Chennai Court January 1963 Judgments
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S. Dhandapani Vs. Additional Gift-tax Officer, Cuddalore.
Court: Chennai
Decided on: Jan-08-1963
Reported in: [1963]49ITR712(Mad)
JAGADISAN J. - The question raised is whether the Gift-tax Act, 1958 (18 of 1958), enacted by Parliament is within its legislative competence in so far as the Act purports to levy a tax on gifts of agricultural lands.The petitioner executed a settlement deed on 8th April, 1957, in favour of his niece, Manonmani Ammal, and thereby gifted an extent of 20 acres 28 cents of agricultural lands. He also made a gift under an instrument dated 7th April, 1957, of an extent of 114 acres 38 cents of agricultural lands in favour of his two sisters, Gajalakshmi and Savithri. The Gift-tax Officer, Cuddalore, called upon the petitioner by notice dated 4th December, 1958, to furnish a return in the prescribed form of all gifts made by him for the year ending 31st March, 1958. The officer exercised his jurisdiction under the provisions of the Gift-tax Act, 1958. The petitioner submitted a return and disclosed the two settlement deeds referred to above. By order dated 7th April, 1960, the officer assess...
Sri Meenakshi Mills Ltd., and Others Vs. Commissioner of Income-tax, M ...
Court: Chennai
Decided on: Jan-08-1963
Reported in: [1963]50ITR769(Mad)
SRINIVASAN J. - This is consolidated reference made under section 66(1) of the Indian Income-tax Act on the application of three different assessees covering three assessment years and three chargeable accounting periods under the Excess Profits Tax Act. The assessee are public limited companies engaged in the manufacture and sale of yarn at Madurai. Each of the assessee has a branch at Pudukkottai for effecting sales of yarn. The Madurai Bank, which has its head office at Madurai, has also a branch at Pudukkottai. The sale proceeds of the yarn of the three assessees realised in Pudukottai which was during the assessment years and chargeable accounting periods a Native State, were being banked by the respective assessees with the Pudukottai branch of the Madurai Bank. The accumulation of such sale proceeds was in the shape of fixed deposits with that branch. Interest was earned on these fixed deposits. Now it would appear that in the usual course of their businesses, the assessee-compa...
A.V. Varadarajulu Naidu (Decd.) and ors. Vs. K.V. Thavasi Nadar
Court: Chennai
Decided on: Jan-03-1963
Reported in: AIR1963Mad413
Ramakrishnan, J.1. This Letters Patent Appeal is filed against the judgment of Basheer Ahmed Sayeed, J., in App. 7 of 1956 which in its turn was an appeal from the judgment and decree passed by the learned Principal Subordinate Judge of Chingleputin O. S. No. 39 of 1954. The suit was filed on a promissory note for recovery of a sum of Rs. 5641-10-0. The plaint allegations are succinctly set out in paragraph 2 of the trial Court's judgment, as follows: 'The plaintiff's case is: He entered into a partnership trade in lorry service with the second defendant and carried on the business under the name and style of 'Magiszchi Lorry service'. Differences arose between them and the plaintiff wanted to retire from the partnership. In a mediation, it was settled that he second defendant should take over the business with all assets and liabilities and that Rs. 5000/- should be given to the plaintiff in full quit of his share and claims. Defendants 1, 3 and 4 proposed to continue the business in ...
Mrs. K. D. Fairley (on Behalf of the Joint Beneficiaries of the Estate ...
Court: Chennai
Decided on: Jan-02-1963
Reported in: [1964]54ITR27(Mad)
SRINIVASAN J. - One Mr. Hight was the owner of certain coffee estates. These estates were sold by him to certain other persons on May 14, 1957. Under the terms of the sale, the coffee crop of the years 1956-57 and the earlier years was to belong to the vendor and that of 1957-58 to the vendees. During the account years relevant to the assessment years 1958-59 and 1959-60 the representatives of the vendor received form the India Coffee Board the price of the coffee delivered to the Board, the coffee being the crop of the account years 1954-55 to 1956-57 inclusive. The payments in respect of the coffee so delivered by the owner to the Coffee Board were however received on various dates from April 1, 1957, onwards. Since this owner Mr. Hight ceased to be the owner on and from May 14, 1957, the contention was advanced in relation to assessments under the Agricultural Income-tax Act that the receipts after May 14, 1957, constituted capital receipts and did not represent agricultural income....
S. Krishnamachariar Vs. the Hanuman Bank Ltd. (In Liquidation) and ors ...
Court: Chennai
Decided on: Jan-01-1963
Reported in: AIR1963Mad308; [1963]33CompCas543(Mad)
Ganapatia Pillai, J.1. This is an appeal against an order of the District Judge of West Tanjore in execution proceedings. The application on which the order was passed Was made by the 16th defendant for declaring a sale of certain lots of properties in execution of a mortgage decree to be void on the ground that sanction of the company court was not obtained in accordance with Section 171 read with Section 232 of the Indian Companies Act. Learned Judge in the court below passed an order declaring the sale to be void and the appeal is preferred against that order by the decree-holder-auction purchaser.2. The facts leading up to this dispute are these. The decree-holder obtained mortgage decree on a mortgage executed by defendants 1 to 4 and the husband of defendants 14 and 15 in 1934 for a sum of Rs. 7600. After this mortgage, defendants 1 to 4 sold the equity of redemption to defendants 5 and 6 (half and half) with direct tions to redeem the mortgage. Defendants 7 to 11 in the suit wer...
V. Kanakaiya Chetty and Co. and anr. Vs. the Union of India (Uoi), Rep ...
Court: Chennai
Decided on: Jan-01-1963
Reported in: AIR1963Mad394
S. Ramachandra Iyer, C.J.1. This is an appeal under Clause (15) of the Letters Patent against the judgment of Anantanarayanan, J. affirming the decree of the learned First Assistant Judge, City Civil Court, Madras, dismissing a suitinstituted by the appellants for recovery of a sumof Rs. 3487-11-0 from the railway administration under the following circumstances.2. The Indian Iron and Steel Co., Ltd., Burnpur, West Bengal consigned under railway risk on 13-12-1953 to the first appellant at Madras, 213 steel squares and. 183 steel flats weighing 547 maunds and 10 seers. The goods were loaded by the consignor at Burnpur station in an open wagon. The flats were heavy and had been secured by steel wires in such a way that they could not be removed except by cutting the fastening wires by chisel and hammer. The consignment arrived at Madras on 24-12-1953, where it was found that the fastening wires had been cut and certain plates had been removed en route. There were only two flats and 125 ...
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