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Humphreys (FC) Vs. Commissioners for Her Majesty's Revenue and Customs

Court : UK Supreme Court

..... tribunal and the court of appeal that the rule is justified and would therefore dismiss this appeal.annex single paymentsplit paymentextra paymentprecedent option generally adopted across benefit system: child benefit, income support child premium, housing and council tax benefit supplementary benefit rules allowed sharing of child's scale rate tax allowance of children's tax credit, until 2003 nonerationale ctc aims to protect children from povertysingle payment ensures that the main carer ..... the respondent has produced a comparative survey of legislative provisions governing the allocation of child benefits in shared care arrangements and the appellant has produced a "research note" into that survey. ..... but if the circumstances were the other way round, then of course it would make sense to order that the benefit be shared or even ceded entirely to a parent living at subsistence level. ..... to ctc and contains elements for lone parents and childcare pressure for reform of the benefits also based on single paymentpublic expenditure no additional expenditure required maximises amount of current resources going to child no additional expenditure on benefit paid but greater expenditure on administrative costs substantial additional expenditures required on benefit some additional admin costs, as increased number of claimssupport for shared parenting can be paid to minority carer by agreement, or if more than one child responsive to changes in care .....

Rhodia S.A. Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... would allow persons to acquire indirect control of listed company by acquiring the holding company or a set of investment companies which has block holding and which may be unlisted, because the scope of the regulations apply only to acquisitions of shares in listed companies, the committee thought it fit to clarify by way of an explanation that acquisition of an unlisted company would not be exempted if by virtue of such acquisition, or change in control of the unlisted company whether in india or abroad, there is ..... submitted that the sole aim of the respondents 2, 3 and 4 is to fetch a high price for the shares held by them and to achieve this benefit they are shifting their stand and misguiding the authorities. ..... . the appellant's claim that the transfer of shares in the instant case was an inter se group transfer and as such exempted in terms of section 3(1)(e)(i) is untenable for the reason that there is no evidence of compliance of the requirement stated in the explanation to the said regulation that 'the benefit of availing of exemption from applicability of regulations for increasing shareholding or inter se transfer of shareholding among group companies, relatives and promoters shall be subject to such group companies or relatives or ..... is to force the appellant to make a public offer taking 14-3-2000 as the date on which the appellant exercised its call option, so that the offer price will be much higher than the current market price of the shares to benefit them .....

M.M. Marican Trust Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)37ITD174(Mad.)

..... who is a citizen of india and resident in india for the purposes of this act, and - (4) "notwithstanding anything contained in the foregoing provisions of this section, where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager, ..... cit(a) is not justified in concluding that the trust per se is assessable under the w.t act and in any event under section 21(4) of the w.t act on the ground that the share of benefits as well as the beneficiaries are indeterminate and unknown.at the time of hearing of the appeals, additional grounds of appeal were filed, in each of these appeals, and a petition seeking leave ..... important, is as follows: "if any of the beneficiaries or descendants disputes or does not want the benefits of this trust conferred upon him or her then his or her share shall be distributed in favour of the other beneficiaries or descendants as the case may be in ..... explanation 1: for the purposes of this sub-section, the shares of the persons on whose behalf or for whose benefit any such assets are held shall be deemed to be indeterminate or unknown unless the shares of the persons on whose behalf or for whose benefit such assets are held on the relevant valuation date are expressly stated in the order of the court or instrument of trust or deed of wakf, as the case may be, and .....

Potter Vs. Couch

Court : US Supreme Court

..... my will that if either of the devisees or legatees named in my will shall in any way or manner cease to be personally entitled to the legacy or devise made by me for his or her benefit, the share intended for such devisee or legatee shall go to his or her children in the same manner as if such child or children had actually inherited the same, and in the event of such person or persons ..... my will that if either of the devisees or legatees named in my will shall in any way or manner cease to be personally entitled to the legacy or devise made by me for his or her benefit, the share intended for such devisee or legatee shall go to his or her children in the same manner as if such child or children had actually inherited the same, and in the event of such person's or persons ..... part," and having directed the devise over to take effect "if either of the devisees shall in any way or manner cease to be personally entitled to the devise made for his benefit," the devise over of the shares of the brother and the nephew, if valid, would take effect upon any alienation by the first devisee, whether voluntary or involuntary, by sale and conveyance, by levy of execution, ..... the devisees or legatees named in my will shall in any way or manner cease to be personally entitled to the legacy or devise made by me for his or her benefit, the share intended for such devisee or legatee shall go to his or her children in the same manner as if such child or children had actually inherited the same, and in .....

