Judgment Search Results Home > Cases Phrase: public debt act 1944 Page 1 of about 276,640 results (0.229 seconds)

Commissioner of Wealth-tax Vs. Smt. Janki Kishori Devi

Court : Allahabad

Reported in : (1992)102CTR(All)18; [1991]192ITR229(All); [1991]59TAXMAN206(All)

..... distinction between the meaning given to the expression 'government security' in the two acts referred to above is that, while under the indian securities act, 1920, the 'government security' must be issued in respect of 'any loan contracted' either before or after the passing of the said act, the one under the public debt act, 1944, must be created and issued by the government for purposes of 'raising a public loan' and 'having one of the forms' enumerated in sub-clauses (i) to (iv) of clause (a) of sub ..... -section (2) or such other forms and for such other purposes of the act as may be prescribed by rules made ..... 1 of 1951 being in the form of promissory notes, are fully covered by the definition of the term 'government security' given in section 2(2) of the public debt act, but for the reasons set out by us in the preceding part of this judgment, we hold that the bonds in question are government securities within the meaning of clause (xxii), section 5(1) of the wealth-tax act, read with section 2(2) of the public debt act, 1944. .....

G.N. Venkataswamy Vs. Tamil Nadu Small Industries Development Corporat ...

Court : Chennai

Reported in : AIR1981Mad318; (1981)2MLJ254

..... it is, therefore, desirable that there should be uniformity of procedure in respect of the public debt of the union and all part a and part b states and that the public debt act, 1944 should apply to securities issued by the government of part b states as it applies to securities issued by the central government or a part a ..... object of that amendment was :'the public debt and securities of the union and part a states are at present administered by the reserve bank of india in accordance with the public debt act, 1944, and the rules made thereunder. ..... the public debt act 1944 was amended by act vi of 1949.the object 'of that amendment was :-'until 1946 the indian securities act, 1920, governed the securities issued by both the central and the provincial ..... fact, there is the public debt act, 1944 (central act xviii of 1944). ..... bill accordingly amends the public debt act, 1944, so as to make it applicable to securities issued by the government of part b states other than the government of jammu and kashmir and makes certain other minor and incidental amendments in that act'. ..... legislature was competent to change only the law in respect of central securities and the provisions of the indian securities act were accordingly replaced, so far as the central public debt was concerned, by a comprehensive new act, the public debt (central government) act, 1944, which was brought into effect from the 1st may 1946 leaving the provincial securities to be regulated by the indian securities act, 1920. .....

British Bank of the Middle East Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1998)149CTR(Bom)169; [1998]233ITR251(Bom)

..... on treasury bills, we confirm that the same can be considered as interest on government securities since treasury bills are also a form of government security under section 2 of public debt act, 1944.' 15. ..... we may refer to the definitions of 'government security' contained in the public debt act, 1944. ..... to the manager, banque national de paris, bombay, by which he was informed that the earnings on treasury bills could be considered as interest on securities as security bills were also a form of government securities under section 2 of the public debt act, 1944. ..... contended that the treasury bills were securities under the public debt act and discounts earned on the same represented interest on ..... 'government security' has been defined in clause (2) of section 2 of the said act to mean :--'(a) a security, created and issued, by the government for the purpose of raising a public loan, and having one of the following forms, namely :-- (i) stock transferable by registration in the books of the bank ; or (ii) a promissory note payable to order ; or (iii) a bearer bond payable to bearer ; or (iv) a form prescribed in this behalf ..... clause (28a) of section 2 of the income-tax act defines 'interest' to mean ;'interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has .....

