Court : Kolkata
Reported in : [1983]54CompCas186(Cal)
..... chand jute mills : 84cwn876 ), is under appeal and the question is to be decided finally whether the said act, being securities contracts (regulation) act, has any .application to a transaction in shares which are not quoted in a recognised stock exchange in which the regulation of transactions, etc. ..... michael [1978] 48 comp cas 368, wherein the principles on which the court is to grant relief under section 155 of the companies act, 1956, are laid down and also in the last case it was held that cornering of shares cannot be said to be illegal or wrongful in any way as there is nothing against public policy, illegality or fraud therein. ..... submitted, and in my view quite rightly, drawing my attention to the definition of 'spot delivery' under section 2(f) of the securities contracts (regulation) act and also to sections 13, 16 and 18 of the said act that, in the facts of this case, the transactions being spot delivery contracts, the said act has no application to these transactions of shares of a private limited company. mr. ..... this principle is to be accepted, then, and in my view, any application under section 155 of the companies act, 1956, can be defeated by any company by simply raising in an affidavit such an absurd proposition which is contrary to undisputed documents which show a clear admission by the transferors of payments of consideration against delivery of the share certificates and the duly executed transfer deeds to the purchaser, the petitioner company in this case. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1964Cal572,1964CriLJ660,69CWN82
..... also relied an s division bench decision- of this court in hembala dasi v, sunder shaw, : air1953cal627 particularly relied on the observation of chakravsrtti, k, j, saying that omission to specify the alleged act of ecantff-tempt in the notice of motion would not entail a ns-missal of the motion, even though it was desirable to give the particulars of the contempt charge in the noticeof motion itself. ..... not fully realised the implications of their signing such applications and were formally under the belief that theirconduct in doing so was in accordance with professional ethics, it has to be held that the act of the two appellants in this case was done under' the mistaken view of their rights and duties, and in such* cases even a qualified apology may well be considered by court ..... . i haw the deepest respect for this hon'ble court and the courts subordinate to it and i realise that i should have avoided doing any act which could have been considered even as an occasion for the issue of a rule tor tlie contempt of court against me and for this 1 express ..... . the constitution of an indian judicial service line the indian administrative service :tiay help the much needed climate of parity of understanding beetween these two essential wings of ..... the subordinate court and says he had no intention of doing so, then this court is constrained to remark that such a jer-son should not be in such a responsible position whose sense of appreciation and understanding is so sadlp-limited.78 ..... 21-1- .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1968Cal38,1968CriLJ40
..... his comrade raghubir singh in the back and fled away murari picked up the knife and it was murari who put that knife in the manhole from where it was later recovered in connection with that line of defence it was also suggested during cross-examination of prosecution witnesses that after that stabbing incident the police was not informed immediately but the cartpullcrs and their associates including kalipada and murariwaited ..... the prosecution alleges that panchu gopal after he had stabbed raghubir ran past the said murari mohan ghosh who had already seen the act of stabbing by the hand of panchu gopal and also saw a blood-stained knief in the hand of panchu gopal as he ran past murari some local people collected at the place where raghubir had fallen and the ..... the defence of the accused panchu gopal was a plea of innocence his particular defence as it may be discerned from the line of cross-examination of the prosecution witnesses and also his statement made under section 342 of the code of criminal procedure appears to be that he does not live in the locality where the occurrence took place and he ..... dissenting) that 'we find no warrant for giving a restricted interpretation to the second part of the clause (article 22(1)) by reference to article 21 and for laying that the right to be defended by coun-sel is limited to a trial in which the arrested person is in jeopardy of being sentenced to death or to a term of imprisonment'.22. ..... 1984.2. .....
