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Case Laws
Showing 61 to 80 of 332 Records
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1994 (3) TMI 350 - MADRAS HIGH COURT
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... ... ..... icipal council is constituted under the provisions of the Act. It is an elected body, elected for a statutory period. Therefore, it is not possible to hold that it is a part of the Government or a department of the Government. The decision in Troks Pharmaceuticals Private Ltd. v. Excise and Taxation Officer 1984 57 STC 240 (P and H) cannot be held to govern the case on hand. In that case, it was found that the property in goods passed to the State Government, thus it was a sale to the State Government. That being so, the said decision cannot be held to have laid down the law that the municipal council is a part of the State Government and the sale of a commodity to the municipal council is a sale to the State Government, so as to attract the concession of tax granted under the Government order dated March 26, 1981 and notification, referred to above. 5.. For the reasons stated above, we see no ground to entertain this tax case. It is accordingly rejected. Petition dismissed.
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1994 (3) TMI 349 - WEST BENGAL TAXATION TRIBUNAL
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... ... ..... ad been completed, commencing from the period of 12 months ending December 31, 1979, according to law and in accordance with this judgment. All taxes, interest and penalty, if any, deposited or paid for the said periods by the applicant-company, shall abide the final outcome of the revised assessments. Respondent No. 1 is also directed to follow this judgment in making assessments in respect of the applicant-company for all past periods for which assessments are yet to be made and also for future periods. Respondents will make refund of excess tax, interest or penalty, if any, paid or realised, and recover unpaid tax, interest and penalty, if any, as the case may be, for all these periods. Respondents will henceforth issue all permits, sales tax clearance certificates, etc., according to law by treating taxability of Protinules (powder) in accordance with this judgment. S.P. DAS GHOSH (Chairman).-I agree. P.R. BALASUBRAMANIAN (Technical Member).-I agree. Application allowed.
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1994 (3) TMI 348 - WEST BENGAL TAXATION TRIBUNAL
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... ... ..... d belatedly only on July 22, 1981, though applicant was aware of the provisions for registration under the 54 Act. Having regard to the provisions for registration under the 54 Act, we are accordingly of the opinion that the respondent No. 2 had not erred in law by granting the RC with effect from October 26, 1981, on which date the order was passed. Since, however, the application had been made on July 22, 1981 and NJMC is engaged in reviving a sick industry for the larger public benefit, we feel that the interests of equity and justice would be served if RC is granted from July 22, 1981, that is, the date of application, as in the case of Alexandra. 9.. The application is disposed of accordingly with the direction to the respondents to give effect to the registration of the applicant under the 54 Act with effect from the date of application, that is, July 22, 1981. There will be no order as to costs. L.N. RAY (Judicial Member).-I agree. Application disposed of accordingly.
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1994 (3) TMI 347 - APPELLATE TRIBUNAL FOR FORFEITED PROPERTY
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... ... ..... t is dated April 6, 1993, and received in this office on April 15, 1993, i.e., within about two months of the passing of the Tribunal s order, but somehow has not been disposed of partly for the reason that the Bench of the Tribunal could not be constituted because the Chairman had retired, and thereafter the Member. After this application could be listed for hearing, the petitioner s counsel sought adjournment on the last date with the result that this petition is being taken up for consideration and disposal after the expiry of a period of one year from the date of passing of the Tribunal s order. In the face of the view we have taken on this application on merits, after considering the parties submissions and written arguments, we do not think that there was any bar of time to our taking up the rectification application for disposal. We accordingly dismiss the petition, barring the rectification ordered in paragraph 9 (at page 21) above of this order. No order as to costs.
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1994 (3) TMI 346 - SC ORDER
Presumption of service on the basis of the office report - Held that:- Appeal allowed. Since there is no opposition thereto we allow the appeal in terms of the judgment Deputy Commissioner of Sales Tax (Law), Board of Revenue (Taxes), Ernakulam Versus Motor Industries Co. [1983 (2) TMI 251 - SUPREME COURT OF INDIA] wherein it has been held that deduction in respect of the goods returned by the purchasers must be claimed in the assessment year in which the goods were sold and not in the succeeding year.
