Court : Kerala
Reported in : (2007)2CompLJ143(Ker); [2007]76SCL185(Ker)
..... when there was no slay. in any event, question to be decided is whether issue of right shares in the same proportion to all shareholders when finance was urgently required is an act of oppression or mismanagement. the company law board issued interim order on 13.2.2006 to issue right shares and keep the shares of petitioners pending ..... jain v. kalinga tubed ltd. (1965) 1 comp lj 193 (sc) : (1965) 35 comp cas 351 (sc) and suresh chandra manwaha v. lauls (p) ltd. and ors. (1978) 48 comp cas 110 to set aside the election of the directors and re-appointing the directors on the ground of 'legitimate expectation'. in none of the above decisions, theory ..... not with individual shareholder and there is no agency relationship with shareholder and directors. but, directors shall not misrepresent and they should act bona fide in the best interest of the company: see palmer's company law, 23rd edition, chapter 64, pages 848 to 850. in rolta india ltd. and anr. v. venire industries ltd. and ors. (2000) 1 .....
Tag this Judgment!Court : Kerala
Reported in : (2007)6VST390(Ker)
..... the market and amongst consumers only as mosquito repellents and tax has been levied on that basis. further, hsn code appearing in entry 44(5) was deleted by finance act, 2006 to overcome the confusion created with reference to that hsn code. referring to the decision of the division bench of this court in transelektra domestic products private ..... would not take in the item manufactured and sold by the appellants. confusion if at all was there, was with regard to hsn code 3808 appearing in chapter xxxviii of the customs tariff act.12. we may extract the main description (heading) of goods falling under 3808, as follows:3808. insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and ..... the rate of 12.5 per cent at all points of sale of such goods within the state.11. later the above clause was substituted by kvat (amendment) act, 2005 (act 39 of 2005) which came into effect on april 1, 2005 and therefore even prior to april 1, 2005 and after april 1, 2005 in the case of .....
Tag this Judgment!Court : Kerala
Reported in : 2008(1)KLJ128
..... payable by the importer of any goods by the importer in such manner and within such time as may be prescribed.after the amendment by finance act 2003 reads as follows:(1) subject to the provisions of this act. there shall be levied and collected a tax on the entry of any goods into any local area for use, consumption, transfer or sale ..... therein or who owns the goods at the time of entry into the local area. charging section 3 which stood prior to the amendment by finance act 2003 read as follows:(1) subject to the provisions of this act, there shall be levied and collected a tax on the entry of any goods into any local area for use, consumption, transfer or sale ..... . we have on facts found that levy of entry tax is not compensatory in nature, therefore discriminatory and the impugned levy is violative of articles 14, 301 and 304 of chapter xiii of the constitution of india. protection was however claimed under article 304(b) of the constitution even if it was held to be non compensatory. the .....
Tag this Judgment!Court : Kerala
Reported in : 2007(1)KLT303; (2007)7VST293(Ker)
..... payable by the importer of any goods by the importer in such manner and within such time as may be prescribed.after the amendment by finance act 2003 reads as follows:(1) subject to the provisions of this act, there shall be levied and collected a tax on the entry of any goods into any local area for use, consumption, transfer or sale ..... therein or who owns the goods at the time of entry into the local area. charging section 3 which stood prior to the amendment by finance act 2003 read as follows:(1) subject to the provisions of this act, there shall be levied and collected a tax on the entry of any goods into any local area for use, consumption, transfer or sale ..... . we have on facts found that levy of entry tax is not compensatory in nature, therefore discriminatory and the impugned levy is violative of articles 14, 301 and 304 of chapter xiii of the constitution of india. protection was however claimed under article 304(b) of the constitution even if it was held to be non compensatory. the .....
Tag this Judgment!Court : Kerala
Reported in : [2007]137CompCas107(Ker); 2007CriLJ2250
..... the decisions of the above high courts, the amendment was introduced. article 226 was drastically amended by constitution 42nd amendment act, 1976. the original position was substantially restored later, by the constitution 44th amendment act, 1978. in view of clause (2) of article 226, if part of the cause of action arose in the state, ..... court in katta sujatha v. fertilizers and chemicals travancore ltd. : (2002)7scc655 and also the decision of the madras high court in ashok muthanna v. wipro finance ltd., rep by its area manager, chennai 2001 (2) crimes 307. on the basis of the above facts and grounds, the petitioner prays to quash ext. ..... when presented by the 1st respondent through its bank at coimbatore, were dishonoured. so, after completing the usual formalities under the provisions of the negotiable instruments act, the 1st respondent filed ext. p1 complaint before the judicial first class magistrate's court-i, coimbatore, alleging the offence punishable under section 138 read with .....
