Judgment Search Results Home > Cases Phrase: jute companies nationalisation act 1980 section 22 disbursement of amounts to the companies Sorted by: recent Court: income tax appellate tribunal itat kolkata

income-tax Officer Vs. Heilgers Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1988)25ITD71(Kol.)

..... relating to the second ground are that the assessee advanced interest-bearing loans aggregating to rs. 15 lacs during the relevant previous year to one of its subsidiary company, viz., m/s.dalhousie jute co. the said sum was paid in three instalments-the first one being rs. 10 lacs advanced on 23rd july, 1980 and the second two instalments ..... 4 crores and that the liabilities of the debtor-company had not been taken over in terms of the said enactment. it has further been pointed out that in terms of the priorities laid down in the said act for payment of the compensation sum so fixed secured loans from the nationalised banks and secured loans from,all india and state ..... . after hearing the departmental representative we are of the opinion that there was an accrual of interest income on the loans advanced by the assessee to m/s. dalhousie jute co. on the basis of the two resolutions passed by the board of directors in their meeting held on 7-7-1980 and 21-8-1980 respectively. the subsequent .....