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1994 (3) TMI 340 - HIGH COURT OF RAJASTHAN, JAIPUR BENCH
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... ioner is genuine and whether the dispute raised by the petitioner is a real and substantial one. In my opinion, in the absence of any agreement between the parties, the dispute which the respondent has raised regarding its liability to pay interest cannot be treated as a fictitious or frivolous dispute. There is sufficient justification in the claim of the respondent that the dispute is a bona fide dispute. It is also to be noted that the petitioner has not even said that the parties had agreed for payment within a particular time period. In the absence of such an agreement, the claim made by the petitioner for his right to get interest at the rate of 18 per cent. or 21 per cent. cannot be treated as an admitted debt. Thus, I am clearly of the opinion that the respondent has raised a dispute of substantial nature and it is not possible to hold that the respondent has failed to pay debt due from it. In the result, the petition fails and it is hereby dismissed. Costs made easy.
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1994 (3) TMI 334 - HIGH COURT OF KARNATAKA
Appointment of directors and proportion of those who are to retire by rotation ... ... ... ... ..... d respondent was elected as chairman by the majority of the directors by following a procedure which is well recognised. Even if there is scope for one to view that the events that took place at the 71st meeting was quite unexpected, but one cannot attribute motives, when the chairman elected was well qualified and competent to hold that post. Though the occurrence was quite strange what conclusion one can reach depends upon the future one adopts to appreciate such situation. Therefore, it should be viewed which is beneficial to the second respondent company whose affairs are in question. When the materials to hold that the second appellant is a non-rotational director are lacking one cannot hold him to be so by invoking a provision of the article. Therefore, the trial court has not committed any error in arriving at a conclusion in favour of the second respondent on the available materials. In the result, this appeal fails and the same is dismissed with no order as to costs.
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1994 (3) TMI 332 - HIGH COURT OF MADRAS
Penalty for contravention of order made by adjudicating officer, etc. ... ... ... ... ..... el appearing for the petitioners was that the court of the Additional Chief Metropolitan Magistrate at Madras has got no jurisdiction to try these cases inasmuch as the accused are in Kerala State and the orders of adjudication were not passed in Madras. This contention was rightly repelled by Mr. P. Raja-manickam by pointing out that in all these orders of adjudication, they were directed to pay the penalty amount at Madras and the failure to pay that amount gives the cause of action for filing of these complaints and so the learned Additional Chief Metropolitan Magistrate, Madras, has got jurisdiction to try these cases. The sine qua non for the offence is non payment of the penalty amount. They are bound to pay the penalty amount at Madras. As such, the court at Madras has got the jurisdiction to try these cases. Hence, this submission also fails. Since none of the submissions made by learned counsel finds acceptance with me, these petitions fail and shall stand dismissed.
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1994 (3) TMI 331 - HIGH COURT OF DELHI
Company when deemed unable to pay its debts ... ... ... ... ..... that in case the liability of the respondent company is a contingent one, i.e., subject to an agreement regarding the price of the goods the non-payment of such contingent debt does not bring about the rigours of section 434 of the Indian Companies Act. This contention, prima facie, is not tenable keeping in view the facts as have come out on the record in the present case. Prima facie, it is quite evident that the total value of the goods agreed to be paid was US dollars 16,992.21 which the respondent company failed to pay despite various communications and including service of a statutory notice under the Act. Even the amount admitted by the respondent as due, i.e., US dollars 11,634.79 was not paid. So, I find that it is a fit case for admission of the petition. I admit the petition and direct that the citations be published in accordance with rules in the newspapers Indian Express, Navbharat Times and also in the Delhi Gazette. The matter to come up again on July 4, 1994.
