Overdraft - Year 1971 - Judgments

Aug 18 1971 (SC)

inspecting Assistant Commissioner of Agricultural Income-tax and Sales ...

Court: Supreme Court of India

Decided on: Aug-18-1971

Reported in: AIR1972SC294; [1972]83ITR108(SC); (1971)3SCC744; [1972]1SCR298

..... mudholkar r s bachawat raghuvar dayal and v ramaswami jj the appellant had a combined overdraft and deposit account also described as a mutual open and current account with the respondent ..... best interests 114 a f h 115 a b ii the respondent gave loans on overdrafts and the appellant made deposits the loans and deposits created mutual obligations since the account .....

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Jan 29 1971 (HC)

Ganapathi Subbaraya Hegde Vs. State of Mysore

Court: Karnataka

Decided on: Jan-29-1971

Reported in: [1972]84ITR523(KAR); [1972]84ITR523(Karn); (1971)2MysLJ266

..... in respect of transactions relating to loans and advances loans and mortgages cash credit or overdraft bonds agreements of pawn or pledge and letters of hypothecation executed by farmers for agricultural .....

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Jan 18 1971 (SC)

Daulatram Rawatmull Vs. the C.i.T. (Central) Calcutta

Court: Supreme Court of India

Decided on: Jan-18-1971

Reported in: (1972)4SCC95; 1971(III)LC259(SC)

..... keeping these two deposits under lien of the bank against overdraft facilities the overdraft account itself had been opened on or about november ..... partners of the appellant firm the appellant had obtained an overdraft facility to the extent of rs 10 lakhs upon the ..... account in the name of raghunath prasad was adjusted against the overdraft account of the appellant raghunath prasad died on august 16 .....

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Sep 22 1971 (HC)

Madhav Pd. Jatia Vs. Commissioner of Income-tax

Court: Allahabad

Decided on: Sep-22-1971

Reported in: [1973]87ITR298(All)

..... the assessee was debited with interest thereon 3 the assessee had an overdraft account with the central bank of india aligarh at the beginning of ..... was entitled to deduction on account of the interest paid on the overdraft account with the bank in respect of rs 5 50 000 and ..... rs 20 107 paid to the central bank in respect of the overdraft of rs 5 50 000 was allowable as deduction under section 10 .....

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Dec 24 1971 (HC)

Pentala Githavardhana Rao and ors. Vs. the Andhra Bank Ltd. and ors.

Court: Andhra Pradesh

Decided on: Dec-24-1971

Reported in: AIR1973AP245

..... opened various accounts such as open cash amount credit key cash credit clean overdraft packing credit and secured overdraft account in the plaintiff bank early in 1962 and was having credit facilities ..... of the 2nd defendant therein it was specifically mentioned as follows nature of facility secured overdraft limit sanctioned rs 75 000 rupees seventy five thousand duration and interest 1 year at .....

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Feb 09 1971 (SC)

P.K. Nedungadi Vs. the Malayalee Bank Ltd. (In Liquidation) and ors.

Court: Supreme Court of India

Decided on: Feb-09-1971

Reported in: AIR1971SC829; [1972]42CompCas120(SC); (1971)3SCC598

..... the bank the first was a current account and the second an overdraft account and the third an account in the name of the ..... and it closed its business from february 10 1948 m had an overdraft account with indo mercantile bank at its palghat branch the agent of ..... with the help of the appellant that amount was adjusted against his overdraft account in the accounts of the indo mercantile bank this sum was .....

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Dec 01 1971 (HC)

P.V. Gandhi Vs. Gitanjali and ors.

Court: Chennai

Decided on: Dec-01-1971

Reported in: AIR1973Mad115

..... respondent had entered into with the bank of india who had given overdraft facilities to the firm on the guarantee of the fifth respondent for ..... rs 1 lakh was retained by the fifth respondent for payment towards overdraft account and the balance of rs 12 000 was paid in ..... a liability of the firm to the bank in respect of the overdraft account for which he had given guarantee and that the transfer was .....

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Sep 07 1971 (SC)

Commissioner of Income-tax (Central), Calcutta Vs. Associated Industri ...

Court: Supreme Court of India

Decided on: Sep-07-1971

Reported in: AIR1972SC445; [1971]82ITR586(SC); (1972)4SCC447a

..... of the shares was stated to be the reduction of the bank overdraft with the central bank of india and the entire sale proceeds were ..... the assessee s liability to the central bank of india in its overdraft account showed that these shares were held by the assessee as ..... it the mere fact that the sale proceeds were paid into the overdraft account in which admittedly proceeds of sale of all the shares held .....

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Jul 27 1971 (HC)

Commissioner of Income-tax Vs. Oriental Carpet Manufacturers (India) P ...

Court: Punjab and Haryana

Decided on: Jul-27-1971

Reported in: [1972]86ITR543(P& H)

..... the parent company however renders certain services to the subsidiary companies namely a arranged for overdraft facilities b stood surety for rs 14 lakhs for the assessee company for loans advanced ..... has satisfactorily established the fact that the parent company arranges in u k for the overdraft facilities to be granted to it in india the parent company stands as a surety .....

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Mar 29 1971 (HC)

Gopi Nath Hari Kishan Vs. Commissioner of Income-tax

Court: Allahabad

Decided on: Mar-29-1971

Reported in: [1973]88ITR221(All)

..... at both the places which were pledged with the state bank of india for securing overdraft facilities the income tax officer noticed that on the date on which the assessee closed .....

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