Judgment Search Results Home > Cases Phrase: companies profits surtax act 1964 Court: delhi Page 10 of about 2,291 results (0.139 seconds)

Saroj Vs. the Registrar of Companies, Delhi and anr.

Court : Delhi

Reported in : 7(1971)DLT213

..... of the company nor was it proved that she was aware of the default committed by the other directors ; and (2) that the annual returns and the balance ..... on behalf of the petitioner that even if it has been proved that the petitioner was a director of the company at the relevant time, she could not have committed an offence either under section 159/162 or under section 220/162 as she was not an officer in default within the meaning of section 5 of the companies act, for two reasons, namely- (1)that the petitioner was not proved to have been in control of the affairs ..... in respect of which the presumption of genuineness can be drawn, and secondly that ex p-1 is not sufficient to prove that the petitioner was, in fact, appointed as a director of the company, and thirdly that even if she was so appointed, her appointment was not a valid appointment conferring any power or casting any obligation on her. ..... 'solong as the company is not wound up nothing stood in the way of the company and its directors holding a meeting or in preparing bank balance and profit and loss account and ..... accused had failed to file the annual returns and the balance sheet, etc , of the company within the time allowed in respect of each of the years 1961, 1962, , and 1964. .....

Shri Mihir Chakraborty Vs. Muti Tech Computers Pvt. Ltd. and Others

Court : Delhi

Reported in : [2001]106CompCas150(Delhi); 91(2001)DLT628

..... to have been made on wrong basis and was not binding on the plaintiff, lord denning observed as follows :-in this case the auditors made their valuation on the basis that the company was to be would-up immediately and that the buyer of the deceased's shares would have no control over the fortunes of the business. ..... accordingly, i declare that the valuation is not binding and restrain the defendant company from acting on it.the defendant appealed against that part of the judgment whereby the valuation was held to be not binding on ..... under clause 9, the date for carrying out valuation, the date of transfer, the appointment of independent chairman of the companies, which were to be split, and certain other matters specified int eh memorandum of understanding were left to be determined by the chairman of industrial financial ..... of the agreement between the parties :-''fair value' shall mean in relation to the shares in arenson limited the value thereof as determined by the auditors for the time being of the company whose valuation acting as experts and not as arbitrators shall be final and binding on all parties. ..... of two certificates issued by the architects dated may 25, 1964 for pound sterling 2620 and july 18, 1964 for pound sterling 1837 in favor of the contractors. ..... in january 1994 the second respondent along with his relatives passed resolutions to reduce the emoluments of the petitioner and his entitlement to share in the profits of the company in contravention of the agreement. .....

Official Liquidator of R.S. Motors (P) Ltd. (In Liquidation) Vs. Jagji ...

Court : Delhi

Reported in : [1974]44CompCas381(Delhi); ILR1974Delhi243

..... entire' papers of the company had been seized in june or july, 1957 by the police, but ample opportunity had been given to examine and inspect the documents seized for preparing the balance-sheet and profit and loss account. ..... produced a list of the books returned by the police, that list being exhibit public witness 1/1 he was unable to say whether these books constituted a complete set of books of the company for the years 1961 to 1967, as the books had not been checked. ..... (1) this prosecution under section 454(5-a) of the companies act, 1956, requires reference first to some of the admitted facts of the case. r. ..... sub-section (2) of section 454 of the act requires the directors to submit this statement of affairs and there is power to get a direction of the court that persons other than existing directors, manager or chief oflicer of the company might be required to submit and verify the statement of ..... , cash balance: the debts and liabilities of the company: the names, residences and occupations of its creditors, and the amounts of secured and unsecured debts and other particulars; the debts due to the company with names, residences and occupations of the persons from whom they arc due and the amount likely to be realised on this account and other information that may be ..... had been a default in complying with the requireiments of section 210(5) of the companies act, 1956 and a criminal prosecution had been launched. ..... dhuram singh ram singh since 1964 and he went to the office of the .....

