Court : Chennai
Reported in : [1994]209ITR174(Mad)
..... 3. question no. 1 referred at the instance of the assessee relates to the relief claimed under section 80j of the act, during the previous year relevant to the assessment year under consideration, the assessee-company worked only for a period of five months. the claim for computing the relief under section 80j at six per cent. ..... by way of salaries and wages to technical staff and travelling form part of the actual cost of plant and machinery. in the case of cit v. new central jute mills : [1982]135itr736(cal) , it was held that expenses incurred for insurance for installing plant and machinery and depreciation and development rebate are admissible on such ..... be regarded as part of the actual cost of the plant for the purposes of computing depreciation and development rebate.' 62. in the case of cit v. new central jute mills : [1982]135itr736(cal) , it was held that (headnote) : 'expenses incurred for staff training, insurance and power and fuel for installing plant and machinery form .....
Tag this Judgment!Court : Chennai
Reported in : [1993]77CompCas324(Mad)
..... petitioners filed the original articles of association, which are marked as exhibit p-1. in this connection it is useful to refer to rule 22 in the ramaiya's companies act, eleventh edition, appendix v, page 1786. rule 22 provides that every petition and application mentioned in appendix ii shall be accompanied by the documents set opposite thereto in ..... the place of directors retiring. the explanatory statement is mandatory, as could be seen from the following two decisions in : 1. sheth mohanlal ganpatram v. shri sayaji jubilee cotton and jute mills ltd. [1964] 34 comp cas 777 (guj); 2. firestone tyre and rubber co. v. synthetics and chemicals ltd. [1971] 41 comp cas 377 . 32. ..... , support can be derived from the decision in seth mohanlal ganpatram v. shri sayaji jubilee cotton and jute mills ltd. [1964] 34 comp cas 777, of the gujarat high court. it was held that section 173 of the act enacts a provision which is mandatory and not directory and that the object of enacting section 173 is .....
Tag this Judgment!Court : Chennai
Reported in : [1992]73CompCas607(Mad); (1998)1CompLJ451(Mad)
..... of the necessary facts and materials which leads to the consent. consent cannot be given in the abstract or in vacuo. consent under section 86f of the indian companies act can only be given in reference to the particular contract which a director intends to enter into. therefore, the section requires that the board of directors should consider ..... following circumstances are relevant : admittedly, the respondent-company is engaged in the manufacture of steel bars and rods. it is a running company. for the year ending march 31, 1991, the company has made a profit of rs. 236.02 lakhs before providing for taxes. it has secured loans from nationalised banks and from financial institutions. the paid-up ..... capital of the company is to the tune of rs. 55.50 lakhs. its monthly salary and wage bill is to the tune of rs. 138.61 lakhs. the respondent .....
Tag this Judgment!Court : Chennai
Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261
..... the sanction of law the world over, despite the mishaps such as orange county, barings bank, long term capital management, lehman brothers, aig etc. admittedly, the nationalised banks in our country also offer such products, though their marketing strategy is not so aggressive, on account of conservative outlook. therefore, the contention of the plaintiff that ..... the bank would certainly come within the meaning of the word 'debt' as defined in section 2(g). section 6(1) of the banking regulation act, 1949, enables a banking company to engage in any one or more of the forms of business enumerated in clauses (a) to (o), in addition to the business of banking ..... calcutta hessian exchange ltd., in 1919. later east indian jute association ltd., was set up in 1927 for organizing futures trading in raw jute. these two associations amalgamated in 1945 to form the east india jute & hessian ltd., to conduct organized trading in both raw jute and jute goods. in case of wheat, futures markets were in .....
Tag this Judgment!Court : Chennai
Reported in : (2004)1MLJ349
..... transfers of employees have been effected by parliament and state legislatures under numerous nationalisation acts, nationaling banking, insurance and industrial undertakings. the statutory provision for transfer under such acts have not been regarded as unconstitutional. 29. the industrial disputes act in section 25ff denies any compensation to workmen in case of transfer of ..... scindia steam navigation, : (1961)illj318sc , had while considering the effect of section 20(1) of the air corporations act, (act 27 of 1953) by which the air companies then existing in the country were nationalised, at paragraph 10 of the judgment referred to the english case of nokes v. doncaster amalgamated collieries ltd. , 1940 ..... by a statutory provision.....' 26. dealing with section 20(1) of the air corporations act, 1953, the court observed, 'section 20(1) lays down that every officer or employee of the 'existing air companies' employed by them prior to the first day of july 1952 and still in their .....
