|
Advanced Search Options
Case Laws
Showing 41 to 60 of 123 Records
-
1979 (4) TMI 137 - HIGH COURT OF ALLAHABAD
Meetings and proceedings - Manner of taking poll ... ... ... ... ..... er which was prescribed by the resolution is by no means inconsistent with or in derogation of any provision of the Companies Act. Prima facie, therefore, the view taken by the courts below that the plaintiff-applicant does not have a prima facie case cannot be said to be unsustainable in law or perverse. I may add that at best the question raised by the learned counsel for the applicant can be said to be a debatable one and the view taken by the courts below is a possible view based on some legal authorities and the provisions of law. The upshot of the above discussion is that the courts below have not committed any error of jurisdiction in refusing to grant injunction to the plaintiff-applicant and that the view of the courts below that the plaintiff does not have a prima facie case cannot be said to be a view which is not possible or which is perverse. In the result, the revision fails and is dismissed with costs. The interim orders passed by this court are vacated hereby.
-
1979 (4) TMI 125 - HIGH COURT OF BOMBAY
Compromise and arrangement, Applications under sections 391 and 394 – Notice to be given to central government for
-
1979 (4) TMI 116 - HIGH COURT OF PUNJAB AND HARYANA
Meetings and proceedings - Proxies ... ... ... ... ..... sory notes and bill of exchange, etc., an opportunity is provided to the concerned parties to make good the deficiency of the stamps. The learned single judge had validly allowed the petitioners to affix the requisite stamps on the proxies of Rampal Singh and Kartar Singh. So, the proxy of Rampal Singh cannot be held to be invalid on the ground that it was not properly stamped. No other point was raised. Consequently, we find no merit in this appeal and the same is hereby dismissed, but keeping in view the facts and circumstances of the case, there will be no order as to costs. The official receiver has moved Civil Misc. No. 589 of 1979 for being relieved of the duties of an official receiver. Since we have dismissed the Letters Patent Appeal (No. 304 of 1977), the official receiver will be relieved of his duties in compliance with the judgment of the learned single judge. As such, no separate orders are required to be passed in this Civil Misc. Application (No. 589 of 1979).
-
1979 (4) TMI 108 - HIGH COURT OF CALCUTTA
Inter-Corporate investment ... ... ... ... ..... tion of the petitioners by relying on the aforesaid notification and also by prejudging the issue. It is only under section 373 of the Companies Act 1956, that a company can be directed to sell its investments. Section 373, however, does not apply to the instant case and, therefore, the respondent No. 1 had no power to direct the company to sell those investments. Since no previous approval of the company in its annual general meeting or of the Central Government is necessary under section 372(4) of the Act, the petitioners have not made any default in complying with the provisions of section 372(4) of the Act and, therefore, the aforesaid case No. C/3988 of 1970 under section 374 of the Act does not lie against them. In the premises, the rule is made absolute. The impugned order dated October 8, 1968, is quashed and set asside. All proceedings in case No. C/3988 of 1970 before the Chief Presidency Magistrate are also quashed and set aside. There will be no order as to costs.
-
1979 (4) TMI 99 - ITAT MADRAS-D
... ...
... ... ..... ken place. It is a void document, made void by virtue of the Tamil Nadu Land Reforms Act, 1961. No transfer of property has taken place by this deed. 4. It appears, later the assessee had executed another document protected under s. 21A of the same Land Reforms Act in respect of these very same properties. Under the provisions of s. 21A it is a proper gift. It appears, that transfer has been without any dispute assessed to gift-tax. So we are at a loss to know why the Department should be so keen enough to get the matter assessed to gift-tax under this transaction itself. So the value of the gift covered by this document dt. 24th Feb., 1970 was rightly excluded by the AAC. 5. Departmental appeal dismissed. Cross Objection No. 54/Mds/78-79 This cross objection by the assessee is only to support the impugned appellate order. Hence no necessity to decide it on merits. Cross objection dismissed as infructuous. 6. Departmental appeal and cross objection of assessee both dismissed.
-
1979 (4) TMI 97 - ITAT MADRAS-D
... ...