Tag this Judgment!Court : Kerala
Reported in : 2008(1)KLJ109; AIR2007NOC1100(SB)
..... construction is the composite perception of the deha and the dehi of the provision.to quote chinnappa reddy, j. in reserve bank of india v. pearless general finance and investment co. air 1987 sc 1023, 'interpretation must depend on the text and the context. they are the bases of interpretation. one may well say ..... -residential building rent control order, 1945 in respect of non-residential buildings. those orders were followed by the madras buildings (lease and rent control) act, 1946. section 18 of the act (act xv of 1946) provides that all proceedings commenced and taken under the madras house rent control order, 1945 and madras non residential building rent control ..... he solely depending on the income derived from the business for his livelihood. after the death of the original tenant, his widow ammukutty was doing business till 1978 and or her death, fourth revision petitioner, who is the son of original tenant, was doing business 3rd and 4th respondents are solely depending on the .....
Tag this Judgment!Court : Kerala
Reported in : [2007]8STT33; (2007)7VST323(Ker)
..... effected, is unconstitutional. the taxable event is the sale and collection of tax before the sale takes place is, therefore, unconstitutional. the provisions contained in chapter v of the kvat act concerning assessment, collection or payment of tax do not authorise collection of tax in advance, by issuing a circular by the first respondent. section 3(2)( ..... tax.19. in nand lal raj kishan v. commissioner of sales tax, delhi : [1962]1scr283 , the validity of section 8-a of the bengal finance (sales tax) (delhi amendment) act, 1956 was assailed in a writ petition filed under article 32 of the constitution. that provision enables the commissioner of sales tax to demand security from ..... state of haryana [2007] 5 vst 26 (p&h;). the learned special government pleader on the other hand, relied on the decisions in r.s. joshi v. ajit mills limited : [1978]1scr338 , r.k. gargv. union of india : [1982]133itr239(sc) , m.r.f. limited v. assistant commissioner [1995] 98 stc 233 (ker) : [1995] 1klt 809, .....
Tag this Judgment!Court : Kerala
Reported in : (2007)211CTR(Ker)298; [2007]294ITR67(Ker)
..... the business of a hotel, such part of profits shall not qualify to that extent for deduction for any assessment year under any other provisions of this chapter under the heading 'c-deductions in respect of certain incomes', and shall in no case exceed the profits and gains of such hotel.for the asst. ..... an unnatural and artificial 'profits and gains' of that industrial undertaking. in cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , while considering the scope of section 80e of the act, the supreme court pointed out that the difference between the 'income attributable to the business' and 'income derived from the business', the ..... of automobile or ancillaries. the assessee was manufacturing automobile spares. products manufactured by the company were covered by the list to the vth schedule to the it act. during the previous year in question, the assessee commenced manufacture of alloy steels which was also included in the vth schedule and sustained the loss. there .....
Tag this Judgment!Court : Kerala
Reported in : (2007)211CTR(Ker)377; [2007]293ITR26(Ker); 2007(2)KLJ762; 2007(4)KLT70
..... , subject to the provisions of this chapter, have power to regulate its own procedure and the procedure of benches thereof in all matters arising out of ..... of any express direction by the settlement commission to the contrary, nothing in this chapter shall affect the operation of the provisions of this act insofar as they relate to any matters other than those before the settlement commission.(5) and (6)(omitted by the finance act, 1987 w.e.f. 1st june, 1987).(7) the settlement commission, shall ..... may be imposed and recovered by the ao having jurisdiction over the assessee in accordance with the provisions of chapter xvii of the it act.14. at this stage, it is also relevant to refer to section 245f of the act and its provisions, which is as under:245f powers and procedure of settlement commission - (1) in addition .....
Tag this Judgment!Court : Kerala
Reported in : 2007CriLJ4458; 2007(2)KLJ778
..... left to face. i have said so much as i am called upon to interpret the statute - 'the prize, chits & money circulation scheme (banning) act, 1978' (hereinafter referred to as `the act') which in its core is an attempt by the indian parliament to curb and control this basic instinct of the beastly man to make quick and easy money ..... , upon such consideration, examination, if any, and hearing, the magistrate is of opinion that there is ground for presuming that the accused has committed an offence triable under this chapter, which such magistrate is competent to try and which, in his opinion, could be adequately punished by him, he shall frame in writing a charge against the accused. (2 ..... for no project can succeed against the basic laws of economics. sharp and wily promoters pay a's money to b and b's to c in order to finance interest at incredible rates; and eventually when a high-risk investment made by them as the cost of the credulous lenders fails, the entire arrangement founders on the .....
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