Court : Kolkata
Reported in : [2000]102CompCas81(Cal),(1999)2CompLJ72(Cal)
..... nidhi ltd. (company petition no. 447 of 1990). the applicants respondents herein filed an application on february 12, 1990, under section 397/398 of the companies act, 1956, for certain reliefs against the appellants and other respondents. upon completion of exchange of affidavits the parties addressed the learned trial judge on the merits of ..... several companies including debonair agencies ltd., sandeep jalan and the said akshay nidhi limited were the subject-matter of proceedings under section 597/398 of the companies act. company petition no. 447 of 1990 was filed by bajrang prasad jalan against akshay nidhi ltd. and others on september 12, 1990, for certain reliefs. ..... 1989, contained two sheets containing pages 15 to 18 although no other page either preceding or subsequent thereto was filed. it was alleged that the aforementioned acts and conduct were calculated and made with mala fide intent and collateral object of denying the applicants b. p. jalan and his group from participating in .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]119ITR785(Cal)
..... 6th day of august one thousand nine hundred and sixty-two between s. b. (house & land) limited, a private limited company incorporated under the indian companies act, and having its registered office at no. 2, ganpat bagla road, in calcutta, hereinafter called the transferor (which expression shall unless excluded by or repugnant to the ..... escaped assessment. no conditions or limitations on the power of the ito were at all laid down under the section. it was thereafter by the indian i.t. (amend.) act, 1939, that the expression ' definite information ' was introduced within the section. the word ' information ' was then qualified by the word ' definite ' and a ..... this will also apply in case of the acquisition of the superstructure. this right to share the compensation in the event of acquisition under the land acquisition act in accordance with law had not also been parted with in the deed of assignment mentioned hereinbefore. counsel for the assessee, however, contended that these rights .....
Tag this Judgment!Court : Kolkata
Reported in : 2007(4)CHN238,[2008]141CompCas140(Cal),(2008)1CompLJ416(Cal),[2008]83SCL280(Cal)
..... the registrar, the judgments reported at sanatan ganguly v. state [1984] 56 comp cas 93 (cal); s. pandit in re [1990] 68 comp cas 129 (bom) and coal marketing co. of india p. ltd. in re [1967] 37 comp cas 720 (cal), were placed. in referring to such authorities, it is urged that it has first to ..... disposed towards him and in spite of his best efforts, he could not persuade them to comply with the requirements of section 210(1) and (3) of the act, for which prosecution had been launched. the magistrate rejected the application following which ganguly applied to this court. even though this court required the regular procedure contemplated under ..... funds were received by it though the nhb's first condition required the shareholders making further investments in the company. an inspection under section 209a of the companies act was carried out in respect of accounts and other records of the company and several discrepancies were indicated in a notice of june 11, 2003, following such inspection .....
Tag this Judgment!Court : Kolkata
Reported in : (2003)181CTR(Cal)402,[2003]261ITR4(Cal)
..... for penalty omitted to qualify the failure inviting the penalty. thus, the substantive law creating liability, attracting penalty was made unqualified. whereas through the 1986 amendment act, section 273b was inserted. a plain reading of the text of section 273b makes it clear that the same is a procedural law with regard to the question ..... and jeevan lal sah's case : [1994]205itr244(sc) were also concerned with the same proposition where the liability arose out of wilful or gross neglect or from fraudulent act or omission on the part of the assessee, which bears an element of criminality or a quasi-criminal implication. similarly, the decision in a. s. k. enterprises' ..... we cannot be oblivious of the fact that a penalty imposable, as law declared by the apex court today, is different from a penalty imposable for an act or omission involving an element of criminality. the default involves civil consequences in the form of penalty. section 271b is inserted for effective compliance. the text of .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1976Cal196,(1976)1CompLJ333(Cal),80CWN365
..... charge under section 406 was made the consideration for the agreement such an agreement is undoubtedly opposed to public policy and is void under section 23 of the contract act. the learned. judge is perfectly justified in coming to the said finding 23. for the reasons aforesaid, we affirm the order of the learned judge dismissing the ..... existing civil liability based upon an adjustment of accounts between the parties and, as such, it was not illegal within the meaning of section 23 of the contract act. the facts stated above show unmistakably that the consideration for the execution of the bond was not the withdrawal of the criminal case, but the adjustment of the ..... ' as used under order xxiii, rule 3, excludes not only unlawful agreements, that is, the object or consideration for which is unlawful as defined in the contract act, but all agreements which on the face of them are void and therefore will not be enforced by the court. those principles have been followed by the allahabad high .....