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1994 (3) TMI 330 - HIGH COURT OF ANDHRA PRADESH
Winding up – Application of insolvency rules, Overriding preferential payments, ... ... ... ... ..... g it from the liability to meet the salaries for the watch and ward staff. It is also made clear that it is open to the bank to claim by separate application any amount reimbursable to it by the APIDC in respect of expenses already incurred by it up to January, 1992, in excess of the amount payable by it as per the ratio 2 5. Accordingly, I direct the APIDC to pay the official liquidator Rs. 45,000 equivalent to the arrears of salaries for the period February, 1992, to February, 1994, (2 years, 1 month) payable to four members of the watch and ward staff at the rate of Rs. 450 per month for each member, within two weeks from the date of this order. I also direct the Bank of India and the APIDC to pay at the rate of Rs. 515 and Rs. 1,285 respectively to the official liquidator by the end of every month beginning from the month of March, 1994, to cover the salaries of the staff till the assets of the company are sold. The company application is, accordingly, allowed. No. costs.
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1994 (3) TMI 315 - HIGH COURT OF GUJARAT
Winding up – Power of court to assess damages against delinquent directors, etc. and Applications under sections 542 or 543
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1994 (3) TMI 314 - HIGH COURT OF DELHI
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... as to in what manner the cheques to the tune of Rs. 2,06,664 were received and whether the fetter dated August 23, 1988, was received by the petitioner-company or not. It is not understood why this letter was suppressed from the pleadings of the petitioner-company. It is also pertinent to mention that while accepting the cheques along with this letter the petitioner-company had gone on to encash the cheques without refuting the account given out in this particular letter. Even in subsequent communications and statutory notice, no dispute has been raised by the petitioner-company about the correctness or otherwise of the account given in this letter dated August 23, 1988. So, it is quite clear, prima facie, that there is a bona fide dispute raised by the respondent-company with regard to this alleged debt. Hence, it would not be a fit case for entertaining the petition for winding up of the respondent-company. Petition is dismissed leaving the parties to bear their own costs.
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1994 (3) TMI 309 - ASSAM STATE CONSUMER DISPUTES REDRESSAL COMMISSION
Deficiency in service, Compensation ... ... ... ... ..... aid that there was any negligence or deficiency in sending the certificates on the part of the respondents with proper endorsement. 7. The petitioners grievance, as stated above, is that on 2-4-1992, value of shares of the company in question went up to Rs. 64 per share, but subsequently it came down to Rs. 24 and 25 per share. Share market is a speculative market and there is bound to be fluctuation in the value of shares of the company depending on market condition. Even if the petitioners had sold the shares when the value came down to Rs. 24,25, they would have been able to make a profit of more than double of their investment while purchasing these shares. Merely because the value went up to Rs. 64 per share, the petitioners are not entitled to get compensation at the above rate, as such damage as claimed by the petitioners is too remote. For the reasons stated above we do not find any merit in the present petition and, accordingly, it is dismissed. Complaint dismissed.
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1994 (3) TMI 294 - HIGH COURT OF BOMBAY
Income from other sources ... ... ... ... ..... to the shareholders as dividend had been credited in the books of account of the company to the accounts of the shareholders or paid to them. After a period of some years, it was found that the company could not have in law declared and distributed any such dividend. Accordingly, the company passed an extraordinary resolution declaring that the dividends should be treated as loans. The Court said that in the year in which the dividend had been declared and distributed, it was assessable as income in the hands of the shareholders. In the present case, the amalgamation was effected in the same previous year in which the dividend was declared. Hence, it will be covered by the ratio of the judgment of this Court in Mafatlal Gagalbhai and Co. (P.) Ltd. s case (supra) and not by the ratio of the judgment in Kishinchand Chellamm s case (supra). 5. Accordingly, we answer the question referred to us in the affirmative and in favour of the assessee. There will be no order as to costs.
