Court : Gujarat
Reported in : (1986)2GLR910
..... has committed itself under the trust deed. of late the courts have recognised by adopting a creative approach to look upon the directors of a joint stock company as directors acting for and in the interest of the community and, therefore, this court must exercise the jurisdiction since a public duty is cast on a public trust ..... and the central government, or from any national or international social welfare agencies. seventhly, whether the board of trustees made any efforts to obtain accommodation from any nationalised or scheduled or a co-operative bank other than the ahmedabad cooperative bank ltd. by way of short-term or long-term arrangement. eighthly, what was the ..... in support, it was urged that of late the courts have recognised by adopting a creative approach to look upon the directors of the stock exchange companies as directors acting for and in the interest of the community and therefore this court must exercise the jurisdiction since public duty is cast on a public trust set up .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)20CTR(Guj)68; [1981]127ITR74(Guj)
..... capital expenditure. 7. in cit v. excel industries ltd. : [1980]122itr995(bom) , the bombay high court was concerned with the following facts : the assessee-company carried on business of manufacturing chemicals and it set up a new unit for the manufacture of phosphorus. for the new unit the assessee required a large quantity of ..... from the baroda municipality were inadequate for the increased supply of electrical energy and the new power lines were laid at the instance of the group of companies located in the sarabhai chemicals' compound. further, the new lines belonged to the gujarat electricity board and under the terms of the agreement it was open ..... the question has been considered once again by the supreme court, namely, in empire jute co., ltd. v. cit : [1980]124itr1(sc) . in that case, the assessee-company was carrying on business of manufacture of jute and was a member of the indian jute mills association. this association was formed with the object of, inter alia, protecting the .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)1GLR395
..... to all concerned than nddb scheme. the til scheme is not workable as submitted by til itself inasmuch as nddb scheme visualises payment of rs. 80 lacs to the nationalised banks with interest at 15 % after one year on the outstanding amount and visualises a deposit of rs. 1 crore to be paid immediately and even payment of ..... . the court would be denying to it-self the power to do good to all concerned without any detriment to any individual or collective interest. chapter v of the companies act deals with arbitration, compromises, arrangements and reconstructions. the very birth of sections 391 and 392 has a purpose. these provisions have been designed with a view that a ..... all costs and expenses upto rs. 3 lacs to the nationalised banks. til scheme does not envisage deposit of rs. 1 crore in connection with the dues of the nationalised banks. the nationalised banks do not support the til scheme and it is conceded that til will not be able to work .....
Tag this Judgment!Court : Gujarat
Reported in : (1982)22CTR(Guj)214; [1982]135ITR91(Guj)
..... 1960]40itr135(sc) , has taken the same view.we were then taken to the decision of the supreme court in kedarnath jute mfg. co. ltd. v. cit : [1971]82itr363(sc) . in that case, the assessee company which followed the mercantile system of accounting, incurred a laibility of rs. 1,49,776 on account of sales tax determined ..... had carried on business as managing agents, dealer in shares and stocks, stores and spare parts of machinery and acted as insurance agents and manufacturers of carbon dioxide. it also worked certain coal mines. the company obtained a prospecting licence for a colliery and after prospecting for coal sold the colliery and earned a profit. the ..... into with the government for exploitation of two coupes during the relevant assessment year.the assessee is a co-operative society registered under the gujrat co-operative societies act, 1961. its members are labourers who otherwise used to work in forests and carry on cutting operations at the instance of the forest contractors. now, .....
Tag this Judgment!Court : Gujarat
Reported in : (2002)4GLR3263
..... interest we think the learned counsel for the appellant is right in placing reliance on section 3(1)(b) of the interest act. the appellant-company (sic) had issued notice on 14.6.1984, demanding payment of the specified amount and interest on that specified amount ..... there is no contractual rate, the rate at which moneys are lent or advanced by nationalised banks in relation to commercial transactions.]9.5 he has also relied upon the provisions of sec.3 and sec.4 of ..... per annum from 1.4.1983 till payment.' 'para 17. in view of this, the learned counsel appearing for the respondent-company could not support the order of the high court in awarding interest from the date of notice, namely 14.6.1984, and ..... given non speaking award.6. before we consider the rival contentions, few relevant statutory provisions may also be noted. arbitration act 1940 is an act of arbitration. section 2(a) provides for definition of ' arbitration agreement' which means a written agreement to submit present .....
