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Case Laws
Showing 101 to 120 of 408 Records
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1996 (8) TMI 453 - SUPREME COURT
Whether the very resort to article 226 for issuance of mandamus or any other writ, order or direction-was misconceived?
Held that:- Appeal dismissed. So far as the High Court's direction to deduct at the rate of one per cent is concerned, it may be a case of stating the obvious, as contended by the appellants. But it must also be realised that more than that could not have been legitimately granted in a writ petition. It must also be noticed that the declaration granted is effective only for a limited period, i.e., March 31, 1995. It does not apply to payments made on or after April 1, 1995. What does it mean in the facts and circumstances of the case, we do not know. Whatever it means, it cannot certainly be construed as a direction to the appellants to pay over the said sum of ₹ 82,24,969 to the respondent as claimed by it or as upholding the basis of the respondent's claim put forward in the writ petition.
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1996 (8) TMI 449 - SUPREME COURT
Whether the Additional District Judge was justified in directing the notified authority to accept the photostat copies and the counter-foils of the declaration in form 'C' of the turnover of ₹ 3,59,497.38 in respect of the sales stated to have been made by the respondent in the course of inter-State trade and commerce?
Held that:- Appeal dismissed. The assessee had not done all that it could; it could, and should, have preferred an appeal against the order of the learned single judge and persisted in its application for obtaining from the official liquidator duplicates of the 'C' form declarations, as required by rule 12(3). Since it did not, in the face of the clear language of the rule, its case can hardly be said to be a hard case. The language of the provision here is clear and was rightly applied by the High Court.
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1996 (8) TMI 445 - SUPREME COURT
Whether the principle of promissory estoppel applies to the facts of this case?
Held that:- Appeal dismissed. The expansion carried out by the appellants in pursuance of the licence issued in February, 1975 was independent and had nothing to do with the incentive announced in December, 1975 as observed by the High Court.
Taking all these factors into consideration no doubt that on the facts of this case, the principle of promissory estoppel has no application at all.
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1996 (8) TMI 442 - SC ORDER
Whether respondents are entitled to registration under the entry which reads "Bicycles, tricycles, perambulators and accessories and parts thereof?
Held that:- Appeal dismissed. Tyres and tubes are parts of bicycles. The respondents manufacture bicycle tyres and tubes. The more specific entry applicable to them is, therefore, the entry approved by the High Court.
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1996 (8) TMI 432 - SUPREME COURT
Whether brass wire manufactured by the assessee was classifiable as "brassware" as claimed by the Revenue or under a notification dated October 6, 1971, issued under sub-section (2) of section 3-A which mentioned "copper, tin, nickel or zinc, or any other alloy containing any of these metals"?
Held that:- Appeal allowed. Since the alloy in question before the court there contained phosphorous, which was not one of the metals mentioned in the entry, the alloy was held to fall outside the entry.
Brass wire, therefore, falls within the entry in the said notification.
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1996 (8) TMI 430 - SC ORDER
Section 16(1)(b) applies only if assessment has been made at a rate lower than the assessable rate.
Appeal dismissed. In the instant case, the assessment is not at a rate lower than that at which the turnover ought to have been assessed; it is really a case of seeking to reassess under a different head.
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1996 (8) TMI 421 - HIGH COURT OF MADRAS
Oppression and mismanagement ... ... ... ... ..... liefs asked for by the petitioners were themselves not supported by cogent and convincing evidence. On facts, the petitioners were unable to establish any oppression or mismanagement by the majority group of shareholders against the minority group of shareholders. The company itself is in the stage of pre-production. Therefore, at this stage mismanagement cannot be alleged. With regard to the other irregularities said to have been committed by the respondents, the petitioners have not filed any acceptable documentary evidence to declare that there was oppression by the majority sharehold- ers against the minority shareholders. Thus, on a careful consideration of the facts arising in this case, the evidence both documentary and oral and the legal aspect on this issue arising in this case, I am of the opinion that the petition filed by the petitioners under sections 397 and 398 is not sustainable. Accordingly, the company petition is dismissed. No costs. SCL q NOVEMBER 20, 1998
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1996 (8) TMI 420 - HIGH COURT OF MADRAS
Offences by companies ... ... ... ... ..... egulation Act, 1973 is assimilated with the characteristics of an accused within the range of section 167(1) and as such liable to be detained under section 167(2) by a magistrate when produced before Mm. Since these provisions are squarely applicable to persons arrested under the provisions of section 35 of the Foreign Exchange Regulation Act, 1973, the respondents are empowered to continue the investigation of the offences alleged against the petitioner within the statutory period. I see no justification in the facts and circumstances of the case to grant bail even before the expiry of the statutory period as has been contemplated with reference to the offences alleged against the petitioner. For the reasons stated above, the petition is liable to be dismissed and accordingly it is dismissed. Any opinion expressed in this order is for the purpose of disposal of this application. The trial court, uninfluenced by the observations, to deal with the case in accordance with law.