Tag this Judgment!Court : Kolkata
Reported in : (1987)59CTR(Cal)23,[1987]168ITR86(Cal)
..... individual capacity or in his capacity as the karta of a hindu undivided family was property and includible in the expression 'asset' as defined in section 2(e) of the act.18. learned advocate for the revenue submitted that the decisions of this court in naurangrai agarwalla's case : [1985]155itr752(cal) and mira mehta's case : [1985] ..... a partner or member shall be deemed to include the value of his proportionate share in the said assets, and the provisions of section 5(2) of the act shall be applied to him accordingly.' 10. at the hearing of this reference, learned advocate for the assessee submitted that the controversy raised in the questions referred stood ..... commissioner of wealth-tax. the appellate assistant commissioner held that in determining the net wealth of the firm, exemption under section 5(1)(iva) of the wealth-tax act should be allowed up to the admissible limit. but the benefit of the said section could not be given to each of the partners separately. he directed the wealth .....
Tag this Judgment!Court : Kolkata
Reported in : (1984)39CTR(Cal)220,[1984]147ITR163(Cal)
..... had made a provision for payment of gratuity on actuarial basis in accordance with the statutory provisions of the west bengal employees' payment of compulsory gratuity act, 1971, which had created a special liability for the first time in 1971. the entire provision was claimed as permissible business expenditure in the assessment ..... assessment year 1973-74 and all the subsequent years. section 40a is an overriding section and will apply notwithstanding anything contained in any other provisions of this act relating to computation of income under the head ' profits or gains of business or profession '. the section heading is ' expenses or payments not deductible in ..... under an irrevocable trust;' '40a. (1) the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this act relating to the computation of income under the head 'profits and gains of business or profession'... (7) (a) subject to the provisions of clause (b), .....
Tag this Judgment!Court : Kolkata
Reported in : [1983]54CompCas814(Cal)
..... as the company failed and neglected to pay theloan together with interest to the petitioning-creditor company, ultimately a statutory notice under section 434 of the companies act, 1956, dated12th/13th march, 1970, was served by the petitioning-creditor companyon the company at its registered office on 16th march, 1970, by the advocate ..... letter of acknowledgment and confirmation of the liability of the company to the petitioning-creditor. it was further alleged that the chirimars and their group were acting in collusion and conspiracy with others, and have procured and manipulated various documents including the said letter dated 21st june, 1968, for the purpose of ..... is qualified like the words ' unconfirmed '. thereafter, on 12th/ 13th march, 1970, the petitioning-creditor caused a statutory notice under section 434 of the companies act, 1956, to be served on the respondent company and on 8th april, 1970, the respondent company replied through its then director, s.n. sarogee, alleging that .....
Tag this Judgment!Court : Kolkata
Reported in : (1990)84CTR(Cal)103,[1991]190ITR220(Cal)
..... was what is known as a fera company. it had to dilute its shareholding as a result of the amendment made in section 29 of the foreign exchange regulation act the tribunal has taken note of the fact that the decision to increase share capital in the hands of the indian nationals was taken to fulfil the aims and objects ..... the revenue that the amounts contributed by the assessee to the trusts were only donations. the tribunal held that the amount was allowable under section 37 of the income-tax act, 1961, on the ground that it was for the purpose of the welfare of its employees, and, therefore, the expenditure was laid out exclusively for the purpose of business. ..... of the indian nationals. evidently, this decision was taken to fulfil the aims and objects of the foreign exchange regulation bill which was on the anvil and later became an act of parliament. on october 31, 1973, i.e., on the same day, the board of directors passed a resolution to create two trusts--one for the benefit of senior .....
Tag this Judgment!Court : Kolkata
Reported in : [1977]109ITR97(Cal)
..... while granting sanction, will have to examine the reasons given by the income-tax officer and come to an independent decision and the authority in question should not act mechanically. from the material on record there is no basis to hold that those requirements had been fulfilled. possibly, they could not have been fulfilled because the ..... observed that the proceedings under section 34 were commenced and completed within four years from the end of the relevant assessment years. though the income-tax officer had acted under section 34(1)(a) the tribunal supported the assessments as having been made with reference to the powers available under section 34(1)(b) of the ..... not arise. according to their lordships, liladhar died leaving separate property and, therefore, sub-section (1) of section 3 of the hindu women's rights to property act, 1937, would apply and in that case the son and widow would inherit in equal shares and, therefore, the shares were defined. following the said judgment their .....
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