Court : Kolkata
Decided on : Dec-24-1974
Reported in : [1978]111ITR843(Cal)
..... transferred by the assessee to any person other than the government, a local authority,a corporation established by a central, state or provincial act or a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or in connection with any amalgamation or succession referred to in sub-section (3) or sub-section (4 ..... business carried on by him, there shall be allowed deduction of development rebate, in accordance with and subject to the provisions of section 34 of the indian income-tax act, in respect of the previous year in which the ship was acquired or the machinery or plant was installed, if the ship, machinery or plant was ..... the original assessment for the assessment year 1961-62 was completed on the 30th november, 1962, and thereafter the total income was revised under section 34 of the indian income-tax act, 1922, determining the assessee's total income as rs. 4,18,59,438. while making the assessment, the income-tax officer had allowed development rebate of .....
Tag this Judgment!Court : Kolkata
Decided on : Dec-20-1974
Reported in : [1976]105ITR262(Cal)
..... left out of account. this will appear from the balance-sheets of 31st december, 1955, distributed to the shareholders as attached to the said balance-sheet; the company, namely, lothian jute mills co. ltd,, was maintaining half-yearly accounts and the accounts for the half-year ending 30th november, 1954, had disclosed a surplus ..... amount of the rebate.........shall fee reduced by the sum.........equal to the......aggregate of the amounts..................computed ashereunder:--.... (b) in addition, in the case of a company referred to in clause (ii) of the preceding proviso which has distributed to, its shareholders during the year dividends in excess of six per cent, of its ..... , even if it was a case of rectification, the income-tax officer should have taken action under section 35 of the indian income-tax act, 1922, and not under section 154 of the income-tax act, 1961. 5. the tribunal rejected the last contention. as regards the first contention the tribunal did not consider it necessary .....
Tag this Judgment!Court : Mumbai
Decided on : Dec-19-1974
Reported in : [1977]106ITR758(Bom)
..... indian income-tax act, 1922 (hereinafter referred to as 'the act'), made by the income-tax appellate tribunal, bombay bench 'c', bombay, and the following two questions have been referred to us for our consideration : '1. whether, on the facts and in the circumstances of the case, the amount of rs. 10,67,212 recovered by the assessee-company ..... decisions both of the supreme court and other high courts on this aspect of the matter. in that case it was observed as follows : 'the object of the indian act is to tax 'income', a term which it does not define. it is expanded, no doubt, into 'income, profits and gains', but the expansion is more ..... , braund j. observed as follows : [1946]14itr561(all) : 'the conclusion, therefore, i have reached is that, in construing the word 'income' in the indian income-tax act, one has to ask oneself whether, having regard to all the circumstances surrounding the particular payments and receipts in question, what is received is of the character of income .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Dec-19-1974
Reported in : AIR1975SC469; (1975)4SCC815; [1975]3SCR146; 1975(7)LC137(SC)
..... could not be invoked in this case.9. mr. desai for the respondent relied on certain observations of this court in michael colodetz and ors. v. serajuddin and company : [1964]1scr19 in support of the proposition that the court should not allow a party to an arbitration agreement to proceed with the suit in 'breach of the ..... s. thakur shipping co. ltd. and the great eastern shipping co. ltd. for carrying rice from thailand to india. the charter-party between the corporation and the shipping companies contained a clause, namely clause 42, which reads as follows :any dispute under this charter to be referred to arbitration in india one arbitrator to be nominated by the ..... the ship arrived or should have arrived at the port of discharge notwithstanding any provision of law of any country or state to the contrary. the indian carriage of goods by sea act, 1925 in clause 6 of article iii of the schedule also provides inter alia that the carrier and the ship shall be discharged from all liability .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Nov-05-1974
Reported in : AIR1975SC506; [1974]97ITR486(SC); (1975)3SCC479; [1975]2SCR605
..... sc) ; the learned counsel for the respondent also relied almost entirely on this case. the andhra chamber of commerce was a company incorporated under the indian companies act (7 of 1913); it was permitted under section 26 of the act to omit the word 'limited' from its name by order of the government of madras. of the findings recorded in the ..... from the business of export of sugar and interest from current and fixed deposits were not exempt from tax under section 4(3)(i) of the indian income-tax act, 1922? the high court answered the question in the negative and in favour of the assessee. these four appeals preferred by the commissioner of income ..... are respectively the calendar years 1957, 1958, 1959 and 1960.2. the indian sugar mills association, hereinafter referred to as the association, which has its office in calcutta is a trade union registered under the trade unions act, 1926; any individual, firm or company owning or managing a sugar mill or factory is eligible for membership of .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-31-1974
