Court : Delhi
Reported in : AIR1975Delhi96; ILR1975Delhi475
..... in this and the connected two writ petitions (civil writs 224-d of 1965 and 439-d of 1965) are associations registered under chapter iii-a of the forward contracts (regulation) act, 1952, (hereafter called 'the act' in short) and the rules framed under sections 28(1) and 28(2) thereof to carry on business relating to forward contracts. ..... depend on the construction of the relevant portions of sections 14a, 14b and 14c which make up chapter iii-a and which are noticed below: '14-a.certificate of registration to be obtained by all associations: (1) no association concerned with regulation and control of business relating to forward contracts shall, after the commencement of the forward contracts (regulation) amendment act 1960 (hereinafter referred to as such commencement) carry on such business except under, and in accordance with, the conditions of a certificate of registration granted under this act by the commission. ..... (4) the question for consideration is whether it is a purpose of chapter iii-a of the act containing section 14a, 14b and 14c to prohibit any registered association concerned with the regulation and control of business in forward contracts from conducting forward trading in any commodity whatever except a commodity or commodities which may be specified in the registration certificate to be issued ..... information regarding commodities is needed for taking action under section 8 or section 12b which have been made applicable to registered associations by section 14c. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1973Delhi1
..... it was stated in the certificate of registration (annexure b) issued to the company as under :- 'theforward markets commission having considered the application for registration made under section 14a of the forward contracts (regulation) act, 1952, by rajdhani grains and .jagery' exchange ltd.. ..... the company thus became a registered association within the meaning of section 2(jj) of the forward contracts act. ..... of registration granted under chapter iiia could validly include a condition requiring the registered association not to conduct forward trading in any commodity other than the commodity specified in the certificate except with the previous approval of the forward markets commission, that condition (ii) contained in form f and in the certificate granted to respondent 1 was not extraneous or foreign to the provision in section 14a and was quite valid, and that the decision of the learned single judge as well as the decision in the ..... section 14c applies to the provisions of sections 8 and 12b in chapter iii to such registered associations. ..... provision has, thereforee, been made in chapter iii-a, which consists of sections 14a, 14b and 14c, for compulsory registration of all associations, whether recognised or unrecognised. .....
Tag this Judgment!Court : Delhi
Reported in : ILR1986Delhi210
..... , junior research assistant of the forward markets commission, bombay constituted under the forward contracts (regulation) act, 1952 (hereinafter referred to as the act), sent a confidential information to the ..... and its directors were also liable to be prosecuted and punished under section 21 (a) and (c) of the act for owning and managing the place for the purpose of entering into forward contracts ..... because the aforesaid contract provided for delivery beyond 11 days and thereby were forward contracts within the meaning of section 2(c) of the act punishable under section 21 of the act. m/s. ..... in the present case, the offence in respect of these forwarding contracts was not known to any one because the particulars of the same were contained in the documents recovered from the search ..... delhi had been instrumental in the following forward contracts effected : (a)on october 13, 1972 prakash chand arora brought about a transaction for 200 ..... sub-section (3) of section 468 of the code (reproduced already) has no application in the present case because the said sub-section did not exist in the original code and was added by means of an amendment which came into force on 18th december 1978 which was much after the commission of the alleged offence as well as the filing by the police of the report under section 173 ..... -forthe purposes of this section,- (a) 'company' means any body corporate and includes, a firm or other association of individuals ; and (b) 'director' in relation to a firm, means a .....
Tag this Judgment!Court : Delhi
Reported in : 1979RLR272
..... (1) according to the police' the reports were received against the petitioner that he was carrying on speculation in silver which was prohibited under the forward contracts (regulation) act, 1952. ..... to satisfy himself that the petitioner deserved to be mentioned as a bad character he prayed that a writ of mandamus be issued to quash the history sheet and the entry in the surveillance register, and direct the respondent not to interfere with with his liberty in any manner. ..... shakuntala devi, made an application in the court of the metropolitan magistrate against the attachment of their properties and in reply to the application it was stated that a history-sheet has been recorded in registrar no. 10. ..... he was appointed by his community to manage its properties and he is the executive member of the bullion sarafa association for the last several years. ..... for the definition of the habitual offender we would normally look to section 110 criminal procedure code . ..... to my mind, the police rules have reference to a habitual offender as is described in section 110 cr. p.c. ..... which mentions the persons who have to be considered as habitual offenders, but the case of the petitioner is not covered by the provisions of section 110 cr. p.c. .....
Tag this Judgment!Court : Delhi
Reported in : ILR1973Delhi130b; 1973RLR461
..... amongst others, stated that so far 45 criminal cases under forward contracts (regulation) act had been registered and proceedings in court against persons responsible for the infringement had been taken but because of lacunae in the law on the subject this was not sufficient to prevent the ..... forward contracts in banned commodities but sought to regulate them and then section 20 prescribes penalties for contravention of the provisions of this act ..... the forward contracts (regulation) act, 1952, it is true, in a sense, regulates trading in banned items but no parallel provision in the act was shown to us conferring powers on authorities to make any order in regard to the telephones through which ..... these petitions have assailed the order dated november 27, 1972/december 4, 1972, passed by the administrator under section 5(1) of the indian telegraphs act, 1885 (hereafter called 'the act') taking over temporary possession of the telephones installed in their names in various rooms of coronation hotel building, ..... that on the occurrence of any public emergency where the central government was satisfied that it was necessary 'in the interests of the sovereignty and integrity of india, the security of the state, friendly relations with foreign states or public order or for preventing incitement to the commission of an offence', it could, in terms of the sub-section, intercept, detain or prohibit the transmission of any message or class of messages to or from any person or class of persons .....
