Mumbai Court September 1962 Judgments
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Walchand and Co. Private Ltd. Vs. Commissioner of Income-tax, Bombay C ...
Court: Mumbai
Decided on: Sep-04-1962
Reported in: [1963]48ITR638(Bom)
V.S. Desai, J. 1. The question raised on this reference relates to the disallowance of certain sums from the salaries paid by the assessee to its three executive officers during the assessment years 1953-54 and 1954-55. The assessee is a private limited company carrying on the work of managing agents of nine companies belonging to the Walchand group. The directors of the assessee company are also from the Walchand group and till 31st January, 1949, Seth Walchand Hirachand was himself one of the directors of the assessee company. Some time before Seth Walchand ceased to do any work in the assessee company, the assessee employed three executive officers on its staff. Out of these three executive officers, one was the cousin and the other two were sons of one of the directors of the assessee company. These three officers before their appointment in the assessee company had been sent for training to the several managed companies as apprentices. During the previous year relevant to the asse...
Shri Vallabh Pitte Vs. Narsingdas Govindram Kalani
Court: Mumbai
Decided on: Sep-04-1962
Reported in: AIR1963Bom157; (1963)65BOMLR29; ILR1962Bom743; 1963MhLJ841
Patel, J.1. This appeal raises the much vexed question as to the validity of an award given in a case by arbitrators where the jurisdiction of the arbitrators is challenged. The short facts are as follows; The appellant is a firm carrying on business at the Cotton Exchange Building, Kalbadevi Road, Bombay. The firm is a member of the East India Cotton Association Ltd. Kalani and Co., a firm of which the respondent was a partner employed the appellants in about 1954 to act as their agents to effect transactions in cotton in accordance with the rules, regulations and bye-laws of the East India Cotton Association Ltd. Neither the respondent-firm nor any of its partners were members of the Association. A large number of transactions were carried through at their request by the appellants. For transactions prior to 13th May 1955 there was no dispute between the parties, but the dispute related to transactions effected after that date. As the Respondent refused to honour his obligations whic...
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