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In Re: Sintex Industries Ltd.

Court : Gujarat

Subject : Company

Acts : Companies Act, 1956 - Sections 78, 100, 101 to 103, 283, 283(1), 283(2), 290, 295, 297, 297(1), 372, 372(2), 372A, 374, 391, 391(1) and 391(2); Companies (Amendment) Act, 1960; Companies Act, 1913 - Sections 17(2), 18 and 86; Companies Act, 1929 - Sections 143; Companies Act, 1948 - Sections 180

Reported in : (2009)2GLR1322

inter alia, that as per the petitioner's balance-sheet dated 31-3-2008, the petitioner-Company has granted loan to M/s. B.V.M. Finance Private Limited, a private company. It is further claimed in the affidavit that two directors of the petitioner-Company … (extending loan to a private company in which its two directors are interested) constitute contravention of provisions under Section 295 of the 1956 Act, and that therefore, in view of provision under Section 283(1)(h) of the 1956 Act … 74% stake in Zeppelin Mobile Systems India Limited, in India and in 2007-2008 the petitioner-Company has acquired 81% stake in Wausaukee Composite Inc., in U.S.A.

Maxopp Investment Ltd and ors. Vs. Commissioner of Income Tax and ors.

Court : Delhi

Subject : Income Tax

Acts : Income Tax Act, 1961 - Sections 260A, 14A; Income Tax Rules, 1962 - Rule 8D; Finance Act, 2002

the total income?2. Whether the provisions of sub-section (2) and sub-section (3) of section 14A inserted by the Finance Act, 2006 with effect from 01/04/2007, would apply retrospectively to all pending proceedings?3. Whether Rule 8D inserted by the … By Notification No.45/2008 dated 24/03/2008, the Central Board of Direct Taxes (CBDT), in exercise of its powers under section 295 of the said Act read with sub-section (2) of section 14A of the said Act, made the "Income-tax

Godrej and Boyce Mfg.Co.Ltd. Mumbai. Vs. Commissioner of Income Tax,

Court : Mumbai

Subject : Income Tax

Acts : Income Tax Act, 1961 - Section 14A(1)(2)(3); Income Tax Act, 1922 - Section 8; Finance Act of 2001 - Section 14A; Finance Act 1997 - Section 10(33)

inserted by the Finance Act of 2006 with effect from 1 April 2007. Rule 8D of the Income Tax Rules prescribes the method for determining … form part of the total income under the Act. Section 14A was introduced by an amendment to the Finance Act of 2001 with retrospective effect from 1 April 1962. Subsections (2) and (3) were inserted by the Finance … Supreme Court in Commissioner of Wealth Tax v. Sharvan Kumar Swarup and Sons27. Further, reliance was placed on Section 295(4) which specifically provides that no retrospective effect could be given to a rule so as to prejudicially affect

Beml Ltd. Vs. Beml Midwest Ltd.

Court : Company Law Board CLB Chennai

Subject : Company

held on 16-1-2008 it was resolved that Shri Mukunda Reddy, Senior Vice President and Shri S. Raghu, Deputy Finance Manager of the Company would operate the current account maintained with State Bank of Hyderabad. It was further … Government of India from time to time, as modified up to June 2007 stipulate that every Board of public sector enterprise should have full time … Companies under the same management as per section 370/372A of the Act, and as loans to directors under section 295. The applicant has made out a prima facie case that the respondents 3 to 5 having acted in

In Re: Niulab Equipment Co. (P.) Ltd.

Court : Mumbai

Subject : Company

Acts : Companies Act, 1956 - Sections 173, 235 to 351, 391 to 394 and 643; Indian Companies Act, 1913 - Sections 85 and 86; General Act - Sections 67

Reported in : [2009]152CompCas375(Bom); [2009]91SCL387(Bom)

Joy relied upon the judgment of a learned Single Judge of the Kerala High Court in St. Mary Finance Ltd. v. R.G. Jayaprakash [2000] 99 Comp. Cas. 359 : [1999] 22 SCL 337. The judgment is of … was filed by the said Mr. Ashok Kotwani, Managing Director of the Transferee Company, also admitting violation of Section 295 of the Companies Act, 1956 in respect of the issue of a Corporate Guarantee of Rs. 765 lakhs

Regency Soraj Infrastructures Vs. Union of India and Others

Court : Delhi

Subject : Land Acquisition

letters and words "[the 31st day of March, 2011]" had been substituted".8. Section 80 IA was substituted by Finance Act, 1999. Section 80 IA(1) provides that where gross total income of an assessee includes profits and gains derived … furnished. The petitioner was required and furnished vide letter dated 29th August, 2007 first and final completion certificate issued by Pune Municipal Corporation dated 29th … 18C of the Income Tax Rules, 1962, (1962, Rules) by a new Rule in exercise of powers under Section 295 read with Section 80 IA(4)(iii) of the Act. The new Rule 18C reads as under: W.P. (C) Nos.

Commissioner of Income Tax- Ii Vs. M/S Maruti Suzuki (India) Limited

Court : Delhi

Subject : Direct Taxation

order shall stand vacated after the expiry of the said period.” The said provisos were subsequently substituted by Finance Act, 2007 w.e.f. 1st June, 2007 and the substituted provisos used to read as under:“Provided that the Appellate Tribunal may, … Bombay High Court in Narang Overseas P. Ltd.v. ITAT and others (2007) 295 ITR22(Bom) and it was held that the provisos and the Section did … the appeal but the said right is circumscribed and has to be exercised within the four corners of Section 254(2A) of the Income tax Act, 1961 (Act for short). The said section reads:“254. Orders of Appellate Tribunal.-

Harish Textile Engrs. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Subject : Direct Taxation

452. (ii) In any view of the matter, Section 292 of the Act, which was introduced by the Finance Act, 2007 with retrospective effect from 1 October 1975, raise a presumption that any document found during the course of … ITR 310 (Bom) CIT v. R.M.L. Mehrotra 320 ITR 403 (All) CIT v. Faqir Chand Chamanlal 262 ITR 295 (PandH) CIT v. Rajendra Prasad Gupta 248 ITR 350 (Raj) CIT v. Smt. Usha Tripati 249 ITR 4

Areva T and D India Ltd Vs. the Deputy Commissioner of Income-tax

Court : Delhi

Subject : Direct Taxation

Malabar Industrial Co. Ltd. [2000] 243 ITR 83, Max India Ltd. [2007] 295 ITR 282 (SC) and CIT v. Vimgi Investment P. Ltd. [2007] 290 … Regard being had to the wider expansion of the definition after the amendment of Section 32 by the Finance Act (2) 1998 and the auditor's report and the explanation offered before the assessing officer, we are of the … 143(3) of the Act disallowed the depreciation on „goodwill‟as claimed in the return vide order dated 28th December, 2007. The AO disallowed the claim of the assessee Company on two grounds, namely, (a) depreciation under Section 32(2)(ii)

High Court Bar Association Allahabad Vs. The State Of Uttar Pradesh

Court : Supreme Court of India

Subject : Land Acquisition

Tribunal, 2007 SCC OnLine Bom 671 : (2007) 295 ITR22 , the second proviso was introduced by the Finance Act, 2007 to mitigate the rigour of the first proviso to Section 254(2-A) of the Income Tax Act in its