Judgment Search Results Home > Cases Phrase: banking regulation act 1949 maharashtra section 6 forms of business in which banking companies may engage Page 1 of about 702 results (0.213 seconds)

Commissioner of Income Tax, Kolhapur Vs. Ratnagiri Dist. Central Co-op ...

Court : Mumbai

Reported in : [2002]254ITR697(Bom); 2002(1)MhLj892

..... forms of business in which banking companies may engage. ..... (10) 'co-operative bank' means a society which is doing the business of banking as defined in clause (b) of sub-section (1) of section 5 of the banking companies act, 1949 and includes any society which is functioning or is to function as an agriculture and rural development bank under chapter xi.... .... . ..... ..... ..... the co-operative banks are also required to follow the mandate of the banking regulation act, 1949. ..... dated 21st january, 1987 permitting all the cooperative societies to invest their funds in ivp on the conditions mentioned therein in the following terms :'by virtue of the provisions of section 70(e) of the maharashtra cooperative societies act, 1960 read with rule 55 of the maharashtra co-operative societies rules, 1961 the government of maharashtra is hereby pleased to permit all the co-operative societies for investing/ depositing their funds in indira vikas patra on the following terms and conditions:-- (1) that the payments ..... in some cases by the commissioner (appeals), wherein in the facts and circumstances, it was held that the interest income derived from ivps by the assessees was clearly from and out of banking business and, therefore, entitled to exemption under section 80p(2)(a)(i) of the act and that the said income had been derived from the interest on securities of the central government, which were easily capable of being converted into liquid funds so as to make it available to the assessee .....

Cit Vs. Ratnagiri Distt. Central Co-op. Bank Ltd.

Court : Mumbai

Reported in : [2001]120TAXMAN77(Bom)

..... section 6(1)(a) is reproduced hereinbelow :'forms of business in which banking companies may engage ..... (1) in addition to the business of banking, a banking company may engage in any one or more of the following forms of business, namely :(a) the borrowing, raising, or taking up of money; the lending or advancing of money either upon or without security; the drawing, making, accepting, discounting, buying, selling, collecting and dealing in bills of ..... banks are also required to follow the mandate of the banking regulation act, 1949 ..... permitting all the co-operative societies to invest their funds in ivp on the conditions mentioned therein in the following terms:'by virtue of the provisions of section 70(e) of the maharashtra co-operative societies act, 1960, read with rule 55 of the maharashtra co-operative societies rules, 1961 the government of maharashtra is hereby pleased to permit all the co-operative societies for investing/depositing their funds in indira vikas patra on the following terms and conditions :(1) that ..... the assessees are co-operative societies carrying on business of banking and are governed by the provisions of the maharashtra co-operative societies act, 1960 (co-operative societies act). ..... of the reserve bank of india, vide his letter dated 5-10-1989 addressed to the principal secretary, finance department, government of maharashtra, has extended no objection to the cooperative banks and/or such other institutions in the state of maharashtra for making investment .....

State Bank of India (Overseas Branch) and anr. Vs. Commercial Tax Offi ...

Court : Kolkata

Reported in : [2003]132STC234(Cal)

..... ghosh submitted that notwithstanding the provisions of section 6 thereof, which dealt with the forms of business in which banking companies may engage, section 8 prohibited a banking company from directly or indirectly dealing in the buying or selling or bartering of goods except in connection with the realisation of security given to or held by it, or engage in any trade, or buy or sell or barter goods for others, otherwise than in connection with bills of exchange received for collection or negotiation or with such part of its business as is referred to in clause (i) of sub-section (1) of section 6 of the said act.27. mr. ..... commercial tax officer, reported in : ilr1996kar810 , wherein the aforesaid provisions of the banking (regulation) act, 1949, fell for consideration along with the relevant provisions of the karnataka sales tax act, 1957. ..... ghosh urged that the court will have to consider whether a bank which is covered by the provisions of the banking (regulation) act, 1949, can at all be said to be a dealer for the purposes of the sales tax statute. ..... reference was also made to a decision of the bombay high court in commissioner of sales tax, maharashtra state, bombay v. .....

Saraswat Co-operative Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)11ITD723(Mum.)

