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The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2005)92ITD258(Hyd.)

of the case are as follows.3.2 All these assessees are Chit Fund Companies. They are governed by the Chit Funds Act 1982 and the A.P. Chit Funds Act 1971 and the Rules formed there under. The assessees have filed their … notice of demand specifically refers to tax, interest, penalty, fine or any other sum payable under the Act. Chapter XXI. of the Act deals with penalties. Various sections provide for imposition of penalty in addition to the … the case of Asst. Commissioner of Income-tax V. Hasmukh M.Shah (85 ITD 99) as well as the CBDT Circular No. 452. He further argued that

Dharmodayam Company Vs. Union of India (Uoi)

Court : Kerala

Subject : Civil

Acts : Kerala Chitties Act, 1975 - Sections 2(4), 3, 3(1), 3(2), 4, 4(1), 5, 6, 6(3), 11, 12, 13, 14, 15, 17, 18, 19, 21, 22, 23, 24, 25, 26, 29, 34, 35, 39, 40, 42, 43, 55, 56, 59, 60, 67, 72, 89 and 220; Kerala Finance Act, 2002; Chit Funds Act, 1982 - Sections 1(3), 2, 4(1), 7(3), 8, 9(1), 20 and 90; Constitution of India - Articles 14, 19(1), 226, 245 to 255; Companies Act; Finance Act, 2002 - Sections 3(5) and 4; Kerala Chittis (Amendment) Act, 2002

Reported in : AIR2005Ker253; [2005]126CompCas586(Ker); 2005(3)KLT332

a writ of mandamus directing the Union of India to exercise its powers under Section 1(3) of the Chit Funds Act, 1982 (Central Act) to notify that Act within the State of Kerala. Learned Single Judge rejected the prayers of … Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different States. Chapter II of the Act deals with registration of chits, commencement and conduct of chit business. Section 4(1) of … President on 18th July, 1975. The Act was also included in the 9th Schedule of the Indian Constitution as item No. 149. Section 3 of

S. Venkatachalam Vs. Secretary to Government of Tamil Nadu and Others

Court : Chennai

Subject : Company

Acts : Limitation Act, 1963 - Sections 12 and 12(2); Chit Funds Act, 1982; Chit Funds Rules, 1984

Reported in : [1999]95CompCas589(Mad)

against the award of the Deputy Registrar of Chits, an appeal is provided under section 70 of the Chit Funds Act, 1982, before the State Government. The petitioner presented the appeal on August 31, 1995. According to the petitioner, the … contends that the order passed by the first respondent is valid and no interference is called for. 11. Chapter XII-Disputes and arbitration provides the machinery for adjudication of disputes between the subscriber of a chit and a … The said appeal has been rejected as belated by the impugned proceedings. 9. According to learned counsel for the petitioner, after passing of the award

Shriram Chits and Investments (P)ltd., T. Nagar Vs. M. Krishnan and Ot ...

Court : Chennai

Subject : CommercialLimitation

Acts : Chit Funds Act, 1982 -- Sections 65; Limitation Act, 1963 -- Sections 5, 12, 14 and 64; Chits Funds Act, 1982 -- Sections 65, 66 and 67; Tamil Nadu Chit Funds Act, 1961

Reported in : AIR2000Mad78; 1999(1)CTC238

to refer to the provisions of the Chit Funds Act, 1982 with respect to disputes and the arbitration. Chapter XII relates to disputes and arbitration. In terms of Section 64 notwithstanding anything contained in any other law … instituted proceedings under Section 64 which was presented on 22.7.1991.12. It is to be pointed out that the Chit Funds Act; 1982 (Central Act 40 of 1982) by which The Tamil Nadu Chit Funds Act, 1961 which was in force … appeal is directed against the order of the Hon'ble Single Judge dated 9.7.1997 made in W.P.No.17029 of 1994, filed by the respondents 1 to 3

M/S. Thiru Muruga Finance Rep. by Its Partner Sri V. Thirunavukkarasu, ...