Anderson Vs. Abbott

Court : US Supreme Court

..... par value of such bank stocks, and (2) shall reinvest in readily marketable assets other than bank stock all net earnings over and above 6 percentum per annum on the book value of its own shares outstanding until such assets shall amount to such 25 percentum of the aggregate par value of all bank stocks controlled by it;" "(c) notwithstanding the foregoing provisions of this section, after five years after the ..... found, and the circuit court of appeals agreed, that banco was organized in good faith and was not a sham; that it was not organized for a fraudulent purpose or to conceal enterprises conducted for the benefit of the bank; that it was not a mere holding company; that it was not formed as a means for avoiding double liability on the stock of the bank, and that the soundness of the ..... make application to the federal reserve board for a voting permit entitling it to cast one vote at all elections of directors and in deciding all questions at meetings of shareholders of such bank on each share of stock controlled by it or authorizing the trustee or trustees holding the stock for its benefit or for the benefit of its shareholders so to vote the same. ..... *" "for the purposes of this section, shares shall be deemed to be controlled by a holding company affiliate if they are owned or controlled directly or indirectly by such holding company affiliate, or held by any trustee for the benefit of the shareholders or members thereof. ..... together, they shared the benefits of ownership of the .....

Cit Vs. Smt. T. Suryamani Kothavalasa

Court : Andhra Pradesh

Reported in : [2003]130TAXMAN538(AP)

..... of income tax, eighth edition, volume 1, which was also referred in that decision, and it reads as follows :'this section applies irrespective of whether the assessee's spouse or minor children are allowed a share in the firm without any contribution on their part to the capital or assets of the firm, or whether they bring their own capital or become members of the firm in their own right. ..... but, however, when the matter was carried to the appellate tribunal, the tribunal took the view that there was no bequeath and the admission of the minor to the benefits of the firm was only in lieu of the capital lying to the credit of the erstwhile huf, represented by its karta, jayarama pillai and, therefore, the income received by the minor has got nexus ..... to exercise the option reserved under the clause referred to above and refused to join the partnership business and by a fresh deed dated 11-1-1968, the surviving partners admitted three minors to the benefit of the partnership firm, each having 14 per cent share and continued to carry on the business with effect from 19-12-1967. ..... by reason of his admission to the benefits of partnership should be regarded as share income of the huf represented by the ..... where in a partnership of two brothers ` the third brother, who was deaf and dumb, was admitted to the benefits of the firm giving a 1/3rd share in the profits. ..... the share of benefit offered to the minor is not for any service rendered by him, but in lieu of the investment of the huf .....

Commissioner of Income Tax Vs. Narinder Mohan Foundation

Court : Delhi

Reported in : (2007)213CTR(Del)129; [2009]311ITR425(Delhi)

..... shall, for the purposes of that clause, be deemed to have been used or applied for the benefit of a person referred to in sub-section (3):(a) to (g) xxxxxxx(h) if any funds of the trust or institution are, or continue to remain, invested for any period during the previous year (not being a period before the 1st day of january, ..... or institution has been created or established after the commencement of this act and under the terms of the trust or the rules governing the institution, any part of such income enures, or(ii) xxxxxdirectly or indirectly for the benefit of any person referred to in sub-section (3)(2) without prejudice to the generality of the provisions of clause (c) and clause (d) of sub-section (1), the income or the property of the trust or institution or any part of such income or property ..... the replies of the assessed trust, the ito found that the 11,25,418 shares held by the assessed trust in mmbl, including the bonus shares and shares received by way of donation, were more than 5% of the total share holding of mmbl and thereforee the benefit of section 13(4) of the act was not available. ..... it was argued that since the children for whose benefit the shares were held had not yet been born, the provision of section 13(3) would not ..... thereforee be said that the shares held by the trustees were not for the benefit of anyone. .....

