment of winding up petition ... ... ... ... ..... nking Companies (Acquisition and Transfer of Undertakings) Act, 1969, was passed in order to serve better the needs of development of the economy in conformity with national policy and objectives and yet the bank has been merrily and mechanically agreeing and consenting to the adjournment of a winding-up petition involving a debt of Rs. 2,65,540.74. The interest has been mounting in the meantime. The rate of interest has become stale. There is complete absence of vigil and diligence on the part of the bank. The carriage of the proceedings is in the hands of the petitioner-bank. The fact that all the 45 or so consent precipes originated from the side of the company shows as if the reins were in their hands. The coming into force of the emergency and the economic policies initiated by the Government seem to have brought no change in the attitude of the bank in the instant case. The application for adjournment is, therefore, refused. The petition is admitted by a separate order.
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1976 (1) TMI 113 - HIGH COURT OF BOMBAY
Charges – Rectification of register of ... ... ... ... ..... ne, 1975, I have no reason to disbelieve the statement on path of a director of the company though the accounts are not audited for that year. This ground inherently did not rest on sound premises and, therefore, wisely it was not made use of at the hearing. To my mind, this company is more than reasonably solvent. The insolvency contemplated by the Companies Act is that the company should be commercially insolvent. Its assets and liabilities must be such as to make the court feel satisfied that the existing and probable assets will be insufficient to meet the existing liabilities. In the present case, the company is definitely commercially solvent. It must be remembered that winding up is an extraordinary remedy and, in my opinion, the court should be slow in exercise of its powers and discretion. In this view of the matter, I find that no prima facie case has been made out by the petitioners which calls for winding up of the company. In the result, the petition is rejected.
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1976 (1) TMI 90 - HIGH COURT OF PATNA
Directors vacation of office by, Winding up – Power to summon persons suspected of having property of company, etc. and Power of court to assess damages against delinquent directors, etc.
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1976 (1) TMI 88 - HIGH COURT OF MADRAS
Winding up – Avoidance of certain attachments, executions, etc. ... ... ... ... ..... of Rs. 1,77720 has been paid over to the decree-holder-revision petitioner. It will be paid back by him to the official liquidator within two months from today. It is needless for me to state that the balance lying to the credit of the small cause suit (S.C. No. 721/1972) will also be paid over to the official liquidator. It is further represented by the learned official liquidator that pursuant to the attachment certain other movables not forming the subject-matter of the execution were handed over to the decree-holder. Concerning them, undoubtedly status quo ante can be restored. Therefore, I hereby direct the revision-petitioner to hand over all those movables not forming the subject-matter of the sale in E.P. No. 359/1973 (S.C. No. 721 of 1972) to the official liquidator within two months from today. However, the attachment of the decree-holder will continue. With these observations, the civil revision petition shall stand dismissed. However, I make no order as to costs.
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1976 (1) TMI 76 - ITAT PUNE
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... ... ..... as above that the amount Rs. 4,000 was assessee rsquo s income from undisclosed sources is sufficient for the purpose of assessment, the said inference cannot further the cause of the revenue that it is the assessee rsquo s concealed income. In order that there is concealment, the onus is on the department to show by positive material and evidence that not only that the character of the amount was income beyond doubt but that it was concealed income. in the present case, neither of these two requirements have been satisfied. Income and the nature of the amount has been merely inferred for want of initial onus being discharged by the assessee. In our opinion the ration laid down the Supreme Court in Anwar Ali rsquo s(1) case is squarely attracted to the facts of the assessee rsquo s case. In the circumstances, we uphold the findings of the Appellate Asstt. Commissioner and dismiss the revenue rsquo s appeal. 4. In the result, the revenue rsquo s appeal fails and is dismissed.
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1976 (1) TMI 75 - ITAT PUNE
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... ... ..... as above that the amount Rs. 4,000 was assessee rsquo s income from undisclosed sources is sufficient for the purpose of assessment, the said inference cannot further the cause of the revenue that it is the assessee rsquo s concealed income. In order that there is concealment, the onus is on the department to show by positive material and evidence that not only that the character of the amount was income beyond doubt but that it was concealed income. in the present case, neither of these two requirements have been satisfied. Income and the nature of the amount has been merely inferred for want of initial onus being discharged by the assessee. In our opinion the ration laid down the Supreme Court in Anwar Ali rsquo s(1) case is squarely attracted to the facts of the assessee rsquo s case. In the circumstances, we uphold the findings of the Appellate Asstt. Commissioner and dismiss the revenue rsquo s appeal. 4. In the result, the revenue rsquo s appeal fails and is dismissed.
