Advanced Search Results

Onkar Capital Growth Pvt. Ltd. Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

Subject : Land Acquisition

Reported in : (2005)92ITD453(Asr.)

it is found an admitted proposition that the assesses is a Chit Fund company in terms of the Chit Funds Act, 1982. Section 2(b) of this Act defines "Chit" to "mean a transaction whether called Chit, Chit fund, Chitty, Kuri or … with the term "deposit".6.4. "Deposit" has been defined by the Reserve Bank of India Act, 1934 under Section 45-I (bb) in an inclusive manner. It has carved out certain exceptions as not includible in "Deposit". Sub-clause (vii)

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 … Tamil Nadu Act is not at all a necessary and the same is repugnant to the provisions of Section 45 of the Central Act. The present Act also offends Art. 14 of the Constitution and it is therefore

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 … 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 the 'financial institution' is not

Soudambika Finance Pvt. Ltd. Coimbatore and Etc. Etc. Vs. Union of Ind ...

Court : Chennai

Subject : Civil

Acts : Chit Funds Act, 1982 - Sections 4(3), 5, 6(1, 2 and 3), 7(2), 8, 12, 13, 14, 15, 16(2 and 3), 17(2), 18(4 and 5), 19, 20(1), 21, 22(2), 24, 28, 29, 30, 31, 39(2), 48(1), 50, 64, 75, 76, 77 and 79; Constitution of India - Articles 14, 19(1), 245 and 246; Chit Funds (Pondicherry) Rules, 1986; Pondicherry Chit Funds Act, 1966; Chitties Act, 1964; Cochin Kuris Regulations, 1932; Indian Penal Code (IPC), 1860; Reserve Bank of India Act, 1934 - Sections 45-N and 451; Tamil Nadu Chit Fund Rules, 1984 - Rules 4A, 13, 18(4 and 5), 28, 31 and 63; Companies Act, 1956 - Sections 39(2) and 48; Indian Registration Act, 1908

Reported in : AIR1993Mad190; [1995]82CompCas302(Mad)

considered and dealt with in common.2. The above writ petitions involve challenge to the constitutional validity of the Chit Funds Act, 1982 (Central Act 40 of 1982), hereinafter referred to as 'the Act' and the Tamil Nadu Chit Funds Rules, … Chit funds arc 'financial institutions' as defined in Cl. (c) of S. 451 of the Reserve Bank of India Act, 1934. hence, it would be … provided for. Accordingly, a new Cl. 77 was added. These clauses in the Bill correspond to the respective sections in the Act. The other amendments proposed by the Committee are of a clarificatory nature and are only

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Land Acquisition

Reported in : (2002)80ITD9(Kol.)

of a chit. Explanation I--'Chit' has the meaning assigned to in Clause (b) of Section 2 of the Chit Funds Act, 1982. Explanation II.--Any credit given by a seller to a buyer on the sale of any property (whether movable … 'financial company', all residuary non-banking companies." 9. RBI's guideline in turn adopts the deposit for RBI Act Section 45~I(bb), which reads as under :-- "(bb) 'deposit' includes and shall be deemed always to have included any receipt

National Engg. Inds. Ltd. Vs. Cit

Court : Kolkata

Subject : Direct Taxation

Reported in : [2001]80ITD9(Cal)

a chit.Explanation I - 'Chit' has the meaning assigned to in clause (b) of section 2 of the Chit Funds Act, 1982.Explanation II - Any credit given by a seller to a buyer on the sale of any property … of 'financial company', all residuary non-banking companies.'9. RBI's guideline in turn adopts the deposit for RBI Act section 45-I(bb), which reads as under:'(bb) 'deposit' includes and shall be deemed always to have included any receipt of money

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 … Interest Tax Act. According to the assessee, Reserve Bank of India has exempted the company from registration Under Section 45 (1A) of the Reserve Bank of India, Act since the principal business of the assessee is chitty business.

K.Periyasamy Vs. Shriram Chits Tamil Nadu Pvt. Ltd.

Court : Chennai

Subject : Land Acquisition

has repaid the chit amount for about 14 installments. Thereafter, the petitioner has committed default. Hence, under the Chit Funds Act, 1982, the matter has been referred to the Deputy Registrar of Chits. Notice has been issued to the petitioner. … 1984. Chapter VI of the Rules deals with disputes and Arbitration. 17.Rules 45, 46, 47 of the Chit Funds Rules, 1984, are extracted hereunder: "45.Reference … R Being aggrieved by the order made in Ar.O.P.No.20 of 2011 dated 04.08.2012, rejecting an application filed under Section 34 of the Arbitration and Conciliation Act, 1996, to set aside the award passed by Chits Arbitrator Deputy

M/S. Shriram Chits and Investment (P.) Ltd. Vs. Union of India and Oth ...

Court : Supreme Court of India

Subject : Commercial

Acts : Chit Funds Act, 1982 - Sections 1(3), 2, 3, 4, 6(3), 9, 12, 13, 16, 17, 20, 21, 25, 48 and 81; Constitution of India - Article 19(1); Companies Act, 1956 - Sections 58A; Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Pondicherry Chit Funds Act, 1966; All-India Chit Fund Act; Reserve Bank of India Act, 1934 - Sections 45I; Andhra Pradesh Chit Funds Act, 1971; Tamil Nadu Chit Funds Act, 1961; Kerala Chitties Act, 1975; Hyderabad Money Lenders Act - Sections 9(2); Banking Regulation Act, 1949; Companies (Acceptance of Deposits) Rules, 1975; Tamil Nadu Chit Funds Rules, 1984 - Rule 62

Reported in : AIR1993SC2063; [1994]79CompCas298(SC); (1994)2CompLJ430(SC); JT1993(4)SC399; 1993(3)SCALE125; 1993Supp(4)SCC226; [1993]Supp1SCR54

Writ Petition Nos.19321/86, 17110/84, etc.2. The above appeals and writ petitions involve challenge to constitutional validity of the Chit Funds Act, 1982 (Central Act No.40 of 1982) (hereinafter called as 'the Act' or 'the impugned Act').3. The various appellants/petitioners are … their working including their methods of operation. Chit funds are 'financial institutions' as defined in Clause (c) of Section 45 of the Reserve Bank of India Act, 1934. Hence, it would be open to the Reserve Bank to

V. Revathi Vs. the State of A.P, Rep. by Public Prosecu

Court : Andhra Pradesh

Subject : Criminal

Acts : Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 - Section 5, 2(b), 2(b), 2(c); Indian Penal Code (IPC), 1860 - Sections 420; Code of Civil Procedure (CPC) , 1908 - Order XXI, Rule 37 and Section 51

chit fund transaction. Though the Andhra Pradesh Chit Funds Act 1971 (In short, the 1971 Act) and the Chit Funds Act 1982 (In short, the 1982 Act) are there for regulation of chit fund transactions, the 1999 Act is again … by the lower Court (Principal Sessions Court, Kurnool) by judgment dated 18.01.2006 in C.C. No.6 of 2004 under Section 5 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 (in short, the 1999 Act) … Company being a non banking financial company under clause (f) of Section 45-I of the Reserve Bank of India Act falls within the amended definition