Judgment Search Results Home > Cases Phrase: reserve bank of india act 1934 2 of 1934 section 17 business which the bank may transact Court: chennai Page 3 of about 40 results (0.165 seconds)

Joint Commissioner of Income-tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR106(Chennai)

..... the assessee is a non-banking business company and the reserve bank of india permitted the assessee to invite deposit from the ..... of the factors go to reduce the tax liability of the assessee.according to the learned representative, since the assessee has entered into genuine transaction and the intention of the parties is very clear, it cannot be said that the entire arrangement is a device to reduce the tax liability in a manner unknown to the provisions of law.according to the learned representative, the legal transaction which is permissible under the law cannot be given a colour to deny the statutory benefit available to the assessee under the provisions of the income-tax act. ..... the assessing officer allowed the claim of the assessee in the assessment order made under section 143(3) of the income-tax act, 1961.however, the commissioner of income-tax by exercising his power under section 263 of the income-tax act, set aside the order of the assessment on the ground that it is erroneous and prejudicial to the interests of the ..... the assessee, the tribunal found that the sale transaction was not registered and the machinery were not identified.on further appeal by the assessee before the karnataka high court, on the facts of the case, it was found that the andhra pradesh state electricity board was interested in securing financial assistance by way of loan and for that purpose the machinery was offered as security.this judgment of the karnataka high court may not be helpful to the .....

Soudambika Finance Pvt. Ltd. Coimbatore and Etc. Etc. Vs. Union of Ind ...

Court : Chennai

Reported in : AIR1993Mad190; [1995]82CompCas302(Mad)

..... to examine the relative provisions of the reserve bank of india act, 1934, the non-banking financial companies (reserve bank) directions, 1966 and the miscellaneous non-banking companies (reserve bank) directions, 1973, with a view to assessing their adequacy in regulating the conduct of business by non-banking companies covered by the said directions in the context of the monetary and credit policies laid down by the reserve bank from time to time; to suggest measures for further tightening up the provisions so as to ensure that the activities of such companies, in so far as they pertain to the acceptance of deposits, investments, lending operations etc. ..... by way of deposits/unsecured loans and also those which may be charged on loans and advances made by them; (e) the extent to which any of the activities carried on by these companies through their subsidiaries can or should be controlled; (f) the need for the imposition of a ceiling of risk assets to be acquired or loans to be granted by the companies; (g) the restrictions, if any, on the grant of loans to directors and their friends and relations and companies in which they are interested; (h) the manner in which the loopholes, if any, in the existing directions taken advantage of by private limited companies ..... (b) while dealing with section 12, the prohibition to transact any business other than the chit business, is said to be violative of arts. .....

Reserve Bank of India Vs. Dhanalakshmi Funds (India) Ltd. and anr

Court : Chennai

Reported in : [1987]167ITR658(Mad)

..... as per section 45s(1) of the reserve bank of india act, 1934 (2 of 1934), as it stands amended now, hereinafter referred to as 'the act', no person, being an individual or a firm or an unincorporated association of individuals shall, at any time, have deposits from more than twenty-five depositors in the case of an individual, and from more than twenty-five depositors per partner subject to a maximum of 250 depositors in all, in the case of firm, excluding in either case depositors who are relatives of the individuals or anyu of partners. m/s. ..... 'section 58b(5a) of the actreads as follows : 'if any person contrivances any provision of section 45s, he shall be punishable with imprisonment for a term which may extend may to two years, or with fine which may extend to twice the amount of deposit received by such person in contravention of that section to two thousand rupees, whichever is more, with both. ..... - (1) where a person committing a contravention of default referred to in section 58b is a company, every person who, at the time the contracention or default was commkitted, every person who, at the time the contracention or default was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the contracention or default and shall be liable to be proceeded against and punished accordingly : ....... .....

Tvs Finance and Services Ltd., Jayalakshmi Estates Vs. the Joint Commi ...

Court : Chennai

Reported in : (2010)228CTR(Mad)546; [2009]318ITR435(Mad)

..... section 36(2)(i) of the income tax act, 1961 reads thus:(2) in making any deduction for a bad debt or part thereof, the following provisions shall apply:(i) no such deduction shall be allowed unless such debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part thereof is written off or of an earlier previous year, or represents money lent in the ordinary course of the business of banking or money-lending which is carried on by the assessee;since the assessee is neither doing the business of banking ..... of income-tax) wherein it is held that merely because the reserve bank of india has given a direction to the assessee to provide for non-performing assets (npa in short) the same cannot override the mandatory provisions of the act as the provisions of npa are predominately capital in nature, and held that ..... the lease equalization charges is debited as per the guidelines and when the department also admits the above, we cannot appreciate the stand of the department that it should be treated as a reserve which stand that it is taking for the first time on the ground that there may be some years when the quantum of the ..... the effect of uncertainties, it is considered as revenue of the period in which it is properly recognized.6.1 a key criterion for determining when to recognize revenue from a transaction involving the sale of goods is that the seller had transferred the property in the goods to the .....

Reserve Bank of India Vs. Integrated Finance Company Ltd. a Company In ...

Court : Chennai

Reported in : 2008(3)CTC705; (2008)5MLJ980

..... the main contention raised by the learned counsels appearing in various appeals is to the effect that by sanctioning the scheme, many of the provisions of the reserve bank of india act, 1934, hereinafter referred to as 'the rbi act', are being violated, which is impermissible in law. ..... as per section 45-i(aa) 'company' means a company as defined in section 3 of the companies act, 1956 (1 of 1956), and includes a foreign company within the meaning of section 591 of that act.as per section 45-i(e) 'non-banking institution' means a company, corporation or co-operative society.as per section 45-i(f) 'non-banking financial company' means -(i) a financial institution which is a company; (ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other matter, or lending in any manner; (iii) such other non-banking institution or class of such institutions, as the bank may, with the previous .....

