Court : Supreme Court of India
Reported in : AIR1991SC1473; JT1991(2)SC403; 1991(1)SCALE869; (1991)3SCC299; [1991]2SCR643
..... of this section may empower the board to borrow by the issue of debentures or bonds or otherwise and to make arrangements with bankers, and may apply to the board with such modifications as may be necessary to be consistent with this act, the provisions of the local authorities loans act, 1914 (9 of 1914), and the rules made thereunder as if the board were a local authority. ..... this appears to mean that it is not available for charity.the generosity of local authorities, in particular, is restrained by the doctrine that they owe a fiduciary duty to their ratepayers analogous to that of trustees. ..... local authorities are subject to a fiduciary duty to use their revenues with due restraint.(at p. ..... the kerala high court had held that in the absence of a specification by the government, the board was not entitled to generate a surplus at all and it acted entirely outside its authority in generating a surplus to be adjusted against items of expenditure not authorised to be met from revenue receipts. ..... the principal ground of challenge which was accepted by the kerala high court was that the kerala state electricity board acted outside its statutory authority by formulating a price structure intended to yield substantial revenue to offset not merely the expenditure properly chargeable to the revenue account for the year as contemplated by section 59 of the supply act but also expenditure not so properly chargeable. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1992SC2038; (1993)1GLR655; JT1992(3)SC417; 1992(1)SCALE1212; (1992)3SCC285; [1992]3SCR328; 1992(2)LC67(SC)
..... under this act in connection with a development plan or a town planning scheme may be defrayed ..... section 90 provides that:an appropriate authority may for the purpose of a development plan or for the making of execution of a town planning scheme borrow money and if the appropriate authority is a local authority the money shall be borrowed in accordance with the provisions of the act under which the local authority is constituted or if such act does not contain any provision for such borrowing, in accordance with the local authorities loans act, 1914 or as the case may be, the saurashtra local authorities loans act, 1951, and any expenses incurred by an appropriate authority or the state government .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1995Bom19; 1994(2)MhLj1398
..... under section 84 it is provided that the trust shall be deemed to be a local authority, as defined in the local authorities loans act, 1914, for the purpose of borrowing money under that act, and the making and execution of any improvement scheme mentioned in this act shall be deemed to be a work which such local authority is legally authorised to carry out. ..... he pointed out that the term 'local authority' was defined in section 2(15) of the maharashtra regional and town planning act, 1966, particularly clause (iii) of sub-clause (c) of section 2(15) provides that the local authority means the nagpur improvement trust constituted under the nagpur improvement trust act, 1936 which is permitted by the state government for any area under its jurisdiction to exercise the powers of a planning authority under this act. ..... again section 2(19) of the maharashtra regional and town planning act defines the planning authority to mean a local authority and includes a special planning authority constituted or appointed under section 40. ..... the definition in general clauses act vide section 3(31) is as under:--'section 3(31): 'local authority' shall mean a municipal committee, district board, body of port commissioners or other authority legally entitled to, or entrusted by the government with, the control or management of a municipal or local fund. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1946Bom159; (1945)47BOMLR867
..... funds accumulated in the provident fund established by municipalities, being moneys held by municipalities in trust on behalf of their employees, could not be invested in loans or debentures issued by themselves under the local authorities' loans act, 1914, as such loans or debentures were not securities within the meaning of section 20(d) of the indian trusts act, 1882, which applied only to securities issued by the municipalities, port trusts, or improvement trusts of the presidency towns and of rangoon and karachi. ..... , the municipality gave a notice to the collector and filed this suit on september: 23, 1938, for a declaration that it was entitled to invest the provident fund of its employees in loans or debentures issued by it under the local authorities' loans act, 1914, and for an injunction restraining government from objecting to its doing so. ..... have been authorised under the local authorities' loans act, 1914, they are sufficiently safe, ..... under the local authorities' loans act, 1914. ..... all words and expressions used are to be deemed to be used in the same sense in which they are used in the act and according to section 3(15)(e) of the bombay municipal boroughs act, 1925, public securities include-debentures or other securities for money issued by or on behalf of any local authority in exercise of powers conferred by an act of a legislature established in british india.according to this definition the expression 'public securities' used in rule 308 includes the debentures .....
Tag this Judgment!Court : Delhi
Reported in : ILR1980Delhi29
..... expressed in the next definition of 'local authority' and 'funds' found in the local authorities loans act, 1914. ..... since the meaning of 'a local fund' is the most ambiguous part of the definition, 'local authority' in section 3(31) of the general clauses act, which was enacted in 1897, one would have expected some judicial decisions to exist regarding the meaning of 'a local fund' inasmuch as the local authority is an important part of the structure of local government in india and its meaning should have often arisen for the consideration ..... expression 'local authority' has not been defined either in the payment of bonus act or the industrial disputes act, the definition of 'local authority' given in section 3(31) of the general clauses act set out above is applicable to section 32(iv) of the payment of bonus act. ..... defended the writ petition on the ground that it is exempted .from payment of bonus under section 32(iv) of the payment of bonus act which is as follows : 'employeesemployed by an establishment engaged in any industry carried on by or under the authority of any department of the central government or a state government or a local authority;'the contention of the authority is that it is a 'local authority' within the meaning of section 32(iv) of the payment of bonus act. ..... since the latter was 'a local authority' by definition care would have been taken in drafting the delhi development act to indicate that the dda is also a local authority if that had been the intention .....