Commissioner of Income Tax Vs. Vijaya Bank

Court : Karnataka

Reported in : (2005)199CTR(Kar)329; [2006]285ITR97(KAR); [2006]285ITR97(Karn)

..... he would refer to the objects of interest-tax act and in particular he invites our attention to the indian securities act, 1920, public debt act, 1944, the security (contract regulation) act, 1956 and the dictionary meaning of 'loan' in support of his ..... is also drawn to the public debts act, 1944, and in particular to the definition in section 2 of the act. ..... the merits of the matter is concerned, he would invite our attention to the various provisions of the interest-tax act, it act and public debt act to convince us with regard to the second question of law referred to us. ..... or by any state government on or after that date in respect of any loan contracted either before or after the passing of this act, but does not include a currency note; and' the definition of securities as found in public debt act would read as under:'the government security would mean security created and issued by the government for the purpose of raising a public loan and having one of the following forms.... ..... a reading of this definition what is clear to us is that under the public debts act, the security takes its birth on account of public loan. ..... from the way in which the assesses-company treated the interest received on debentures as per the provisions of section 29 of the banking regulation act, and showing .the same under the head 'investment' and not under the head 'loans and advances' in the balance sheet, since the assessee is compelled to make a certain percentage in the approved securities .....

S.Rm.M.Ct.M. Tiruppani Trust Vs. the Commissioner of Income-tax

Court : Supreme Court of India

Reported in : (1998)145CTR(SC)176; [1998]230ITR636(SC); JT1998(1)SC599; 1998(1)SCALE501; (1998)2SCC584; [1998]1SCR653

..... or set apart and the period for which income is to be accumulated or set apart, which shall in no case exceed ten years; (b) the money so accumulated or set apart is invested in any government security as defined in clause (2) of section 2 of the public debt act, 1944 (18 of 1944), or in any other security which may be approved by the central government in this behalf.(3)...(4)...'6. ..... the following question was referred to the high court of judicature at madras by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the income of the assessee is exempt from tax under section 11 of the income-tax act for the assessment year 1970-71?' 2. ..... 1,64,210.03 under section 11(1) of the income-tax act, 1961. ..... the assessee accordingly filed form 10 with the income-tax officer as required under section 11(2) of the income-tax act, 1961. .....

Commissioner of Income-tax Vs. Shree Padmanabhaswami Temple Trust

Court : Kerala

Reported in : [1979]120ITR42(Ker)

..... apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed ten years; (b) the moneys so accumulated or set apart is- (i) invested in any government security as defined in clause (2) of section 2 of the public debt act, 1944 (18 of 1944), or in any other security which may be approved by the central government in this behalf, or (ii) deposited in any account with the post office savings bank (including deposits made under the post office (time deppsits) rules ..... the expiry of six months commencing from the end of each previous year, the amount so accumulated or set apart has been/will be- (i) invested in any government security as defined in clause (2) of section 2 of the public debt act, 1944, or in any other security which may be approved by the central government in this behalf; (ii) deposited in any account with the post office savings bank (including deposits made under the post office (time deposits) rules, ..... 1970), or a banking company to which the banking regulation act, 1949, applies (including any bank or banking institution referred to in section 51 of that act), or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank) : or (iii) deposited in an account with a financial corporation which is engaged in .....

Wasudev Ramchandra Vs. National Savings Bank Ltd.

Court : Mumbai

Reported in : AIR1953Bom209; (1952)54BOMLR765

..... moreover, in the case of government promissory loan notes the public debt act, 1944, section 11(3) in terms provides'that a duplicate security or a new security issued to any person shall be denied to constitute a new contract between the central government and such person and ..... should have sued either the reserve bank or the government is, in my i opinion, untenable in the present state of the law, whatever may have been the position before the public debt act, 1944, was enacted. ..... public debt act, 1944 ..... the position under the public debt act has substantially been altered ..... 19 public debt act, it is clear that the right of the rightful owner to enforce the personal liability for money had and received on his account as against the person on whom the reserve bank ..... 11 (2), public debt act, the reserve bank has been authorised to cancel an old security and to ..... part of the section, in so far as it relates to the proceedings before me, in terrms provides that no order mads by the bank under the act shall be called in question by any court, so far as such order affects the relations ol the central government with any person claiming an interest ..... 19 which is in these terms:'no recognition by the bank of a person as the holder of a government security, and no order made by the bank under this act shall be called in question by any court so far as such recognition or order affects the relations of the central government or the bank with the person recognised by the bank as the holder of .....