Tag this Judgment!Court : Delhi
Reported in : ILR1978Delhi40
..... petitioners were prosecuted by the delhi police for violation of the forward contract regulations act, 1952, on the charge of illegal forward trading, on certain commodities. ..... from the entries in the history sheet, the superintendent is of the opinion that such person should be subjected to surveillance he shall enter his name in part ii of the surveillance register, provided that the names of persons who have never been convicted or placed oa security for good behavior shall not be entered until the superintendent has recorded definite reasons for doing so ..... it appears that at some stage the company and some of its directors and others associated with it, including the two petitioners, came to the adverse notice of the delhi administration and the delhi police for alleged illegal forward trade dealings in certain commodities which tend to disturb the normal price pattern of such commodities as a sequel to which a number of measures were taken by the delhi police against various persons ..... of the constitution of india by two different citizens challenge the legal validity of orders of surveillance and of opening of history sheets made against them by the delhi police pursuant to the provisions of the punjab police rules as applicable to delhi, and raise important questions as to the nature and extent of right of privacy and as to the justifiability of an order of surveillance, etc. ..... police rules, 1934, issued under sections 7 and 12 of the police act, 1861, deals with prevention of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)89ITD235(Delhi)
..... dr, assailing the applicability of explanation 3 to section 43a(1) put forward the argument in the written submissions filed by him that actual payments made by the assessee towards the repayment of foreign loans during the year under reference is merely a small amount and gains arising from cancellation of forward contracts would, therefore, not be covered under section 43a(1) as ..... to the department's case that the gains from cancellation of contracts are revenue in nature, he argued that if the contracts are held to be capital in nature and gains arising therefrom are held to be intimately and inseparably linked to foreign loan amounts, section 43a would clearly be applicable and gains would be liable to be capitalized towards the cost of ..... the said explanation reads as under : "whether the assessee has entered into a contract with an authorized dealer as defined in section 2 of the foreign exchange regulation act, 1947 (7 of 1947), for providing him with a specified sum in a foreign currency on or after a stipulated future date at the rate of exchange specified in the contract to enable him to meet the whole or any part of the liability aforesaid, the amount, if any, to be added to, or deducted from the actual cost of the ..... the character of a revenue nature on any transaction, namely, multiplicity of transactions, a prior association of business and the existence of a scheme, system and business operations are totally conspicuous by their absence in the present case before us. .....
Tag this Judgment!Court : Delhi
Reported in : 10(1974)DLT163
..... authorities which were directly concerned with illegal forward trading were the forward market commission whose statutory duties were to regulate the forward contract under the forward contracts (regulation) act, 1952 and the police whose duty was to prosecute the offenders contravening provisions of the said act. ..... on the other hand, shri chadha placed reliance on rule 416, which is as follows :- 'the telegraph authority may, if it considers it necessary to do so, refuse to comply with any application for a telephone or similar service or for alteration of any such existing service and may at any time withdraw either totally or partially any telephone or similar service provided under these rules'(14) he went to the extent of arguing that the telephone authority may at any time withdraw either totally ..... (4) on the 27th of november and on the 4th of december, 1972, the delhi administration issued two orders under section 5 of the indian telegraph act, 1885, each being in the following terms :- 'whereas the administration of delhi is satisfied that illegal forward trading (satta) in agricultural commodities is being practiced on a large scale through the following telephones installed in the rooms/ cabins in the premises of the coronation hotel, fatehpuri, delhi thereby affecting adversely the prices of supplies ..... on the other hand, we are of the view that while section 5 is restricted in public emergency rule 422 could apply to any emergency public or otherwise including an .....
Tag this Judgment!Court : Delhi
Reported in : (2004)91TTJ(Del)128
..... transaction' will not apply to situation where the purpose of entering a forward contract was to hedge/safeguard against any loss on account of repayment of principal amount of loan, cancellation of contract was incidental to that object and consequently any loss/gain 'arising from such cancellation is directly related to repayment of the loan, further attention of the bench was drawn to proviso (c) to section 43(5) of the act which excludes a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature ..... cit(appeals) also confirmed the order of the assessing officer, however, while confirming the order of the assessing officer, the cit(appeals) observed that assessed has not produced details to establish that the forward contract related to loan taken for purchase of fixed assets.5.3 here at the time of hearing of appeal, the learned counsel recreated his contentions raised before the lower authorities. ..... it was further stated that section 8 of foreign exchange regulation act, 1973 provides that except with prior general or special permission of the reserve bank of india, no person other than an authorized dealer shall purchase, acquire, borrow or sell foreign currency. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)88ITD53(Delhi)
..... she also pleaded that the legislature has considered the 'commodity' as distinct from 'securities' since trading in commodity is regulated by forward contract regulation act (in short fcra) while trading in securities is governed by scra. ..... she drew our attention to explanation 2 to section 2(42a) and also explanation to section 115ad which define the word 'security' according to which it would carry the same meaning as given in clause (h) of section 2 of securities control (regulation) act, 1956 (in short scra). ..... of additional ground by observing (i) the assessee paid such amount outside india without disclosing particulars of such payment to the ao; (ii) the tds amount was paid only after the issue of circular and not in accordance with the relevant provisions; (iii) the provisions of section 40(a); (iii) could not be applied as salary was not payable outside india but was only paid outside india; (iv) having failed to make any claim at the time of assessment, the ..... it was also argued by him that units, securities or shares are different items as is clear from the provisions of section 115ad, 115ac and 115ab of income-tax act which deal with computation of income separately in respect of these items.she relied on the judgment of supreme court in the case of appollo tryres ltd. ..... explanation to section 73 is only a deeming provision and therefore, is applicable only where the case of assessee does not fall within the scope of section 43(5). .....
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