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1976 (1) TMI 70 - ITAT RAJASTHAN
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... ... ..... completed on 5th July, 1962 and hence the assessing authority as well as the learned single Member of the Board have erred in applying the provisions of s. 23-B RST Act to the present case. The Board has further held in 1975 KS 291 that the provisions of s. 23-B RST Act will no apply to the cases under the Central Sales Tax Act. This ruling fits squarely with the circumstances of the present case. Then three is a ruling of the Supreme Court in 1975 (35) STC-571 in which it has been held that the CST Act is a self-contained Code which should be applied and the provisions of the State Sales Tax Act need not be brought into play in matters convered by the CST Act. 7. We therefore, accept this special appeal and set aside the order of the learned single Member of the Board dt. 4th July, 1975 and restore the appellate order dt. 13th May, 1975 of the Dy. Commissioner (Appeals-II), C.T., Jaipur. 8.Order pronounced in open Court this 15th day of January, 1976. J.S. SINGHVI, I Agree.
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1976 (1) TMI 67 - ITAT PATNA-A
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... ... ..... orders of the Tribunal of various Benches relied on by the learned counsel for the assessee but with respect we beg to differ from the view taken by some of the Benches of the Tribunal following the decision of the Madras High Court reported in 90 ITR 116 (Mad). In our opinion, the IT Tribunal being creature of the IT Act cannot challenge the Constitutional validity of any enactment under the IT Act. We, therefore, proceed to decide the case on the basis of its merit. We find that an amount of Rs. 7,488 was due to the assessee as refund in respect of earlier assessment year which was not deducted by the ITO in considering the quantum of penalty imposable in this case. In view of that fact, we are of the opinion that the quantum of penalty imposed by the lower authorities was a little on the high side. It will be reasonable if the same is confined to Rs. 1,500 in this case. 10. In the result the appeal in ITA No. 2120 is allowed while that of in ITA No. 2121 is partly allowed.
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1976 (1) TMI 65 - ITAT MADRAS-C
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... ... ..... of the present case, the value of the property passing on death would be the price, which it would fetch if sold in the open market one minute after the death by which time the life interest of the deceased in the property would have extinguished. However, the life interest of the deceased rsquo s son in the property would still remain intact and that would have the effect of depressing the market value of the property. A prospective buyer would certainly take into account the subsisting life interest of the deceased rsquo s son in the property and a margin has to be allowed in evaluating the market value of the property. We, therefore, direct the Asstt. CED to evaluate the life interest of the deceased rsquo s son and after allowing a margin for the same, determine the principal value of the property as provided under s. 36 of the Estate Duty Act. 6. In the result, the appeal is allowed in part to this extent indicated above and the assessment should be revised accordingly.
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1976 (1) TMI 63 - ITAT MADRAS-C
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... ... ..... on of this amount in the principal estate of the deceased is erroneous. 9. Before the Tribunal, the contention of the Revenue is that the deceased had a half share in the properties belonging to the HUF and since the gift was admittedly made within a period of two years, its inclusion under s. 9 by the Asstt. CED is fully justified. 10. A disposition to attract estate duty under s. 9 as gift need not be of property to which the deceased was the absolute owner, but can be of any property which he is competent to dispose under s. 3(1)(b) of the ED Act, a disposition taking effect out of the interest of the deceased in deemed to have been made by him and the concurrence of any other person is not required. In this view, the inclusion of the sum of Rs. 10,000 in the principal estates of the deceased under s. 9 is justified. Accordingly, the order of the Appellate Controller is set aside and that of the Asstt. CED restored. 11. In the result, the Revenue rsquo s appeal is allowed.
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1976 (1) TMI 61 - ITAT MADRAS-A
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... ... ..... r and this has been confirmed by the Appellate Asst. Commissioner. In fixing the addition certain definite determinate factor has to be followed. In making an addition one can easily take into account, the inspection report. On 7th October, 1974, at about 9-00 p.m. the A.C.T.O. Periamet division inspected premises and took the statement of the Manager of the Appellant rsquo s hotel. The net realisation by way of sale, amounted to Rs. 125-85. This amount is a normal realisation per day in the business, If this is adopted for calculating the probable total turnover per year after granting for better days and bad days in the matter of turnover the appellant could be justifiably assessed for the total turnover of Rs. 39,000 per year (125x6x52). 7. So, we find that the turnover of the appellant is liable to be fixed at Rs. 39,000 per year. Since the turnover falls below the taxable minimum the appeal is not liable for 1974-75. The assessment is cancelled and the appeal is allowed.
