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Showing 41 to 45 of 45 Records

• 1956 (3) TMI 16
  

  Kinds of share capital - Two kinds of share capital, Accounts –Annual accounts and balance sheet, Director number of, Appointment of directors and proportion of those who are to retire by rotation , Resignation of director, Directors – Power of, Oppression and mismanagement –Power of Tribunal on application under sections 397 and 398, Winding up - Company when deemed unable to pay its debts

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• 1956 (3) TMI 10
  
  Issues:
  1. Substitution of petitioner in a winding-up petition.
  2. Scope of amendments allowed in a fresh petition filed by a substituted petitioner.
  
  Analysis:
  
  1. Substitution of Petitioner:
  - A winding-up petition was initially filed by Bhagat Singh against a transport company, alleging mismanagement and embezzlement. Later, Harbhajan Singh Balhaya sought to be substituted for Bhagat Singh to continue the petition. The court allowed this substitution on the condition that Harbhajan Singh Balhaya would bear all costs if the petition failed. The amended petition filed by Harbhajan Singh Balhaya excluded personal grievances of Bhagat Singh and included new material based on witness evidence.
  
  2. Scope of Amendments in Fresh Petition:
  - The company objected to the inclusion of fresh allegations in the amended petition by Harbhajan Singh Balhaya, arguing that only necessary amendments to establish locus standi should be allowed. The court considered the relevant rule which permits the substitution of a petitioner and the filing of a fresh petition with desired amendments. The court analyzed the language of the rule, which seemingly allows wide-ranging amendments.
  - The court deliberated on whether a substituted petitioner could introduce new grounds for winding up or amplify existing allegations. It was determined that while a substituted petitioner could drop certain allegations and draft the petition in their way, the amendments should not depart significantly from the original grounds. The court emphasized that the extent of permissible amplification would vary based on the circumstances of each case.
  - In this case, the court found that the amended petition did not deviate substantially from the original petition, except for the exclusion of personal allegations. Therefore, the court allowed the amended petition to proceed, as it did not see sufficient reason to disallow it.
  
  In conclusion, the judgment addressed the issue of substitution of a petitioner in a winding-up petition and clarified the scope of amendments allowed in a fresh petition filed by a substituted petitioner. The court emphasized that while amendments should not stray too far from the original grounds, a reasonable degree of amplification is permissible. The decision in this case allowed the amended petition to proceed, highlighting the importance of considering the circumstances of each case when determining the extent of permissible amendments.

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• 1956 (3) TMI 3
  

  Whether on the facts and in the circumstances of the case, the sum of ₹ 26,000 received by the assessee from Jupiter Pictures Ltd. is a revenue receipt assessable under the Indian Income-tax Act ?

  Held that:- Reference made to section 10(5-A) of the Indian Income-tax Act, 1922, and urged that the language of that sub-section impliedly indicated that the sum of ₹ 26,000 (rupees twenty-six thousand) was a capital receipt id unacceptable as that sub-section was obviously introduced to prevent the abuse of managing agency agreements being terminated on payment of huge compensation and to nullify the application of the decision in Shaw Wallace's case to such cases. But that sub-section does not necessarily imply that if that sub-section were not there the kind of payment referred to therein would have been treated as capital receipt in all cases. The referred question should in our opinion have been answered in the affirmative. Appeal allowed.

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• 1956 (3) TMI 2
  

  Whether sub-section (7-A) of section 5 of the Indian Income-tax Act, 1922, and the said order of transfer made thereunder are unconstitutional in that they infringe the fundamental rights guaranteed to the petitioner by articles 14, 19(1)(g) and 31 of the Constitution?

  Held that:- Its partners or principal officers will have to be away from the head office for a considerable period neglecting the main business of the firm. There may be no suitable place where they can put up during that period. There will certainly be extra expenditure to be incurred by it by way of railway fare, freight and hotel expenses. Therefore the reality of the discrimination cannot be gainsaid. In the circumstances this substantial discrimination has been inflicted on the petitioner by an executive fiat which is not founded on any law and no question of reasonable classification for purposes of legislation can arise. Here "the State" which includes its Income-tax Department has by an illegal order denied to the petitioner, as compared with other bidi merchants who are similarly situate, equality before the law or the equal protection of the laws and the petitioner can legitimately complain of an infraction of his fundamental right under article 14 of the Constitution.

  In the view we have taken on the construction of sub-section (7A) of section 5 and the petitioner's rights under article 14, it is not necessary for us, on this occasion, to express any opinion on the contention that the inconvenience and harassment referred to above constitute an imposition of such an interference as amounts to an unwarranted restriction on the petitioner's rights under article 19(1)(g) or a violation of his rights under article 31. Appeal allowed.

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• 1956 (3) TMI 1
  

  Whether a sum of ₹ 1,23,719 paid by the respondent as commission to its managing agents on account of profits of its Karachi branch can be allowed as deduction against the Indian profits?

  Held that:- The appropriation, therefore, of ₹ 1,23,719 as proportionate commission in respect of the profits of ₹ 6,18,599 earned at Karachi in the profit and loss statement for that branch is not in accordance either with the terms of the managing agency agreement, or with the rights of the respondent under the law. Appeal dismissed.

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