Continental Construction Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [1990]69CompCas268(Delhi); (1990)85CTR(Del)116; [1990]185ITR178(Delhi)

..... the following sub-clause was substituted, in place of the above sub-clause (iii), by the finance act, 1964, with effect from april 1, 1964 : '(iii) any expenditure incurred after the 29th day of february, 1964, which results directly or indirectly in the provision of any benefit or amenity or perquisite, whether convertible into money or not, to an employee (including any sum paid by the company in respect of any obligation which but for such payment would have been payable by such ..... of five years from the end of the previous year in which the deduction under sub-section (1) is allowed, the assessed utilises the amount credited to the foreign projects reserve account for distribution by way of dividends of profits or for any other purpose which is not a purpose of the business of the assessed, the deduction originally allowed under sub-section (1) shall be deemed to have been wrongly allowed, and the income-tax officer may ..... to the contrary in sections 30 to 39, meaning thereby, that despite what might have been stated in the above-referred sections, the amount mentioned in section 40 shall not be deducted in computing the income chargeable under the head 'profits and gains of business or profession'. so far as section 40a is concerned, it clearly lays down that the provisions of section 40a will have effect notwithstanding anything to the contrary contained in any other provision of .....

Director of Income Tax Vs Acme Educational Society

Court : Delhi

..... the terms under which moneys are loaned or advanced provide for repayment along with interest thereof during a period of not less than five years; (b) "public company" shall have the meaning assigned to it in section 3 of the companies act, 1956 (1 of 1956); (c) "urban infrastructure" means a project for providing potable water supply, sanitation and sewerage, drainage, solid waste management, roads, bridges ..... term finance for industrial development in india and which is [eligible for deduction under] clause (viii) of sub-section (1) of section 36;(ix) deposits with or investment in any bonds issued by a public company formed and registered in india with the main object of carrying on the business of providing long- term finance for construction or purchase of houses in india for residential purposes and which is [eligible for ..... order to constitute an investment the amount laid down should be capable of any result of any income, return or profit to the investor and in every case of investment, the intention and positive act on the part of the investor should be to earn such income, returns, profit in order to constitute an investment, the monies shall be laid out in such a manner as to acquire some ..... or permanently fastened to, anything attached to the earth;][(xi) deposits with the industrial development bank of india established under the industrial development bank of india act, 1964 (18 of 1964);] [(xii) any other form or mode of investment or deposit as may be prescribed.]"12. .....

Bharat Commerce and Industries Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : II(1990)BC522; (1990)88CTR(Del)113; 42(1990)DLT482; [1991]188ITR277(Delhi)

..... advance tax paid is 1st of april of a given financial year, and that mere default in not paying the advance tax or installment thereof by the dates specified in section 211 of the act would not attract the levy of interest under section 215 for which the starting date is 1st april, and that this liability of the assessed to pay interest arises only if the assessed has ..... (18) the court in that case held on a combined consideration of the provisions of section 225(4) of the act and that of section 3(2) of taxation laws (continuation and validation of recovery proceedings) act, 1964 that certificate proceedings already starved order the original assessment in cases of appeal being filed remained only in abeyance subject to the provisions of section 225(4) abiding with the last ..... the courts are concerned, but we put it on record that we have arrived at over own independent judicial conclusion, that in such a case it cannot be argued that provisions of section 220(2) of the act are not attracted: and we have not taken into consideration any circular the central board of direct taxes, might have issued, on the subject. ..... income-tax officer, companies circle ii, ahmedabad) ;(5) orissa high court in : [1984] ..... company ..... thomas & company (supra), and it has been interpreted to have confirmed the view taken up in the ..... thomas & company), (16) wherein a slightly different context, it was held that in case the assesse had paid the tax in response to notice under section 156, and the tax was .....

ishwar Industries Ltd. Vs. Commissioner of Income-tax, New Delhi

Court : Delhi

Reported in : [1984]149ITR301(Delhi)

..... 574 of 132 itr) : 'ordinarily, an appropriation to gratuity reserve will have to be regarded as a provision made for a contingent liability, for, under a scheme framed by a company, the liability to pay gratuity to its employees on determination of employment arises only when the employment of the employee is determined by death, incapacity, retirement or resignation......' 11. ..... the court then observed that any excess liability or provision made over and above the correct amount be treated as a reserve for the purpose of the surtax act. 13. ..... if there is no gratuity scheme as was the case up to december 31, 1969, in the case of this company, there was no liability to pay anything to any one under the scheme. ..... - the fund consisting of any sum or sums specifically provided and set apart by the company for the purpose of payment of gratuity to the members under the scheme.' 23. ..... as the fund under the scheme had to remain with the company and was to be treated separately, it could immediately be put down as a debit in the accounts on the mercantile system of accounting. ..... the other terms of the scheme show that the company has to make an annual contribution in respect of every member and credit the amount to the gratuity fund at the end of the accounting year ..... it was further observed : 'but the company can work out on an actuarial valuation its estimated liability (i.e ..... : [1964]53itr134(sc) , where a profit bonus was paid under an award dated january 13, 1949, for the calendar year 1947. .....

