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Case Laws
Showing 61 to 80 of 311 Records
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1996 (5) TMI 387
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... ... ..... the Rules which bars the imposition of such a condition nor does that condition run counter to any provision in the Act or in the Rules. Moreover, when the conditional order of extension was passed by the Assessing Authority, it was open to the assessee not to accept the same but if it chose to accept the order it had to accept it as a whole and it cannot be heard to say that such a condition could not be imposed. Even otherwise, we are of the opinion that the imposition of such a condition was fair and reasonable and was imposed with a view to protect the interest of the Revenue. In the result, we hold that where time for filing the return is extended by the Assessing Authority on the condition of payment of interest, the Assessing Authority is justified in charging the same under the law. The question referred to us is answered in the affirmative, i.e., in favour of the Revenue and against the assessee. There is no order as to costs. Reference answered in the affirmative.
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1996 (5) TMI 386
Whether the order dated 30-9-1984 about the termination of service of the plaintiff is wrong, illegal and liable to be set aside as alleged?
Held that:- Appeal allowed. The conviction of the appellant under section 294 IPC on its own would not involve moral turpitude depriving him the opportunity to serve the State unless the facts and circumstances, which led to the conviction, met the requirements of the policy decision.
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1996 (5) TMI 385
The amount of contribution received/ receivable to recover part of the cost of the technical assistance provided by the applicant under the provisions of its aid programme to the companies assisted by it in India is not an income of the applicant under the provisions of the Income-tax Act and not chargeable to tax.
No amount of contribution received/ receivable to recover part of the cost of the technical assistance provided by the applicant under the provisions of its aid programme to the companies assisted by it in India is fees for technical services as defined in Explanation 2 to clause (vii) of sub-section (1) of section 9 of the Income-tax Act or in article 13. para. 4 of the Avoidance of Double Taxation Agreement with India and U. K.
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1996 (5) TMI 384
Appellate Tribunal - Jurisdiction - Appeal - Condonation of delay ... ... ... ... ..... Advocate for the appellant cited any such decision to support the proposition that the date of filing the appeal must be reckoned from the date on which the appellant feels himself aggrieved. Indeed, such a view would be self defeating and could, in some situation, render the appellate remedy infructuous. 9. emsp It is next contended that the Collector rsquo s order did not contain a preamble indicating the appellate authority and that since the appellant rsquo s statutory and constitutional rights were violated, it approached the High Court. The answer to this would be that nothing prevented the appellant in filing an appeal before this Tribunal in time even in the absence of a preamble to that effet in the Collector rsquo s order, if it felt that was the right course of action. We are therefore not satisfied that the appellant was prevented from filing the appeal within the time and decline to condone the delay. The appeal is therefore barred by limitation and is dismissed.
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1996 (5) TMI 383
Cement - Sulphate resistant cement - Classification of ... ... ... ... ..... h the Indian Standards Institution Specification then the product in dispute is grey portland cement. It was argued before us that standard specification alone cannot be the deciding factor while deciding classification of the product. We find that there is nothing but the standard specification in the instant case. The Apex Court in the case of M/s. Krishna Carbon had held that in the absence of any other evidence on record the Indian Standard Specification can be accepted. We do not find any other technical literature or specifications to contradict the contention of the respondents herein. In the absence of any technical literature brought on record we accept the ISI specifications and read it with the Test Report and the Chemical Examiner to hold that the product manufactured by the respondents herein is grey portland cement and classifiable under Chapter Heading 2502.20. In the light of the above discussion and findings we uphold the impugned order and reject the appeal.
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1996 (5) TMI 382
Valuation - Related persons - Similar goods ... ... ... ... ..... ice on cost of production cannot reflect the price at which the forms are ordinarily sold or offered for sale for delivery at the time and place of importation in the course of international trade. 4. emsp The order passed by the Assistant Collector shows that M/s. American Express Co. (India) Ltd. imported similar goods at pound 31.15 per 1000 pcs. FOB at about at the same time. Appellate authority invoked Rule 8 of the Valuation Rules, which appears to us to be justified. Nothing is indicated in the appeal memorandum about the inapplicability of the value determined of the goods imported by the other company. 5. emsp In the circumstances, we find no ground to interfere with the assessment of value of the demand of duty. However, we find no justification in imposing the penalty. Imposition of penalty against the appellant by the Assistant Collector and confirmed by the Collector (Appeals) is set aside. In other aspects the orders are confirmed. The appeal is allowed in part.