E.S.i. Corporation Vs. Julier Sherly

Court : Kerala

Reported in : II(2004)ACC343; 2004ACJ1747; [2004(101)FLR959]; 2004(1)KLT903; (2004)IILLJ665Ker

..... rules, definite share of the dependents benefits allowable to each and every dependant of an employee who died out of an employment injury had been specified and each would be entitled to such share of dependant benefits, and such specified share could not be varied due to the presence or absence of any other ..... it further says that if the total of the dependents benefits to be distributed among the wife and children of the deceased, exceeds the full rate at any time, the share of each dependant shall be proportionally reduced so that the total amount payable does not exceed the amount at the full ..... the scheme under the rule 58, the share of benefit to each and every dependant has been specified and such share does not vary. ..... that if the total of the dependents' benefit distributed among the widow or widows and legitimate or adopted children of the deceased person as aforesaid exceeds at any time the full rate the share of each of the dependents shall be proportionately reduced, so that the total amount payable to them does not exceed the amount of disablement benefits at the full rate. b. ..... to the provisions of the act and these regulations, the appropriate regional office may, as a result of such review, commence, continue, increase, reduce or discontinue from such date as it may decide the share of any of the dependents'.it appears, the petition was filed by the widow of the deceased for reviewing the amount payable towards dependents benefit under clause 84 of the regulation. .....

Commissioner of Income-tax, Gujarat Vs. Nandiniben Narottamdas

Court : Gujarat

Reported in : (1982)26CTR(Guj)200; [1983]140ITR16(Guj)

..... manner in which the conflict, if any, in the former and latter parts of the declarations can be resolved, therefore, is to read the words 'the benefits of share' in the former part in the light of the unequivocal declaration in the later part and to interpret them as meaning that the gift was of the right to share in the profits coupled with the liability to contributed to the losses, if any, for two firms. ..... in the first place, true it is that the declarations refer in the first paragraph to the donation of 'the benefits of share' and that it is 'the said donation' which it stated to have been accepted by the trustees of the ..... declaration made on december 7, 1966 (the date, december 16, 1964, has been erroneously mentioned in the statement of case, of case, according to the parties), the assessee declared: 'i being desirous of assigning the benefits 0-1-0 shares in the said firm of m/s amrit chemicals, ahmedabad, donated the same for the benefit of the beneficiaries valued in the trust of panna, pratiksha and mamta trust.... ..... declaration in point of time relates to the assessee's share in amrit chemicals and the material part thereof reads as under: 'that i being desirous of assigning the benefits of 0-1-0 share in the said firm of m/s. ..... portion thereof reads as under: 'that i being desirous of assigning the benefits of share of 0.68 paise in the said firm of m/s. ..... warrant, therefore, to read the words, 'benefits of share' s equivalent to the expression 'benefits of partnership' in s. .....

Administrator-general of Madras Vs. Money and ors.

Court : Chennai

Reported in : (1892)ILR15Mad448

..... i hereby give, devise and bequeath to my grandchildren by my said late daughter, elizabeth wilkins, also to my grandson, frank william money, and to his step-brother, george william money (the latter now in england), in equal shares, the benefit, interest and profit that shall arise and accrue from and out of ' the garratt trust fund ' which my executor and trustee shall draw and disburse quarterly. ..... beresford lodge' at the junction of lai bagh road and fort road, bangalore, together with all the household furniture supplied by me therein and thereto belonging to the children of my late daughter elizabeth wilkins, now deceased, jointly share and share alike, and which i wish should be a home for them or any of them in bangalore, not to be disposed of until the youngest of my said late daughter's children surviving shall attain the age of eighteen years, when ..... and subject at all times to the condition, which i hereby direct, that my executor and trustee shall always be fully satisfied that the moneys so paid away to him are made proper use of exclusively for the benefit, support and education of the said children, and i hereby direct that my said executor and trustee shall, at all times, see to their continued welfare unitl they attain majority, after which period my executor and ..... . w, money a benefit out of the fund over and above his share .....