Court : Delhi
Reported in : [2001]79ITD372(Delhi)
..... for the purposes of section 115-j, book profit will be the net profit as shown in the profit and loss account prepared in accordance with the provisions of the vith schedule to the companies act, 1956 after certain adjustments.11. ..... he made a reference to section 205(1)(b) of the companies act, 1956. ..... shri malik also read out the provisions of section 205(1)(a) of the companies act, 1956.9. ..... our attention was also invited on the provisions of section 205(1)(a) of the companies act, 1956. ..... the assessing officer found that the profit and loss account of the assessed for the relevant previous year was not in accordance with the provisions of parts ii & iii of schedule vi to the companies act, 1956, in as much as the assessed debited arrears of depreciation to the extent of rs. ..... the profits were computed in accordance with the provisions of parts ii & iii of schedule vi to the companies act, 1956. ..... the explanationn to sub-section (1) of section 115-j gives the definition of the 'book profit' by the incorporating the requirement of section 205 of the companies act in the computation of the book profit. ..... reference was made to the provisions of section 205 of the companies act which prescribed that past losses or unabsorbed depreciation, whichever is less, are allowed to be set off against the book profits of the current year for determining profits for the purpose of declaring dividend. .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1945All354
..... if this were not so, it would lead to the extraordinary conclusion that, if the winding up jurisdiction of this court had been conferred under section 3, companies act, on the district court of cawnpore that court as a winding up court, could decide whether the income tax department was acting in the matter of the collection of the tax in accordance with the law for the time being in force, whereas this court as a winding up court could not. ..... the conclusion we have reached, therefore, is that, subject to the final question whether a revenue proceeding taken in pursuance of section 46, income-tax act, 1922, is an 'other legal proceeding' at all within the meaning, of section 171, companies act, we are unable to hold that the assessment of 25th february 1943, constitutes a debt which is protected from the general scheme for the distribution of the assets in the winding up. ..... with deference we must say that we cannot see the justification for placing so restricted a general definition on the words 'suit, or other legal proceedings' in section 171, companies act, as to confine them to ' proceedings ejusdem generis' (with a suit) that is to say, original proceedings in a court of first instance, analogous to a suit, initiated by means of a petition similar to a plaint. .....
Tag this Judgment!Court : Allahabad
Reported in : [1945]13ITR480(All)
..... if this were not so, it would lead to the extraordinary conclusion that, if the winding-up jurisdiction of this court had been conferred under section 3 of the indian companies act on the district court of cawnpore, that court (as a winding-up court) could decide whether the income-tax department was acting in the matter of the collection of the tax in accordance with the law for the time being in force whereas this court (as a winding-up court) could not.the income-tax officer ..... the conclusion we have reached, therefore, is that, subject to the final question whether a revenue proceeding taken in pursuance of section 46 of the indian income-tax act, 1922, is an 'other legal proceeding' at all within the meaning of section 171 of the indian companies act, we are unable to hold that the assessment of the 25th february 1943, constitutes a debt which is protected from the general scheme for the distribution of the assets in the winding-up. ..... , however, maintains that, apart from the question of jurisdiction, the proceedings in pursuance of section 46 of the indian income-tax act are still in accordance with the law for the time being in force, notwithstanding the winding-up of the company, on the ground that neither the general .....
Tag this Judgment!Court : Kolkata
Reported in : [1980]50CompCas771(Cal)
..... sankar ghosh, learned counsel appearing on behalf of the applicants, challenged the validity of the said annual general meeting on the following grounds :nomination for office of the director under section 257(1) of the companies act, 1956, have to be left at the registered office of the company not less than 14 days before the meeting under article 121(1) of the articles of association of the company read with section 257(1) of the companies act. ..... in any event, the court had ample jurisdiction and power to override the statute in regard to the formalities of calling a meeting in this matter wherein all the orders were made by the court under sections 397, 398 and 402 of the companies act. ..... for all the reasons stated hereinabove, we are of the opinion that there was no illegality in the matter of filing of the proxies or nominations or the holding of the adjourned annual general meeting for the year 1974-75, on the 17th of july, 1978.34. ..... by reason of what has been stated hereinabove, it appears to us that the court had power to make the order in regard to convening and holding of the meeting, filing of proxies or nominations or any other matter for the purpose of conducting the affairs of a company which might be contrary to the provisions of the articles of the company or the companies act, by virtue of the provisions of sections 397 and 398 read with section 402 of the said act.33. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1960Ker243; [1960]30CompCas135(Ker)
..... in doing so it averred that the execution proceedings and the defendant's purchase therein were completely void and gave no title whatsoever to the defendant because(a) no leave of the winding up court had been obtained as required by sections 446 of the companies act, 1956 and(b) because the alleppey munsiffs court had no jurisdiction to entertain the execution application in view of sections 456 of the banking companies act under which exclusive jurisdiction is vested in this court.2. ..... even so it might be remarked that that decision does not lay down that property held by a company in liquidation as a trustee is not a property or an effect of the company so as to rule out the application of sections 537 of the companies act but only lays down that it is not an asset available for distribution among the general body of creditors but is an asset which must be made over to the beneficiary of the trust. ..... 537 of the companies act are concerned with an entirely different matter and lay down that even a court having jurisdiction to try a proceeding (whether the jurisdiction be under the ordinary law, or whether it be the special jurisdiction conferred on this court itself by sections 45b of the banking companies act or whether it be a jurisdiction saved from sections 45b by sections 45c (5) of that act, makes no difference) shall not do so after a winding up order has been made unless leave of the winding up court has been obtained .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]131CompCas652(Guj); [2005(107)FLR951]; (2005)3GLR2019; [2006]68SCL311(Guj)
