Court : Chennai
Reported in : (1996)132CTR(Mad)506; [1996]218ITR427(Mad)
..... business realities. in a given case, the test of 'enduring benefit' might break down. in cit vs . associated cement companies ltd. : [1988]172itr257(sc) , this court said : 'as observed by the supreme court in the decision in empire jute co. ltd. vs . cit : [1980]124itr1(sc) that there may be cases where expenditure, even if incurred ..... are in toto only revenue expenditures incurred by the assessee and for the purpose of its business and they are deductible under s. 37(1) of the act and that the abovesaid questions have to be answered in the affirmative and against the revenue. we now give our reasons : we may, at the outset ..... assessee as royalty payments to texmo industries, coimbatore, under the agreement dt. 1st jan., 1977, between them, are revenue expenditures deductible under s. 37(1) of the act or capital expenditures not deductible thereunder. (the above said agreement was literally between texmo industries and one, c. k. industries, but the said c. k. industries changed .....
Tag this Judgment!Court : Chennai
Reported in : AIR1996Mad229
..... no. 861 dated 30-4-1982 is then referred to. as per the amended provisions the petitioner was asked to produce documentary evidence regarding the profits made by the company. while taking six months time to furnish documentary evidence the petitioner available of the concession after giving the following written underlakihg on 28-4-1983 and 27-4-1984.( ..... calls for uniform tariffs. by the impugned government order or in other words the amendment of the schedule to the act, it is nobody's case, the different tariff rates are fixed for different companies. that apart, section 4 of the act, which enables the state government to amend the schedule from time to time, says that they must take into ..... 1982; (iv) the power to amend the tariff rates is subject to the power under section 49 of the electricity supply act; (v) the g.o. is vague and arbitrary on the question of finding out the year in which a company makes profits; (vi) g.o.ms. no. 2043 p.w. (electricity) dated 16-12-1988 has deleted the .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR800(Mad)
..... state of orissa and the central government, to private concerns whose routes were taken over by the assessee, is of a capital nature, as the assessee-company acquired the unexpired permits of the private concerns and, therefore, got rid of competition from private operators. 11. another decision relied on by learned standing counsel ..... january 22, 1972, the government decided to form a separate company for the management of the bus transport system in coimbatore and that company is the present assessee. the government decided that this company will take over the assets acquired from the private companies under the act referred to above. it was decided that while the government ..... to deduction under section 37 of the income-tax act, 1961. on the other hand, learned counsel appearing for the assessee, in order to support his contention that the compensation paid by the assessee was of revenue nature, relied upon a decision of the supreme court in empire jute co. ltd. v. cit : [1980]124itr1( .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR723(Mad)
..... for breach of contract for purchase of a capital asset should be allowed as an expenditure allowable under section 37 of the income-tax act, 1961 ?' 2. the assessee is a private limited company. the assessee wanted to set up a project for manufacturing chemical process and pumps in the medium scale sector. in that connection on ..... damages claimed by the assessee were in the nature of revenue expenditure and, therefore, liable as a deduction, learned counsel for the assessee relied on a decision in empire jute co. ltd. v. cit : [1980]124itr1(sc) , wherein the supreme court held that the expenditure incurred for the purpose of operating the looms for longer ..... its income. unless the expenditure is wholly and exclusively laid out for the purpose of business, the expenditure cannot be allowed under section 37 of the act. in the decision of empire jute co. ltd. v. cit : [1980]124itr1(sc) cited supra, the expenditure incurred by the assessee was treated as revenue expenditure since the said .....
Tag this Judgment!Court : Chennai
Reported in : (1995)2MLJ367
..... or agreed to be hired or availed of, by a complainant who under clause (b) of the definition clause means a consumer or any voluntary consumer association registered under the companies act, 1956 or under any law for the time being in force or the central government or any state government or where there are one or more consumers having the same ..... authorities created by the statute are beyond purview of the act. when banks advance loan or accept deposit or provide facility of locker they undoubtedly render service. a state bank or nationalised bank renders as much service as private bank. no distinction can be drawn in private and public transport or insurance companies. even the supply of electricity or gas which throughout the .....
Tag this Judgment!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)IILLJ911Mad
..... the punishment of removal from service is commensurate to the charges and is in no way disproportionate. in particular when a high official in. nationalised bank is found to act in violation of the rules and regulations and grant indiscriminately overdrafts and other advances to parties without verifying their capacity to repay and in return ..... his family under a pecuniary obligation to a broker or a money lender or a subordinate employee of the bank or any person, association of persons, firm, company or institution, whether incorporated or not, having dealings with the bank. 24. a breach of any of the provisions of these regulations shall be deemed to ..... expose a grey area not amenable to objective evaluation and failure to keep to high standard of moral, ethical or decorous behaviour befitting an officer of a company by itself cannot constitute misconduct, unless the specific conduct falls in any of the misconducts, specifically enumerated in the conduct and discipline rules. on the facts .....
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 : [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 : AIR1993Mad1; (1992)IMLJ606
..... which in cases of urgency, the appropriate government may direct the collector to take possession of any land needed for a public purpose or for a company. the land acquisition act contains a definition of the expression 'person interested' in these words:'the expression 'person interested' includes all persons claiming an interest in compensation to ..... patent appeal. this objection was upheld by the letters patent bench primarily on the ground that the appellant company as such was not a person interested' within the meaning of section 18(1) of the act. the appellant company moved the supreme court. the supreme courtin its judgment said, 'it seems to us that the definition ..... beneficiaries were entitled to, was the one given under s. 50(2) of the act which occur after various provisions relating to acquisition for a public purpose under part ii of the act and for companies under part vii of the act and thus said,'as already pointed out, the person interested has been clearly indicated in .....
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