Overdraft - Year 1978 - Judgments

Aug 10 1978 (HC)

P.V. Nayak Vs. Syndicate Bank and anr.

Court: Karnataka

Decided on: Aug-10-1978

Reported in: [1979]49CompCas931(Kar); (1979)IILLJ176aKant

..... 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 31 1978 (HC)

Addl. Commmissioner of Income-tax, Lucknow Vs. Late Sethani Indermani ...

Court: Allahabad

Decided on: Jan-31-1978

Reported in: [1978]114ITR539(All)

..... income this position was brought about by substantial liquidation of the overdrafts of the two banks be selling the shares held by ..... observed that the fact that the assessee has substantially reduced his overdrafts by sale of shares has not been controverted in fact ..... the assessee was debited with interest thereon the assessee had on overdraft account with the central bank of india at the beginning of .....

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Jan 31 1978 (HC)

Addl. Commissioner of Income-tax Vs. Late Sethani Indermani Jatia (thr ...

Court: Allahabad

Decided on: Jan-31-1978

Reported in: [1988]114ITR539(All)

..... income this position was brought about by substantial liquidation of the overdrafts of the two banks by selling the shares held by ..... observed that the fact that the assessee has substantially reduced his overdrafts by sale of shares has not been controverted in fact ..... the assessee was debited with interest thereon the assessee had an overdraft account with the central bank of india at the beginning of .....

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Mar 02 1978 (HC)

P.R. Mukherjee Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Mar-02-1978

Reported in: [1979]116ITR554(Cal)

..... the building and in the purchase of machinery and furniture 3 overdraft from the bank obtained on the security of the aforesaid land ..... s wife out of funds gifted by the assessee that the overdraft from the bank and credit facilities from the contractors for the ..... viz interest on the gifts and savings on interest and also overdraft and loan obtained on the security of properties acquired with the .....

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Sep 25 1978 (HC)

Commissioner of Income-tax Vs. Williamson Magor and Co. Ltd. (Now Know ...

Court: Kolkata

Decided on: Sep-25-1978

Reported in: [1979]117ITR858(Cal)

..... on a guarantee furnished by the assessee tukvar co ltd was allowed overdraft facilities from a bank in november 1957 the assessee resigned voluntarily ..... 292 to the bank being the amount due on the said overdraft account on account of principal and interest 3 on or about ..... of the money paid to the bank on account of the overdraft of tukvar co ltd the disputes between the parties were ultimately .....

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Jun 23 1978 (HC)

Controller of Estate Duty (Central), Bombay Vs. Jaisinh Gopaldas

Court: Mumbai

Decided on: Jun-23-1978

Reported in: [1980]126ITR114(Bom)

..... firm and they were offered as security by the firm for obtaining overdraft facilities in its business 2 in the samvat year 2011 on november ..... utilise the same by way of giving security to the banks for overdraft facilities in the present case out of the amounts standing to the ..... a no 2 account on which she was entitled to a temporary overdraft up to the required amount on the day the transactions were .....

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Jan 18 1978 (HC)

Commissioner of Income-tax (Central) Vs. Model Manufacturing Co. (P.) ...

Court: Kolkata

Decided on: Jan-18-1978

Reported in: [1980]122ITR767(Cal)

..... that the assessee a registered firm obtained a bank loan on overdraft and utilised the same for purchasing shares in several companies in ..... was received from the said shares but interest paid on the overdraft was claimed as deduction in computing the profits of the ..... carrying on business as share and stock brokers borrowed on an overdraft account paid interest on the said account in the assessment year .....

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Mar 26 1978 (HC)

Commissioner of Income-tax, Bombay Vs. Murlidhar Chiranjilal

Court: Mumbai

Decided on: Mar-26-1978

Reported in: (1979)10CTR(Bom)204; [1980]121ITR528(Bom)

..... the ludhiana branch of the punjab national bank for securing an overdraft this information was obtained from the bank according to the ito ..... each and the value was deliberately inflated to obtain a larger overdraft facility from the bank this explanation was not accepted by the ..... version of the assessee the aac felt that the bank allowed overdraft facility in excess of the cost of pledged goods held and .....

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Mar 08 1978 (HC)

Commissioner of Income-tax Vs. Lalit Trading Corporation

Court: Kolkata

Decided on: Mar-08-1978

Reported in: [1980]125ITR586(Cal)

..... l poddar sons pvt ltd it was explained that this was done to use the overdraft facilities to which k l poddar sons pvt ltd were entitled from various banks at ..... is being paid out of funds of k l poddar sons pvt ltd from the overdraft facilities they have with their banks and the sale proceeds once again went back to .....

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Nov 23 1978 (HC)

Sohinder Singh and Bros. Vs. Commissioner of Income-tax

Court: Punjab and Haryana

Decided on: Nov-23-1978

Reported in: (1979)9CTR(P& H)23; [1980]121ITR834(P& H)

..... examining the correctness of the closing stock shown by the assessee with reference to the overdraft obtained by pledging the stock with the bank found that there was a huge discrepancy ..... per its books of account the assessee was asked to explain as to how an overdraft of rs 19 828 was obtained from the state bank of india against the security .....

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