Advanced Search Results

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

view, cannot be read in isolation. The same has to be read along with Section 1(3) of the Chit Funds Act, 1982. Section 1(3) of the Act states that the Chit Funds Act, 1982 shall come into force on such date … winding up of chitties. Section 56 to 59 deal with registration of office and fees. Section 60 to 72 are miscellaneous provisions. Kerala Chitties Act was enacted to define, amend and consolidate the law relating to chitties

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requisite Presidential assent, became void and stood pro tanto repealed on account of the Central Legislation Chit Fund Act, 1982.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 … any claim on such share, interest, amount or sum. " 179. Section 72(2) deals with payment of dividend on the shares to the members from

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 … Court held in the case of C.A. Abraham v. ITO (41 ITR 725) that penalty is only an additional tax and this decision was followed

Assam Roller Flour Mills Association and ors. Vs. State of Assam and o ...

Court : Guwahati

Subject : Civil

made qua the assent. A passing reference at this stage may also be made of the decision Subodh Chit Fund (P) Limited (Supra), wherein the Apex Court had approved the conclusion of the Madras High Court that … to the contentious issue on quid pro quo and unauthorized creation of funds from the collections and expenses therefrom. According to the petitioners, levy of … In Bihar S.A. Product Marketing Board. v. Shankar Makhana Bhandar (Supra), by the Bihar Agricultural Produce Markets (Validation) Act, 1982, market fee levied, collect or to be levied or collected was sought to be saved from being illegal … of writ petitions register an identical challenge to the constitutional validity of Section 3D, 3E, Clause (ii) and (iii) of Explanation-1 to Section 21 as

Sri Ambica Industries and Leasing Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1992)42ITD631(Hyd.)

no application to the facts of the case. Even B.C.S. Kartar Chit Fund & Finance Co. (P.) Ltd.'s case (supra) relied on by the learned … its definition under Section 43(6) should be applied. The written down value has no relevance while considering either Section 72 or 73 of the IT Act.Further Maharana Mills (P.) Ltd. 's case (supra) or Madeva Upendra Sinai's case … a stage of determining the terminal allowance. The learned Departmental Representative relied upon the following decisions:-- B.C.S. Kartar ChitFund & Finance Co. (P.) Ltd. v. CIT [1989] 179 ITR 1371 (Punj. & Har.).10. After hearing both sides,

income-tax Officer Vs. J.M.P. Enterprises

Court : Income Tax Appellate Tribunal ITAT Amritsar

Subject : Direct Taxation

Reported in : (1993)46ITD104(Asr.)

made payment of interest of Rs. 12,150 to Udyog Finance and Chit Fund Pvt. Ltd. for utilisation of funds borrowed through the auspices of the partners. No doubt the borrowings were first credited to the partners' account … Commissioner of Income-tax (Appeals) allowing deduction of Rs. 12,150 on account of interest paid to Udyog Finance and Chit Fund Pvt. Ltd. It is the contention of the Departmental Representative that loans were raised by the partners … correctly nor considered carefully the decision of the Tribunal dated February 27, 1982, in the case of Damodar Dass Jai Chand Aggarwal v. ITO [1982] … as read along with the workings at pages 72 to 81 of the assessee's paper book. At … of Rs. 21,17,923. This difference was arrived at in accordance with the actual building material consumed and as per the actual size at site and … that the question of disallowance of interest under Section 40(b) of the Income-tax Act will be governed

The Assam State Textbook Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Guwahati

Subject : Direct Taxation

Reported in : (2003)87ITD99(Gau.)

527 (SC), the Hon'ble Supreme Court held that the business of the assessee is the conducting of the chit fund in trust for charitable purpose and hence the income from chit fund business is exempt from tax … assessee-society is entitled for claiming exemption under the provisions of Section 10(22) of the Act even if its funds are being misutilised by the members of the society; and (ii) whether the relief under Section 10(22) can … the assessee in ITA No. 51(Gau) of 1993 for the asst. yr. 1982-83 and ITA No. 287 (Gau) of 1995 for the asst.yr. 1981-82 are

All Kerala Chitty Foremen'S Association vs the Union of India,

Court : Kerala

Respondents 7 to 13 and other Co-operative Societies satisfy the definition of 'chit' as understood in the Chit Fund Act, 1982 (Act 40 of 1982);(ii) issue a writ of mandamus or any other appropriatewrit or order restraining … 7 to 13 and other Co-operative Societies satisfy the definition of 'chit' as understood in the Chit Fund Act, 1982 (Act 40 of 1982);(ii) issue a writ of mandamus or any other appropriatewrit or order restraining Respondents 7 … MUTTOM SERVICE CO-OPERATIVE BANK LIMITED NO.1165, CHERTHALA, ALAPPUZHA, REPRESENTED BY ITS SECRETARY. 72 THE VARANAD SERVICE CO-OPERATIVE BANK LIMITED NO.1248 VARANAD.P.O., ALAPPUZHA, REPRESENTED BY ITS … order or direction directing Respondents 1 to 4 to initiate action under Section 76 of the Act against Respondents 7 to 13 and other Co-operative

Reserve Bank of India Vs. Peerless General Finance and Investment Co. ...

Court : Supreme Court of India

Subject : Commercial

Reported in : 1987(1)SCALE100; (1987)1SCC424; [1987]2SCR1; 1987(1)LC586(SC); AIR 1987 SC 1023; MANU/SC/0073/1987

which they considered were important Non-Banking Financial Institutions. They were:-1. Hire Purchase Finance Institutions; 2. Investment Companies; 3. Chit Funds/Kuris; 4. Nidhis or Mutual Benefit Funds; and5. Finance Corporations.19. Proceeding to consider Chit Funds and their working, the … The only reason why the appeals are being dismissed is on the wording of Section 2(e) of the Act. A close study of the definition makes the conclusion inescapable that the Peerless scheme does not come within … : [1981]1SCR801 and State of West Bengal v. Swapan Kumar Guha. : 1982CriLJ819 . Any attempt to distinguish the ratio of these two cases for

R. Vithaleshwar Rao Vs. State of Andhra Pradesh Represented by Cbi

Court : Andhra Pradesh

Subject : Criminal

Acts : Prevention of Corruption Act, 1988 - Sections 5(1), 13, 13(1) and 13(2); Indian Penal Code (IPC) - Sections 168; Service Rules

Reported in : 2008(1)ALD(Cri)38; 2008(1)ALT(Cri)45

an average, from 1987 to the middle of 1995, besides earning Rs. 30,000/- by introducing members to the chit fund companies during 1987 to 1993. He also deposed that he was earning Rs. 24,000/- per annum during … average, from 1987 to the middle of 1995, besides earning Rs. 30,000/- by introducing members to the chit fund companies during 1987 to 1993. He also deposed that he was earning Rs. 24,000/- per annum during that … had received Rs. 1,80,000/- approximately from the rents on his house from 1982 to June 1992 and the accused did not contradict the statement even … under Section 13(2) read with Section 13(1)(e) of the Prevention of Corruption Act, 1988 (for short 'the P.C. Act') and sentenced him to undergo Simple