Court : Mumbai
Decided on : Jul-23-1971
Reported in : (1972)ILLJ326Bom
..... main point raised in the arguments before us. (2) amount of tax paid on excess dividends declared : having regard to the provisions of the income-tax act an the relevant finance act for the year, the company could only declare a certain quantum of dividend in the years in question, but if they declared more than the dividend statutorily laid ..... volkart employees' federation and being the president presumably he knows what was the correct position regarding the other employees also. in paragraph 4 of that affidavit dated 1st march, 1968, he has stated 'i say that my work as a salesman in the company is to market the company's products and to push their sales. i say that ..... november, 1967. both the references came to be heard together by consent of parties and were disposed of by an order of the tribunal passed on 6th march, 1968. the reference were upon three points mentioned in the schedule to the references with two of which we are concerned so far as the present petition is concerned. those .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-30-1971
Reported in : [1972]85ITR451(Bom); 1971MhLJ729
..... are admitted to its benefit are concerned. 12. in navnit lal c. javeri v. appellate assistant commissioner of income-tax, sections 2 (6a) (e) and 12 (1b) of the income-tax act, 1922, as introduced by finance act no. 15 of 1955, were challenged on the ground that they violated the fundamental right of the petitioner under article 19(1 ..... minor children. we do not think that, therefore, the explanation is either vague or arbitrary and invalid on that ground. since the provisions of section 16 and section 64 of the respective acts are almost similar without any substantial difference, in our opinion, the decision in balaji's case is binding on us even with respect to ..... and the demand notices in pursuance thereof on constitutional grounds. 8. we first take up for consideration the contention regarding the legislative competence to enact section 64(ii) of the act. by this provision, in assessing the total income of the father or mother of a minor who is admitted to the benefits of a partnership .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-22-1971
Reported in : AIR1972Bom301; (1972)74BOMLR1; ILR1972Bom228
..... central bank and the only right which the old central bank acquired was the right to receive compensation in the sum of rs. 17.5 crores. under sub-section (2) of section 6 of act v of 1970, the old central bank had an option to receive that amount of compensation in cash or in four and a half per cent per annum ..... best interests of the company or its share-holders to undertake any other business within the frame work of the company's memorandum as, for example, the business of the finance and investment company, because apart from the difficulties involved in setting up such a unit which would operate in a competitive filed, such a business did not appear to ..... 23(1). no repugnancy or inconsistency exists and mr. bhabha has not even pointed out that even a company in liquidation can, in view of the provisions of section 394 of the companies act, be a party to a merger or amalgamation with an undertaking to which part a applies, but the former in most cases would not be 'engaged in' production .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-08-1971
Reported in : AIR1972Bom184; (1971)73BOMLR828; 1972CriLJ921; ILR1972Bom1372
..... statutory period of two years from the date of the agreement (ex. f) had already expired on the 16th of september 1968 and the offence under sub-section (4) was already complete as far as the accused was concerned, and no subsequent act of the accused could possibly wipe out that offence. i, therefore, hold that the accused has also rightly been convicted ..... section of a building on the land held by him as an owner, a lessee or in any other capacity entitling him to build ..... in the following terms:'(3) nothing in this section shall apply to any payment made under any agreement entered into before the first day of september 1940 or to any payment made by any person to a landlord by way of a loan, for the purpose of financing the erection of the whole or part of a residential building or a residential .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-30-1971
Reported in : AIR1971Bom365
..... the state government has also framed rules known as the maharashtra co-operative societies rules, 1961 in exercise of the powers conferred by sub-sections (1) and (2) of section 165 of the societies act. rule 10 gives the classification and sub-classification of the societies and a co-operative bank is one such class which is sub- ..... laid down these propositions in waverly jute mills co. ltd, v. raymon and co. (india) private ltd : [1963]3scr209 . commr. of commercial taxes v. ramkishan : [1968]1scr148 and harakchand v. union of india. : [1970]1scr479 . it has also been laid down in this last decision that if some of the entries in the different lists or ..... that expression used in the reserve bank of india act, 1934. the primary object of this society is to finance the other co-operative societies in the district and is now covered by the banking regulation act, 1949 as amended by the. banking laws (application to co-operative societies) act, 1965 and has been granted a licence under .....