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1996 (8) TMI 418 - HIGH COURT OF PUNJAB AND HARYANA
Winding up - Suits stayed on winding-up order ... ... ... ... ..... case, we are of the considered opinion that the order of transfer of the suits from the High Court of Delhi to this court cannot be sustained as the transfer will result in greater expenditure to the appellant-bank which certainly is avoidable. The view we have taken finds full support from the judgment of the Supreme Court in Central Bank of India v. Elmot Engineering Co. 1994 81 Comp Cas 13 , 19. In that case, where the facts were similar to the facts of this case, the Supreme Court held that this transfer will result in greater expenditure to the appellant-bank which certainly is avoidable than the wasteful expenditure to the official liquidator. For the reasons recorded hereinabove, both the appeals are allowed and that part of the impugned judgment directing the transfer of suits is set aside. We make it clear that we are not interfering with the grant of leave in favour of the appellant-bank to continue the suits. The parties are, however, left to bear their own costs.
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1996 (8) TMI 402 - HIGH COURT OF MADHYA PRADESH
Inter corporate loans, Books of accounts - To be kept by Company ... ... ... ... ..... Bipin Behari Nayak v. Registrar of Companies 1988 63 Comp. Cas. 271. 23. In view of my above conclusions, it is now not necessary for me to consider the second point urged by learned counsel for the petitioner that the complaints did not specifically allege that there was a wilful default on the part of the accused persons. When it is held that the petitioner is not an officer-in-default, as per section 5, the question whether such alleged default was wilful or not does not arise. Therefore, the judgment of the Bombay High Court in H. Nanjundiah s case (supra) relied upon by the petitioner does not arise for consideration. 24. For the foregoing reasons, I allow the Criminal Petition Nos. 1711, 1712 and 1713 of 1995, and, accordingly, quash the proceedings pending on the file of the Special Judge for Economic Offences, Hyderabad, in C.C. No. 64 of 1994, in C.C. No. 66 of 1994 and in C.C. No. 68 of 1994 insofar as these proceedings pertain to the petitioner. SCL q OCTOBER, 1997
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1996 (8) TMI 401 - HIGH COURT OF GUJARAT
Winding up - Inability to pay debts, Winding up - Deemed inability to pay debt ... ... ... ... ..... atutory notice, this Court is fully satisfied that there is justified and valid ground for passing an order of winding up of the respondent company which will be in reality a first step in the direction of deeper probe of the affairs of the respondent company, which is absolutely necessary in the light of the provisions of section 433 read with sections 434 and 439. Accordingly, the respondent company, Presto Finance Ltd. is ordered to be wound up. Official Liquidator attached to this Court is appointed as the Official Liquidator of the company with power under section 457 of the Act. 16. The petitioner is directed to deposit an amount of Rs. 3,000 towards the initial expenses of winding up which will be reimbursed by the Official Liquidator in due course of time out of the assets of the company. The Registrar of this Court is also directed to send a copy of this order to Stock Exchanges of Ahmedabad and Bombay and Security Exchange Board of India (SEBI). SCL q DECEMBER, 1997
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1996 (8) TMI 400 - HIGH COURT OF ANDHRA PRADESH
Transfer to shares – Power to refuse registration and appeal against refusal ... ... ... ... ..... rs are unable to indicate the section under which the petition was required to be filed before the company court. Only when there is such a special mode prescribed under the Companies Act could the ordinary jurisdiction of the civil court be ousted. As long as the jurisdiction of the civil court is preserved, the question of bypassing the general remedy by entertaining the petition under rule 9 of the Companies (Court) Rules, 1959, cannot arise. It is true that petitions are entertained under analogous provisions of section 482 of the Criminal Procedure Code, 1973, but they are cases where no other remedy is provided and, moreover, the jurisdiction is exercised by the High Court in its ordinary criminal jurisdiction unlike the company court which functions only under the statutorily conferred jurisdiction. I am, therefore, convinced that this company petition is not maintainable. It is, therefore, dismissed. No costs. ------------------------- See 1996 85 Comp. Cas. (St.) 66.
