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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, … 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

S.Surendran, vs State of Kerala,

Court : Kerala

the court has the jurisdiction to entertain the suit in the light of Section 64 (3) of the Chit Funds Act, 1982 and Rule 47 of the Kerala Chit Funds Rules, 2012.11. After hearing both sides, the court below dismissed … provisions under the Chits Act. The refund and remission of court fee is governed by section 66 to 77OP(C) NO. 2463 OF 2019 9of the Kerala Court Fees and Suit Valuation Act. The learned counsel has relied

V. Sundarajan Vs. State of Tamil Nadu and ors.

Court : Chennai

Subject : Civil

Acts : Chit Funds Act, 1982 - Sections 70; Chit Funds Rules, 1984 - Rules 58 and 59

Reported in : AIR2004Mad277

the order of the 2nd respondent dated 13-9-1994, the petitioner preferred an appeal under Section 70 of the Chit Funds Act, 1982 before the first respondent. The first respondent without following the provisions, particularly Rule 59 of Chit Funds Rules, … the petitioner is briefly stated hereunder :The third respondent herein, a chit company filed A. O. P. No. 77/90 (Arbitration Original Petition) on the file of 2nd respondent alleging that the petitioner stood as guarantor in respect

State of Uttaranchal Vs. M/S. Kumaon Stone Crusher

Court : Supreme Court of India

Subject : Right to Information

of the Constitution, List III Entry 7 pertains to contracts including special forms of contracts. The Parliament enactment, Chit Funds Act, 1982 and State legislature Kerala Chitties Act, 1975, the subject being under concurrent list, in paragraph 27, the Court … present is not a case where the legislation, 1927 Act and Rules 77 1978 are referable to Entry 23 of List II. The present is … Pradesh, State of Uttarakhand and State of Madhya Pradesh is in question. 3. In exercise of power under Section 41 of Indian Forest Act , 1927 (hereinafter referred to as “1927 Act) rules have been framed by

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

R. Venkiduswamy Chit Funds, Regd, Partnership Firm (710/70) Vs. P.T. A ...

Court : Chennai

Subject : LimitationCommercial

Acts : Limitation Act, 1963 - Sections 24 - Schedule - Article 37; Tamil Nadu Indebted Person (Temporary Relief) Act, 1976 - Sections 6

Reported in : 1997(3)CTC756

As against these submissions Mr. S.K. Raghunathan, learned Counsel for the respondent, contended that the transactions under the Chit Funds Act were not debts, that the Debt Relief Act had no application and in support, he relied on the … single Judge Raju, J. not having agreed with the view expressed in Sudarsan Chit Fund v. Mrs. Jagadambal 1982 (II) MLJ 169 the matters were posted before a Bench. The questions set down for consideration by the … of Raju, J. in Kangan v. Kannammal and Ors. 1996 (II) MLJ 77 in support of his submissions.6. As against these submissions Mr. S.K. Raghunathan, … the institution of the suit was barred by the moratorium enactments. Under Section 6 of Tamil Nadu Indebted Persons (Temporary Relief) Act XVI of 1976

Sri Visalam Chit Fund Ltd. and Others Vs. Union of India and Others

Court : Karnataka

Subject : Company

Acts : Companies Act, 1956 - Sections 451

Reported in : [1990]67CompCas203(Kar)

Bopanna, J.1. The constitutional validity of the Chit Funds Act, 1982 (Act NO. 40 of 1982) (in short 'the Act'), is challenged in this batch of writ petitions. 2. … their working including their methods of operation. Chit funds are `financial institutions' as defined in clause (c) of section 451 of the Reserve Bank of India Act, 1934. Hence, it would be open to the Reserve Bank … the subscribers and hence, sub-clause (3) of the Bill was omitted. Clause 77 : The committee felt that a provision for punishing the commission of

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 … knowledge constitutes education.(8) In CIT v. Oxford University Press (1996) 221 ITR 77, 87 (Bom), the Hon'ble Bombay High Court has held that if the … 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

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] … 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

Suman Savings and Investments Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1987)23ITD345(Hyd.)

is an attractive argument but, nevertheless, it cannot succeed. The assessee company is governed by the Andhra Pradesh Chit Funds Act, 1971 (9 of 1971), read with the rules thereunder. 'chit' means a transaction, whether called chit fund, chitty … Commissioner had jurisdiction to revise the issue regarding the disallowance of interest under section 40A(8) which was not the subject-matter of appeal.The question of disallowance of 15% of the interest under section