Court : Delhi
Reported in : (1981)25CTR(Del)228; [1982]134ITR78(Delhi)
..... any amount standing to the credit of any account in the books of a company as on the first day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading 'reserves and surplus' or of any item under the heading 'current liabilities and provisions' in the column relating to 'liabilities' in the 'form of balance-sheet given in part i of schedule vi to the companies act, 1956 (1 of 1956), shall not be regarded as a reserve for the purposes of computation of the ..... it can, thereforee, be urged that the amounts set apart under this head would not fall within the meaning of the expression 'reserve' contained in the companies act particularly having regard to the extended meaning of the word 'liabilities' as set out in sub-clause (3) of r. 7 of pt. ..... though the form of balance-sheet prescribed under the companies act refers to provisions for insurance and staff benefit schemes for inclusion under item 12 under the sub-head 'current liabilities and provisions', the question whether any particular item has to be listed under the ' ..... in the circumstances of the case, the tribunal was correct in law in holding that the accounts styled as 'staff benefit reserves' and 'self-insurance reserve' were outside the scope of the explanationn to rule 1 of the second schedule to the companies (profits) surtax act, 1964, and the amounts standing to the credit thereof constitute reserves within the meaning of the said schedule ?' 5. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]83CompCas213(Mad)
..... appearing for the petitioner, would submit that the complainant is a public limited company, registered under the companies act, that by virtue of article 70 of schedule i, table a of the companies act, 1956, all cheques for money paid to the company, shall be signed, drawn, accepted, endorsed, or otherwise executed, as the case may be, by the managing agent or secretaries or treasurers of the company and that only such managing agent or secretary or treasurer would he the ..... payee of the cheque and that a payee of the cheque alone can be the complainant for the offence under section 138 of the act ..... of schedule i, table a of the companies act, 1956, needs ..... promissory notes, drafts, hundis, bills of exchange and other negotiable instruments, and all receipts for moneys paid to the company, shall be signed, drawn, accepted, endorsed, or otherwise executed, as the case may be, by the managing agent or secretaries and treasurers of the company, or where there is no managing agent or secretaries and treasurers, by such person and in such manner as the ..... company can figure as a complainant for the offence under section 138 of the act .....
Tag this Judgment!Court : Kolkata
Reported in : [1979]119ITR937(Cal)
..... any amount standing to the credit of any account in the books of a company as on the first day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading ' reserves and surplus' or of any item under the heading 'current liabilities and provisions' in the column relating to ' liabilities' in the ' form of balance-sheet' given in part i of schedule vi to the companies act, 1956 (1 of 1956), shall not be regarded as a reserve for the purposes of computation of the ..... it appears to us that the companies act, 1956, the regulations thereunder, the prescribed form of the balance-sheet, the clauses in schedule vi of the companies act, 1956, contained in pt. ..... 192; part iii, clause 7, schedule vi to the companies act, 1956, which defines provision and reserve.)'29. mr. ..... iii of schedule vi of the companies act, 1956, to show that the distinction drawn between a provision and a reserve was extremely limited in scope.interpretation '7. ..... it is also to be noted that in the indian companies act, 1913, no differentiation had been made between ' provision ' and ' reserve ' as in the subsequent companies act of 1956 and the supreme court in century spinning & . ..... roy next contended that the distinction between the respective concept ' reserve ' and ' provision ' as laid down in the companies act, 1956, was of no relevance in construing the expression 'reserve' in the s.p.t. .....
Tag this Judgment!Court : Allahabad
Reported in : [1989]66CompCas358(All)
..... regulation 25 of table ' a ' to schedule i to the companies act, 1956 and corresponding regulation 21 of table 'a' to schedule i to the companies act, 1913 lay down that on the death of a member, the survivor or survivors where the member was a joint holder and his legal representative where he was a sole holder, shall be the only persons recognised by the company as having any title to his interest in the ..... is nothing on the record of this case to show that there was anything in the articles of the company which excluded or modified the applicability of regulation 25 of table ' a ', schedule i to the companies act, 1956 or of regulation 21 of table ' a ' schedule i of the old companies act. ..... section 28(2) of the companies act lays down that, in the case of any company limited by shares which is registered after the commencement of this act, and in so far the articles do not exclude or modify the regulations contained in table 'a' of schedule-1 of the companies act, those regulations shall, so far as, applicable be the regulations of the company in the same manner and to the same extent as if they were contained in a duly registered ..... sri purushottam dat did, after the death of sri mahadeo prasad, devolve upon the petitioner as his heir and legal representative, the petitioner was, as laid down in sub-section 4(b) of section 439 of the companies act, not entitled to maintain this petition inasmuch as those shares did not stand registered in his name for a period of six months. .....
Tag this Judgment!Court : Kolkata
Reported in : (1980)17CTR(Cal)133,[1981]127ITR86(Cal)
..... the surplus referred to in item 5 of schedule vi to the companies act, 1956, is the surplus which remains over after ..... but in terms of schedule vi to the companies act, 1956, all these amounts were to be shown under the head 'current liabilities ..... i of schedule vi of the companies act, 1956, the heading 'a' deals with current liabilities and provisions are treated in ..... i of schedule vi of the companies act, 1956, and relying on our decision in the case ..... the tests laid down by the bombay high court are as follows :'(i) a mass of undistributed profits cannot automatically become a 'reserve' for the purpose of rule 1 of schedule ii of the super profits tax act, 1963, and somebody possessing the requisite authority must clearly indicate that the amount has been separated from the general mass of profit with a view to constitute it as a reserve ;(ii) it should be apparent ..... considered the provisions of the companies act and also the decisions in cit ..... avowedly for the purpose of distribution as dividend would be destructive of making that amount a reserve; and(iv) having regard to the purpose of the rules framed for the purpose of computing the capital of the company for the purpose of the super profits tax act, the amount so set apart should be available to the assessee for the purpose of its business. '9. mr. ..... reserve for roofing repairs in the balance-sheet of the company were reserves within the meaning of rule 1 of the second schedule to the companies (profits) surtax act, 1964?'2. .....
