Court : Madhya Pradesh
Reported in : AIR1977MP74; 1977MPLJ74
..... is he who has to undertake the botheration of filing suits; he has to maintain a regular office, employees and account books, both the learned counsel tried to demonstrate before us that a conventional chit fund scheme is a scheme of mutual benefit shared equally and equitably by the subscribers. ..... many depositors of commercial banks probably join chit funds because of a chitty they can get the combined benefits of regular savings and borrowings for specific needs.the banking commission has observed that it was essential to have a uniform chit fund legislation applicable to the whole country to regulate chit funds (vide ..... emphatically urged by both the learned counsel that the impugned act would deprive a large number of people of the unique benefit which chit fund schemes provide to them at the time of their need. ..... it is really a debt in praesenti but permitted to be paid by instalments, the benefit of the said facility being available to the debtor only so long as the instalments are ..... needed; for instance, for a daughter's marriage or children's education, it was argued that the impugned act would deprive not only residents of madhya pradesh but also residents outside madbya pradesh, of the benefit of chit schemes promoted within madhya pradesh. ..... that gambling had been totally prohibited by manu because it destroyed truth, honesty, and wealth, while ether lawgivers permitted it when conducted under the control of the state so as to allow the king a share of every stake. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1969MP82; 1969MPLJ155
..... . only the share-benefit slice can be given relief under section 51 (2).paragraph 5 of the schedule vii provides that, in cases where the deceased's share benefits could have been increased if he had not taken non-share benefits, the non-share benefits shall be treated as share benefits to the extent that they could have been applied in increasing the share benefits ..... last mentioned benefits, or as payments which would have constituted such benefits; or(b) if the first mentioned benefits are brought into the computation made under sub-section (2) of section 17 of the act to the ..... which estate duty would be payable on his death apart from anything in that sub-rule and by virtue of that interest or power benefits accrued to the deceased from the company in those years, or would so have accrued to him if any payments had been made by virtue of rights attached to those shares or debentures, then --(a) if the first mentioned benefits consisted to any extent of payments made out of moneys which, if not so applied, could have been applied in increasing the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1968]70ITR439(MP)
..... . only the share-benefit slice can be given relief under section 51(2).paragraph 5 of the schedule vii provides that, in cases where the deceaseds share benefits could have been increased if he had not taken non-share benefits, the non-share benefits shall be treated as share benefits to the extent that they could have been applied in increasing the share benefits ..... last mentioned benefits, or as payments which would have constituted such benefits; or(b) if the first mentioned benefits are brought into the computation made under sub-section (2) of section 17 of the act to the ..... which estate duty would be payable on his death apart from anything in that sub-rule and by virtue of that interest or power benefits accrued, to the deceased from the company in those years, or would so have accrued, to him if any payments had been made by virtue of rights attached to those shares or debentures, then -(a) if the first mentioned benefits consisted to any extent of payments made out of moneys which, if not so applied, could have been applied in increasing the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1969MPLJ295
..... on 29th june, 1950, for the year ending on 31st march, 1949, out of the holders of 3,09,102 shares in the petitioner-company as on 29th june, 1950, holders of only 21 shares opted for cash payment; thus for the first period more than 99.8% and for the second period more than 99.9% of the petitioner's shareholders got the benefit of the shares of the pilani company by way of dividend ; consequently, there was no room whatsoever for the suggestion that ..... by not disclosing the real value of the shares in the two relevant account years the petitioner-company dissuaded its shareholders from accepting the shares of the pilani company in lieu of cash dividend and thus gave the fullest opportunity to the ..... now, if over 99% of the shareholders accepted the pilani shares as dividend, then the basis for the further suggestion that the benefit of investment made by the petitioner-company in purchasing the shares of the pilani company, the distribution of the shares of the pilani company by way of dividend and the bonus shares issued by the pilani company subsequently went to the birla group which was in the control and management of the petitioner-company also disappears. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1953CriLJ1764
..... doubt about his guilt, but because there is no evidence even prima facie to indicate his guilt.the learned sessions judge was, therefore, not accurate when he described the case of karan singh as one of giving benefit of doubt to the accused.9. in accepting the evidence of the eyewitnesses against the appellant lalaram, the learned sessions judge has been guided by the consideration that the maxim 'falsus in uno falsus in omnibus' is not ..... when the appellant lalaram refused to leave the service of the zamindar, the villagers did not permit lalaram to share with them the benefit of a patta in respect of certain lands in the zamindari of sukhpal singh which the villagers had obtained from the collectorate. ..... to my mind, the principle of giving benefit of doubt to the accused person operates only in those cases where there is prima facie satisfactory and extremely evenly balanced evidence on either side and the conduct of the accused is consistent with his guilt as well as ..... of eye-witnesses against karan singh as demonstrably false and acquitted karan singh on the ground that there was no evidence against him, the acquittal of karan singh could be described as one resting on the principle of giving benefit of doubt to the accused. ..... it is no doubt true that while acquitting karan singh the learned sessions judge has said that karan singh should be given the benefit of doubt. ..... at the end of the trial, the learned sessions judge acquitted karansingh giving him the benefit of doubt. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1959MP151
