Overdraft - Year 1986 - Judgments

Aug 08 1986 (HC)

Bangalore Timber Industries and Ors. Vs. Madras Sapper Ex-Servicemen's ...

Court: Karnataka

Decided on: Aug-08-1986

Reported in: [1986]60CompCas44(Kar); ILR1988KAR237; 1987(3)KarLJ496

..... 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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Feb 18 1986 (HC)

Dey's Medical Stores Mfg. (P.) Ltd. Vs. Commissioner of Income-tax

Court: Kolkata

Decided on: Feb-18-1986

Reported in: (1986)53CTR(Cal)193,[1986]162ITR630(Cal)

..... the case the appellate tribunal was justified in holding that the proportionate interest on bank overdraft attributable to investments on chloramphenicol project was not an admissible deduction in working out ..... case the appellate tribunal was justified in holding that the proportionate interest on bank overdraft attributable to income tax payments was not an admissible deduction in working out the .....

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Jun 18 1986 (HC)

Alkali and Chemical Corporation of India Ltd. Vs. Commissioner of Inco ...

Court: Kolkata

Decided on: Jun-18-1986

Reported in: (1986)56CTR(Cal)139,[1986]161ITR820(Cal)

..... disallowance of interest paid by the assessee from a common overdraft account was unjustified 17 learned advocate for the revenue ..... the same position obtained if tax was paid from an overdraft account with a debit balance learned advocate submitted that ..... assessee during the relevant accounting year were deposited in the overdraft account from which all expenditure of the assessee including that .....

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May 08 1986 (SC)

Commissioner of Income Tax, Bombay Vs. H. Holck Larsen

Court: Supreme Court of India

Decided on: May-08-1986

Reported in: AIR1986SC1695; AIR1986SC695; (1986)2CompLJ219(SC); [1986]160ITR67(SC); 1986(1)SCALE1340; (1986)3SCC364; [1986]2SCR1072; 1986(2)LC264(SC)

..... of the assessee that the shares were sold only to reduce the overdraft taken from the bank 13 it may be mentioned while on ..... indebtedness of the assessee to the bank and he was having an overdraft account on which he was paying interest the tribunal noted the ..... on record to show as to what extent and what measure the overdraft account was utilised for acquiring right shares nor indeed was anything .....

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Jun 17 1986 (HC)

Commissioner of Income-tax Vs. Thomas Leslie Martin

Court: Kolkata

Decided on: Jun-17-1986

Reported in: [1986]161ITR814(Cal)

..... its tax liabilities 6 the tribunal however found that the overdrafts were obtained by the assessee to avoid precipitated liquidation of ..... portion of the assessee s investments and held that the said overdrafts were therefore taken for the purpose of preservation of his ..... existing investments and therefore the interest paid on such overdraft came within section 12 2 of the indian income tax .....

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Apr 04 1986 (HC)

Pradeep Chand Lall and anr. Vs. Grindlays Bank Ltd. and anr.

Court: Kolkata

Decided on: Apr-04-1986

Reported in: AIR1987Cal157,[1990]68CompCas272(Cal)

..... second respondent in consideration of the bank granting and or continuing to grant the said overdraft facility and security for due repayment of the outstandings thereunder the defendants in the ..... stay of the suit there the appellant maintained several accounts with the respondent bank with overdraft facilities and executed promissory notes and deeds of hypothecation and deposited title deeds as .....

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Aug 01 1986 (HC)

Southern India Education Trust Vs. Foreign Exchange Regulation Appella ...

Court: Chennai

Decided on: Aug-01-1986

Reported in: 1987(13)ECC307

..... which had been taken into credit by the bank in reduction of overdraft loan would not tantamount to any violation of the provisions of ..... deposit made it was the bank which had adjusted it towards overdraft facilities and therefore there is no proof that the amount had ..... been taken credit of by the bank in reduction of the overdraft loan which reduction and adjustment became known to the trust only .....

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Feb 11 1986 (TRI)

Primella Sanitary Products Pvt. Vs. Collector of Customs

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Decided on: Feb-11-1986

Reported in: (1986)LC146Tri(Delhi)

..... for 19 11 1985 would reveal that the applicant had utilised his overdraft facility with the united bank of india to the extent of ..... were made then it is only now we are told that the overdraft facility is now overdrawn for payment of wages salary and bonus ..... if compliance with our order was the last priority and once the overdraft facility is utilised to the full ostensibly for other purposes the .....

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Jun 02 1986 (TRI)

income-tax Officer Vs. Kerala Valley Tea Co. Ltd.

Court: Income Tax Appellate Tribunal ITAT Kolkata

Decided on: Jun-02-1986

Reported in: (1986)18ITD480(Kol.)

..... market and the company sustained loss year by year and the bank overdraft could not be repaid for which the bank filed court cases ..... market and the company sustained loss from year to year and the overdraft taken from the bank could not be repaid and the bank ..... concerned filed court cases and did not extend the overdraft facility to the assessee it was also stated that the accumulated .....

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Mar 17 1986 (HC)

Commissioner of Income-tax Vs. Calcutta Discount Co. Pvt. Ltd.

Court: Kolkata

Decided on: Mar-17-1986

Reported in: [1986]162ITR680(Cal)

..... to the rights issue and for that purpose obtained an overdraft from an indian bank for the purpose of liquidating the said overdraft the assessee sold a part of the shares which .....

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