Tag this Judgment!Court : Gujarat
Reported in : (1983)34CTR(Guj)250; [1983]143ITR822(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 companys 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 that ..... 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 companys 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, sider ..... act.'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 companys .....
Tag this Judgment!Court : Gujarat
Reported in : (1998)3GLR2578
..... to respondent no. 3, i.e., the amount found payable to the owner of the closed textile which has been nationalised under the provisions of the gujarat closed textile undertakings (nationalisation) act, 1986 (hereinafter referred to as act 1986). as the state government is a party here, i do not consider it to be necessary to implead the ..... consistent and continuous practice has been deviated in the case of petitioners and the reasons may be that the company has closed down, but merely because the company has been closed down and subsequently it was nationalised under the act 1986, its liability to pay gratuity to the officers category to which the petitioners belong will not come to ..... this amount to the petitioners from the amount of compensation to be paid to respondent no. 3. this liability pertains to pre-nationalisation period and as such, as per the provisions of the act 1986, this liability has to be owned by respondent no. 3 and where it fails to discharge its liability, the state of .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)132CTR(Guj)102; [1996]220ITR153(Guj)
..... according to musashino's patents processes, know-how and improvements under a supplemental agreement dt. 22nd april, 1963. likewise, geigy has also obtained licence from a german company 'degussa' to manufacture in india cyanuric chloride under or according to degussa's patents, processes, know-how and improvements. under this right to manufacture the said product ..... incurred for acquiring the right to acquire raw material for the purpose of running business the matter was examined by their lordships of the supreme court in empire jute co. vs. cit (supra); by way of illustration it is said : 'take a case where acquisition of raw material is regulated by quota system and ..... capital expenditure or personal expenses of the assessee, apart from the condition that the same may not be governed by any other express provision of the act. in the present case the only question that arises for consideration is other condition being satisfied that the expenses are wholly and exclusively for the purpose .....
Tag this Judgment!Court : Gujarat
Reported in : II(1993)ACC33; 1994ACJ260; (1993)1GLR249
..... to the claimant by an account payee cheque. the remaining amount of rs. 40,000/- with proportionate costs and interest shall be invested in fixed deposit in any nationalised bank or in any government security of the choice of the claimant or any scheme of state or union of india undertaking wherein rate of interest is higher, for ..... annum from the date of application till realisation while allowing the appeal.32. it is pointed out that the maximum rate of interest on fixed deposit in any nationalised bank at the relevant time was much less than 15 per cent per annum and, therefore, claimant should not be awarded interest at the rate of 15 per ..... ., baroda. the claimant, therefore, filed a claim petition under section 110-a of the motor vehicles act, 1939 (the 'old act' for short) and claimed rs. 80,000/- by way of compensation for economic and personal loss.4. original opponent no. 3, insurance company, appeared and resisted the claim, by filing written statement, at exh. 13, which came to be .....
Tag this Judgment!Court : Gujarat
Reported in : 2003ACJ1353; (2003)1GLR574
..... /- and the entire cost amount (minus the deficit court fees) be paid to the applicant in cash. the applicant shall invest, by way of fixed deposit in some nationalised bank for a period of fifteen years (by renewal from time to time, if necessary) the entire amount of principal and the entire future interest amount with a provision enabling ..... has raised the contention by submitting an application at exh. 18 stating that the claim petition was non-maintainable for non-joinder of the drivers, owners and the insurance companies of the two trucks. this contention has been dealt with by the tribunal by order dated 16th october, 1982. the tribunal has come to the conclusion that the bus ..... at all to be blamed for the accident. the g.s.r.t.c. has also raised the contention about non-joinder of the drivers, owners and the insurance companies of the two trucks. thereafter, the tribunal has framed the issues vide exh. 16. during the course of the petition, the original claimant has not taken any steps .....
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