Court : Karnataka
Reported in : (2009)222CTR(Kar)286; [2009]308ITR202(KAR); [2009]308ITR202(Karn); [2009]184TAXMAN508(Kar)
..... the general law relating to mutual concerns, the surplus accruing to a mutual concern cannot be regarded as income, profits or gains for the purpose of the act (section 4), and where the contributors are to receive back a part of their own contributions, the complete identity between the contributors and recipients negatives the idea of any ..... therefore, the income on the aforesaid two heads is not taxable for the relevant assessment years. in coming to this conclusion we are supported by the decisions in natraj finance corporation [1988] 169 itr 732 and chelmsford club [2000] 243 itr 89 and we distinguish the decision of this court in i. t. i. employees death ..... members, rehabilitation in distress, development and general welfare. he has also relied upon chelmsford club v. cit [2000] 243 itr 89 (sc) and cit v. natraj finance corporation [1988] 169 itr 732 (ap) to submit that in the instant case the authorities below failed to appreciate the doctrine of mutuality as applicable to the facts .....
Tag this Judgment!Court : Karnataka
Reported in : 1999(6)KarLJ43
..... under the second schedule read with section 41(b) thereof. but the 1996 act does not contain any provision similar to section 20 of the 1940 act. in the case of m/s. sundaram finance limited, supra, it has been held that: '. . . . section 8 of the new act is not in pari materia with section 20 of the 1940 act. it is only if in ..... the scope and purpose of section 9 of the 1996 act as well. it has been held that (see para 20): (i) a party to an arbitration agreement can approach the court for interim ..... to pass orders pertaining to interim measures in terms of section 9 of the 1996 act, irrespective of the fact that it had no jurisdiction to appoint arbitrator undersection 8 of the said act on an application filed merely for the said purpose. 19. in the case of m/s. sundaram finance limited, supra, the supreme court has elaborately considered .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1986KAR1365; 1985(2)KarLJ397; [1985]60STC142(Kar)
..... sale or purchase of goods specified in the second schedule which have already been subjected to tax under clause (a) of sub-section (3) of section 5.' 18. section 2(t) and section 6 of the kst act are challenged by the petitioner and a declaration is sought to strike them down. but, in seeking that declaration the petitioner has ..... the individual grower may receive little reward for his labours, and may even be unable to continue producing at all. with it, however, the pooled product facilitates financing over a lengthy period, and the industry and those dependent upon it may be saved from disaster. in the case of the peanut board there are three outstanding features ..... steel and wire products limited v. state of madras : [1968]1scr479 treating the majority decision in new india sugar mills limited's case : air1963sc1207 as only a decision on the facts of that case, expressed thus : '(4) under section 4(1) of the indian sales of goods act, 1930 a contract of sale of goods is a contract .....
Tag this Judgment!Court : Karnataka
Reported in : 2008(3)KarLJ16; 2007(6)AIRKarR562; AIR2008NOC270; 2008AIHC712(Kar)
..... complete mechanism for adjudication of all the disputes including the disputes touching the constitution of the society. he mainly referred to section 25 of the act and submitted that, section 25 of the act and submitted that, section 25 provides an enquiry by the registrar of the society, who can hold an enquiry either suo motu or on the ..... regulations;(iii) when an enquiry is made under this section, the registrar shall communicate the result of the enquiry to the society concerned.32. section 25 as extracted above clearly shows that, the registrar can hold an enquiry in the matter of constitution, working and the finance. this power the registrar can exercise either suo motu ..... also referred to section 9 of the cpc and submitted that section 9 confers jurisdiction of the civil court on all the matters unless it is expressly or impliedly barred by law. in support of his contention, he referred to a decision in the matter of dhulabhai v. state of madhya pradesh and anr. : [1968]3scr662 and .....
Tag this Judgment!Court : Karnataka
Reported in : AIR1993Kant236; 1992(3)KarLJ462
..... a large number of individual members of co-operative societies as also the societies themselves from the operation of sub-clauses (a-1) and (b)(iv) of sub-section (2) of section 20 of the act stating further that the exemption, so ordered, shall remain in force up to and inclusive of 30thdecember, 1991 and upon its expiry the provisions of the said ..... hereby exempts the individual members of a cooperative society and co-operative societies from the operation of sub-clauses (a-i) and (b)(iv) of sub-sec. (2) of sec. 20 of the said act, in so far as the annual general meetings for the co-operative years 1987-88, 88-89, 89-90 and 90-91 along with elections if any ..... of the total demand for the co-operative year immediately preceding the co-operative year during which the meeting is held and which has failed to pass on to the financing bank or credit agency, as the case may be, to which it is indebted, the entire principal amount recovered with interest due thereon, not later than fifteen days of .....