Tag this Judgment!Court : Kolkata
Reported in : (1983)36CTR(Cal)224,[1984]146ITR405(Cal)
..... with or improvements upon or addition to the methods of manufacturing stanton products or any modifications of or developments in machinery or apparatus used in connection therewith such party shall (unless prevented by the terms of any such acquisition) communicate the same to the other party and shall ensure if it shall have acquired the right so to do that such other shall receive full and sufficient licences, information and assistance thereon and in relation thereto ..... endeavours to impart and which shall include instruction in what is in the opinion of stanton the best method of operating the specialist plant;(iv) generally during the continuance of this agreement to act as consultants to iisco on the manufacture of stanton products and as such consultants to advise iisco on problems, of a technical nature including the imparting to iisco of particulars of all improvements in the manufacturing technique of. ..... on behalf of the asses-see for the purpose of emphasizing that what the section required was not that strictly exemption should be limited to royalties or fees but the section required computation of capital to be limited strictly to those payments which could be strictly considered to be royalties or fees which could be considered to be income by way ..... that the amount of money paid by a joint stock company to the underwriters on an issue of new shares increasing the capital of the company cannot be allowed to be deducted as an expenditure coming under section 9(2)(ix) .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1985Cal115
..... in his order dismissing the said application under sections 30 and 33 of the arbitration act recorded that the plaintiffs had only urged before him that the recovery of the first three instalments of the loan were barred by limitation and therefore the arbitrator had committed an error apparent on the face of the record. ..... we have already observed that a decree under section 36(1) of the act is reopened only for the limited purpose of giving to a borrower the benefits of the said section. ..... in the instant case the plaintiffs, in their application filed in this court under sections 30 and 33 of the arbitration act, might have attacked the award on the ground that the learned arbitrator committed an error apparent on the face of the record by not granting them benefits of the b.m.l ..... radhanath das (supra), and hold that the instant suit filed in the subordinate judge's court for reopening under section 36( 1) of the act, the judgment and decree passed by this court in its ordinary original jurisdiction was not maintainable. ..... bhunia, learned advocate for some of the respondents, himself submitted that when under section 36(1) of the act a decree is reopened, the suit is not set down for de novo determination of all the issues which had been previously decided by the reopened decree ..... act passes a new decree only in order to limit according to the provisions of the b.m.l. ..... , subject to qualifications and limitations laid down in different clauses under section 36(2) of the b.m.l act.10. mr. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1986Cal185
..... sub-section (7) of section 26-f that the consequences of an order passed under sub-section (5) as contained in clauses (a), (b) and (c) of sub-section (7), will take effect from the date of the order and article 181 of the limitation act, 1908 applies to the case of an application under section 26-f by a co-sharer tenant who has not been served with a notice under section 26-c and his application would be in time if made within three years of the sale. ..... sub-section (7) is as follows : -- '(7) from the date of the making of the order under sub-section (5) --(a) the right, title and interest in the portion or share of the holding accruing to the transferee from the transfer shall, subject to the provisions of section 22 and to any order passed under sub-section (6), be deemed to have vested, jointly and free ..... rule 4 of the west bengal estates acquisition rules, 1954, deals with the terms and conditions of holding lands, retained by an intermediary under section 6(1) and lays down that subject to the conditions as specified, any land retained by an intermediary under the provisions of sub-section (1) of section 6 shall, subject to the provisions of the act, be held by him from the date of vesting and the said rule was ..... the plaintiff further asserted that the order of preemption was void and was passed without jurisdiction, as after the passing of the west bengal estates acquisition act, 1953 (hereinafter referred to as the said 1953 act ), the petitioner of the concerned misc. .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]61STC131(Cal)
..... the word 'goods', according to the petitioners, as defined in article 366(12) would include all materials, commodities and articles and they have claimed that the amendment, made under the said amending act of 1984 is to levy sales tax consequent upon the 46th amendment and whereby the meaning and import of expression 'tax on the sale or purchase of goods' has been enlarged to include :(a) a tax on the ..... dealer' as any person who carried on the business of selling goods in west bengal and includes the government, section 2(d) which defines 'goods' as including all kinds of movable property other than actionable claims, stocks, shares and securities, section 6 which lays down the rate of tax, which after amendment and by incorporation of sub-clause (dd) after section 5(1)(d) now stands at (sic) 20 per centum of such part of dealer's ..... of income-taxi excess profits tax, bombay [1957] 32 itr 636 , where it has been observed that 'property' is a term of the widest import, and subject to any limitation or qualification which the context might require, it signifies every possible interest which a person can acquire, hold and enjoy and business would undoubtedly be property, unless there is something to the ..... certainly be looked into and applied, while deciding the question whether 'lottery ticket' would be goods and, that too, when the definition of 'goods' under the tamil nadu act and the said act are in the same line.48. ..... were really in the same line as found in the unreported madras .....
