Court : Gujarat
Reported in : (1964)0GLR804
..... must be aware at the date of the resolution of the board of directors dated 8th december, 1957, which fact was mentioned in the balance-sheet and profit and loss account of the company for the year ended 31st december, 1957, but whether there was justification or not, the petition did proceed on the basis that the adat agreement was subsisting ..... opposition was that the fact that the resolution dated 8th december, 1957, was passed by the board of directors was mentioned in the balance-sheet and profit and loss account of the company for the year ended 31st december, 1957, and the petitioners were, therefore, aware of the said fact and the ground sought to be added by ..... the meeting, chandrakant bakubhai being a partner of shah manilal mulchand was interested in the resolution but he had not disclosed the nature of his concerned or interest as required by section 299 of the companies act, 1956 ; (2) chandrakant bakubhai was interested in the cancellation of the adat agreement and yet he took part in the discussion on the resolution; and (3) the presence of chandrakant bakubhai could not ..... companies act, 1956, was coming into force from 1st april, 1956, and section 314 provided that except with the previous consent of the company accorded by a special resolution, no firm in which a director of the company or a relative of such director was a partner, should hold any officer or place of profit under the company ..... profits of the company in accordance with the provisions of the companies act .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]84CompCas230(Guj)
..... nominees and members of their respective groups be ordered and decreed to specifically perform the family arrangement mentioned in prayer (a) above and for the said purpose to do all acts, deeds and things as may be necessary for the purpose of placing the companies mentioned in exhibit 17 to the counter-claim under the management and control of the plaintiff to the counter-claim and for the said purpose to delink the shares ..... court at ahmedabad even before the closure of the rights offer on july 3, 1987, and even before it was known to mil whether the rights were going to be fully subscribed or not, nocil, a company allegedly controlled by the anm group applied for allotment of 1,50,000 shares and despite the prohibitory injunction against allotment from the unsubscribed portion of capital, shares were allotted to nocil and similarly in breach of ..... their resignation from all the trusts mentioned in exhibits 8 and 10 to the written statement; (iv) pending inter se transfer of shares between the groups if they or any of them desire to effect sale of shares in any of the companies mentioned in exhibit 17 to the counter-claim they give to the plaintiff to the counter-claim the first opinion of refusal in exercise of the right of pre-emption of the plaintiff to the counter-claim under the said ..... , submits that the higher cost of raw materials and labour will substantially reduce the profits of the post-merger mil and would substantially reduce the eps of the ..... ltd. [1964] 34 comp .....
Tag this Judgment!Court : Gujarat
Reported in : (1984)38CTR(Guj)278; [1984]147ITR67(Guj)
..... kharawala were partners and sharesholders respectively in the partnership firm and the private limited company, who were sitting tenants and to whom the property was sold in separate lots, the provisions ..... 13 of the finance act, 1964, with effect from april 1, 1964, the supreme court ascertained the object and purpose of the enactment and the context and collocation and the state of existing law at the time of the introduction of the said ..... observed that the view taken by the cbdt, which was the highest authority entrusted with the execution of the provision of the act, must be regarded as a strong circumstance supporting the construction which the court was inclined to place on sub-s. (2). ..... ito : [1981]131itr597(sc) and it would, therefore, be profitable to refer to the said decision at this stage. 15. in ..... kharawakla by the respondent (ito company circle v, ahmedabad), the petitioner was called upon to show cause why the proceedings for reassessment of income for the assessment year 1973-74 should not be initiated ..... in the light of the foregoing discussion, it is apparent that the respondent acted in excess of and/or without jurisdiction in issuing the impugned notice for reassesment of income in the instant ..... the respondent has thus acted without and or in excess of jurisdiction in initiating ..... stated in para 8 is as follows : 'i deny the contention of the petitioner as is contained in paragraph 13 of the petition, that the provisions of section 52 of the act can never be attracted. .....