Tag this Judgment!Court : Mumbai
Decided on : Jul-01-1971
Reported in : AIR1972Bom316; (1972)74BOMLR259; ILR1972Bom1417; 1972MhLJ524
..... : the building is presumed to face clive road, on east and to prevent all cause of danger therefrom, i further hereby require you, under the aforesaid section of the municipal corporation act, forthwith before proceeding to pull down, and secure the said structure to set up a proper and sufficient board or fence for the protection of passers - ..... suit could be dealt with only by the special court constituted under s. 28 of the act. in that case under a written agreement, the plaintiff gave a loan to the defendants for the purpose of financing the erection of a building on land held by the defendants as owners. the agreement was registered and it ..... delegate the powers of the commissioner under section 354 to mr. countinho, the assistant engineer. we find no reason to disagree with the view taken by the learned chief judge.19. mr. chagla, however, contended relying on a decision of the supreme court in mangulal chunilal v. manilal maganlal, : [1968]2scr401 that in view of the principles .....
Tag this Judgment!Court : Mumbai
Decided on : Feb-13-1971
Reported in : AIR1973Bom62; (1972)74BOMLR180; ILR1972Bom773; 1972MhLJ412
..... opinion that the cases of carrying on any trade or business in breach of terms or conditions or licence granted by a commissioner under section 394 read with section 471 of the bombay municipal corporation act. unfortunately, the learned magistrate has not assigned any reason why he has taken the particular view he did.9. the result, ..... operations not to be carried on without a licence' (underling mine) and this gives an impression that what is made punishable under section 471 read with section 394 (1) (e) (i) is the act of carrying on certain trade without a licence and not carrying on the same grade by committing breach of any term or condition ..... , 8, 14, 18 and 27 (special ) of eating house licence no. 9706 of 1968-69. he, therefore, contended that the respondent had committed an offence publishable under section 471 read with section 394 (1) (e) (i) of the bombay municipal corporation act. it appears from the record that there were other two accused persons against whom also this .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-24-1971
Reported in : (1972)74BOMLR61; 1972MhLJ279
..... corporation has submitted that the provision of wire fencing was insufficient to discharge the obligation cast on the employer firm under the provisions of section 21 of the factories act. under that section, all the employers are under an obligation to securely fence all machineries by safeguards of substantial construction and the construction must be such as ..... of and in the course of his employment, he should be held to have suffered from employment injury within the meaning of that phrase in section 2(8) of the act. the negligence of the workman in removing safeguards and fencings is irrelevant in connection with the question of his having suffered from employment injury. ..... in which the workman would not be entitled to payment of compensation by reason of the situations mentioned in the proviso to sub-section (1) of section 3 of the workmen's compensation act.13. mr. ramaswami is accordingly right in his submission that in the present case the workman had not suffered from any employment .....
Tag this Judgment!Court : Mumbai
Decided on : Mar-22-1971
Reported in : [1972]42CompCas72(Bom)
..... central bank and the only right which the old central bank acquired was the right to receive compensation in the sum of rs. 17.5 crores. under sub-section (2) of section 6 of act v of 1970, the old central bank had an option to receive that amount of compensation in cash or in four and a half per cent. per annum ..... in the best interests of the company or its shareholders to undertake any other business within the framework of the company's memorandum as, for example, the business of a finance and investment company, because, apart from the difficulties involved in setting up such a unit which would operate in a competitive filed, such a business did not appear to ..... for the cessation of its activity disappearing, it can still be said to fall within the phrase 'is engaged in' occurring in the said clause (v) of section 2 of the monopolies act. in short, a legal capacity to carry on the activity and an intention carry it on the cessation of the period of inactivity must co-exist. mr. bhabha .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-20-1971
Reported in : [1972]83ITR256(Bom)
..... diverse facts is a finding of fact and such a finding of the tribunal must bind the high court, because the jurisdiction of the high court under section 66(1) of the income-tax act, 1922, is limited to entertaining references on question before the tribunal was a pure question of fact. as observed by the supreme court in oriental investment ..... shah j. (now the learned chief justice), who delivered the judgment of the court, has relied on another judgment of the supreme court in commissioner of income-tax v. national finance ltd., in which it was held : 'whether a particular loss is a trading loss or a loss on the capital side, depends upon the facts of each case. the question ..... the company and allowed losses for all the three years. for the assessment year 1953-54, however, the loss resulting from the sale of a loan purchased between july, 1968, and march, 1949, was held by the tribunal to be a of a capital nature. in the balance-sheet the company had valued the securities at cost and had .....
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