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Assistant Commissioner of Income Vs. Amtek Auto Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)455

..... it is further submitted that the assessee had failed to discharge the onus cast on it in terms of the provisions of section 68 of the act whereby the onus is on the assessee to justify and prove the identity, creditworthiness and the genuineness of the credit found recorded in the books of ..... being asked to justify the source of such deposits, the assessee submitted to the ao that the deposits were raised from the public in terms of section 58a of the companies act, 1956; that the deposits were raised by way of advertisement to general public at large in terms of the approval granted by the respective authorities under the companies act, 1956.the assessee submitted list of the deposit holders along with their addresses. ..... to him, the vetting of the application form was enough to discharge the onus cast on the assessee under section 68 of the act, he ought not to have made any addition. ..... made on account of unexplained public deposit accepted under section 68 of the companies act, especially when the assessee had failed to file corroborative evidence despite of specific requirements as per it act, 1961. ..... in terms of section 58a of the companies act, 1956, the assessee, under a scheme approved by the roc, invited deposits ..... section 68 of the act authorizes an ao to verify the nature and source of the credits appearing in the books of account of the assessee and in case the assessee does not furnish an explanation or furnishes an explanation which is not to the satisfaction of the .....

Provident Institution for Savings Vs. Malone

Court : US Supreme Court

..... should be paid over to the receiver general if the owner, after a short absence, could not be found, or if the account remained inactive for a brief period, a very different question would be presented from that arising under an act which deals with absence and nonaction so long continued as to suggest that the law of escheats or of lost property might be enforced. ..... the statute deals with accounts of an absent owner who has so long failed to exercise any act of ownership as to raise the presumption that he has abandoned his property. ..... in 1907, the general court of the commonwealth of massachusetts passed an act providing that deposits in savings banks which had remained inactive and unclaimed for thirty years, and where the claimant was unknown or the depositor could not be found, should be paid to the treasurer and ..... there is nothing unequal or discriminatory in making the act applicable only to abandoned deposits in a savings bank. ..... any person claiming a right to money deposited with the treasurer and receiver general under the provisions of either of the two preceding sections . . . ..... the bank contended that the act requiring deposits to be paid over to the receiver general deprived persons of their property without due process of law, and also impaired the obligation of contracts. ..... the act is like those which provide for the appointment of custodians for the real and personal property of an absentee. .....

Vijay Hemant Finance and Estates Ltd. Vs. Income-tax Officer and anr.

Court : Chennai

Reported in : [1999]238ITR282(Mad)

..... the respondents have also raised several grounds in the counter affidavit filed, but the main case of the respondents is that the petitioner has contravened the provisions of section 197a(1a) of the act without any reasonable cause as the petitioner had admitted the defective nature of the declarations and there was no explanation at all as to why before making payment of interest to various depositors; the petitioner has not ..... facts leading to the filing of the writ petition are, the first respondent by his order passed under sections 201(1) and 201(1a) of the income-tax act, 1961 (hereinafter to be referred to as 'the act'), dated march 4, 1996, treated the writ petitioner as an 'assessee in default' in respect of a sum of rs. ..... in my view, though the income-tax officer may be correct in his view that section 194a of the act does not provide for any opportunity to be given to the petitioner to rectify the defects found in the declarations ( ..... 29,029 being the tax that ought to have been deducted at source under section 194a of the act on the interest paid by the petitioner to various other persons who have made certain amount of fixed deposits with the ..... 'the above observation of the supreme court is relevant for the construction of section 194a of the act and to avoid hardship and unjust result that may flow against the person filing the declaration, the requirement of granting an opportunity to the said person for rectification of defects in the declaration should be afforded to .....

