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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 … matter before us.3.1 The sole issue arising for adjudication in these appeals is whether the penalty levied under Section 271 B by the Assessing Officer, in the case of a Chit Fund Company; on the ground that … (supra) the Allahabad High Court held that the word "income-tax" in Section 46(1) does not include "penalty". In view of the Board's Instruction, exhaustive definition

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. … 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 of … 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

Rajees Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (1997)63ITD330(Coch.)

submissions, the only point which has arisen for my consideration is whether the loss incurred in subscribing to chit funds and taking bids by losing certain part of the total chit fund is an allowable deduction. There is … the amounts in later periods. The scheme of the chit fund companies is covered by the Chit Fund Act, 1982 which enacted to have a control on the operation of Chit Fund Companies and to protect the interests … by the assessee from the said business is entitled to deduction under section 80P(2)(a)(i) of the Act." In the above referred case, the point involved

Javatha Raj, and Sri. S Narendra Vs. M/S. Margadarshi Chits (Karnataka ...

Court : Karnataka

Subject : Constitution

Acts : Chit Funds Act, 1982 - Section 71(1)(a); Industrial Reconstruction Bank of India (IRBI Act) - Section 40; Constitution of India - Article 226, 227

facts are as follows: The Is* respondent-M/s.Margadarshi Chits (Kar) Pvt. Ltd., is a chit company registered under the Chit Funds Act, 1982 (for short (the Act'). The 2nd respondent was a subscriber. He has drawn the chit amount on the … passed against respondents 2 to 6 arid the petitioners on 18.08.2007. The said authority issued a certificate under Section 71 of the Act, entitling the 1st respondent to recover Rs.6,64,286/- with interest at 24% p.a from 16.06.2007

Mr Sahaji P B Vs. State of Karnataka

Court : Karnataka

Subject : Service Tax

C.C. 3503/2014 declining to discharge the petitioners in relation to offences punishable under Sections 4 and 76 of Chit Funds Act, 1982 (hereinafter for short referred to as ‘the Act’) and Section 420 of the Indian Penal Code. 3 2. … OF SEPTEMBER2018BEFORE THE HON’BLE MR. JUSTICE SREENIVAS HARISH KUMAR CRIMINAL REVISION PETITION No.655 OF2018S/o. Balakrishna Paniker, Aged about 46 years, Manager, Sree Gokulam Chits & Finance Company Private Limited, No.336, Karunashree Layout, Medalli, 2nd Stage, Kitthaganuru, Bengaluru-560036.

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 … for him to take immediate action to make a law, for the purposes aforesaid, this Ordinance is promulgated.” 46 Section 2 contains definitions and the term “deposit” appearing in clause (c) therein reads as under:- “(c) “deposit”

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 1956);(iii) a State Financial Corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporation Act, 1951 (63 of 1951); and(iv) any other financial company;'Credit institution thus means

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 … 1956); (iii) a State Financial Corporation established under Section 3 or Section 3A or an institution notified under Section 46 of the State Financial Corporation Act, 1951 (63 of 1951); and Credit institution thus means the banking company,

M.Arumugam Vs. State of Tamil Nadu

Court : Chennai

Subject : Land Acquisition

requisite Presidential assent, became void and stood pro tanto repealed on account of the Central Legislation Chit Fund Act, 1982. In the circumstances, the Kerala Finance Act 7 of 2002 introducing Section 4(1)(a) in Kerala Chitties Act, 1975, … It pointed out "The provisions in the Act govern the duties and privileges, rights and liabilities, property and funds, the audit, inspection and surcharge, the dissolution and amalgamation of co-operative societies and its members. The Act thus … this connection, he relied on a decision reported in (1999) 2 SCC 46.(The State of Maharashtra & Ors. V Kumari Tanuja), particularly paragraph Nos.3, 9,

Rakshnaa Vs The State Rep. by the Station House Officer,

Court : Chennai

arrest for the alleged offence under Section 420 of IPC, 1860 r/w. Sections 76(1) and 4(1) of the Chit Funds Act, 1982 in Crime No.12 of 2026, seek anticipatory bail.2. It is the case of the prosecution that the petitioners