Tag this Judgment!Court : Kolkata
Reported in : [1984]57STC97(Cal)
..... and sold and the ratio between the purchases and sales and the holdings, the tribunal came to the conclusion that there was material to support the finding that the appellant was dealing in shares as a business, it could not be interfered with by the high court; (ii) on the facts, that the high court was right in holding that there was sufficient material to support the finding of the appellate tribunal; (iii) that ..... a tribunal like the appellate tribunal, should be extremely slow to depart from a finding given by an earlier tribunal apart from, holding that there is also a further limitation, namely, that the effect of revising a decision in a subsequent year should not lead to injustice and the court must always be anxious to aviod injustice to the assessee. ..... in that case a mining company which was sought to be acquired by the central government under the metal corporation of india (acquisition of undertaking) act filed a petition before the supreme court under article 32 of the constitution for a rule nisi and the ground of attack in that petition was that the act invaded the petitioner's fundamental right under article 31(2) of the constitution. ..... it was also the case of the said company that in those two rules their prayers for the grant of injunction were allowed, initially without any condition for a limited period and it was directed that such injunction as issued, would continue on furnishing bank guarantees. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1986Cal61,89CWN1021
..... for that purpose page 18 of the brief of documents where it has been stated 'and we hereby expressly declare that this guarantee and the powers and provisions herein contained are in addition to and not by way of limitation of or substitution with any former or other guarantee or guarantees heretofore given to you by us (whether jointly with some other persons or alone) and now existing, uncancelled and that this guarantee is not intended to and ..... there could not be any question of any loss to the bank nor can there exist any outstanding dues in favour of the plaintiff bank unless the officers and employees concerned of the bank acted fraudulently or in collusion with the employees of the officers of the said defendant 1 there could not exist any occasion for any outstanding dues against the defendant no. ..... manager of the eastern bank (bank) to defendant 1 that the directors in london had sanctioned the limits which have been set out in the said letter for a further period of one year w.e.f, ..... addressed a letter to the defendant 1 stating that their directors in london had sanctioned the limits (limits were mentioned in the letter) for a further period of one year w.e.f. ..... is a continuing one, a further question of construction may sometimes arise which may determine the running of time for the purpose of the limitation act, 1939.'30. ..... not speak of the past but refers to future and that also for one year which has been specifically mentioned in the second line of the said letter. .....
Tag this Judgment!Court : Kolkata
Reported in : (1987)62CTR(Cal)83,[1987]164ITR574(Cal)
..... to believe that by reason of the omission or failure on the part of the assessee to make a return under section 13 of the gifts made by him or any other person in respect of which he is assessable under this act for any assessment year, or to disclose fully and truly all material facts necessary for assessment of the gifts made by him or such other person for that year, any taxable gift has escaped assessment ..... below its market value, the difference between the market value and the full value of the consideration received in respect of the transfer would amount to a gift liable to tax under the gift-tax act, 1958, but if the construction of sub-section (2) contended for on behalf of the revenue were accepted, such difference would also be liable to be added as part of capital gains taxable under the ..... also the income-tax officer could not proceed for the purpose of the income-tax act on the basis that the value of the consideration for which the transfer was made was the market value of the shares and at the same time for the purpose of the gift-tax act proceed on a different basis that the shares had been transferred at a much lesser figure, viz. ..... in this case, during the relevant accounting period, the conduct of the entire business of a private limited company was in the hands of the managing director who held more than half of the shares in the company. ..... imperial chemical industries : [1984]145itr447(cal) : in this case, the part of the loan transaction between ..... 1984 .....
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