..... section 6 in part ii of this act specifies forms of business, in which banking companies may engage ..... to engage in any one or more of the following forms of business namely : (xvi) the acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purposes of the society, with the previous permission of the registrar ; the learned counsel has also placed before us section 70 of the maharashtra co-operative societies act, which provides ..... may, in this connection, also refer to the provisions of the banking regulation act, 1949 (x of 1949 ..... the learned counsel further submitted that under section 70 of the maharashtra co-operative societies act, 1960, a co-operative society was to invest or deposit its funds in accordance with the said provisions of law and that under rules 54 and 55 of the maharashtra cooperative societies act, 1960, a co-operative society can invest its reserve funds or other funds in any immovable property specified by the registrar by a general or a special order and ..... shown above with reference to the provisions of the maharashtra co-operative societies act and the rules made thereunder.it, therefore, follows that the rental income derived by the appellant-bank from portions of some of these buildings acquired by it for the purpose of its banking business also forms part of its business income only though for the purpose of computation of its total income under the act, the said income has to be computed separately .....

State Bank of India and Others Vs. State of Maharashtra, through the S ...

Court : Mumbai

..... section 6 of the banking regulation act falling under part ii under the heading business of banking companies in sub-section (1) states that in addition to the business of banking, a banking company may engage in any one or more of the forms of business set out in clause (a) to (o) of that sub-section and by section (2) it is mandated that no banking company shall engage in any form of business other than those referred to in subsection (1). 27. ..... we do not see how any responsibility or duty which contravenes the mandate of section 6 of the banking regulation act, 1949, would have to be performed and discharged. ..... tulzapurkar that the impugned amended provision in the maharashtra stamp act, 1958, should be be struck down on the ground that the purports to take over or occupied the field occupied by the banking regulation act, 1949. 31. ..... we do not see how by the obligation under the banking stamp act, 1958, which is extremely limited and restricted and equally in public interest can it be said that the state legislature has overreached or has taken over taken over or interfered with the field occupied by the banking regulation act, 1949. 29. ..... a perusal of the act and particularly, sections 5 and 6 leave us in no manner of doubt that by section 30-a of the maharashtra stamp act, 1958, the banks and financial institutions are not called upon anything which interferes with the mandate of the banking regulation act, 1949. .....

Commissioner of Income-tax Vs. Ahmednagar District Central Co-operativ ...

Court : Mumbai

Reported in : (2003)185CTR(Bom)336; [2003]264ITR38(Bom); 2004(1)MhLj853

..... our view is also supported by section 6(1)(b) of the banking regulation act, 1949, which states that in addition to the business of banking, a banking company may engage itself as agent for government or local authority or any other person for giving receipts and discharges that is to say for collecting electricity bills from the customers for and on behalf of mseb and mpcs. ..... that the word 'banking' has been defined under section 5(b) to mean acceptance of deposits from public repayable on demand or otherwise whereas, section 6(1) states that in addition to the business of banking, a banking company may engage in one or more forms of business enumerated in section 6(1)(a) to (o). ..... the alternative, it was submitted that even if the court comes to the conclusion that the activities enumerated in section 6(1)(a) to (o) form part of banking business even then one has to scrutinize the nature of each of the activities/forms of business enumerated in section 6(1)(a) to (o) and on such verification if the assessing officer finds, on the facts, that the particular activity has a close proximity to banking business then alone such activities/forms of business under section 6(1)(a) to (o) would attract the benefit of exemption under section 80p(2)(a)(i). ..... during the assessment year 1982-83, the assessee-bank earned income by way of commission from the maharashtra state electricity board and from mula pravara co-operative society (mfcs) for collecting electricity bills from the public on .....

Cit Vs. Ahmednagar Distt. Central Co-operative Bank Ltd.

Court : Mumbai

Reported in : [2003]132TAXMAN226(Bom)

..... our view is also supported by section 6(1)(b) of the banking regulation act, 1949 which states that in addition to business of banking, a banking company may engage itself as agent for government or local authority or any other person for giving receipts and discharges that is to say for collecting electricity bills from the customers for and on behalf of mseb and ..... that the word 'banking' has been defined under section 5(1)(b) to mean acceptance of deposits from public repayable on demand or otherwise whereas, section 6(1) states that in addition to business of banking, a banking company may engage in one or more forms of ' business enumerated in section 6(1)(a) to (o). ..... the alternative, it was submitted that even if the court comes to the conclusion that the activities enumerated in section 6(1)(a) to (o) form part of banking business even then one has to scrutinize the nature of each of the activities/ forms of business enumerated in section 6(1)(a) to (o) and on such verification if the assessing officer finds, on facts, that the particular activity has a close proximity to banking business then alone such activities/ forms of business under section 6(1)(a) to (o) would attract the benefit of exemption under section 80p(2)(a)(i).findings6. ..... during the assessment year 1982-83, the assessee-bank earned income by way of commission from the maharashtra state electricity board and from mula pravara co-operative society (mpcs) for collecting electricity bills from the public on .....