..... principal employer by the employee for the purpose of paying the contribution in respect of which it was deducted and as the dues of the esi corporation would have priority over other debts under section-530 of the companies act, 1956 and as the amount, deducted by the company from the salary/wages of the workmen towards the contribution, tantamounts to revenue of the state, the esi corporation even at this stage is entitled to recover the money from the official ..... (2) the debts payable under clause (a) and clause (b) of sub-section (1) shall be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions.section-530(1)(a) of the companies act, which is necessary for disposal of this reference, reads as under:530. ..... a combined/conjoint reading of section--529a of the companies act would make clear that in a matter of winding up, the workmen's dues and the debts due to the secured creditors to the extent such debts rank under clause (c) of the proviso to sub-section (1) of section--529a pari passu with such dues, shall be paid in priority to all other debts. ..... 2 and 3 referred for answer are concerned, in our considered opinion, before taking any priority in the matter of recovery or to get the money straight from the official liquidator, it would be necessary for the esi corporation to prove to the satisfaction of the court that the amount due to them comes within the scope of section-530(1) of the companies act. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1985Mad199; [1987]62CompCas414(Mad)
..... 1984, a learned single judge of this court has held that no valid annual general meeting was held on 22-7-1983 and that petitioners 1, 5 and 6 in the company petition, who are defendants 1, 2 and 3 in the suit, continued to ..... may on the application of any party to a suit, and on such terms as it thinks fit - (a) make an order for detention preservation or inspection of any property which is the subject-matter of such suit, or its to which any question may arise therein; (b) for all or any of the purposes aforesaid authorises any person to enter upon or into any land or building in ..... right of the plaintiff to the ownership of the shares in question, but as already pointed out, important questions of law are involved in respect-of the provisions of the companies act, and it was wholly improper on the part of the trial court to make an order of ad interim mandatory injunction in the present case. ..... satisfaction of the board of directors that the instrument of transfer signed by or on behalf of the transferor and by or on behalf of the transferee has been lost, the company may register the transfer on such terms as to indemnity as the board may think fit : provided further that nothing in this section shall prejudice any power of the company to register as a shareholder or debenture holder any person to whom the right to any shares in, or debentures of, the ..... in the plaint is that by way of settlement of some money transactions between the parties through the good offices of one sri n. p. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1970Cal349,[1971]41CompCas477(Cal),[1971]80ITR108(Cal)
..... contention that the proceeding sought to be taken by the department in the matter of assessment against the company is a legal proceeding within the meaning of section 446(1) of the companies act, 1956. ..... of the payment of the tax payable by the company or for making any payment to secured creditors whose debts are entitled under the law to priority of payment over debts due to government on the date of the liquidation or for meeting such costs and expenses of the winding up of the company as are in the opinion, of the commissioner reasonable,(4) if the liquidator fails to give the notice in accordance with sub-section (1) or fails to set aside the amount as ..... in these circumstances, the official liquidators made an application to the high court under sections 171, 228 and 233, companies act, 1913, against the governor-general in council, asking for an order that the income-tax department should be directed to put in a formal claim to the official liquidators in respect of the said ..... required by section (3) or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that section, he shall be personally liable for the payment of the tax .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1957Cal438,61CWN448
..... the reason is this section 75 of the companies act, 1956, comes within part iii of the companies act, 1956, dealing with 'prospectus and allotment and other matters relating to issue of shares and debentures' and occurs in the sub-heading of 'allotment' covering the group of sections from sections 69 to 75. ..... it remains for me now to add that the form at present prescribed under section 75(1) of the companies act, 1956 does not even remotely indicate that the re-issue of a share in lieu of the forfeited share is at all the subject-matter of such a return. ..... therefore, on a construction of the provisions of the memorandum and the articles in accordance with the general principle of interpretation and in the light of the judicial decision mentioned above i have come to the conclusion and i hold that the alleged practice of paying the surplus sale proceeds to the expelled member pleaded in paragraph 16 of ..... formerly, i am told that the practice was uncertain and the surplus left out of the sale proceeds after meeting the obligations was paid back to the person whose share was forfeited. ..... , reallot and otherwise dispose of the same in such manner as to the best advantage for the satisfaction of all debts which may then be due and owing either to the association or any of its members arising out of transactions or dealings in stocks and shares.'27. ..... it indicates that allotment is an incident of a bulk transaction. .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(3)BomCR317; (2004)3CompLJ58(Bom); [2004]52SCL224(Bom)
..... whether the board meeting held on 4th june, 2002 was illegal;(a) as it was carried on in violation of regulation 75 of table a of companies act, 1956;(b) as no notice was issued for convening the meeting at san francisco; the meeting was in violation of the provisions of section 286 of the companies act, 1956 and article 10.7 of the articles of association;(c) as there was no written agenda, the meeting was in violation ..... daniel as an authority for the proposition that :'the utmost good faith is due from every member of a partnership towards every other member; and if any dispute arise between partners touching any transaction by which one seeks to benefit himself at the expense of the firm, he will be required to show, not only that he has the law on his side, but that his conduct will ..... contrary to law will not normally support the inference that he is biased; but a series of wrong or illegal orders to the prejudice of a party are generally accepted as supporting the inference of a reasonable apprehension that the judge is biased and that the party complaining of the orders will not get justice at his hands.51 ..... that such, fractional shareholder has right to nominate the candidate and therefore, the petitioner holding only 4.15% of fractional voting power as against 6.85% held by emc, could not have claimed as a matter of right to nominate its candidate under sentence 'c' of articles 10.2, irrespective of whether emc put up its nominee for its 6.85% fractional shareholding or not .....
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