Tag this Judgment!Court : Karnataka
Reported in : [2000(85)FLR251]; ILR2000KAR703; 2000(1)KarLJ1; (2000)ILLJ514Kant
..... no continuity of service in other respects, except for the purpose of payment of gratuity and pension. it is further contended that by virtue of section 29 of the state finance corporation act (sfc act), as soon as the ksfc takes possession of the property, it becomes the owner for all purposes as it is clothed by the power by ..... it defaulted the payment of loan which it had borrowed from the karnataka state financial corporation (ksfc). on 1-10-1985, the ksfc, invoking power under section 29 of the state finance corporation act, 1981 took possession of the assets of the mills and sold the same. the respondent purchased the same on 18-6-1987 by deploying his own ..... by the appellant and the impugned order was passed, which was challenge in the writ petition.3. the learned single judge, after considering the scope of section 29 of the state finance corporation act and referring to the judgments of the supreme court held that respondent is entitled for infancy protection as contemplated under .....
Tag this Judgment!Court : Karnataka
Reported in : [1991]70CompCas86(Kar)
..... mys 280 ; [1970] 40 comp cas 466 dealt with this question in a different context and not in relation to the construction of section 529 of the act read with section 529a of the act. section 529 without the proviso was very much in the statue book when this court rendered its decision in yellamma's case, air 1969 mys ..... . so, the rule of benevolent construction applies while interpreting the first proviso to section 529(1). in the statement of objects and reasons attached to the companies (amendment) bill, 1985*, the following statement is found : 'another announcement made by the finance minister in his budget government to introduce necessary legislation so that legitimate dues of ..... this court'. 32. in my view , the same reasoning will have to be applied especially in view of the amended provision of section 529 of the act and section 529a of the act. these two sections will take away the right of ksfc to deal with the property of the company (in liquidation) even before an order of winding .....
Tag this Judgment!Court : Karnataka
Reported in : ILR2001KAR1716; (2001)ILLJ655Kant
..... district. the regulations also provided for the age of recruitment, age of retirement, and other service conditions. 16. from the provision contained in section 128-a of the societies act and the order passed by the registrar thereunder it is clear that the central bank or the committee has been merely authorised to regulate the ..... . section 9 of the societies act declares that registration of a co-operative society shall render it a body corporate ..... in short 'the central bank') is also a registered co-operative society under the provisions of the societies act. it is a 'central co-operative bank' within the meaning of clause (d) of section 2 of the nabard act. its primary object is to finance other co-operative societies in the district of bidar like the primary societies.7 .....
Tag this Judgment!Court : Karnataka
Reported in : 2001(73)ECC387
..... 8.2.2000, the joint secretary to government of india, ministry of finance, department of revenue, new delhi, issued a detention order (annexure-a) under section 3(1) of the conservation of foreign exchange and prevention of smuggling activities act, 1974 [for short, cofeposa, act], being satisfied that it was necessary to make such an order, directing ..... concealing, transporting smuggled goods as well as dealing in smuggled goods', which was a ground for detention under clauses (iii) and (iv) of section 3(1) of cofeposa act, the gurumukhi version stated that the detention was necessary 'with a view to preventing him from smuggling goods and from abetting the smuggling of goods ..... ', which are grounds of detention under clause (i) and (ii) of section 3(1) of the act. the supreme court therefore held that the translation left the detenu confused whether he should represent against the grounds in the detention order or the .....
Tag this Judgment!Court : Karnataka
Reported in : AIR1989Kant125; ILR1988KAR1518
..... art. 19(1)(g) of the constitution(continued on col 2)'utilization of funds26. there is no serious challenge to section 15 of the act nor to sections 16, 17 and 18 of the act.27. section 19 of the act does not prohibit, but only imposes some restrictions on, opening of a new place of business, which are regulatory ..... down by the provision for substitution of security under sub-section (3) of section 20a division bench of the madras high court in chockanathan chit fund and finance (p) ltd. pondicherry v. union territory of pondicherry, : air1972mad99 dealing with the constitutional validity of pondicherry chit funds act observed thus -'we can find nothing objectionable in those provisions ..... interest to subscribers and perhaps to others. according to reserve bank survey, the, amount of deposits of 106 report chit fund companies at the end of march 1968, was about 1.1 crores. in terms of reserve bank's directions, a chit fund company cannot accept deposits repayable after a period of less than .....
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