Tag this Judgment!Court : Chennai
Reported in : [2000]245ITR322(Mad)
..... the delayed remittance of tax deducted at source. on the other hand, the prosecution has not established that accused no. 1-company acted without any reasonable cause or excuse. by exhibits p5, p9 and p12, accused no. 1-company had proved that it has sufficient cause for the delayed remittance of tax deducted at source. p.w. 2 in his ..... only for offence under section 276b in view of the meaning of 'person responsible for paying', 'if the payer is a company, the company itself including the principal officer thereof' in section 204(iii). for other offences under the income-tax act, 1961, such as under sections 276c, 277, 276cc, etc., such a notice as contemplated under section 2(35)(b ..... concerned with c. a. no. 524 of 1987) and (2 counts) (concerned with c. a. no. 525 of 1987) of the income-tax act, 1961.3. secondly, that a2 to a5 being directors of the first accused company from january 1, 1973, to december 31, 1979 (concerned with c. a. no. 524 of 1987), and january 1, 1980, to december 31 .....
Tag this Judgment!Court : Chennai
Reported in : [1991]71CompCas723(Mad)
..... immovable property because it was a decision devoted to a case where notice had been served as required under section 112 of the madras act 1 of 1908. 21. relating to legislative competence, he refers to j. k. jute mills co. ltd., v. state of u.p. : [1962]2scr1 , which could be of no assistance for holding that ..... dharmasalas, temples and shops, the state has acquired any rights whatsoever merely by reason of their being on the land belonging to the state.' 38. a division bench in katihar jute mills ltd. v. calcutta match works (india) ltd. : air1958pat133 , held as follows : generally, any sale of a building without any specific reference to the land whereon ..... of each such apartment/unit by the promoter to the respective owner is treated as an 'agreement'. as 'agreements' need not be registered under the registration act, 1908 (central act xvi of 1908), no stamp duty is paid therefor. to plug this loophole for evasion of stamp duty and registration fee and to ensure that no distinction .....
Tag this Judgment!Court : Chennai
Reported in : 1999(2)CTC364; (2000)ILLJ340Mad
..... in the decision reported in tinsukhia electric supply co., ltd., v. state of assam, : air1990sc123 . the same argument was also raised while challenging the sick textile undertakings (nationalisation) act 57 of 1974 in panipet w and c mills co., ltd., v. union of india, air 1986 sc 2082 before the supreme court. in para 10 of the said ..... over by the central government under section 18aa of the industries (development and regulation) act of 1951 (central act 65 of 1981) by notification dated 4.11.1977 and extended from time to time upto 30.9.1986. the 2nd respondent is a company owned by first respondent. they were designated and authorised to look after the affairs of ..... 23 in the first schedule can be governed only by the provisions of the i.d.r. act. the somasundaram super spinning mills owned by the petitioner company is an industrial undertaking that falls within the ambit of the i.d.r.act. the legislature of the state has no legislative power to enact a law regarding the said mills .....
Tag this Judgment!Court : Chennai
Reported in : AIR2000Mad92
..... accepted, as the source of authority for such decision is distinctly traceable under the provisions of the act read with sections 226 and 619 of the companies act.49. in my well considered opinion, auditing the nationalised banks/regional rural banks and the public sector undertakings is a matter of statutory necessity. it has ..... suit other statutory requirements for empanelment of chartered accountants for appointment of auditors in the nationalised banks and public sector undertakings as per section 226 of the companies act and to achieve the object of the chartered accountants act viz. to regulate the profession of chartered accountants and hence such disclosure would not in ..... institute is also required to prepare a panel of chartered accountants as per the requirement contemplated under section 226 of the companies act for appointment of auditors in the nationalised banks and regional rural banks by the rbi. similarly, the c and ag is required to prepare a panel for appointed auditors .....
Tag this Judgment!Court : Chennai
Reported in : (1986)53CTR(Mad)212; [1986]159ITR712(Mad)
..... paid' that the assessee does not dispute the liability even by way of appeal, these observations may run counter to the decision of the supreme court in kedarnath jute manufacturing company's case : [1971]82itr363(sc) . there is nothing to prevent the assessee from claiming a deduction in respect of a sales tax liability notwithstanding the fact ..... which was pending in appeal before the supreme court. the position of law, therefore, would be that notwithstanding the amendment made by the ordinance and the amendment act, in so far as the specific transactions in question were concerned, the order of the high court by which the revisional order of the board of revenue ..... the constitution of india and in the year 1957-58 when the transactions took place, the transactions were not liable to assessment under the central sales tax act. these transactions became liable to central sales tax only by virtue of the retrospective amendment made for the first time by the 1969 ordinance which came into .....
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