... ... ..... luation officer cannot have application to the facts as prevailing for the assessment year. In question. So far as this assessment year is concerned, we have indicated the annual rent of the property to be Rs. 16,350. this is a rented out property situated in a commercial area and, therefore, the better method of valuation in this case can be capitalisation method. It is also stated that the building is very old and so far as the land is concerned, there is no controversy. Having regard to the above, we are of the view that even taking the net rent in the increased annual value of Rs. 16,350 representing the assessee s half share, the value of the property cannot be very much as to be in the range of Rs. 3,75,000 as has been taken by the Department. We, therefore, hold that in this case a valuation of Rs. 2,45,000 can be considered as a reasonable value of the house as against Rs. 2,40,000 odd assessed for the asst. yr. 1971-72. 8. In the result, the appeal is partly allowed.
-
1979 (4) TMI 95 - ITAT MADRAS-C
... ...
... ... ..... le is that partners may divide profits in any manner and at any time they like. The time as to division and drawing of profits and the mode or manner in which profits are to be estimated are matters which entirely appertain to the internal affairs of a business and may differ in different cases. There can obviously be no specific rule which would be applicable to all cases. To conclude the matter, we hold that since the facts of this case are not comparable to the facts in 83 ITR 175, the ratio of that decision cannot be applied, secondly, a concealment cannot be presumed without examining the partners or even examining the persons to when the commission has been paid solely on the basis of the admission made by the firm after ignoring the covering letter dt. 7th Nov., 1975. Sec. 184(7) and the form does not require any such declaration. In view of this, we allow the appeals and cancel the orders under s. 263. The original continuation granted by the ITO will therefore stand.
-
1979 (4) TMI 94 - ITAT MADRAS-C
... ...
... ... ..... Circle I, Salem (1). He pointed out that the disclosure should not only be full but also be true. 5. On a careful consideration of the submissions made before us and on a perusal of the records of the case, we are satisfied that the AAC has come to the correct conclusion. The reasons recorded by the ITO for reopening the assessment make it clear that even as early as 13th Aug., 1971, the Department was aware of the remodelling of the house construction by the assessee and the expenses incurred for it. The ruling of the Supreme Court in 100 ITR 1 squarely supports the order of the AAC. We also agree with the AAC that the assessee cannot be held guilty of non-disclosure of primary facts within the meaning of s.147(a) of the Act in as much as, there is no obligation upon the assessee to disclose investments made by him. The return form also does not contain any column in this regard. We accordingly uphold the order of the AAC. 6. The appeal of the Revenue fails and is dismissed.
-
1979 (4) TMI 91 - ITAT MADRAS-B
... ...
... ... ..... l contribution in this year. Expln. 2 has also to be taken note of in determining the amount. We find that the earlier years matter on this subject is also before the ITO. In view of this we hold that the case should go back to the ITO for a fresh disposal on this point. 6. The next contention relates to tiffin expenses to the extent of Rs 2,968. This was considered as an expenditure in the nature of entertainment and disallowed by the authorities below. We were informed that these expenses on tea and coffee of a customary nature for the clients and accordingly we hold that this sum cannot be considered as in the nature of an entertainment expenditure. We would therefore allow this claim of the assessee. 7. Subject to the above, we set aside the assessment and direct the ITO to redo the same, but this direction is limited only to the gratuity claim. The other items would be according to the original order as amended by the AAC and by us as above. The appeal is partly allowed.
-
1979 (4) TMI 90 - ITAT MADRAS-B
... ...
... ... ..... he assessee pleads now is ignorance of law. This cannot be considered as a reasonable cause. The assessee is also an old income-tax assessee who has the advice of the Chartered Accountant. In the circumstances the orders may be upheld. 4. Having considered the matter we are of the opinion that on the facts and circumstances of this case no penalty can be levied under s. 17(1)(a). It is no doubt true that the assessee has not offered an explanation before the GTO, but he did offer the explanation before the AAC. His case was that since he has filed a copy of the trust deed along with the application under s. 230A he would be issued with a notice by the Department. It is only when he was advised by the Chartered Accountant that he hastened to file the return voluntarily. The conduct of the assessee shows that he had not acted either contumaciously or dishonestly and accordingly we hold that the assessee has reasonable cause. We therefore allow the appeal and cancel the penalty.
-
1979 (4) TMI 89 - ITAT MADRAS-B
... ...
