Karnataka Court January 1991 Judgments
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S.M. Holding Finance Private Limited Vs. Mysore Machinery Manufacturer ...
Court: Karnataka
Decided on: Jan-04-1991
Reported in: ILR1991KAR2672; 1991(3)KarLJ447
K. Jagannatha Shetty, J.1. This petition is filed under section 391(2) of the Companies Act, 1956, by the petitioner, S. M. Holding Finance Private Limited, who is the petitioner in the matter of Mysore Machinery Manufacturers Limited (in liquidation). 2. The object of the petition is to obtain sanction of the court to a compromise or arrangement whereby the debts of the company (in liquidation), i.e., secured, preferential and unsecured and wages of labour are discharged. That apart, the shareholders of the company (in liquidation) will be repaid their shareholding. 3. It is averred that the company was incorporated under the then Mysore Companies Act (XVIII of 1938) on September 23, 1946, with a nominal capital of Rs. 100,00,000 divided into 10,00,000 equity shares of Rs. 10 each, of which 5,00,000 equity shares were issued and Rs. 10 was paid-up on each share issued. 4. The objects for which the company was formed are set out in the company's memorandum of association. In brief they...
Akash Films Vs. Commissioner of Income-tax
Court: Karnataka
Decided on: Jan-04-1991
Reported in: (1991)95CTR(Kar)156; [1991]190ITR32(KAR); [1991]190ITR32(Karn); 1991(1)KarLJ275
K. Shivashankar Bhat, J.1. The following question of law is referred for our answer at the instance of the assessee under the provisions of the Income-tax Act, 1961 ('the Act' for short) : 'On the facts and in the circumstances of the assessee's case, whether the Tribunal was justified in law in holding that the expenditure incurred by the assessee was hit by section 40A(3) of the Income-tax Act, 1961 ?' 2. In the course of the assessment proceedings for the year 1976-77, a sum of Rs. 50,000 was found to have been debited in the profit and loss account. This represented the loss sustained by the assessee on a picture called 'Nirman'. The assessee is a distributor of films and sought sole distributorship of the film 'Nirman' for Andhra Pradesh for a consideration of Rs. 95,000. The agreement was dated December 6, 1974. The assessee paid a sum of Rs. 5,000 on one date in cash and a further sum of Rs. 45,000 subsequently. Since the picture was a failure, the assessee did not release the f...
Commissioner of Income-tax Vs. R.G. Mundkur
Court: Karnataka
Decided on: Jan-04-1991
Reported in: [1991]189ITR597(KAR); [1991]189ITR597(Karn)
K. Shivashankar Bhat, J. 1. These two references are under the provisions of the Wealth-tax Act at the instance of the Revenue. The respondent (hereinafter referred as 'assessee') was a member of the Government Servant's Co-operative Housing Society Ltd., New Delhi. The said society was allotted land by the Delhi Development Authority under a lease-cum-sale basis. The assessee was allotted 1,040 sq. yds. of land by the said society for which the assessee paid Rs. 32,640 in the year 1970. As per the lease agreement, the assessee was to hold the land for a minimum period of 10 years and construct a building on the plot allotted to him. Under the lease agreement, the assessee cannot sell or transfer the plot to a person who is not a member of the society. The assessee also shall not sell the plot except with the previous consent in writing of the society. In case permission is granted by the society for the sale, it is entitled to impose conditions as it thinks fit and it is entitled to r...
Commissioner of Wealth-tax Vs. V.N. Shankar
Court: Karnataka
Decided on: Jan-04-1991
Reported in: (1991)95CTR(Kar)113; [1991]189ITR731(KAR); [1991]189ITR731(Karn)
K. Shivashankar Bhat, J. 1. The following question of law is referred under the provisions of the Wealth-tax Act, 1957 : 'Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in holding that the report of the Government valuer would not constitute information for section 17(1)(b) of the Wealth-tax Act, even though the value shown is much higher than the value shown by the assessee's valuer ?' 2. The assessee was assessed under the Wealth-tax Act ('the Act' for short) with reference to the valuation date March 31, 1970 and March 31, 1971. We are concerned with the property situated in Kothari Road, Madras. The said property was valued at Rs. 2,04,943. Subsequently, the property was sold by the assessee. The estate of the purchaser was the subject-matter of valuation with reference to August, 1971. The property was valued at Rs. 2,67,000. From this, the assessing authority worked backwards to arrive at the value of the property as on ...
Commissioner of Wealth-tax Vs. N.A. Mayanna (by Legal Representatives)
Court: Karnataka
Decided on: Jan-04-1991
Reported in: (1992)101CTR(Kar)229; [1991]191ITR535(KAR); [1991]191ITR535(Karn)
K. Shivashankar Bhat, J. 1. The following question of law is referred for our consideration under the provisions of the Wealth-tax Act, 1957 : 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the partition is deemed to have taken place under Explanation 1 to section 6 of the Hindu Succession Act and the half share of the deceased which has devolved on the heirs cannot be included in the net wealth of the Hindu undivided family ?' 2. The relevant facts are : The Hindu undivided family consisted of Shri Appayyanna, his wife, Smt. Eeramma, and his son, Mayanna. On April 11, 1974, Shri Appayyanna died. His share of the property devolved on his widow, Eeramma, and his son, Mayanna. Mayanna filed a return of wealth declaring half of the wealth as belonging to the family in the status of a Hindu undivided family and the other half as belonging to the individual. The Wealth-tax Officer accepted the returns and assessed only half of the ...
