Court : Gujarat
Reported in : [1983]143ITR823(Guj)
..... is of no consequence whether ultimately the assessee succeeds or fails in acquiring the capital asset. we do not read the decision of the supreme court in empire jute company's case : [1980]124itr1(sc) as laying down a universal test that if capital asset is not ultimately acquired, the expenditure initially incurred for acquisition of ..... the submission of mr. j.p. shah, the learned counsel for the assessee, who venhemently contended before us that as pointed out by the supreme court in empire jute company's case : [1980]124itr1(sc) , these tests are not conclusive and are found to have broken down. according to the learned counsel, the supreme court, therefore ..... act.' 24. it would, therefore, appeal from the above observations of the supreme court that the test of fixed capital or circulating capital could be invoked only if the test of acquisition of an asset or an advantage for the enduring benefit of a trade, has no application to the facts of a given case. in the empire jute company .....
Tag this Judgment!Court : Gujarat
Reported in : [2007]138CompCas204(Guj); [2007]79SCL47(Guj)
..... what in relation to the compromise or arrangement is to be provided to the creditors and members, while section 394 deals with the provisions for facilitating reconstruction and amalgamation of companies act. 17. though details of pleadings, objections and their replies have already been summarized above, but parties have submitted their written arguments and the court now is required to deliver judgment ..... is not sanctioned, the consequence for tomco may be very serious. the shareholders, the employees, the creditors will all suffer. the argument that the company has large assets is really meaningless. very many cotton mills and jute mills in india have become sick and are on the verge of liquidation, even though they have large assets. the scheme has been sanctioned almost .....
Tag this Judgment!Court : Gujarat
Reported in : (2003)4GLR325
..... seven years. she has further submitted that the petitioner has no right to challenge his termination against the respondent-mills company as per the provisions contained in the sick textile undertakings (nationalisation) act, 1974 as he was never terminated by the present management under national textile corporation. she has further submitted that the ..... basis and also termination of rights and interest thereto. the petitioner was, therefore, in the continuous service of the respondent mills company even at the time when the sick textile undertakings (nationalisation) act, 1974 had come into force, w.e.f. 1st april, 1974. mr. dave has, therefore, submitted that the petitioner ..... court, rajkot on 13-12-1977. during the pendency of the said application no.220/1974, the respondent-mill company came to be nationalised by virtue of the provisions of the sick textile undertakings (nationalisation) act, 1974, w.e.f. 1st april, 1974 and since then the unit was managed by national textile corporation .....
Tag this Judgment!Court : Gujarat
Reported in : [1984]55CompCas107(Guj)
..... counsel pointed out that earlier til had declared that it was out of the picture when it realised that the nationalised banks had withdrawn support and that is why after the order of 22nd december, 1978 til too out a company application no. 279 of 1979, dated 29th december, 1979, for withdrawal of the deposit money. the situation ..... ) : 'the function of the court is two-fold. the first function is to determine whether the statutory requirements as laid down in section 391 of the companies act have been complied with. the requirements which have been laid down in section 391 are the sine qua non for sanctioning the scheme. however, even if the ..... co. ltd. [1976] 46 comp cas 227 (guj), the court, while dealing with the question of according sanction to a scheme under s. 391(2) of the act, observed that in exercising its discretion in according sanction, the court will consider, firstly, whether the statutory provisions have been complied with; secondly, whether the classes were fairly .....
Tag this Judgment!Court : Gujarat
Reported in : [1992]85STC258(Guj)
..... would get breached and the liability to pay purchase tax on the raw material would subsist. on the facts of the case, it was found that the assessee-company which was manufacturing stoneware pipes, firebricks and lime, required as raw material for its business, fireclay, which were taxable goods under the residuary entry 13 of schedule ..... manufacturer when manufacturing process takes place, or on the producer but it is always levied upon him qua seller and not quo manufacturer. : [1962]2scr1 (j.k. jute mills co. ltd. v. state of uttar pradesh). purchase and sale are two sides of one coin and if no sale has taken place in law, the occasion ..... it is necessary to not a few introductory facts : 3. i. introductory facts : the petitioners are dealers registered under the provisions of the gujarat sales tax act, 1969 ('the act' for short). they carry on the activity of manufacturing and selling various goods in this state. for the purpose, they require raw materials which are to be used .....