PNL Depositors' Welfare Association, Registered No. 94/2005, rep. by S ...

Court : Chennai

Reported in : 2005(4)CTC469; [2005]64SCL115(Mad)

..... , as pointed out by the learned additional solicitor general, chapter iii-b of the reserve bank of india act, 1934 deals with the manner in which the various non-banking financial institutions can carry on their business operations, the maintenance of reserve fund, etc. ..... the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this act and the rules made there under, and require restoration of the management of the business to the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in sub-section (4) of section 13, taken by the creditors assets as invalid and restore the possession of the secured assets to the borrower or restore the management of the business to the borrower, as the case may be, and pass such order as it may ..... at the outset, it will have to be held that under act 1 of 2005, a separate procedure has been prescribed under section 4(1) of the said act investing with the administrator of union territory of pondicherry or the district magistrate necessary power, either suo moto or on receipt of a complaint to cause necessary investigation of the complaint or fraudulent transaction as referred to in section 3 of the said act in order to protect the interests of the depositors of such financial establishments including for the return of their .....

M/S.Sathya Foundations Private, and ors. Vs. Indbank Housing Limited, ...

Court : Chennai

..... (iv) any other institution or non-banking financial company as defined in clause (f) of section 45-i of the reserve bank of india act, 1934 (2 of 1934), which the central government may, by notification, specify as financial institution for the purposes of this act. ..... the learned counsel appearing for the petitioners would strenuously argue that the first respondent bank is not at all a 'financial institution' within the meaning of section 2(1)(m)(iv) of the sarfaesi act and the second respondent has committed a gross error in issuing the impugned notification, ignoring the notification dated 10.11.2003 and the fact that it is also not a 'financial institution' under section 45-i(f) of the reserve bank of india act, 1934. ..... " section 45-i (f) of the reserve bank of india, 1934 reads as under:"45-i. ..... (f)non-banking financial companymeans(i) a financial institution which is a company;(ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner; (iii) such other non-banking institution or class of such institutions, as the bank may, with the previous approval of the central government and by notification in the official gazette, specify."22. .....

Chennai Bottling Co. P. Ltd. and ors. Vs. Assistant Registrar of Compa ...

Court : Chennai

Reported in : [1987]61CompCas770(Mad)

..... originally, under the companies act, prior to the introduction of section 58a, there was no prohibition for companies against receiving deposits and, subsequently, under a regulation issued under chapter iii of the reserve bank of india act, all deposits taken were directed to be repaid in full on or before april 1, 1975, and any violation of the said provision was punishable with fine which may extend up to the amount of deposit. 4. ..... under the circumstances, the above matters are remitted to the lower court, directing the lower court to treat the cases as complaints under section 45-0 of the reserve bank of india act, prior to its amendment, and dispose of the cases in the light of the observations made above. ..... the advocate for the petitioners has filed a memo stating that the petitioners are willing to be prosecuted under the regulation framed under chapter iii of the reserve bank of india act and that they will not raise the question of limitation though such prosecution ought to have been launched within six months since the limitation for any offence punishable with a fine is six months, according to the section 468 of the code of criminal procedure. ..... the fine provided under the regulation under the reserve bank of india act, which may extend up to the amount of the deposit, is not called for in this case. .....

Tamilnadu Magnesite Ltd. Vs. the Deputy Commissioner of Income Tax

Court : Chennai

Reported in : [2008]303ITR71(Mad)

..... according to the last preceding census of which the relevant figures have been published before the first day of the previous year ;(ii) 'scheduled bank' means the state bank of india constituted under the state bank of india act, 1955 (23 of 1955), a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970), or under section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980), or any other bank being a bank included in the second schedule to the reserve bank of india act, 1934 (2 of 1934), but does ..... not include a co-operative bank ;(iii) 'public financial institution' shall have the meaning assigned to it in section 4a of the companies act, 1956 (1 of 1956) ;(iv) 'state financial corporation' means a financial corporation established under section 3 or section 3a or an institution notified under section 46 of the state financial corporation act, 1951 (63 of 1951) ;(v) 'state industrial investment corporation' means a government company within the meaning of section 617 of the companies act, 1956 (1 of 1956), engaged in the business .....

A.Kasinathan Vs. the Branch Manager.

Court : Chennai

..... whether directives issued by reserve bank have statutory force:- as per section 21(1) of reserve bank of india act, reserve bank of india may determine the policy in relation to advances to be followed by banking companies generally or by any banking company, in particular and when the policy is so determined, all banking companies or the banking company concern, as the case may be, shall be bound to follow the policy so determined.34. ..... section 21(2) deals with nature and scope of the directives and announce the reserve bank of india to give directions relating to any or all of the aspects mentioned thereon i.e. ..... for such transaction which are not squarely governed by such circulars, the rbi directives may be treated as standards for the purpose of deciding whether the interest charged is excessive, usurious or opposed to public policy [vide 2002 (1) scc 367 (central bank of india v. ..... only from out of the interest that is earned the banks will have to pay the salary to their staff, pay interest to their depositiors and transact bank's business, maintain the bank and meet other expenses.22. ..... principles of lending loans:- the essence of banking business is receiving money on current account for deposit from the public, repayable on payment by cheque, draft or otherwise and lending or investing the same. .....