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Unique Engineering Works Vs. Union of India (Uoi) and ors.

Court : Uttaranchal

Subject : BankingSICA

Acts : Constitution of India - Article 226; Debt Recovery Tribunal Act, 1993; ;Sick Industrial Companies (Special Provision) Act, 1985 - Sections 15 and 22; Impunged Act, 2002; Non-performing Asset Act, 2002 - Sections 2, 2(1), 5, 9, 12, 13(2), 13(4), 13(5), 13(8), 13(13), 17(2), 19 and 31; Contract Act, 1872 - Sections 172; Debt Recovery Tribunal (Amendment) Act, 2003; Code of Civil Procedure (CPC) , 1908 - Sections 60

Reported in : II(2004)BC241

Act, 2002 deals with regulation of securitisation and construction of financial assets of Banks and financial institutions, whereas chapter III deals with enforcement of security interest. It is important to note that reconstruction of financial assets of Banks … Extraordinary and urgent situations demand extraordinary remedial measures particularly in economics and finance. With globalization, India has become a signatory to various International Conventions, which … recovery was delayed and, therefore, the Government enacted The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to for the sake of brevity as the DRT Act, 1993). However, assets, which were charged

Andhra Pradesh State Electricity Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (1994)49ITD552(Hyd.)

that the agricultural income forms part of the total income as such.The provisions of Section 2(2) of the Finance Act, 1993, make it clear and provide that where the assessee has in the previous year any net agricultural income … or is deemed to have been received, accrues or arises or is deemed to have accrued or arisen. Chapter III consisting of Sections 10 to 13A provides for certain incomes not forming part of total income. One such

Assam Leather Industry Vs. Union of India (Uoi) and ors.

Court : Guwahati

Subject : Banking

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 18, 25, 28 and 31; Constitution of India - Articles 14, 248, 323A, 323B and 371A; Code of Civil Procedure (CPC) ; Transfer of Property Act; Nagaland Administration of Justice Rules, 1937 - Rule 33

funds being blocked. To remedy the locking up of huge funds, Dr. Manmohan Singh, the then Minister of Finance, introduced the Recovery of Debts Due to Banks and Financial Institutions Bill, 1993, dated the April 26, 1993, … raise the question of legality, validity and constitutionality of Recovery of Debts Due to Banks and Financial Institution Act, 1993 (hereinafter called 'the Act'), and other actions related to the Debt Recovery Tribunal at Guwahati constituted under the … validity of the Act was upheld.13. This Act is divided into six Chapters : Chapter I--Preliminary. Chapter II--Establishment of Tribunal and Appellate Tribunal. Chapter III--Jurisdiction,

Musthafa Ummer and anr. Vs. Appropriate Authority and ors.

Court : Kerala

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 269UC, 269UD and 269UD(1A); Constitution of India - Article 14

Reported in : (2002)173CTR(Ker)402; [2002]254ITR134(Ker)

reasons to be recorded in writing' which were there in the earlier Section 269UD were omitted by the Finance Act, 1993, with effect from November 17, 1992. At the same time Sub-section (1A) reads as follows :'(1A) Before making … the said decision for our purpose. The apex court was considering the validity of the various provisions in Chapter XX-C inserted in the Income-tax Act, 1961, by the Finance Act, 1986. While considering the scope of Section … from the date of receipt of the order. Another letter dated March 3, 1999, was also served on the petitioners as well as to the

M/s. Bharti Airtel Ltd. Vs. The Commissioner of Central Excise

Court : Mumbai

Subject : Service Tax

amount of Rs.2,04,39,093/- under provisions of Rule 14 of the Credit Rules read with Section 73 of the Finance Act,1994. In respect of towers and parts thereof, prefabricated building, printers and office chairs, the Commissioner observed that the … nor the use of said goods in providing output service. Subsequently, information about use of the goods and Chapter heading under the Central Excise tariff was called for from the appellant. The same was, thereafter, furnished by … “capital goods” or “inputs” as defined under the Cenvat Credit Rules,2004 ? 3. Whether in the facts and circumstances of the case, the Appellate Tribunal

M/S. Bharat Steel Tubes Ltd. Vs Ifci Ltd.

Court : Delhi

Subject : Land Acquisition

while, the enforcement of security interest created in favour of secured creditor is part of the scheme of Chapter III of the SARFAESI Act.16.1) In this context it may be relevant to seek an overview of the SARFAESI … the Companies Act). The argument being that with repeal of the Industrial Finance Corporation Act, 1948 and defendant being converted into a limited company, for … this Act (i.e., the SARFAESI Act) or under the Recovery of Debts Due To Banks And Financial Institutions Act, 1993. Section 35 provides that the provisions of SARFAESI Act shall have effect notwithstanding anything inconsistent contained therewith in

Fidelity Northstar Fund and ors.

Court : Authority for Advance Rulings

Subject : Direct Taxation

which yield income. Under the scheme a special provision, Section 115AD, was inserted in the Act by the Finance Act 1993 which speaks of taxability of income of FII in respect of securities or by way of long term … that a FII shall not make any investments in securities in India without complying with the provisions of chapter III (comprising of Regulations 14 to 15A) which deals with 'einvestment conditions and restrictions'. Regulation 15(1) enumerates securities in

Khoday Industries Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

Reported in : (1994)51ITD18(Bang.)

[1978] 114 ITR 822 has held as follows: (iii) In defining 'industrial company' in Section 2(7)(d) of the Finance Act of 1966, Parliament has used the words 'mainly engaged in the business of. This does not mean that … aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VI-A of the Income-tax Act) is not less than fifty-one per cent of such total income; The position

ishar Dass Sahni and Sons Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

80J(6A), for deciding the question whether a statute is mandatory or directory. It was stressed that by the Finance Act, 1992, a totally new scheme and procedure for assessment of firms were introduced for the first time from … asst. yr.1993-94. The provision that existed before this amendment were contained in Chapter XVI captioned as "special provisions applicable to firms". These were divided under … assessee against the order of the CIT(A) XX, New Delhi, dt. 12th July, 1996, for the asst. yr. 1993-94.2. Out of grounds at Sr. Nos. 1 to 4, reproduced below, relating to one single issue, namely, marking … of the deed of partnership was not filed along with the return." 3. Facts concerning the matter, to be stated succinctly, are that in terms

ishar Dass Sahni and Sons Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2001)77ITD256(Hyd.)

80J(6A), for deciding the question whether a statute is mandatory or directory. It was stressed that by the Finance Act. 1992, a totally new scheme and procedure for assessment of firms were introduced for the first time from … year 1993-94. The provision that existed before this amendment were contained in Chapter XVI captioned as "special provisions applicable to firms". These were divided under … the assessee against the order of the CIT (Appeals) XX, New Delhi dated 12-7-1996, for the assessment year 1993-94.1.2 Out of grounds at Sr. Nos, 1 to 4, reproduced below, relating to one single issue, namely, making … certified copy thereof was also filed during the course of assessment proceedings. 3. That merely because the certified copy of Deed of Partnership was not