Tag this Judgment!Court : Kolkata
Reported in : (1984)44CTR(Cal)123,[1984]150ITR74(Cal)
..... relying on the explanation to rule 1 of the second schedule to the said act and the form of the balance-sheet in schedule vi of the companies act, 1956, where the item was specifically shown in the column for reserves, the assessee contended that the same should ..... of the karnataka high court held that a reserve created and named as the preference share capital redemption reserve was a capital redemption reserve as referred to in item 2 of part 1 of schedule vi to the companies act, 1956, and should be included in the capital as the item fell under the heading 'reserve' in the said schedule. ..... 'it is necessary at this stage to advert to section 80 of the companies act, 1956, the material provisions of which are as follows :'(1) subject to the provisions of this section, a company limited by shares may, if so authorised by its articles, issue preference shares which are, or at the option of the company are to be liable, to be redeemed: provided that- (a) no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made ..... therefore, the meanings attached to these two words in the provisions of the companies act, 1956, dealing with preparation of balance-sheet and profit and loss account would govern their construction for the purposes ..... he drew our attention to section 80 of the companies act, 1956, and cited the following decisions in support of his contentions:(a) hindustan gas .....
Tag this Judgment!Court : Karnataka
Reported in : [1979]118ITR291(KAR); [1979]118ITR291(Karn)
..... any amount standing to the credit of any account in the books of a company as on the first day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading 'reserves and surplus' or of any item under the heading 'current liabilities and provisions' in the column relating to 'liabilities' in the 'form of balance-sheet' given in part i of schedule vi to the companies act, 1956 (1 of 1956), shall not be regarded as a reserve for the purposes of computation of the ..... 192; part iii, clause 7, schedule vi to the companies act, 1956, which defines provision and reserve)'. 7. ..... case, the tribunal is right in law in holding that the sums representing the subsidy received from the government for purposes of industrial housing constitute 'reserves' within the meaning of rule 1(iii) of the second schedule to the companies (profits) surtax act, 1964 (ii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the sum under the head 'reserves for bad and doubtful debts' constitutes 'reserves ..... vi of the companies act under the heading 'reserves and surplus' should not be taken into consideration for determining the capital base under the second schedule of the act. ..... item 5 of schedule vi of the companies act under the heading 'reserves and surplus' reads : 'surplus, i.e. .....
Tag this Judgment!Court : Allahabad
Reported in : (1979)13CTR(All)175; [1979]120ITR348(All); [1979]2TAXMAN587(All)
..... standing to the credit of any account in the books of a company as on the first day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading ' reserves and surplus ' or of any item under the heading ' current liabilities and provisions ' in the column relating to ' liabilities ' in the ' form of balance-sheet ' given in part i of schedule vi to the companies act, 1956 (1 of 1956), shall not be regarded as a reserve for the purposes of computation ..... appearing at page 29, it is stated that this entry was made in the depreciation provision to bring the written down value of the fixed assets in line with the basis provided in section 350 of the companies act, 1956. ..... subject to the other provisions contained in this schedule, the capital of a company shall be the aggregate of the amounts, as on the first day of the previous year relevant to ..... for depreciation was not liable to be treated as a reserve for computing the capital of the assessee-company under the second schedule to the act 2. ..... the company calculated in accordance with the provisions of the second schedule to the act. 2 ..... second schedule set out the manner of computing the capital of a company for the ..... reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961) ;...... .....
Tag this Judgment!Court : Kerala
Reported in : [1973]92ITR65(Ker)
..... any amount standing to the credit of any account in the books of a company as on the 1st day of the previous year relevant to the assessment year which is of the nature of item (5) or item (6) or item (7) under the heading 'reserves and surplus' or of any item under the heading 'current liabilities and provisions' in the column relating to 'liabilities' in the 'form of balance-sheet' given in part i of schedule vi to the companies act, 1956, shall not be regarded as a reserve for the purposes of computation of the ..... if it be a reserve in any sense of the term, since it is in the nature of one or other of the items falling under the heading 'current liabilities and provisions' in the column relating to liabilities in the form of balance-sheet given in part i of schedule vi to the companies act, 1956 (hereinafter referred to as 'the companies act'), it has to be excluded from the computation of capital.6. ..... the term 'reserve' is not defined in the act, though a definition of this term is seen in the companies act, 1956. ..... we have to examine now whether the reserve is of the nature of any of the items in the current liabilities and provisions in the form of the balance-sheet, given in part i of schedule vi to the companies act. ..... other whether 'reserve for gratuity' shown in the balance-sheet in the present case is a reserve in the nature of any item under the heading 'current liabilities and provisions' in the form of balance-sheet given in part i of schedule vi to the companies act.12. .....
Tag this Judgment!Court : Karnataka
Reported in : [2009]150CompCas275(Kar); [2010]97SCL132(Kar)
..... company in extraordinary general meeting approve the reduction of the subscribed and paid-up equity share capital of the company as outlined in the explanatory statement annexed to this notice, with the specific approval being given ..... on and effected by a special resolution passed in the extraordinary general meeting of the company held on december 16, 2008, at the registered office of the petitioner-company, is hereby confirmed.the resolution passed in the said meeting was in the words and figures as under : 'resolved that-pursuant to the authority conferred on the company by article 46 of table a in schedule i to the companies act, 1956; andin accordance with section 100 of the companies act, 1956, and subject to confirmation of the hon'ble high court of karnataka, the members of the .....
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