... ... ..... for an assessee to obtain some finance on the security of the bus for the purchase of the bus itself, it would be difficult, if not almost impossible for him to secure advances for running the bus by hypothecation or other wise of the bus. The mere fact, therefore, that the assessee borrowed money from financiers for the purchase of new bus would not indicate that he had no cash at all at home. On the contrary looking to the fact that the assessee was a regular bus operator an estimate has to be made of the likely cash the assessee would have retained with himself with an idea to have continuity of his business. Having regard to the facts in amount of about Rs.23,000 to Rs. 25,000 could be regarded as the opening balance of cash with him in the computation made even by the ITO. If this is deducted, the amount to be added could be taken at a round figure of Rs. 50,000. The addition of Rs. 1 lakh is reduced to Rs. 50,000 and the balance is deleted. The appeal is partly allowed.
-
1979 (4) TMI 88 - ITAT MADRAS-B
... ...
... ... ..... ras High Court held in the above case that there is no reason to give the expression capital employed in s. 80J of the Act a meaning different from what it means in ordinary parlance, viz., the amounts that have become capital in the business. Their Lordships further hold that the capital can be that which a company possessed, namely, share capital or other moneys belonging to the company which may also be moneys borrowed by the company. Their Lordships concluded by saying that the plain meaning of s. 80J is that if the borrowed money, which becomes money of the company, had been employed by the company as capital, that amount will become capital employed for purposes of this section. On the basis of the above rulings, the order of the AAC holding that the loans amounting to Rs.2,97,487 may be treated as capital employed in the business for working out the relief under s. 80J of the Act, is correct and has to be upheld. 5. The appeal of the Revenue fails and stands dismissed.
-
1979 (4) TMI 87 - ITAT MADRAS-B
... ...
... ... ..... proper entries for which the assessee was caught by the Excise Authorities. On appeal, the AAC simply accepted the assessee s claim that the payment of fees was not made to the advocate in connection with a dispute which was infraction of law but for the appearance by the advocate before the excise authorities for determination of the excisable value of the products of the assessee-company. 8. After hearing the parties, we find that the AAC has not gone into the facts and given a specific finding regarding the matter for which the advocate was engaged and the fees was paid to him. In the interest of justice, therefore, we restore the appeal to the file of the AAC for fresh disposal after examining the matter in which and the purpose for which the advocate was engaged and in accordance with law. The assessee is free to produce whatever evidence it wants in support of its contention that the expenditure was incurred for the purpose of business. 9. The appeal is allowed in part.
-
1979 (4) TMI 84 - ITAT MADRAS-B
... ...
... ... ..... observation does not appear to be correct since, as would appear from clause 6 of the sale deed, only Rs. 98,000 was allotted by way of shares and the balance of the net worth was to be given by way of debentures or by cash. Secondly, the AAC has fallen into an error in applying the Supreme Court decision, without noticing the fact that under the 1961 Act, which governs the present appeal, the definition of sale in Explanation (2) to sec. 32(1) also includes transfer by way of exchange. Since the AAC has misapplied the Supreme Court decision overlooking the provisions of the 1961 Act, the AAC s finding cannot be sustained being erroneous. In the circumstances, we are of the view that the matter should go back to the AAC of fresh adjudication according to law after giving due opportunity to both the parties. We would accordingly set aside the AAC s order and restore the appeal to his file for deciding afresh. The assessee s appeal is treated as allowed for statistical purpose.
-
1979 (4) TMI 83 - ITAT MADRAS-B
... ...
... ... ..... ing lots. The High Court has thus clearly held that the chit fund is primarily or basically intended to operate as a scheme for advancing loans. Such business therefore in our view tantamounts to the business of providing finance within the meaning of Explanation (c)(iv) to s. 40A(8). No decision to the contrary has been brought to our notice. Object(18) cited above supports the assessee s case regarding the must of the assessee s business. The learned departmental representative s reference to sub-cl.(v) of Explanation(c). namely mutual benefit financial company, appears to us irrelevant, since the ITO had exclusively disallowed the assessee s claim on a reading of sub-cl. (iv)only. Further there is no material before us to show that the assessee can be styled as a mutual benefit finance company. This plea of the Revenue is therefore untenable. Thus we find no reason to interfere with the AAC s order, which is accordingly confirmed. 5. The appeal of the Revenue is dismissed.
-
1979 (4) TMI 82 - ITAT MADRAS-B
... ...
