Court : Chennai
Reported in : (1984)40CTR(Mad)129; [1985]151ITR653(Mad)
..... itr 525 and roopchand chabildass and sons v. cit : [1967]63itr166(mad) , support the revenue and on the basis of these decisions, the allowance of interest paid on capital borrowed upheld by the tribunal cannot legally be sustained. 8. the learned counsel for the assessee refers to the following decisions in cit v. rajendra prasad mody : [1978] ..... made investment of those moneys or the income from the investments had been assessed to tax is not sufficient to bring the transaction within the scope of the expression 'capital borrowed for the purpose of the business'. the decision, in this case, seems to apply on all fours to the facts of the case before us. 7 ..... which related to the allowances claimed by the assessee under s. 10(2)(iii) of the indian i.t. act, 1922, in respect of interest paid on borrowed capital. in that case, the firm had borrowed moneys for interest from certain money-lending firms and advanced the same to its partners without charging any interest. the question arose .....
Tag this Judgment!Court : Chennai
Reported in : [1985]57CompCas126(Mad); (1984)IILLJ34Mad
..... banking development by providing vastly extended remittance facilities for co-operation with other banks following a policy which would be in effective concurrence with national policies adopted by government without departing from the cannons of sound business. such a state bank of india is envisaged as coming into being ..... the provisions of the two acts. ---------------------------------------------------------------------central act 31 of 1956 central act 5 of(l.i.c. act) 1970---------------------------------------------------------------------s. 3 establishment s. 3s. 5 capital s. 3(3)s. 5(2) body corporate s. 3(4) body corporations. 7 vesting section s. 4s. 7(2) assets, meaning thereof s ..... 1979 is for a mandamus to direct the first respondent to dispense of the preliminary objection raised by the management of the bank of india, regional office, southern region, represented by the assistant general manger, madras, in regard to the maintainability of t.s.e. case no. 49 of 1875, of .....
Tag this Judgment!Court : Chennai
Reported in : (1985)2MLJ439
..... )the state bank shall have the power to acquire the whole property and todispose of the same.section5: general effect of vesting.section4. authorised capital: the authorised capital shall be rupees twenty croresdivided into rupees twenty lakhs of fully paid up shares of rupees one hundredeach provided that the central government may increase ..... stimulating banking development by providing vastly extended remittance facilities for co-operation with other banks and following a policy which would be in effective concurrence with national policies adopted by government without departing from the canons of sound business. such a state bank of india is envisaged as coming into being by the ..... no. 2013 of 1979 is for mandamus to direct the first respondent to dispose of the preliminary objection raised by the management of bank of india, regional office, southern region, represented by the assistant general manager, madras, in regard to the maintainability of t.s.e. case no. 49 of 1975 on the file .....
Tag this Judgment!Court : Chennai
Reported in : AIR1986Mad43
..... it does not appear that the question as to whether the appellant was entitled to be joined was not seriously debated at that stage.15. it is true that in national textiles workers union v. p. r. ramakrishnan, : (1983)illj45sc , the supreme court has held that the workers of a company are entitled to appear at the hearing of ..... supreme court took in relation to the workers vis--vis the company. in para 6 the supreme court pointed out that it is not only the shareholders who have supplied capital who are interested in the enterprise which is being run by a company but the workers who supply labour are also equally, if not more, interested because what is ..... produced by the enterprise is the result of labour as well as capital. the workers were held to have a special place in a socialistic pattern of society as producers of wealth as much capital. the supreme court also has pointed out the distinction between a right to make an application for winding up .....
Tag this Judgment!Court : Chennai
Reported in : (1986)52CTR(Mad)354; [1986]159ITR381(Mad)
..... newspapers; perhaps a cable editor whose responsibility is preparing the news from overseas for publication; perhaps a telegraph, or wire, editor, who does the same for national news, of non-local origin, a city editor who superintendents the corps of reporters which cover local developments; and the departmental editors - sports, business and finance ..... definition. it says :"'book' includes every volume, part or division of a volume, and pamphlet, in any language, and every sheet of music, map, chart or plan separately printed."49. by reason of this definition, though a "book" excludes a newspaper, it would include a "pamphlet". the word "pamphlet" is a "small ..... to its readers than were the gazettes, newsletter, the courants of the 17th century from places like nurnberg, venice, antwerp, amsterdam, london, the mercantile capitals of europe. it is significant that the first real appearance of newspapers in the modern sense was simultaneous with the awakening of europe's mercantile life. .....