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1976 (1) TMI 59 - ITAT MADRAS
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... ... ..... yarn, etc. And otherwise during the course of its business. When this was pointed out to the learned counsel, he was not able to suggest any other inference. He repeated his plea that he is not a dealer in these commodities. It is not necessary that the appellant should have been a dealer in these very commodities. We have no doubt that the rationale of Burmah Shell rsquo s (2) case certainly applies to this turnover of Rs. 2,50,019.21. It is certainly incidental or ancillary. The words in connection with are even broader. Under the circumstances, if we had not found on the question of jurisdiction in favour of the appellant, we should have had to confirm the order of revision on merits. At any rate, we are unable to do so in view of our finding on the matter of jurisdiction. 9. In the result, the order of the Deputy Commissioner is cancelled as being beyond his jurisdiction in view of s. 32(2) of the Act thereby restoring the orders of the assessing and appellate authority.
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1976 (1) TMI 58 - ITAT MADRAS
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... ... ..... revised orders of the assessing officer no mention is made about those two points it is rather unfortunate that the first appellate authority came to the conclusion that there was mens rea on the part of the appellants when they made use of C form declaration and purchased the said commodities during the assessment years. 12. We therefore consider with reference to the principles laid down in the above mentioned case that the facts of this case do not all disclose any mens rea on the part of the appellants and there was no false representation on their part when they purchased the above commodity from outside the State by issue of C form and so we differ from the view that has been taken by the first appellate authority, We therefore find that no penalty is leviable against the appellant for theabove purchases and in the view we have taken the levy of penalty made against the appellants in the assessment made above has to be set aside and so all the three appeals are allowed.
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1976 (1) TMI 55 - ITAT JAIPUR
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... ... ..... ssessee maintained accounts on mercantile basis and therefore, an expenditure which did not accrue and arise during the accounting year under consideration, could not, according to the authorities, below, have been allowed. The assessee rsquo s contention is that the aforesaid amount should have been allowed during the year under consideration as it was paid during the said year. 19. In our opinion, the stand of the assessee is not correct. The appellant had paid rent on account of land on which the appellant rsquo s factory is situated in respect of the accounting period under consideration as well as one earlier accounting period. Despite the request of the authorities below as to why the expenditure in respect of the year prior to the previous year should be allowed during the year under consideration, the assessee did not give a proper explanation. The addition made by them was, therefore, fully justified. 20. In the result the assessee rsquo s appeals are partly allowed.
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1976 (1) TMI 54 - ITAT JAIPUR
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... ... ..... me. We are also of the view that there is nothing on record which may go to suggest that the assessee acted deliberately in defiance of law or was guilty of conscious disregard of his obligation. We are of the definite opinion that the imposition of penalty is not warranted for the mere failure to file the return in time in the absence of any proof that the assessee acted deliberately in defiance of law or was guilty of conscious disregard of his obligation. Apart from it, the probability of the case and hard facts of life as discussed above also go to show that there were reasonable causes which prevented the assessee from filing the return in time. 10. Thus, we are of the view that there were reasonable causes which prevented the assessee from filing the return in time. The learned AAC was not correct in sustaining the order of penalty passed by the ITO under s. 271(1)(a) of the IT Act, 1961. 11. In the result, the appeal is allowed. The impugned penalty order is cancelled.
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1976 (1) TMI 53 - ITAT JAIPUR
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... ... ..... be said that there was any concealment of income by the assessee or the assessee furnished inaccurate particulars of his income. Thus, in our opinion to the present case the provisions of s. 271(1)(a) are not attracted. 10. The learned counsel for the assessee also raised objection that the karta had expired on 15th Jan., 1969 and as such the HUF has come to an end. According to him, the penalty order was passed against the deceased and as such also it is void. The learned counsel conceded before us that in case he succeeds on merits, this legal point may not be decided. As discussed above, we have held on merit that there was no concealment of income by the assessee and there is no material to show that the assessee furnished inaccurate particulars of his income. So there is no need to decide the legal point raise before us. For the reasons stated, the penalty order could hardly be sustained. 11. In the result, the appeal is allowed. The impugned penalty order is cancelled.
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1976 (1) TMI 52 - ITAT JABALPUR
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... ... ..... hind all these transactions. Only after these circumstances have been carefully considered, the question regarding the real ownership of the business could be determined. For this purpose, all the parties involved, including Dwarka Pd, and the alleged creditors from whom the amount of Rs. 47,565 was borrowed would have to be closely examined and the ITO will also have to carry out enquiries with the Diamond Mining Authority at Panna. In order to enable the ITO to carry out the necessary investigation and to arrive at a proper finding, we would set aside the orders of the lower authorities in the case of M/s. Tirath Prasad Dwarka Prasad Gupta as well as in the case of Shri Tirath Prasad Gupta. The ITO will pass fresh orders under s. 185 in the case of the firm and under s. 143(3) in the case of Shri Tirath Prasad, in accordance with law, after making such investigation, in the light of our observations above. 8. In the result, the orders of the lower authorities are set aside.
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