... ... ..... dhana . As regard s the shares in Star paper Mills Ltd., the same is taxable and the omission thereof would not justify levy of penalty. 4. The wealth-tax levied and the penalties imposed for the years under appeal are as under Asst. year Wealth-tax levied Penalty imposed . Rs. Rs. 1964-65 160 66,500 1965-66 304 66,500 1966-67 474 53,000 1967-68 705 64,000 1968-69 939 67,500 1969-70 1096 76,500 1970-71 1366 70,000 From the above, it is very clear that the assessee would have no mens rea to omit the above items in the returns for which the wealth-tax was trivial compared to the oppressive penalties levied. On a careful consideration of the entirely of all the facts and consideration of the entirely of all the facts and circumstances of the case, we are satisfied that the assessee cannot be held guilty of concealment of wealth to justify the levy of penalties under s. 18(1)9c) of the WT Act. Accordingly, we cancel the penalties levied. 5. In the result, the appeals are allowed.
-
1979 (4) TMI 81 - ITAT MADRAS-B
... ...
... ... ..... f the firm has to be treated as movable property. In view of the decision of the Supreme Court it is not necessary that the transfer of the immovable property should be effected to the firm only by way of registered document. It is by way of and in the course of the dissolution of the firm one of the partners namely, the Ltd. Company, had taken over the assets of the dissolved firm including the immovable properties and so registration under the Registration Act is necessary. In the cases relied on by the Commissioner (Appeals) namely 34 ITR 802(11), 46 ITR 1(12), and 73 ITR 423(13), the above decision of the Supreme Court was not considered. As such according to us, even condition no.1 to s. 33(4) had been complied with. Since the Ltd. Company had succeeded to the partnership firm as per s. 33(4) of the Act, the provisions of s. 155(5) cannot be invoked by the ITO. On this ground also the assessee succeeds. 17. In the result, all the four appeals of the assessee are allowed.
-
1979 (4) TMI 80 - ITAT MADRAS-B
... ...
... ... ..... essee company could have obtained full knowledge or manufacture of the sports goods with the knowledge imparted by the Managing Director and thereby the assessee company had derived an enduring benefit for all the time to come. As seen from the minutes of the Board s meeting on 27th Sept.,1972, the company paid lump sum of Rs. 34,000 towards the technical know-how even though spread over for 3 years. These is nothing on record to show that the Managing Director had not imparted any secret formula to the assessee company. For the services rendered by the Managing Director, the company had paid him amply. The technical know-how passed is only out right purchase of know-how. On the facts and in the circumstances of the case we differ from the findings of the AAC. We agree with the reasoning of the ITO and hold that the payments for acquisition of technical know-how are only capital expenditure of the assessee company. 10. In the result, both the Departmental appeals are allowed.
-
1979 (4) TMI 66 - ITAT MADRAS-A
... ...
... ... ..... d that some of the leasehold mines were not working and alienated and hence they were either not valued or valued at a low rate. A share is a firm was agreed to be included even though it was not recoverable but only on the ground that legal proceedings were not taken by the assessee. The assessee thought it fit to accept this as part of the assessee s wealth. The agricultural produce was also not there but it was accepted so that the assessments may, be completed and it cannot be said that there was concealment. In view of our findings that the original returns have not shown to be deliberately concealed or that inaccurate particulars have been given it is unnecessary to deal with the legal question, namely, whether penalty can be levied on the legal representative. Considering all the facts and circumstances of the case, we hold that concealment has not been proved and accordingly s. 18(1)(c) of the Act cannot be applied. The appeals are allowed and the penalties cancelled.
-
1979 (4) TMI 65 - ITAT MADRAS-A
... ...
... ... ..... ferable to the export of the cycle rims made by the assessee and consequently they can be said to be profits and gains derived from the export. In the present case it is an admitted position that the granting of import licences by the Government is an inevitable part and parcel of the export scheme of the Government, the purpose of granting import licences to the customers being to compensate them for the actual a loss suffered by them in the export of goods. Having regard to the integrated nature of the scheme and also the ratio of the Madras High Court decision refereed to above, we are of the view that the import licence realisation by the assessee will constitute sale proceeds derived by it from its export within the meaning of the notification. We would accordingly agree with the AAC, Commissioner of Appeals for the all asst. yr. that the assessee is entitled to the exemption claimed under s. 104 (3) of the Act. 8. In the result the Revenue rsquo s appeals are dismissed.
|