Court : Chennai

Subject : Commercial

Acts : Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997 - Sections 15; Constitution of India -- Articles 14, 19 (1)(G), 21, 246 and 254(2) -- Schedule VII; Reserve Bank of India Act, 1934; Reserve Bank of India Act (amended), 1997; Tamil Nadu Act, 1997 -- Sections 45; Banking Regulation Act, 1949 -- Sections 5; Presidency Towns Insolvency Act, 1909; Provincial Insolvency Act, 1920; Companies Act, 1958 -- Sections 58A; State Bank of India (Subsidary Banks) Act, 1959; Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 -- Sections 3; Industrial Development Bank of India Act, 1964 -- Sections 6A; Chit Funds Act, 1982 -- Sections 2; Hire-Purchase Act, 1972 -- Sections 2; Indain Partnership Act, 1932; Code of Cri

Reported in : 2000(2)CTC609

a chit.Explanation I: 'Chit' has the meaning assigned to it in clause (b) of section 2 of the Chit Funds Act, 1982 (40 of 1982).Explanation II: Any credit given by a seller to a buyer on the sale of any … attached under Section 3.''5. Default in Repayment of deposits and interests honouring the commitment. Notwithstanding anything contained in Chapter II, where any Financial Establishment defaults the return of the deposit or defaults the payment of interest on … Act. The subject matter Insolvency and Criminal Procedure Code falls under Entries 9 and 2 respectively of the Concurrent List in the Seventh Schedule to

Prabhakar Dattatraya Gune and Others Vs. Vishnukant Bapurao Urankar an ...

Court : Mumbai

Subject : Land Acquisition

a Chit. Explanation-I- ”Chit" has the meaning as assigned to in clause (b) of Section 2 of the Chit Funds Act, 1982 (40 of 1982); Explanation-II- “Any credit given by a seller to a buyer on the sale of any … Ltd. (for short “KIFL”) which was a Non Banking Financial Company (for short “NBFC”) regulated and controlled under Chapter IIIB of the Reserve Bank of India Act 1934 and the same is under liquidation at the instance … was pleased to observe that no reason for interference was called for. 9 It is stated that on 25.10.2012, the Petitioner has received summons from

Highland Holiday Homes (P.) Ltd. Vs. Securities and Exchange Board of

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Subject : Land Acquisition

within the meaning of Chit business as defined in clause (d) of Section 2 of the Chit Fund Act, 1982 (40 of 1982); (viii) under which contributions made are in the nature of subscription to a mutual fund; … criminal cases against you for apparent offences of fraud, cheating, criminal breach of trust and mis-appropriation of public funds. 4. Writing to the Department of company affairs to initiate the process of winding up of your company".2. … the regulations was operating a scheme, shall subject to the provision of chapter IX of the regulations make an application to the Board for the … of certificate within a period of 2 months from such date'. Regulation 9 specifies the conditions/eligibility to get the certificate of registration in respect of

Angel's Consultants Pvt. Ltd. and Anr. Vs. Anand Mehta and Co. and Anr ...

Court : Kolkata

Subject : BankingContract

Acts : Bengal Money-Lenders Act, 1940 - Sections 2(13), 8, 13 and 13(3); ;Reserve Bank of India Act, 1934 - Section 45

Reported in : 2005(1)CHN357

Court at pages 251, 252 of the judgment that it will bo noticed from Section 3 of the Chit Funds Act, 1982 that the said section which overrides other laws, memorandum or articles of association or bye-laws or any agreement … Bank of India.5. Mr. Tibrewal, the learned senior Counsel appearing for the plaintiffs has drawn my attention to Chapter IIIB and particularly Section 45-I(C)(i) of R.B.I. Act and tries to impress upon me that the function of

Surabhi Agro Tech. Ltd. Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Subject : Land Acquisition

within the meaning of Chit business as defined in clause (d) of section 2 of the Chit Fund Act, 1982 ( 40 of 1982); (viii) under which contributions made are in the nature of subscription to a mutual … sponsor or cause to be sponsored or carry on or caused to be carried on any venture capital funds or collective investment schemes including mutual funds, unless he obtains a certificate of registration from the Board in … the Regulations was operating a scheme, shall subject to the provision of chapter IX of the Regulations make an application to the Board for the … of certificate within a period of 2 months from such date". Regulation 9 specifies the conditions/ eligibility to get the certificate of registration in respect

Assistant Commissioner of Vs. Little Flower Kuries and

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Service Tax

Reported in : (2005)94ITD162(Coch.)

Explanation I states 'Chit' has the meaning assigned to it in clause (b) of Section 2 of the Chit Funds Act, 1982". Interest Tax Act has not defined what is a 'deposit'. Hence, assessee's representative submitted that the definition given … meaning as assigned to it in Section 45-I(bb) of the Reserve Bank of India Act, 1934(2 of 1934).10. Chapter IIIB of the Reserve Bank of India Act, 1934 contains the definition of 'deposit' as "deposit includes and … the interest payable by the assessee, as per the provisions of Section 9 of the Interest tax Act." Since we have held hereinabove that the