..... specific performance of the agreement dated 28th feburary 1941 compelling them to execute an assignment in his favour of the two and half annas share with ail the benefits accruing in respect thereof after 28th feburary 1941 and for an account of the amount that might have become due and payable to him under the said ..... basis of the profits accruing on two and half annas share from 28th february 1941 upto the date of the suit and on the basis of the average benefit further damages for the unexpir-ed period of the managing agency ..... with all the benefits accruing therefrom as founded on the award dated 8-2-1941' and he valued the two and half annas share proportionately on the valuation of the five annas share belonging to brijlal ..... days after the award was delivered, govindram approached him with an offer to make him a partner in the managing agency firm by assigning to him two and half annas share out of the share of bilasrai and brijlal which he was to get under the award.the plaintiff took time to consider the offer, and after some discussion and negotiations a draft of the agreement ..... offering it to the other partners as re-quired by clause; (14) of the partnership agreement of 1935 and whether for that reason the agreement was unenforceable; and secondly whether the plaintiff was entitled to a share in the profits of the managing agency firm from the date of the agreement ex. p/1. in the view we have taken of the matter, these points do not in any way affect our conclusion .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1961MP40
..... power is given to the society to transfer the shares to a member, if no nomination is made or if the legal representative fails to nominate a qualified person within a month. ..... this fact that the appellant held shares of the society confirms the presumption that he, was a member. 23. ..... the byelaws do not provide how the share held by such a member shall be dealt with. ..... section 22: this section lays down how the share held by a deceased member shall be dealt with. ..... it therefore refused to recognize the transfer and to extend the benefit of the membership to the plaintiff. ..... step beyond that, then extraneous matters of any kind, which may happen to be in dispute between the society and any of its members, ought to be the subject of a reference'.in the second case, a member had transferred his share to the plaintiff who applied for being recognized as a share-holder of the society. ..... in fact, every share-holder is normally liable to the extent of his share. ..... such a share cannot vest in the legal representatives or their nominees unless they are 'qualified according to the rules and byelaws for membership of the society'. ..... 5/- each and later purchased twenty shares worth rs. ..... these provisions are obviously intended to exclude non-members from acquiring shares. 21. ..... in paragraph 12 of his deposition he has admitted that he held three shares of rs. ..... after the sale but before notice of the transfer was given to the society, the society had forfeited the shares. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1961MP274
..... of commons (disqualification) act, 1782, is as follows: 'from and after the end of this present session of parliament any person who shall directly or indirectly himself or by any person whatsoever in trust for him or for his use or benefit or on his account undertake, execute, hold or enjoy, in the whole or in part, any contract, agreement or commission made or entered into with, under or from the commissioner of his majesty's treasury, or of the navy or victualling office, or with ..... section 15, clause (1), is restricted only to executory contracts is accepted, a wide door is left open for the members of the committee to take advantage of their office and to sell municipal property for cash or by auction sale to their benefit and similarly to purchase property for the municipality for cash to the detriment of the interests of the committee. ..... employed in the service of the public, shall be incapable of being elected or of sitting or voting as a member of the house of commons during the time that he shall execute, hold or enjoy any such contract, agreement or commission or any part or share thereof, or any benefit or emolument arising from the same'. ..... and berar municipalities act and the significance and effect of the expression 'while owning such share or interest' used in section 15 (1) and of the words 'becomes subject to any of the disqualifications in section 15 shall forthwith cease to be president, vice-president or member' occurring in section 22 (2) of the act have been .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1963MP316; 1963MPLJ614
..... the transport services run by tna company were managed by four different groups; that each group was allotted certain number of vehicles and kept in charge of the operation of certain services and given shares in the company and was also allowed to take the profits and earning of the services run by that group; that the group which ran services on katghara-bilaspur route and other routes ..... nomination paper of the respondent taking the view that the contract between the company and the central government for the carnage of mail bags and postal articles subsisted, that the respondent was a share-homer in the company and as such had a pecuniary interest in the contract, and that the contract was one which tell under the description of a contract 'for the execution of any ..... for being chosen as and for being, a member of either house of parliament or of the legislative assembly or legislative council of a state :- ** ** ** ** ** ** ** ** (d) if, whether by himself or by any person or body of persons in trust for him or for his benefit or on his account, he has any share or interest in a contract for tna supply of goods to, or for the execution of any works of the perforance of any services undertaken by, the appropriate government. ..... under the old clause (d) the possession by any person of any share or interest in a contract, whether by hint-self or any person or body of persons in trust for him or for his benefit or on his account, was sufficient to attract the disqualification, it .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1965]57ITR213(MP); 1965MPLJ156
..... agreements, which mannalal concluded, were without the consent of other partners.the further objection that as sir hukumchand and his son, rajkumar singh, had not disclosed in their returns of income the shares of profits received by them from the assessee-firm and that as those profits were actually included in the total income of a private limited company, namely, sir sarupchand hukumchand, therefore, ..... of the firm but under a separate agreement with mannalal which was not a part of the partnership agreement; and consequently, registration of the firm could not be refused on the ground that the share of profits was allotted otherwise than in accordance with the terms of the partnership deed.another contention advanced on behalf of the department, which had been rejected by the appellate assistant commissioner and which was ..... also, in his dissenting judgment, observed :'it is open to a partner who receives his share in the profits of the firm to dispose of that share in any manner he pleases, and no inference from the distribution of the share of such profits alone can lead to the inference that the persons who ultimately received the benefit of the profits are partners of the firm which had distributed the profits'.we may also refer to another decision of the ..... shares taken by the co-partners belonged not to the individuals but are the shares held by them for the benefit of their branch of the family which is still joint and that they therefore together form only one share .....
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