Tag this Judgment!Court : Gujarat
Reported in : [1992]194ITR659(Guj)
..... of the high court held that, in making the order of provisional assessment under section 7(2) of the surtax act, the income-tax officer had travelled beyond the ambit of a provisional assessment and acted to deductions under chapter vi-a of the income-tax act also acted contrary to the provisions of the act under the order of provisional assessment was, therefore, in excess of the jurisdiction vested in the income ..... [1976]102itr153(guj) , a division bench of this court was construing the meaning of the expression 'debt due' in section 530 of the companies act which provided that, in a winding up, there shall be paid in priority to all other debts, inter alia, all revenues, taxes, cesses and rates due from the company to the central or a state government or to a local authority and it is in that context that this court held that the income- ..... main charging provision was section 3 which levied income-tax as only one tax, on the total income of the assessee as defined in section 2(15) of the act of 1922, and further that, an income, in order to come within the purview of that definition, must satisfy two conditions, namely, it must comprise the 'total amount of income, profits and gains referred to in section 4(1) ' and must be 'computed in the manner laid down in ..... . it is, thus, clear that the decision of the supreme court in gadgil's case : [1964]53itr231(sc) stands totally on a different footing and cannot help the petitioners on the points raised in this petition which have been .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]111ITR312(Guj)
..... raval; that as confirmed that prior to the date on which the final lease deed was executed in october, 1964, he did not know anything about dev & company; that he did not receive any single pie from mukur corporation or their partners and only the loan of rs ..... sub-section (1) of section 263, which is relevant for our purpose, is in the following terms : '(1) the commissioner may call for and examine the record of any proceeding under this act, and if he considers that any order passed therein by the income-tax officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be ..... 2,00,000 the additional commissioner of income-tax stated as under in his show-cause notice : 'in computing the profit from the said transaction of purchases and sale of banakhat rights you have further claimed a deduction of rs. ..... was only another intermediary nominated by you as your benamidar with a view to bifurcate the profits realised by you on sale of banakhat rights to the said jaldarshan co-operative housing society. ..... 2,018 which was shown by the assessee in its profit and loss statement and this point at issue had been accepted by the income-tax officer after considering the matter and cannot be disturbed under section 263 ..... in this connection, we may profitably refer to some of the observations of the supreme court in rampyari devi saraogi v ..... 2 lakhs being profit paid to an intermediary, .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR745(Guj)
..... are of the opinion that the contentions urged on behalf of the assessee are well-founded for two significant reasons : in the first place, the distinction in the matter of deductibility of expenses made by a company in the case of directors and employees before the finance act of 1964, or thereafter continues to prevail because in the ultimate analysis the legislature was making different provisions about the amount of expenses which would not be deductible in computing the income chargeable under ..... on behalf of the assessee this contention is sought to be repelled by urging that in so far as section 40 provides for non-deductible amounts in computing the income chargeable under the head 'profits and gains of business or profession', a clear distinction is made in the case of company-assessees where expenses objected result directly or indirectly in the provision of any benefit or amenity or perquisite to a director or which result directly or indirectly in the provision of benefit, amenity or perquisite to an ..... per clause 5 of the said agreement, the assessee-company has, as and by way of remuneration, agreed to pay and provide to each of them, inter alia, a sum not exceeding a/3rd of 10% on the net annual profits of the company or rs. ..... notwithstanding anything to the contrary in section 30 to 39, the following amounts shall not be deducted in computing the income chargeable under the heard 'profits and gains of business or profession, - (a) in the case of any assessee - ....... .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]108ITR654(Guj)