Tag this Judgment!Court : Gujarat
Reported in : (2001)167CTR(Guj)34; [2001]250ITR229(Guj)
..... - (1) with the previous sanction of the registrar any society may invest the fund or a portion thereof : (a) xxx (b) in loans raised by a local authority in the state under the authority of the local authorities loans act, 1914 (ix of 1914); (c) in the purchase or leasing of land or buildings, and in the construction of buildings; provided that the purchase of such land or the construction of such building is likely to be advantageous to the society in the conduct of its business. ..... 71, be invested, as the state government may by general or special order, direct, or may, with the previous sanction of the state government, be used in part for some public purpose likely to promote the objects of this act, or for some such purpose of the state, or of local interest : provided that if the registrar is satisfied that financial condition of the society is such that it is unable to carry to its reserve fund an amount upto the aforesaid limit of one-fourth of its net ..... soparkar, learned counsel sought our leave to intervene at the hearing of these proceedings as their respective clients have a number of proceedings before the tribunal or before the appellate authorities under the act wherein similar questions about deductibility of interest earned by co-operative banks on deposits from out of reserve funds are pending for consideration. .....
Tag this Judgment!Court : Gujarat
Reported in : [1996]221ITR317(Guj)
..... of the board shall be as follows, namely - (a) subject to the local authorities loans act, 1914 or the saurashtra local authorities loans act, 1951 and to any general or special order made by the state government made in this behalf - (i) to grant loans to the local authorities, out of the fund, (ii) to distribute on behalf of the state government grant-in-aid of the revenues of the local authorities, out of the amounts provided to the board by the government for that purpose for the performance by such authorities of their duties and functions under the bombay provincial ..... municipal corporations act, 1949, or as the case may be, the gujarat municipalities act .....
Tag this Judgment!Court : Chennai
Reported in : (1997)2MLJ25
..... he referred to section 158 of the housing board act, which provides that the board shall be deemed to be a local authority for the purposes of the land acquisition act, 1894 and the local authorities loans act, 1914 but contended that the fiction created under this provision of deeming the board as a local authority shall be restricted in its application to the extent that the acquisition without a contribution from the public fund could be valid, but the acquisition itself has to be under part vii. ..... it was been specifically pointed out in section 158 of the tamil nadu housing board act that the tamil nadu housing board shall be deemed to be a local authority for the purposes of the land acquisition act, 1894 and the local authorities loans act, 1914. ..... i may also add that the act has received the assent of the president and therefore the deeming provision shall prevail over the definition of local authority in section 3(31) of the general clauses act, 1897 as held in the decision of the supreme court in valjikhai v. ..... the very purpose of deeming the board to be a local authority for the purposes of the land acquisition act will be defeated if this limit of construction of the deeming provision is to be made. .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1970All316
..... (1) a parishad shall be deemed to be a local authority as denned in the local authorities loans act, 1914, and shall be subject to all its provisions and the rules made thereunder for the purpose of borrowing money under that act. ..... it is obvious that the two local bodies constituted under the act have their separate funds and the parishad alone is to be recognised as the local authority as denned in the local authorities loans act, 1950. ..... parishad to be local authority under the local authorities loans act. ..... article 277 reads as follows:--'any taxes, duties, cesses or fees which, immediately before the commencement of this constitution, were being lawfully levied by the government of any state or by any municipality or other local authority or body for the purposes of the state, may, notwithstanding that those taxes, duties, cesses or fees are mentioned in the union list, continue to be levied and to be applied to the same purposes until provision to the contrary is ..... any taxes, duties, cesses or fees which, immediately before the commencement of part iii of this act, were being lawfully levied by any provincial government, municipality or other local authorities or body for the purposes of the province, municipality, district or other local area under a law in force on the first day of january, nineteen hundred and thirty five, may, notwithstanding that those taxes, duties, accesses or fees are mentioned in the federal legislative list, continue to be levied and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)87TTJ(Ahd.)313
..... any society may invest its fund or a portion thereof- (b) in loans raised by a local authority in the state under the authority of the local authorities loans act, 1914 (1 or 1914). ..... by general or special order direct, or may, with the previous sanction of the state government, be used in part for some public purpose likely to promote the objects of this act, or for some such purpose of the state, or of local interest : provided that if the registrar is satisfied that financial condition of the society is such that it is unable to carry to its reserve fund the amount upto the aforesaid limit ..... made by the assessee are in any case much above the statutory limits as per section 24(1) of the bank ing regulation act.in any case no such claim has been made before the tax authorities below and no facts have been brought on record by the assessee to support its claim. ..... subject to the provisions of sub-sections (2) and (3), a society may invest or deposit its funds : (b) in any of the securities specified in section 20 of the indian trusts act, 1882 (11 of 1882); or (c) with the federal society of which it is a member or in the purchase of the share thereof; or (d) with the approval of the registrar, with any other society with limited ..... were that the assessee had made deposits and investments in compliance with the statutory provisions of section 24(1) of the banking regulation act, 1949 which makes it obligatory for the purpose to invest in the securities 25 per cent of the total of its .....
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