Hyderabad Industries Ltd. Vs. Income-tax Officer and Another
Court: Karnataka
Decided on: Jan-04-1991
Reported in: (1991)95CTR(Kar)164; [1991]188ITR749(KAR); [1991]188ITR749(Karn)
K. Shivashankar Bhat, J.1. The effect of section 10(6A) of the Income-tax Act, 1961, on the working of section 195 is to be considered in these writ petitions.2. The petitioner had the benefit of the services of a non-resident company under an approved agreement; the petitioner had to pay certain sums to the non-resident company for the services rendered, on its behalf, by its engineer. The petitioner had to pay U. S. dollars 14,950 to the non-resident company; on this, the income-tax payable has to be paid by the petitioner under section 195 of the Act. The petitioner requested the first respondent to determine the tax to be paid on remittance of the amount and to issue a non-objection certificate. The net amount payable in terms of Indian currency was stated as Rs. 1,64,738 and the gross amount as Rs. 2,74,563; on this the tax of Rs. 1,09,825 was demanded as per no objection certificate dated May 18, 1984. After paying the tax and remitting the amount, the petitioner sought refund of...
M.S.P Spices Pvt. Ltd. Vs. Commissioner of Income Tax
Court: Karnataka
Decided on: Jan-04-1991
Reported in: [1991]188ITR491(KAR); [1991]188ITR491(Karn); 1991(1)KarLJ331
K. Shivashankar Bhat, J.1. The petitioner seeks the quashing of the order of the respondent whereby the latter set aside the order of assessment made against the petitioner by the Income-tax Officer for the assessment year 1983-84; the respondent exercised his power under section 263 of the Income-tax Act to revise the order of the Income-tax Officer and directed the Income-tax Officer to make a fresh order of assessment after considering the taxability of the sales tax amount refunded to the petitioner during the relevant year. Applicability of the doctrine of merger is the question involved.2. The petitioner is doing business in the export of coffee; it also derives interest on deposits and divided incomes. While computing the total income of the petitioner, the Inspecting Assistant Commissioner had disallowed certain expenses incurred by the petitioner against which the petitioner filed an appeal before the Commissioner of Income-tax (Appeals) who allowed the appeal partly by his or...
Om Trading Co. and Others Vs. Second Income-tax Officer
Court: Karnataka
Decided on: Jan-04-1991
Reported in: (1991)94CTR(Kar)282; [1991]188ITR641(KAR); [1991]188ITR641(Karn)
K. Shivashankar Bhat, J. 1. All the petitions involve an identical question. Facts in W. Ps. Nos. 462 to 464 of 1988 are referred to hereinafter. 2. The petitioners are registered firms; they challenge the notices dated December 21, 1987, issued under sections 142(1) and 143(2) of the Income-tax Act ('the Act), in respect of the assessment year 1986-87, issued by the respondent. The three petitioners had declared incomes of Rs. 41,030, Rs. 34,140 and Rs. 24,650, respectively, for the year in question; the returns were accompanied and profit and loss account as well as the balance-sheet; other details were also furnished. The assessing authority (the respondent) had accepted the returns and made orders of assessment accordingly. Subsequently, the impugned notices were issued. Since assessment orders had already been made, the petitioners sought the relation behind the issuance of the notices. The petitioners were informed that their case were selected under the scheme of 'selective scru...
N. Ratanchand JaIn Vs. Commercial Tax Officer, Circle Iv
Court: Karnataka
Decided on: Jan-04-1991
Reported in: [1992]85STC470(Kar)
K. Shivashankar Bhat, J. 1. Since identical question is involved in all these writ petitions they are taken up together. 2. The relevant facts are stated with reference to W.P. No. 13054 of 1987. The petitioner is a dealer registered under the provisions of the Karnataka Sales Tax Act, 1957 ('the Act'). The petitioner buys leco from M/s. Neyveli Lignite Corporation Limited. According to the petitioner it is a trade name and it is ordinarily understood as charcoal used as domestic fuel. The petitioner sells leco for domestic use and to hotels. All these years leco was treated as charcoal and appropriate exemption was being granted under item 29 of the Fifth Schedule to the Act. The goods enumerated in the Fifth Schedule to the Act are exempted from taxation under section 8 of the Act. Item 29 reads as follows : 'Fire-wood or charcoal when sold for domestic use, except to hotels.' The petitioner was served with a notice proposing levy of tax on the sales of leco treating it as coal falli...
Bharat Vijay Mills Ltd. Vs. Commissioner of Commercial Taxes
Court: Karnataka
Decided on: Jan-04-1991
Reported in: [1992]85STC23(Kar)
K. Shiva Shankar Bhat, J. 1. The question for consideration in these writ petitions is whether syntax water drums fall within entry 118 of the Second Schedule (containers other than gunnies) or falls under entry 110 that is articles made of polythene. The rate of tax under entry 110 is 10 per cent while it is 4 per cent under entry 118. The petitioners sought clarification from the department and invited the trouble. The petitioners were told that these syntax water drums are to be treated as articles made of polythene and are to be taxed accordingly. 2. According to the petitioners these water drums are to be taxed as 'containers' because they are used to store water as a container. 3. In the instant case I find that there are two competing entries regarding syntax water drums. It is possible to take the view that it is an article made of polythene and tax it under entry 110. At the same time it is also possible to consider it to be a 'container'. The item under entry 118 was simply '...
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