Chit Amount - Judgment Search Results

Sri Ravindra Vs. State By J P Nagar P S

Court: Karnataka

..... the very act of the accused in not repaying the chit amount to the subscribers investors and fleeing away without honouring their ..... 34 subscribers to part with their money as the subscription amount to the chit thereby resulting into an offence punishable under section 420 ..... pw 1 and stated that they too have invested considerable amount in the chit that was being run by the accused however the .....

The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Court: Income Tax Appellate Tribunal ITAT Hyderabad

Reported in: (2005)92ITD258(Hyd.)

..... the assessee had not disclosed the correct turnover of business in as much as the chit amounts collected from the subscribers formed part of the turnover of the assessee and as such ..... chit subscription amounts collected was more than 40 lakhs during the impugned assessment year the assessee was liable .....

income-tax Officer Vs. Muthoot M. George Chits (India)

Court: Income Tax Appellate Tribunal ITAT Delhi

Reported in: (1990)34ITD1a(Delhi)

..... about the security so provided by the foreman in respect of 64 chits whose principal amount or the chit amount or the chit value is to the tune of rs 10 lakhs approximately i e ..... section 13 indicates that the foreman is entitled to obtain the chit amount at the installment as specified in the chit agreement the chit amount has been defined in section 2 4 of the act .....

Sri Visalarn Chit Fund Ltd. and anr. Vs. Union of India, New Delhi and ...

Court: Karnataka

Reported in: AIR1989Kant125; ILR1988KAR1518

..... ticket he should be allowed to get more than one chit amount in a chit without discount clause 22 sub clause 2 was amended ..... upon the foreman to deposit in an approved bank an amount equal to chit amount in the name of the registrar before applying for previous ..... government securities that the said provision for depositing an amount equal to the chit amount in the name of the registrar or transfer of .....

Bilahari Investments (P) Ltd. Vs. the Commissioner of Income Tax

Court: Chennai

Reported in: (2007)207CTR(Mad)512; [2007]288ITR39(Mad); (2006)4MLJ1644

..... assessees claimed that the discount arose at a particular point of time when the prized chit amount was received and the discount was a statutory and contractual liability incurred by the subscriber ..... for rateable distribution among the subscribers at each installment of the chit m prize amount means the difference between the chit amount and the document and in the case of a fraction of a .....

The Andhra Pradesh Federation of Chit Funds, a Public Society Rep. by ...

Court: Andhra Pradesh

Reported in: (2008)220CTR(AP)28; (2008)17VST128(AP)

..... the parties that is entered as per section 6 only provides for distribution of the chit amount this agreement has to be treated as contract between the subscribers and the foreman and ..... in such other manner as may be specified in the chit agreement be entitled to the prize amount 11 the nature of chit transaction has come up for consideration before the apex court .....

Reserve Bank of India Vs. Peerless General Finance and Investment Co. ...

Court: Supreme Court of India

Reported in: 1987(1)SCALE100; (1987)1SCC424; [1987]2SCR1; 1987(1)LC586(SC)

..... to pay his subscriptions thus every member gets the whole of the chit amount by turns there is no loss of capital also there is ..... in some states he also reserves the right to take the entire chit amount at the first or second instalment as prize depending on the ..... of prizes or for refund of whole or part amount of subscription scheme is prize chit held section 2 e does not contemplate scheme without .....

Sri Visalam Chit Fund Ltd. and Others Vs. Union of India and Others

Court: Karnataka

Reported in: [1990]67CompCas203(Kar)

..... one ticket he should be allowed to get more than one chit amount in a chit without discount clause 22 sub clause 2 was amended since the ..... in some states he also reserves the right to take the entire chit amount at the first or second instalment as prize depending on the terms ..... on a small piece of paper since the winner of the chit amount was to be ascertained through draw of lots it involved writing .....

Shriram Chits and Investments P. Vs. Assistant Commissioner of

Court: Income Tax Appellate Tribunal ITAT Chennai

Reported in: (2003)263ITR65(Chennai)

..... and the terms relevant to the issue before us are chit chit agreement chit amount defaulting subscriber discount dividend draw foreman non prized subscriber prize amount registrar subscriber and ticket chapter ii of the cfa ..... the registrar for his approval followed by placing in deposit fifty per cent of the chit amount in a bank and provide a bank guarantee for the balance fifty per cent he .....

Mayavaram Financial Corporation Ltd. and ors. Vs. Reserve Bank of Indi ...

Court: Chennai

Reported in: [1971]41CompCas890(Mad)

..... face value or market value whichever is less of not lessthan half of the chit amount and transfer the amount so deposited or the government securities in favour of the registrar to be ..... rights of the foreman mentioned in section 13 are to obtain the chit amount at the instalment specified in the chit agreement to charge commission or remuneration not exceeding five per cent of .....