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1996 (5) TMI 380
Classification ... ... ... ... ..... ng in the said Chapter Note. He has also drawn a wrong conclusion that the appellants had admitted that Vitamin B Complex is therapeutically inert. What the appellants had stated was that their product Vitamin B Complex Tablets are a formulation made out of principal Vitamins and other ingredients which are pharmaceutical necessities and therapeutically inert. They therapeutically inert attribute is in respect of the other ingredients and not the Vitamins themselves. This mistake apart, the use of vitamin formulation in the manner satisfying the definition in the relevant Chapter Note would absence gives rise to metabolic disturbances. Their administration is to treat these disturbances and to prevent them and hence Vitamin B Complex Tablets satisfy the criteria of therapeutic or prophylactic use. Thus the product in question merits classification under Tariff sub-heading 3003.20 as claimed by the appellants. The impugned order is accordingly set aside and the appeal allowed.
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1996 (5) TMI 378
Winding up – Receiver not to be appointed of assets with liquidator ... ... ... ... ..... ken possession and has appointed security guards for the security of the property. In case the applicants have any apprehension regarding security they can also post security guards of their own for protecting whatever assets remain. So far as disposing of the assets is concerned, that shall be on the orders of this court and a joint sale by the applicants as well as the official liquidator can be ordered. For the said purpose the applicants could advertise the sale of the assets along with the official liquidator and sell the same either by calling for tenders or by auction. A receiver is not required for the said purpose. The interest of the applicants is, therefore, fully safeguarded. It would, therefore, be more expedient to let the official liquidator be in charge of the property taking into consideration the facts and circumstances of this case. As a result, I do not find any reason to allow this application filed by the applicants and consequently the same is rejected.
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1996 (5) TMI 371
Confiscation - Mis-declaration ... ... ... ... ..... On the basis of facts on records, it is clear that the action of the lower authority was well founded and order of confiscation does not required to be interfered with. 8. emsp We have also consider the plea that the provisions of Section 111(m) are not invokable in as much as copper scrap and brass scrap were under the same tariff headings. The impugned section renders liable to confiscation those goods which do not correspond in respect of value or in any other particular with the entry made in the clearance documents. It is an established fact that the value of the copper scrap is higher than the value of the brass scrap. These goods although falling under the same tariff heading are separately known in the market and have different uses. We find no substance in the plea that the order of confiscation in terms of Section 111(m) was not sustainable. 9. emsp In the result, we find no merit in the appeal. We uphold the order of the original authority and dismiss this appeal.
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1996 (5) TMI 363
Whether the transfer of an import licence called REP licence/Exim scrip by the holder thereof to another person constitutes a sale of goods within the meaning of and for the purposes of the sales tax enactments of Tamil Nadu, Karnataka and Kerala?
Held that:- Appeal dismissed. Firstly, it is not brought to our notice that any declaration has been made by the Central Government to the effect that these licences/scrips are securities. Secondly, any such declaration can only be for the period subsequent to the coming into force of the said Amendment Act, i.e., subsequent to January 30, 1992. All the cases before us pertain to the period earlier to the said date. In this view of the matter, it is not necessary to pursue this argument further.
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1996 (5) TMI 358
Winding up - Circumstances in which a company may be wound up, Company when deemed unable to pay its debts
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1996 (5) TMI 357
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... -company is unable to pay its due debts and is, therefore, ordered to be wound up. The official liquidator attached to this court is appointed as liquidator of the respondent-company and he is directed to take charge of the company and its assets into his custody forthwith or under his control all the properties and effects and the books and papers of the company and it shall be the duty of all the persons having custody of any of the properties, books and papers of the company to deliver possession thereof, to the official liquidator. The petitioner is directed to advertise the notice of the order for winding-up in The Tribune (English) and the Daily Ajit (Punjabi), Jalandhar, and also in the Punjab Government Gazette as contemplated by rule 113 of the said Rules. The petitioner is further directed to file a certified copy of this order with the Registrar of Companies at Jalandhar within thirty days from today. A formal order of winding-up be drawn up in accordance with law.
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1996 (5) TMI 356
Company when deemed unable to pay its debts ... ... ... ... ..... d the process of law. I, therefore, dismiss this application with cost of Rs. 25,000. Company Application No. 57 of 1996 Counsel for the petitioner says that he does not press this application and the same may be dismissed as withdrawn. Application is dismissed as withdrawn. Company Petition No. 45 of 1995 This petition was admitted by this court, vide order dated August 21, 1995. As the respondent-company has no bona fide defence, as discussed above, I hereby order that the respondent-company be and is hereby wound up. The official liquidator attached to this court is hereby appointed the liquidator of the company. The official liquidator is directed to take into possession all the assets of the company forthwith. Let citation be published of the winding up in the Delhi Gazette, Statesman (English) and Jansatta (Hindi). Registry is directed to prepare a formal order and notification in accordance with rules and copy of the same be sent to the official liquidator immediately.