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1996 (8) TMI 383 - MONOPOLIES AND RESTRICTIVE TRADE PRACTICES COMMISSION
Power of Commission to award compensation ... ... ... ... ..... y for raising the capital in terms of shares. These shares were issued and accepted by the applicant during the course of the proceedings before this Commission. Respondent Nos. 1, 2 and 3 have throughout raised this objection that this petition is not maintainable in view of the Hon rsquo ble Supreme Court verdict in Morgan Stanley Mutual Fund rsquo s case (supra) and the Full Bench of this Commission in Deepak Fertilizers and Petrochemicals Ltd. lsquo s case (supra). In similar cases this Commission has also followed the above order where it was held that applications were for raising capital in terms of shares, etc. Looking into the above facts and also the rulings cited above, the applicant has no case before this Commission. Therefore, the issue No. 1 is decided in favour of the respondent and against the applicant. Since issue No. 1 goes in favour of the respondent, issues No. 2 and 3 are not discussed. The application is dismissed without any cost. SCL q DECEMBER, 1996
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1996 (8) TMI 376 - CEGAT, MUMBAI
Dutiability - Intermediate product - Marketability ... ... ... ... ..... nder Chapter 72 of Central Excise Tariff Act, 1985. The duty is chargeable on such Molten Iron manufactured and captively used in the manufacture of final products which are exempt from duty. 3. emsp After hearing both the sides it appears that the issue has stood decided by the Tribunal in Tisco v. Collector of Central Excise reported in 1995 (76) E.L.T. 602 (Tribunal) where they have held that the Molten Iron at temperature of about 1300 ordm C cannot be treated at a marketable commodity, and irrespective of whether the item has been figuring in the Central Excise Tariff for the purpose of levying duty, no duty can be charged thereon, under the Central Excises and Salt Act. It may be observed that this is a majority view, but the same being the decision and their being no contrary view available, the same has to be accepted. Based on the same, the approach of the authority below cannot be endorsed. The duty demand is therefore set aside and appeal is allowed in above terms.
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1996 (8) TMI 375 - CEGAT, NEW DELHI
Valuation - Captive consumption ... ... ... ... ..... om I quote below the relevant extracts, for determination of this appeal - ldquo As it is found that the goods are not being sold but only captively consumed, the addition of profit margin is not called for especially as the relevant provision under Rule 6(b)(ii) refers to the addition of profits, if any. So the price arrived on the basis of costing would correctly represent the assessable value. At the same time the appellants second request for further reduction of value to Rs. 4.95 is unacceptable as such a price would be far below on their own costing to accept to which there is no sanction of law. rdquo ldquo In accordance with the above decision the value in the present case should be fixed on the basis of cost production without addition of any profit element. rdquo 2. emsp On going through the facts and Circumstances of the case after hearing Shri G.D. Sharma, JDR, we do not find any merit in the appeal filed by the Department and accordingly, the appeal is dismissed.
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1996 (8) TMI 360 - CEGAT, NEW DELHI
Synthetic Rubber Grade TS 430 - Demand - Limitation - Strictures against Collector - Bias of adjudicating authority
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1996 (8) TMI 359 - CEGAT, NEW DELHI
Synthetic Rubber Grade TS 430 - Demand - Limitation - Strictures against Collector - Bias of adjudicating authority
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1996 (8) TMI 343 - CEGAT, NEW DELHI
... ...
... ... ..... racy on the part of the Indenting Agents and no positive role had been played by the Adviser to the Importers. No penalty was imposed on any of them. 10. emsp The Collector of Customs (Appeals), Madras had observed that there was no evidence on record to show that any amount other than what was indicated in the Invoice was actually paid by the respondents (appellants before him), either through normal banking channels or otherwise no attempt had been made to compare the impugned invoice value with contemporary imports by other parties. He held that there was no justification in either enhancing the value for assessment, or imposing a fine. 11. In view of the analysis made by us above, we do not find any infirmity in the order passed by the Collector of Customs (Appeals), Madras. There is no basis for interfering with the order passed by him. Accordingly, appeal filed by the Revenue is rejected. Cross objections filed by the respondents are also disposed of in the above terms.
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1996 (8) TMI 342 - CEGAT, MUMBAI
Exemption, end use based, deniable when facts misrepresented ... ... ... ... ..... now opt and plead that no action be taken at this end and that the department ought to go to other end and initiate the proceedings. It may also be noted that the appellants have at no earlier stage, accepted the position that they have got the clearance under the licence which was not meant to import the subject consignment. 12. emsp It may at the same time be noted with concern that this aspect ought to have been examined at the time of clearance itself and the officer granting clearance under the subject licence and simultaneously granting benefit under Notification No. 232/86 has to be held as having failed in his duty of due scrutiny before clearance. 13. emsp In any case, when the fact is clearly established that Notification No. 232/86 is not available for import of components as spares for after sale service, the demand raised and confirmed by the Collector of Customs (Appeals) does not warrant any interference. 14. emsp The appeal under the circumstances is rejected.
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1996 (8) TMI 339 - CEGAT, NEW DELHI
Reference to High Court - Cess ... ... ... ... ..... of TELCO reported in 1988 (35) E.L.T. 410 (T) and Orient Paper Mills reported in 1991 (51) E.L.T. 625 (T) 1990 (15) ETR 239 and held that in the above decisions the Hon rsquo ble Tribunal have held that for calculation of cess, the Central Excise duty has to be excluded. I do not see any arguments distinguishing these two cases relied upon by the Collector (Appeals) nor has any case been cited in the reference application in favour of the contentions by the applicant. The applicant has also not cited or relied upon a decision which may be contrary or was contrary to the decision relied upon by the Collector (Appeals). Since there is no controversy about the decision of the Tribunal nor any different decision on the subject has been brought out on record or pointed out by the applicant I do not see any reason for reference of the case to the Hon rsquo ble High Court as no points of law is involved in the present case. In the circumstances the reference application is rejected.
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