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD749(Mum.)

..... is, loans and advances; (4) while arriving at the above conclusion, we have interpreted the definition of the term "interest" in section 2(7) of the act, keeping in view the following : (a) rules of interpretation as enunciated by the hon'ble supreme court; (b) meaning of "loans and advances" and "securities" as understood in the commercial sense; (c) the definitions of "government securities" and "promissory note" as defined in public debt act, 1944; (5) we have also considered the commercial aspects that guide the investor in making investment decisions.58. ..... has been argued on the definition of the term "government security" as defined in public debt act, 1944, for immediate reference, we reproduce the definition below : (a) a security, created and issued, by the government for the purpose of raising a public loan, and having one of the following forms namely : (b) any other security created and issued by the government in such form and for such of the purposes of this act as may be prescribed. ..... the real definition was to be found only in public 'debt act, 1944 (p.d. ..... further, insurance act itself distinguished between a loan company and an investment company and the definition given in public debt act was considered by all the decisions of the tribunal in favour of the ..... , definition of the terms "government security" given in public debt act was relevant, whereas as per mr. ..... has missed is the definition of the term "promissory note" given in section 2(3) of the public debt act. .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... advances; (4) while arriving at the above conclusion, we have interpreted the definition of the term "interest" in section 2(7) of the act, keeping in view the following : (a) rules of interpretation as enunciated by the hon'ble supreme court; (b) meaning of "loans and advances" and "securities" as understood in the commercial sense; (c) the definitions of "government security" and "promissory note" as defined in public debt act, 1944; (5) we have also considered the commercial aspects that guide the investor in making investment decisions.58. ..... argued on the definition of the term "government security" as defined in public debt act, 1944. ..... definition was to be found only in public debt act, 1944 (p.d. ..... further, insurance act itself distinguished between a loan company and an investment company and the definition given in public debt act was considered by all the decisions of the tribunal in favour ..... the term "government security" given in public debt act was relevant, whereas as per mr. ..... is the definition of the term "promissory note" given in section 2(3) of the public debt act. ..... "credit institution" was meant, (i) a banking company to which the banking regulation act, 1949, applies, (ii) a public financial institution as defined in section 4a of the companies act, 1956, and (iii) a state financial corporation; and (iv) any other financial company ..... those decisions ; the supreme court was considering the following definition of "tobacco" as defined in central excises and salt act, 1944. .....

Mahendra Singh Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)44ITD1(Kol.)

..... the department cannot be upheld in view of the provisions of the public debt act, 1944 and the negotiable instrument act, 1881. ..... holds the gold in trust for the assessee and, therefore, the exemption under section 5(1)(xvia) cannot be given in the assessments.this contention is also untenable in view of the express provision of section 6 of the public debt act, 1944. ..... in these two decisions, the provisions of the public debt act and the negotiable instrument act were not considered.the bonds with which we are now concerned have been issued under the provisions of the public debt act and they are in the form of promissory notes payable to order and, therefore, we cannot ignore the provisions of the public debt act and the negotiable instrument act in order to ascertain the true nature and the legal character ..... we are, therefore, of the considered opinion that having regard to the relevant provisions of the public debt act and the negotiable instrument act the department's view that the bond ceases to be gold bond on the date of maturity ..... to all government securities which include a promissory note payable to order under section 2(2) of the public debt act under which the national defence gold bond, 1980, falls.4. ..... under section 2(2) of the public debt act the government security means a security created and issued by the government for the purpose of raising a public loan and having one of the following forms, namely, either stock or promissory note payable to order or a bearer bond .....