Court : Kerala
Decided on : Mar-04-1964
Reported in : AIR1965Ker66; [1964]54ITR332(Ker)
ORDER1. This is a reference by the Income-tax Appellate Tribunal, Madras Bench, under, Section 27(1) of the Wealth-tax Act, 1957. The reference has been made at the instance of the Commissioner of Income-tax, Ernakulam.2. The Assessee is the Travancore Rayons Limited, Rayonpuram. The year of assessment is-1959-60 and the valuation date for the assessment which has been made under Section 16(3) of the Act is the 31st December, 1958.3. The assessment provided by the Act is on the net wealth of the assessee as on the valuation date. The expression 'net wealth' is defined in clause (m) of section 2 of the Act. The definition is 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date' including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on ...
Tag this Judgment!Court : Kerala
Decided on : Dec-09-1964
Reported in : AIR1965Ker241
..... section 29 of the english companies act 1907, now section 225 (1) of the 1948 act, has made no difference). the new provisions in sections 428 and 439(3) of the companies act, 1956, it would appear, only expressly declare what was already the law under the act of 1913.6. that a fully paid-up share-holder even of an insolvent company is entitled to bring an application ..... 16. it is said that the petitioners have guaranteed repayment of a loan granted to the company by the madras industrial investment corporation in 1950 and that this contingent liability (on which however the petition is not based) gives them an interest in the winding up ..... mills ltd., a i r 1927 cal 625, sudhiya nath v. bihar national insurance co. ltd. patna, a i r 1941 pat 603 and in re, cine industries & recording ..... 1910) w n 13. palmer (company precedents, seventeenth edition, 1960, part 2, p. 43) is more guarded:'a fully paid-up shareholder is a contributory, and as such entitled to present a winding up ..... life assurance society, (1869) l r 9 eq 122 at p. 128, it is'plainly and commercially insolvent--that is to say, that its assets are such, and its existing liabilities are such, as to make it reasonably certain--as to make the court feel satisfied--that the existing and probable assets would be insufficient to meet the existing liabilities',language which seems to be the origin of the phrase 'commercially insolvent' as of clause (c) of sub-section (1) of section 434 of the companies act 1956. this sub-section .....
Tag this Judgment!