Tag this Judgment!Court : Gujarat
Reported in : 1991ACJ904; (1991)1GLR361; (1993)IIILLJ611Guj
..... from the date of accident, by a bare reading of section 4-a of the act. however, this proposition is very well crystallised and settled by the division bench decision of this court in the case of municipal commissioner, baroda v. patel engineering company reported in 1976 acj 104. 33. having decided as to what amount the workman is ..... payee cheque to the workman/appellant; (ii) remaining amount, i.e. 50% of the amount awarded together with interest, cost and penalty, shall be deposited in a nationalised bank on fixed deposit at least for a period of five years in the name of the workman/appellant and the appellant/workman shall be entitled to collect the interest ..... total amount, out of the said deposit, in cash. the remaining 50% amount shall not be paid in cash to the appellant but shall be invested in a nationalised bank in fixed deposit for a period of five years and the appellant-workman shall be entitled to interest which shall accrue due thereon periodically. the appellant-workman shall .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]261ITR113(Guj)
..... moa, the total amount with interest was payable by confirmed irrevocable 180 days usance letter of credit with confirmation charges at seller's costs and acceptable to sellers through any nationalised indian bank, to be established in favour of the sellers for the net amount by september 19, 1994. the letter of credit was to be released to the sellers ..... a deductible item in the computation of total income if the tax payable has not been deducted at source under chapter xvii-b of the income-tax act. (l) in w.j. alan and company ltd. v. el nasr export and import co., a decision of the court of appeal, reported in [1972] 1 llr 313 ; [1972] 2 all er 127 ..... or the arbitrator gives effect to the terms of the agreement and awards interest which has been agreed to be paid. (h) the decision, of the supreme court in kedarnath jute . v. cit : [1971]82itr363(sc) was cited for the proposition that, whether the assessee is entitled to a particular deduction or not will depend on the provisions of law .....
Tag this Judgment!Court : Gujarat
Reported in : 181(2003)CLT134
..... shall be payable : by means of 100 per cent confirmed irrevocable 180 days usance letter of credit with confirmation charges at seller's cost and acceptable to sellers through any nationalised indian bank (hereinafter called the opening bank) to be established in favour of the sellers for the nett amount by 19th sept., 1994.'thus, original price of the ..... interest shall not be deductible item in the computation of total income if the tax payable has not been deducted at source under chapter xvii-b of the it act.(1) in w.j. alan & company ltd. v. el nasr export & import co., a decision of the court of appeal reported in lloyds law reports (1972)1 313 (ca) : (1972) 2 ..... or the arbitrator gives effect to the terms of the agreement and awards interest which has been agreed to be paid.(h) the decision of the supreme court in kedarnath jute mfg. co. ltd. v. cit : [1971]82itr363(sc) was cited for the proposition that, whether the assessee is 'entitled to a particular reduction or not will depend .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1994Guj153
..... 7 partners. the applicant-firm wanted to avail of loan and credit facilities and, therefore, approached dena bank, which is a corporate body and a nationalised bank under the provisions of banking companies (acquisition and transfer of undertakings) act, 1970 (hereinafter referred to as 'dena bank' for short). on 24th august, 1974, dena bank sanctioned a term loan of rs. 1,10,000 ..... for payment of all existing liabilities under this act, 1947 (21 of 1947), the indian income-tax act, 1922 (11 of 1922), the wealth-tax act, 1957 (27 of 1957), the expenditure-tax act, 1957 (29 of j957), the gift-tax act, 1958 (18 of 1958), the super profits tax act, 1963 (14 of 1963) and the companies (profits) surtax act, 1964 (7 of 1964) or (b) the .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)22VST569(Guj)
..... fuel necessary for generation of power/steam for the manufacture of the goods.6.2 the petitioner, i.e. arvind mills limited, is a company incorporated under the provisions of the act of 1913. it is engaged in the business of manufacture and marketting of textiles fabrics and textile products. according to the petitioner, the ..... within the meaning of the phrase 'raw material' or 'processing material' or 'consumable stores' appearing in the act and the rules framed thereunder.4.5 mr. shankerbhai patel, who is authorized signatory of the petitioner no. 10-company, has filed another affidavit dated march 22, 2007 on behalf of the petitioners for the purpose of placing ..... on record order dated october 26, 1999 passed under section 62 of the act, inter alia, holding that the furnace oil used in the process .....
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