Associated Timber Industries and Others Vs. Central Bank of India and ...

Court : Supreme Court of India

Reported in : AIR2000SC2689; [2000]102CompCas134(SC); JT2000(9)SC17; 2000(5)SCALE577; (2000)7SCC93; [2000]Supp2SCR310; 2000(2)LC1423(SC); (2000)3UPLBEC2191

..... defines the business of bankers thus:the principal part of the business of a banker is receiving money on deposit, allowing the same to be drawn against as and when the depositor desires and paying interest on the amounts standing on deposit.then sec 6(1) of the banking companies act, 1949, provides, that in addition to the business of banking, a banking company may engage in any one or more of the different kinds of business specified in the various sub-clauses of sub-section (1) of section 6. ..... under sub-sections 1(a) to (o) of the said section are enumerated different forms of business in any one or more of which a banking company may be engaged. ..... section 6 deals with the forms of business in which banking companies may engage. ..... the activities of banks are governed under the banking regulation act, 1949 which is a parliamentary enactment. ..... in clause (o) it is laid down that the banking company may engage in any other form of business which the central government may, by notification in the official gazette, specify as a form of business in which it is lawful for a banking company to engage.17. ..... state of maharashtra : [1977]2scr828 the constitution bench of this court considering the constitutional validity of the maharashtra debt relief act, 1976 observed:a meaningful, yet minimal, analysis of the debt act, read in the light of the times and circumstances which compelled its enactment, will bring out the humane setting of the statute. .....

Rustom Cavasjee Cooper Vs. Union of India (Uoi)

Court : Supreme Court of India

Reported in : AIR1970SC564; [1970]40CompCas325(SC); (1970)1SCC248; [1970]3SCR530

..... palkhivala submitted that the parliament may legislate in respect of the business of banking as defined in section 5 (b) of the banking regulation act, 1949, and matters incidental thereto, and also for acquisition of that part of the undertaking of each named bank which relates to the business of banking, but not in respect of any other business not incidental to banking in which the named bank was engaged prior to july 19, 1969, for the power to legislate in respect of such other business falls within entry 26 ..... section 6(1) of the 1949 act contemplates that the central government might by notification specify any other form of business and therefore the government could ask a banking company to engage in a form of business which is not a usual type of business done by a banking company. ..... out at more than 10% in the case of the shares of bank of baroda, central bank of india, dena bank, indian bank, united bank and united commercial bank; and at more than 9% in the case of shares of bank of india, bank of maharashtra, canara bank, indian bank, indian overseas bank and united bank of india. ..... setalvad, intervening on behalf of the state of maharashtra and the state of jammu and kashmir, that the parliament is competent to enact act 22 of 1969, because the subject-matter of the act is 'with respect to' regulation of trading corporations and matters subsidiary and incidental thereto, and on that account is covered in its entirety by entries 43 and 44 of list i of the seventh .....

M/S. Thiru Muruga Finance Rep. by Its Partner Sri V. Thirunavukkarasu, ...

Court : Chennai

Reported in : 2000(2)CTC609

..... firm;(iii) amounts received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949);(iv) any amount received from,-(a) the development bank,(b) a state financial corporation,(c) any financial institution specified in or under section 6a of the industrial development bank of india act, 1964 (18 of 1964), or(d) any other institution that may be specified by the bank in this behalf;(v) amounts received in the ordinary course of business, by way of -(a) security deposit,(b) ..... section 2 of the industrial development bank of india act, 1964 (18 of 1964);(d) 'firm' means a firm as defined in the indian partnership act, 1932 (9 of 1932);(e) 'non-banking institution' means a company, corporation or co-operative society;(f) 'non-banking financial company' means- (i) a financial institution which is a company;(ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or ar-rangement or in any other manner or lending in any manner;(iii) such other non-banking institution or class of such institutions, as the bank may ..... banking company shall engage in any form of business other than those referred to in sub-section ..... fact remains that except the fact that the punishment prescribed in maharashtra ordinance is lesser than that prescribed in the tamil nadu act, the other provisions are there; accordingly i am unable to .....