..... of this particular special feature of this case, namely, that the business activity of securing orders had practically started since the very date of incorporation of the company, it is obvious that the business activity of this assessee-company started from the day of its incorporation and not from the day when the production of aluminium conductors commenced. ..... of the various statements as well as the directors' report, the income-tax officer came to the conclusion that the company had not started its business during the year of account and, therefore, the loss as claimed was not allowable. ..... circumstances it was held that, at any rate from october 1, 1964, the assessee could be said to have commenced its business activity of the second category and, therefore, the assessee-company had commenced business on that date and all expenses incurred by the assessee between october 1, 1964, and march 31, 1965, namely, the amount of rs. ..... that there was a clear distinction between a person commencing a business and a person setting up a business and for the purposes of the indian income-tax act, 1922, the setting-up of the business and not the commencement of the business was to be considered. ..... incurred by the assessee in carrying on the activity of extraction of limestone as also depreciation allowance and development rebate in respect of machinery employed in extracting limestone were deductible in computing the trading profits of the assessee for assessment years 1960-61 and 1961-62. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)22CTR(Guj)252; [1982]133ITR866(Guj)
..... these circumstances it is clear that any rate from october 1, 1964, the assessee can be said to have commenced its business activity of the second category and, therefore, the assessee-company had commenced and all expenses incurred by the assessee-company between october 1, 1964, and march 31, 1965, namely, the amount of rs ..... view of the tribunal one of the main factors was the purchase of raw material from which an inference could be drawn that the company had set up its business; but that is not the only factor that the tribunal has taken into consideration.' 8. ..... it may be noted that according to the division bench the assessee-company could have justifiably claimed that it had set up its business from march 27, 1964, the date from which it undertook the first category of activity namely of acquring ..... but since the assessee claimed only from october 1, 1964, this court held that, in view of the fact that the company had undertaken the second category of the activities, it must be at least held to have commenced the business from that ..... court was concerned with the question whether the factory of the assessee could be said to have been set up after the commencement of the act so as to entitle the assessee there to the exclusion of that portion of net wealth which was employed in the factory. ..... about the commencement of business arose in the context of computation of the average amount of capital employed by the company during the accounting period for purposes of excess profits tax. .....
Tag this Judgment!Court : Gujarat
Reported in : [1965]55ITR171(Guj)
..... its amendment by the finance act, 1955, stood as under : ''dividend' includes - (a) any distribution by a company of accumulated profits whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company : (b) any distribution by a company of debentures or debentures stock, to the extent to which the company possesses accumulated profits, whether capitalised or not; (c) any distribution made to the shareholders of a company out of accumulated profits of the company on the liquidation of the company : provided that only ..... consideration which is not entitled in the event of liquidation to participate in the surplus assets, when such distribution is made in accordance with sub-clause (c) or (d) : provided further that the expression 'accumulated profits' wherever it occurs in this lause, shall not include capital gains arising before the 1st day of april, 1964, or after the 31st day of march, 1948.'45 ..... or deposit certificates in any form, whether will or without interest, to the extent to which the company possesses accumulated profits whether capitalised or not; (c) any distribution made to the shareholders of a company out of accumulated profits of the company on the liquidation of the company; (d) any distribution made to company on the reduction of its capital to the extent to which the company possesses accumulated profits which arose after the end of the previous year ending next before the 1st day of april .....
Tag this Judgment!Court : Gujarat
Reported in : (1966)0GLR156
..... . 33c(2) of the industrial disputes act, 1947, which in its amended form was introduced in the latter act by the industrial disputes (amendment) act, 1964, a parliamentary legislation which came into force subsequent to the enactment of the impugned provisions and the impugned provisions were, therefore, void under the proviso to art ..... corporation, unlike an individual, can be residing in two places at one and the same time, a possibility not within the contemplation of the authors of the rule, and it became necessary to consider which of the two residences of the insurance company, london or new york, was to be taken as determining the locality of the debt due from it ..... the provisions of the act were sought to be enforced against a company called the bombay dyeing and . ..... the petitioner is a limited company incorporated under the indian companies act, 1913. ..... 19(1)(f). in the present case the petitioner being a company is a non-citizen and cannot, therefore, have any fundamental right under ..... s. 555 of the companies act, 1956, a period of fifteen years is provided to shareholders to claim payment of the amount of dividend or return of capital due to them before the moneys are paid over into the public revenues of the union and this period ..... s. 244b of the indian companies act, 1913, and ..... , and that company, therefore, preferred a petition in the high court of bombay challenging the validity of the act. .....
Tag this Judgment!