In Re: Prudential Capital Markets Ltd. (In Liquidation)

Court : Kolkata

Reported in : (2008)1CompLJ314(Cal),[2008]84SCL239(Cal)

..... being in force, have jurisdiction to entertain, or dispose of--(a) any suit or proceeding by or against the company;(b) any claim made by or against the company (including claims by or against any of its branches in india);(c) any application made under section 391 by or in respect of the company;(d) any question of priorities or any other question whatsoever, whether of law or fact, which may relate to or arise in course of the winding up of the company; whether such suit or proceeding has ..... further, loans were sanctioned after the winding up petition was filed and the appellant and the company applied under section 536(2) of the act seeking leave of the company court for allowing the disposition of the company's property 'which may have to take place' as a consequence of ..... the terms of a fresh lease to be effective as a valid lease required registration in view of the provisions contained in section 107 of the transfer of property act read with section 17(1)(d) of the registration act, 1908, because the period reserved under the lease was exceeding one year. ..... new quality bobbin works (1972) 2 comp lj 333 (guj), where a single judge of the gujarat high court held that under section 537(1) read with section 446(2) the company court had authority to take up all questions relating to a company in liquidation without the liquidator having to institute an action before ..... has relied on a gujarat high court judgment reported at official liquidator of piramal financial services ltd. v. .....

Surendra K. Kambli and Another Vs. Bhandari Co-op.Bank Ltd. and Others

Court : Mumbai

..... 3 the learned counsel appearing for the petitioners submits that the impugned order of cancellation of licence has not been passed judiciously; that though six months' time was granted to the board of administrators under section 35-a of the br act, even before the expiry of that period the order of cancellation of licence was passed without considering the following, namely, (i) the board of directors of the first respondent was removed on the basis of the financial ..... in these circumstances, the reserve bank of india issued an order under section 35-a of the banking regulation act ( br act ) imposing financial restrictions on the first respondent for a period of six months ..... on the other hand, if any of the conditions provided in sub-section (3) of section 22 of the br act is not fulfilled, the reserve bank may cancel the banking licence issued to any banking company ..... 11 the appellate authority, acting under sub-section (5) of section 22 of the br act, has duly considered the grounds of appeal raised by the first respondent and the petitioners and found the impugned order to be valid and justified ..... this was followed by a show cause notice under section 22 of the br act for cancellation of the banking licence of the first respondent ..... the registrar of co-operative societies initiated action under section 88 of the msc act against the managing committee members of the first respondent for the loss caused to the bank due to their negligence and sanctioning of bogus loans. f.i.rs .....

In Re: Anagram Securities Limited

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

1.1 by an ad interim ex-parte order dated april 27, 2006 (hereinafter referred to as the 'order') under section 19 read with sections 11, 11b and 11(4) of the securities and exchange board of india act, 1992 and section 19 of the depositories act, 1996 pending enquiry and passing final order, certain interim directions were issued against various market participants including anagram securities limited. ..... a separate identified depository account (no 10153985 with nsdl) is maintained by asl through the dp, asbl exclusively for the purpose of holding shares of clients as margins. ..... however for the limited purpose of this order, it transpires that asl acted as a broker only for purshottam budhwani and not as financier. .....

Kirit Somaiya and Others Vs. Security and Exchange Board of India and ...

Court : Mumbai

Reported in : 1999(1)ALLMR20; 1999(1)BomCR420

..... before 30th november, 1998 and to issue a circular to all revenue officers that, in case of purchase of lands by plantation companies or other companies, appropriate action be taken in accordance with the bombay tenancy and agricultural land act, 1948, the maharashtra agricultural land (ceiling on holdings) act, 1961 and other allied acts before mutation entries are made on the basis of so-called transfer of agricultural lands.17. ..... state of maharashtra to issue a circular to all revenue officers that, in case of purchase of land by such companies, appropriate action be taken in accordance with the maharashtra land revenue code, bombay tenancy and agricultural land act and other allied acts before mutation entries are made on the basis of so-called transfer of agricultural lands.10. ..... which is sought in the petition is that the state government be directed to forthwith promulgate an investor protection act as was done by the state governments of tamil nadu and goa.3. ..... relied upon section 34 of the ..... , in the state of maharashtra, the bombay tenancy and agricultural land act, 1948 and the maharashtra agricultural land (ceiling on holdings) act, 1961 are in operation. ..... on the basis of the said act or provisions of the reserve bank of india act or the companies act. ..... it being found that the ordinance promulgated by the state of maharashtra does not regulate all collective investment schemes, particularly those floated by companies incorporated under the companies act, respondent no. .....