Reported in : [1975]45CompCas534(Bom)
..... wishes are reasonable, then the court can properly refuse at their request to make a winding-up order.' 52. the supreme court had occasion to examine section 557 of the companies act, 1956, and how far the wishes of the creditors may be considered in madhusudan gordhandas & co. ltd. v. madhu woollen industries pvt. ltd. the court observed : ..... see in re p.&j.; macrae ltd.).' 53. in the case before us, the eight creditors, including the indian & eastern newspaper society, have by affidavits filed on their behalf submitted that the court should not wind up the company. now, this statement obviously expressed the wish of these creditors. but the creditors then proceed to give the grounds ..... -up, there are eight creditors, whose debts are of the aggregate value of rs. 7,68,000, and they are supporting the company and opposing the winding-up. these creditors include the prestigious indian and eastern newspaper society ltd., who are creditors in the sum of rs. 6,00,000. 48. it is in the light .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-14-1974
Reported in : (1976)78BOMLR597
..... 226 of the constitution for setting aside the order dated august 19, 1969 passed by the industrial tribunal, viz. respondent no. 2.2. the petitioners are a private limited company, registered under the indian companies act, having their factory at govandi, bombay. till april 1, 1969, respondent no. 1 was in the employment of the petitioners. on december 28, 1968, the respondent no. 1 ..... , just outside the petitioners' factory, respondent no. 1 and one shantaram kamble assaulted a co-worker one babu jadhav, while jadhav was on his way home along the railway lines towards govandi railway station. the inquiry against respondent no. 1 thereafter proceeded which culminated in the director of the petitioners passing an order of dismissal against respondent no. 1 on april 1 .....
Tag this Judgment!Court : Chennai
Decided on : Oct-14-1974
Reported in : (1975)2MLJ36
..... , custody of title deeds, possession and payment of kists. in the instant case, the consideration, as admitted by the wife, has proceeded from the husband. section 82 of the indian trusts act says that where property is transferred to one person for a consideration paid or provided by another person and it appears that such other person did not intend to pay ..... , the document dated 16th february, 1968 executed by one mumtaz begum in favour of her husband styled as a release deed should be stamped as a conveyance under the stamp act.2. when a question arises under which article a document should be chageable, the first thing to be looked into is the document itself in order to determine the character .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-11-1974
Reported in : (1975)ILLJ293Cal
..... an order being order no. 34 of the judge, first industrial tribunal, west bengal, dated the 17th of august, 1970. the appellant which is a company incorporated under the indian companies act is the proprietor of m/s. new allenberry works having its factory at the premises no. 62, hazra road, calcutta which employed 300 workmen in its ..... or otherwise that it has the authority to represent the workmen whose cause it is espousing. mere fact that the said union is registered under the indian trade union act is not conclusive proof of its real existence or the authority to represent the workmen in the reference before the tribunal. mere negotiations by some officials ..... case of finding of fact by the tribunal which is not disputed that the union of the company was registered under the trade union act and the certificate of registration was produced and the agreement between the union and the company dated the 23rd of september, 1967 clearly established the authority of the union to represent the .....
Tag this Judgment!Court : Kolkata
Decided on : Oct-11-1974
Reported in : [1978]111ITR614(Cal)
..... tax relief which could be availed of by the new enterprises under sections 15c and 56a of the indian income-tax act, 1922. the scheme in short was that i.c.i. would arrange to let the assessee hold shares in the three companies by investing the money which was to be given by i.c.i. to the assessee. ..... , where a very similar situation arose in a reference under section 66 of the indian income-tax act, 1922, and one of the questions answered by the high court in the affirmative was 'whether on a proper construction of the relevant clauses of the appellant-company's memorandum of association and articles of association and on a consideration of the circumstances ..... alone could attract the applicability of section 52 of the act.' 26. then at page 459 of the paper book the supreme court observed as follows (see 83 itr 714) :'the tribunal examined fully the correspondence and the other material with regard to each of the three indian companies in which the investment had been made of the money .....
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