Addl. Commissioner of Income-tax, Delhi-ii Vs. Rajindra Flour and Alli ...

Court : Delhi

Reported in : [1981]128ITR402(Delhi)

..... the conclusion that the circumstances showed that the intention of the assessed was to start a business and failing that to lease it out for a temporary period so that the manufacture could be started by the company itself in more propitious circumstances; and came to the conclusion that the giving on lease was for exploiting the commercial assets, and, thereforee, the lease was part and parcel of carrying on of business by ..... court was whether the rent paid by the limited company to the partnership firm could be considered to be a business income under the excess profits tax act. ..... in the two assessment years in question which ended for accounting purposes on 31st august, 1964, and 31st august, 1965, various questions arose concerning the manner in which certain expenses incurred by the company were to be dealt with for the purpose of computing the actual cost of machinery, ..... case is a private limited company which was in the process of erecting a factory for running a flour mill at moradabad right up to 31st august, 1964. ..... it is quite obvious from the balance-sheet as on 31st august, 1964, that the fixed assets were ready by 31st august, 1965, does not show any additions to the ..... not ready before 31st august, 1964. ..... that the factory was ready by 31st august, 1964. ..... construction of the building and erection of machinery, it allowed either 50% and directed the apportionment between the building and machinery in the proportion of the value shown in the balance-sheet as on 31st august, 1964. .....

Colgate Palmolive India (P) Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : [1980]50CompCas456(Delhi); ILR1981Delhi249

..... cent on cost of sales as against a reasonable return of 5 per cent on cost of sales; (2) earning exorbitant rate of profit at the rate of nearly 118 per cent in 1970 and over 158 percent in 1971 on capital employed ; (3) earning unreasonable net profits, after paying taxes, of over 50 per cent in 1970 and 46 per cent in 1971 on the average employed by the company to the detriment of the consumer; (4) reaping profits without making any large investments in india as fixed block in buildings etc. ..... law is well settled that where an authority is to act if in its opinion certain situation appears to exist, the formation of opinion is subjective and permits only a limited scrutiny by the court on the ground that such opinion was not formed on relevant material and that as lord reid called it in 1964 ac 40 ridge v. ..... 6 of the 1964 act, is in the class of purely administrative preliminary decisions, taking away no rights and in respect of which neither reason nor justice requires the persons concerned to be heard before the decision is made ..... this would in practical effect be an impossibility with the result that the very vital product vitamin c which is separtely identifiable and used for separate purpose, the manufacturer of 'it could not be proceeded under the act on the specious plea that it was not monopolistic in the production of all the vitamins- this would show how unnatural, against the economy and practical reality it is to urge that the classification rules apply to chapter iv .....

Additional Commissioner of Income-tax Vs. Delhi Cloth and General Mill ...

Court : Delhi

Reported in : (1984)42CTR(Del)188; [1986]157ITR822(Delhi)

..... the explanationn of the assessed regarding this treatment being given was as follows : '......the allocation was made in accordance with the practice followed by the company for the past so many years and since the net profit and loss with regard to the farm account was separately worked out, the adjustment was necessary for showing the results of the working of the sugar mill and the ..... next, it is also settled law that prior to the insertion of the explanationn to section 271(1)(c) of the act by the finance act, 1964, with effect from april 1, 1964, the burden to establish that the assessed had concealed particulars of his income or had furnished inaccurate particulars of such income lay on ..... said principle as laid down by the supreme court in that case applies with full force in the cases of penalties under section 271(1)(c) of the income-tax act, 1961, and this view has been consistently taken by the courts. ..... to be a dealer as per the orissa sales tax act, whether, on the facts and circumstances of the case, penalty under section 12(5) of that act could still not be rightly levied on the appellant, ..... [1972]83itr26(sc) observed as below (at p.29) : 'an order imposing penalty for failure to carry out a statutory obligation is the result of a quasi-criminal proceeding, and penalty will not ordinarily be imposed unless the party obliged, either acted deliberately in defiance of law or was guilty of conduct contumacious or dishonest, or acted in conscious disregard of its obligation. .....