Gujarat State Co-operative Bank Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (2001)167CTR(Guj)34; [2001]250ITR229(Guj)

..... the source of such surplus funds, but the distinction between the two sets of suplus funds is that in case of banking reserves (or slr funds) they cannot be advanced in view of statutory prohibitions under the banking regulation act applicable to all banks and co-operative banks and are, therefore, required to be parked in interest earning deposits/securities whereas in case of non-slr funds, the bank does not find borrowers and, therefore, such ..... be withdrawn without sanction of registrar which w ill be given only for certain purposes maharashtra reserve fund may be used : (1) in section 66(2) the business, or (2) invested otherwise investment may be as per : section 70, rule 54 (1) section 70 of the act, or (2) rule 54(1 ) of the rules once invested, funds cannot be rule 54(2) utilised without permission of the registrar gujarat reserve fund may be used : section 67(2) (1) in the business, or (2) invested otherw ise investment may be made as per : section 71, rule 29 (1) section 71 of the act, or (2) rule 29 o f the rules contentions urged on behalf of co-op. ..... it is rendering services in the nature of bankers' bank. ..... bank's case (1996) 218 itr 438 (sc) : tc s26.2715 pertained to only statutory reserves. 12 ..... . case (1996) 218 itr 438 (sc) (supra) the apex court observed that "the banks may have to maintain certain reserves to meet with emergencies ..... bank (1996) 223 itr 55 (raj) : tc s26.2717 follows the supreme court judgment in m.p ..... cit (1996) 218 itr 438 (sc) : tc s26.2715 .....

J. Jayalalitha and Others Vs. State, By the Superintendent of Police, ...

Court : Karnataka

..... ,371.002. add for external water supply and sanitary arrangements @15% 9,805.003.11.45 m2cost of marble flooring5001 m222,900.004.65.66 m2add extra for ornamental tiles 500add for service charges @9% 32,930.009,850.00total1,41,180.00 as per ex.p.645 (vol.33 page no.97), according to the dvac, and pwd engineer, cost of constructions measuring area is rs.65,371/- ..... 11: 1. the criteria to decide acceptance of gift my a mos or his members of the family is whether it is inspired by his official position: - the main criteria to be followed in deciding whether a member of the service or a member of his family, should be permitted to retain a gift would be whether it has been inspired by his official position and also whether it is likely to embarrass or influence him, either immediately or prospectively in the discharge of ..... fund company. since the chit fund company is not a banking company and the provisions of the banking regulations act 1949 are not therefore, applicable to such companies, a member of the service has to obtain permission of the government under proviso to sub-rule(4) of rule 16 of the all india services (conduct) rule, 1968 for receiving the money from the chit fund companies ..... after the assessing officer issued notice under section 142 of the i.t.act on 07.02.1997, the said m/s sasi enterprises filed the return of income for assessment year 1996-97 on 26.09.1997 but by typographical mistake the said date is typed as 26.06.1997 in the assessment order ex.d.275 .....

Director-general of Vs. Oriental Finance and Exchange Co.

Court : Monopolies and Restrictive Trade Practices Commission MRTPC

Reported in : (1990)67CompCas480NULL

..... this is an application filed by the director-general of investigation and registration under section 12a of the monopolies and restrictive trade practices act, 1969, praying for an ex parte ad interim injunction restraining the respondent from carrying on unfair trade practices of making false or misleading statements in the advertisements and publicity material brought out ..... general has also separately filed an application under section 36b(c) of the monopolies and restrictive trade practices act, 1969, against the same respondent covering ..... the preceding paragraphs, it appears to us that the claims made in the advertisements and brochure (as annexed with the director-general's application under section 36b(c)) are false and misleading, being highly exaggerated and unsubstantiated by facts and figures. ..... of deposits by the respondent is in contravention of section 45s of chapter iii-c of the reserve bank of india act, 1934.12. ..... practices are highly prejudicial to public interest he has pointed out that the respondent has not got itself registered with the reserve bank of india as required under section 45a of chapter iii-c of the reserve bank of india act, 1934. ..... claims made by the advertisements and brochure are false and misleading and amounts to unfair trade practices as defined under section 36a(1) of the monopolies and restrictive trade practices act. ..... facie constitute unfair trade practices as defined under section 36a of the monopolies and restrictive trade practices act.11. .....