Tag this Judgment!Court : Chennai
Reported in : (1985)47CTR(Mad)329; [1986]159ITR303(Mad)
..... to breakdown of all direct labour functions including station description, method description and quality specifications. clause 10 concerns itself with the development of an incentive plan for group or individual incentives based on productivity for all direct labour functions. clause 12 provides for making available provision for continuous monitoring of cost, ..... , etc. it is also not without significance that even with reference to some of the terms of the agreement, part of the expenditure would be capital and part revenue. for instance, under clause 3 of the agreement, the foreign company had agreed to provide initial garment designs for all patterns required ..... that the tribunal had arbitrarily apportioned the expenditure and fixed that 20% of the expenditure incurred be taken as revenue expenditure and the rest as capital expenditure without any basis. on the other hand, the learned counsel for the assessee pointed out that predominantly the payments made to the foreign company .....
Tag this Judgment!Court : Chennai
Reported in : [1988]64CompCas425(Mad)
..... namely, that no interim order can be passed by a winding-up court at the time of admission of the winding-up application '. 8. in national conduits p. ltd. v. 5. s. arora [1967] 37 comp cas 786 the supreme court was considering the question whether a petition for winding- ..... v. rangaswami naidu educational trust and if that is taken into account the respondents would be holding only 38.12 per cent of the issued capital and the appellants' family would be holding 59.02 per cent. learned counsel seemed to have further placed reliance on the amended articles 30 ..... of the company, though there is no dispute that their father is the founder of the company. the nominal capital of the company is rs. 20,00,000 divided into 2,000 equity shares of rs. 1,000 each. the issued, subscribed and paid ..... -up capital is rs. 15,95,000 divided into 1,595 equity shares of rs. 1,000 each. the family of the first respondent .....
Tag this Judgment!Court : Chennai
Reported in : [1987]61CompCas20(Mad)
..... accounts of k. c. p. ltd., as she was doing in their absence but that was as directed by the father since he was fully occupied with other planning and expansion programmes, but she was not aware that the first plaintiff was upset by her checking of the accounts. the fifth defendant who filed a separate written ..... (3) where the action of the majority is illegal. the decisions in baillie v. oriental telephone and electric co. ltd. [1915] 1 ch 503 and cotter v. national union of seamen [1929] 2 ch 58, recognised a fourth exception where a special resolution was required by the articles of the company and company obtained the assent of the ..... to the agreement. the agreement provided that the appellant would be allotted shares in the company equal to those held by patnaik and loganathan after increasing the share capital of the company. the agreement further provided that these three groups of shareholders would have equal number of representatives on the board of directors of the company and .....
Tag this Judgment!Court : Chennai
Reported in : [1986]17ITD729(Mad)
..... excluded to arrive at the available profits for distribution. the national income does not become the commercial profit. the cash availability is a factor to be taken into consideration.6. applying the ratio laid down in the above cases ..... the reasonable requirement of the future and similar others and the overall picture of the financial position of the business should be taken into account. even the capital investment and the discharge of any liability has to be excluded from the profit of the company. the amounts transferred to the general reserve have to be ..... assessment. thus, he cancelled the order under section 104. against the same, the revenue is in appeal.2. the learned departmental representative strongly urged that the capital expenditure in the purchase of shares need not be out of the profits of this year. hence, that cannot be taken into consideration in judging the shortfall in .....
Tag this Judgment!Court : Chennai
Reported in : AIR1987Mad28
..... much earlier than the defendants' contemplated erection of a brickkiln in the b schedule property belonging to them. on the side of -the plaintiff, the approved plans by the factory inspector, the plaintiff's application to the assistant director of industries and commerce, the permission accorded by the panchayat union in favour of the ..... in the adjoining property by the defendants/appellants herein, involves the hazard of fire to the ginning factory and the defendants had not even adhered to the approved plan for the erection of the brickkiln. ex. a-12 is the letter addressed by the district fire officer, tirunelveli to the commissioner, panchayat union, rajapalayam. ..... will bring about the hazard of fire in his ginning factory. it is the further case of the plaintiff that inasmuch as he has invested large capital after obtaining necessary loans from the bank for putting up construction of buildings and for locating the machineries and the proposed brickkiln business by the defendants does .....
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