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1994 (3) TMI 285 - MONOPOLIES AND RESTRICTIVE TRADE PRACTICES COMMISSION
Compensation - Power of Commission to award - Taken in by advertisements issued by respondent-company under which company guaranteed a return of double amount invested, applicant invested ₹ 18,000 - An agreement was entered into between applicant and respondent and respondent issued 3 post-dated cheques to appellant - When applicant presented first cheque for encashment it bounced and respondent did nothing to meet applicant's claim - Whether applicant was entitled to compensation of a sum of ₹ 29,250 for loss suffered by him as a result of unfair trade practice indulged in by respondent - Held, yes - Whether applicant was also entitled to further compensation of ₹ 10,000 for mental agony allegedly suffered by him - Held, no
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1994 (3) TMI 284 - HIGH COURT OF PUNJAB AND HARYANA
Allotment of shares and debentures to be dealt in on stock exchange - Respondent applied for 10 debentures of a company but debentures were not allotted to him - On non-allotment of debentures company was required to refund amount within 8 days of expiry of a period of 10 weeks from date of closure of issue - Amount was illegally retained by company for a period of five and half months after lapse of statutory period of 10 weeks plus 8 days and no interest was paid for this period in spite of various letters written to company - A complaint was filed by respondent against petitioner under section 73 - Whether in view of provisions of section 621 Court could take cognizance of any offence under section 73 only if complaint was filed in writing by Registrar or by a shareholder of company or by a person authorised by Central Government in that behalf and since respondent was neither a shareholder nor he was authorised by Central Government to file complaint, it was liable to be quashed - Held, yes - Whether a person who is simply a director can be prosecuted under section 73 - Held, no
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1994 (3) TMI 283 - HIGH COURT OF MADRAS
Further issue of capital - On 9-3-1994 an application was filed before CLB restraining petitioner from continuing with public issue slated to open on 16-3-1994, as a vital fact viz., filing of suit in High Court and order of attachment before judgment passed by court, was suppressed by petitioner - On 10-3-1994 Company Law Board passed an order directing petitioner to mention this fact in any advertisement that was likely to be issued with regard to public issue and the order was notified to lead manager - On 15-3-1994, lead managers informed that they were withdrawing from public issue - Whether petitioner could open public issue on 16-3-1994 and appoint new lead managers to act on its behalf to its public issue - Held yes.
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1994 (3) TMI 282 - HIGH COURT OF DELHI
Company when deemed unable to pay its debts ... ... ... ... ..... 71 Comp Cas 443 , where it was laid down by the Madhya Pradesh High Court that when a creditor comes forward with a prayer for winding up a company on the ground of nonpayment of dues, then the creditor has to establish that the debt owed by the company is clear, valid in law, unimpeachable and cannot be disputed. In the said case even before a statutory notice was issued by the creditor, the company had already raised a claim against the said creditor-petitioner and the court came to the conclusion that a genuine and bona fide dispute stands raised by the company and thus, recourse to winding-up order cannot be had. In view of the above discussion, I come to the conclusion that in the present case, a bona fide and genuine dispute has been raised by the respondent-company and, thus, the petitioner is not entitled to the winding-up order on the ground of inability of the respondent to pay any debt to the petitioner. The petition is dismissed with costs. Counsel fee Rs. 1,000.
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1994 (3) TMI 281 - A.P. STATE CONSUMER DISPUTES REDRESSAL COMMISSION
Deficiency - Complainant applied for 30 equity shares in a company - Company received application with share certificates and relevant documents on 18-2-1992 - It was, therefore, to send certificate duly certified by 18-4-1992 - It, however, sent it after a delay of one month and 13 days - Whether mere delay in effecting transfer of shares and communication to complainant could be held deficiency in service -Held, no
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1994 (3) TMI 280 - HIGH COURT OF BOMBAY
Share capital - Further issue of, Meetings and proceedings - Explanatory statement to be annexed to notice, Presumptions to be drawn where minutes duly drawn and signed, Compromise and arrangement, Amalgamation
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