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1996 (5) TMI 355
Powers of Central Government to assume management or control of an industrial undertaking in certain cases
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1996 (5) TMI 354
Winding up – Powers of liquidator ... ... ... ... ..... d to bear their own costs . Pursuant to this direction, auction was held again fixing the upset price at Rs. 45 lakhs. The appellant therein offered Rs. 1.10 crores. Noticing that a further offer of Rs. 1.25 crores was made by the respondent, the Supreme Court directed a fresh auction again not restricting the bid to the two parties and keeping the upset price at Rs. 1.5 crores. Thus, it is the duty of the company court to see that the maximum price is received for sale of assets of a company directed to be wound up, in the interests of the shareholders, workers and creditors. For the above reasons, the offer of Rs. 144 lakhs made by P.A. Radha and J. Vijayalakshmi cannot be accepted and the Corporation is directed to readvertise the sale of assets of the company, this time by public auction keeping the minimum price at Rs. 144 lakhs and also by sending copies of the notice of auction to all leading paper mills in the country. The company application is accordingly dismissed.
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1996 (5) TMI 331
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... el again seems not plausible, as, on 31-3-1993, under the heading lsquo Schedule III fixed assets land and building rsquo the return is nil , whereas on 31-3-1994, an amount under this head has been shown as Rs. 5,38,500. No corresponding entries are in the bank account. The statement of account which has been filed at pages 182 and 183 gives credence to the story put up by the respondent that amounts were taken out from the account of the company and the documents at pages 134 and 136 also give credence to the stand of the respondent. Therefore, the case as put up by the petitioner cannot be believed even prima facie. In the circumstances, I find that even on this ground the petitioner has not been in a position to make out a prima facie case so as to warrant assumption of jurisdiction by this court under the provisions of sections 433, 434 and 439. For the reasons recorded above, this petition is dismissed. Interim orders granted earlier stand vacated. No order as to costs.
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1996 (5) TMI 330
Enforcement of orders of Courts ... ... ... ... ..... ction 28. But when an application has been made in the Court, in which the original suit was filed, and the execution is being proceeded with, then certainly an application under section 28 is maintainable in the same Court. According to the judgment of the Supreme Court, even the power to extend the time could be exercised by the appellate court. In the present case, therefore, the trial court has the jurisdiction to pass the decree as well as for execution and if this judgment is taken into consideration then the application made by the defendant would be considered the application for extension of time in the decree itself for which the Court has ample powers. 13. In these circumstances, I feel that it would not be proper to interfere with the discretion which has been exercised by the CLB in extending the time. The amount has already been deposited with the bank as directed by the CLB. 14. Consequently, the appeal has no force. It is hereby dismissed. SCL q DECEMBER, 1996
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1996 (5) TMI 329
Writ petition - Maintainability of, Selection and admission of members - Validity of ... ... ... ... ..... lt, Writ Appeal No. 516 of 1994 and Writ Petition Nos. 11453, 11275, 12015 and 12250 of 1995 are allowed to the extent indicated above. Respondent - Exchange, SEBI and the Central Government are directed to forthwith remove respondents 4 to 34 (in W.P. No. 12250 of 1995) from the membership of the respondent - Exchange and proceed to invite fresh applications in the light of the observations made in the judgment above. It is, however, made clear that respondents 4 to 34 shall be deemed to be members for completion of the transactions already undertaken by them, but shall not be allowed to take up any fresh transactions. 47. An oral prayer is made for certificate for appeal to the Supreme Court as contemplated under article 134A. We are, however, of the opinion that no question of the nature referred to in clause (1) of article 132 or clause (1) of article 133 of the Constitution of India is available for appeal to the Supreme Court. The prayer is refused. SCL q NOVEMBER, 1996
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1996 (5) TMI 328
Whether the petitioners have a right to forfeit the shares of those shareholders who defaulted in making payment on allotment/call money?
Held that:- Proceedings have been filed in different States and within the State in different Courts and hence this application for transfer of all the proceedings to one Single Court. After hearing the learned counsel for the petitioner we thought that it would be desirable to transfer these cases to one Single Court with the same State. The transfer petitions are, therefore, disposed of accordingly
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1996 (5) TMI 327
Power to call for information, etc. ... ... ... ... ..... as well as production of documents relevant for the inquiry. Such person may or may not be a person against whom suit has been filed or relief has been claimed or is otherwise party to the suit. Therefore, power to call for information and documents relevant for the inquiry even from the persons against whom inquiry has not been instituted and/or cannot be instituted vests in the SEBI or in the person authorised to hold enquiry in terms of section 11(3). Exercise of such powers cannot be confined to the persons enumerated in clause (i) of section 11(2). To hold otherwise will be to infructuate the purpose of holding the inquiry by keeping out of reach of the inquiry authority, relevant documents and evidence which can be said to be of primary importance for the enquiry and required by the authority for the purpose of such enquiry. 23. For the reasons as aforesaid, both these petitions fail and are hereby dismissed. Notice discharged in each case. No costs. SCL q OCTOBER, 1996
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