Court : Kerala
Reported in : AIR1962Ker267
..... the learned chief jus-tice states at page 25 that the subjects dealt with in the three legislative lists are not always set out with scientific definition and that it would be practically impossible for example to define each item in the provincial list in such a way as to make it exclusive of every other item in that list, and that parliament was content to take a number of comprehensive ..... sub-section (1) of section 2 therein defines a 'bank' as a banking company as defined in section 5(c) of the banking companies act, 1949 -- central act x/1949 and includes the state bank of india.again, sub-section (7) of section 2 defines 'money-lender' as a person whose main or subsidiary occupation is the business of advancing and realising loans, but excludes a bank or a co- ..... relating to banks in india, giving glaring instances of so-called banks, the report observes that 6 out of 16 banks that failed or went into liquidations in 1927, had practically no paid-up capital and the paid-up capital of one of those banks was only a small amount of rs. ..... to the statements contained in the indian central bank inquiry committee report, 1931 and also to certain passages from tannan on 'banking law and practice in india,' wherein a sharp distinction has been 'drawn between moneylenders and bankers. ..... there is no supervision or control by the reserve bank and than the practice of private banks giving their depositors facilities for issuing cheques has calculated to lead to certain abuses and has .....
Tag this Judgment!Court : Kerala
Reported in : I(2004)BC378; 2003(2)KLT347; [2003]45SCL555(Ker); [2004]134STC377(Ker)
..... also submits that the nature of business which the banking company like the appellants may engage is enumerated in section 6 of the banking regulation act, 1949 and that there is a specific prohibition in section 8 against carrying on of any business other than that specified in section 6. ..... the andhra pradesh high court relying on the principles laid down in the said decision held that in view of sections 5(b), 6(1) and 8 of the banking regulation act, 1949 banks have specifically been created for the purpose of banking business and section 8 of the banking regulation act, 1949 creates a prohibition for banking companies to deal in buying or selling or bartering of goods. ..... karnataka high court also referred to the relevant provisions of the banking regulation act, 1949, particularly section 8 thereof and the definition of 'dealer', 'business' and 'sale' in the karnataka sales tax act, 1957 and held that the banking companies cannot be treated as 'dealers' as contemplated under section 2(1)(k) of the sales tax act as the banking companies are not carrying on the business of buying ..... which the appellant banks are carrying on banking business, section 5a of the banking regulation act, 1949 provides that the provisions of this act shall have effect notwithstanding anything to the contrary contained in the memorandum of articles of a banking company, or in any agreement executed by it, or in any resolution passed by the banking company in general meeting or by its board of directors, .....
Tag this Judgment!Court : Kerala
Reported in : (1995)IIILLJ221Ker
..... with such trade or business but does not include a commercial establishment or a shop attached to a factory where the persons employed in the shop are allowed the benefits provided for workers under the factories act, 1948 (central act 63 of 1948)'.learned government pleader pointed out one of the limbs in the definition comprising these words: 'any premises where services are rendered to customers'. ..... any other refreshment house, a theatre or any other place of public amusement or entertainment and includes such other establishment as the government may, by notification in the gazette, declare to be a commercial establishment for the purposes of the act, but does not include a factory to which all or any of the provisions of the factories act, 1948 (central act 63 of 1948) apply'.it is clear that government have the power to declare an establishment as commercial establishment for the purposes of the ..... learned judge further found that the nature of the work of a chartered accountant in practice, the character of the work he can do as a chartered accountant with the restrictions and the obligations to conform to the norms of professional conduct would show that the performance of his functions and duties is analogous to ..... a chartered accountant is regulated by the provisions of the chartered accountants act, 1949. ..... 'profession' used to be confined to the practice of theology, law and medicine. ..... enter into a partnership with any person other than a chartered accountant in practice. .....
Tag this Judgment!Court : Kerala
Reported in : AIR2003Ker299; [2003]116CompCas505(Ker); 2003(1)KLT69
..... as appear in the kerala co-operative societies act, 1969 (act 21, 1969), banking regulation act, 1949, (act 10 of 1949), reserve bank of india act, 1934 (act 2 of 1934), national bank for agricultural and rural development act, 1981 generally known as nabard act (act 61 of 1989) and the deposit insurance and credit guarantee corporation act, 1961 (act 47 of 1961) also requires to ..... of a primary co-operative bank, continues to be a primary co-operative bank under the provisions of the banking regulation act, 1949 and carry on the business of banking with the approval of the reserve bank of india and subject to the conditions of the reserve bank of india may specify in that ..... any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business at the commencement of the banking laws (application to co-operative societies) act, 1965, or at any time thereafter; or (ii) a primary credit society which becomes a primary co-operative bank after such commencement from carrying on banking business until it is granted a licence in pursuance of this ..... developing banking in co-operative sector on sound banking practices and principles the parliament thought it necessary to extend the banking regulation act with suitable modifications to co-operative societies and that led to act 23 of 1965 - the banking laws (application to co-operative societies) act, 1965, which came into force with effect .....
Tag this Judgment!Court : Kerala
Reported in : (2003)183CTR(Ker)1; [2004]265ITR177(Ker)
..... is not a state cooperative bank, to,-- (i) the state bank; (ii) a subsidiary bank as defined in section 2 of the state bank of india (subsidiary banks) act, 1959 (38 of 1959); (iii) a corresponding new bank constituted by section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980); (iv) a banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949); (v) a co-operative bank; or (vi) any other financial institution notified by the central government in this behalf, shall be reduced by the aggregate of the liabilities ..... (38 of 1959); (iii) a corresponding new bank constituted by section 3 of the banking companies (acquisition and transfer of undertakings) act, 1970 (5 of 1970); (iiia) a corresponding new bank constituted by section 3 of the banking companies (acquisition and transfer of undertakings) act, 1980 (40 of 1980); (iv) a banking company as defined in clause (c) of section 5 of the banking regulation act, 1949 (10 of 1949); or (v) any other financial institution notified by the central government in this behalf, shall be reduced by the aggregate of the liabilities of all such banks and institutions .....
Tag this Judgment!Court : Kerala
Reported in : [1989]66CompCas953(Ker)
..... respondents in this regard has two aspects, (1) the company, being a banking company, any question pertaining to its management requires to be considered under the provisions contained in the banking regulation act, 1949, for short, 'the act', (2) to maintain a petition under section 397 of the companies act, the petitioners are bound to obtain the consent in writing of those 100 members/shareholders mentioned in sub-section 1(a) of section 399 and who have not figured as petitioners, so that the ..... of the total number of members of the board of directors of a banking company shall consist of persons who are having special knowledge or practical experience in any one or more of the matters stated hereinbefore, the reserve bank has a right, after giving to the banking company a reasonable opportunity of being heard, to direct the banking company to so reconstitute its board of directors as to ..... total number of members of the board of directors of a banking company shall consist of persons who shall have special knowledge or practical experience in respect of one or more of the following matters, namely : (1) accountancy, (ii) agriculture and rural, (iii) banking,economy(iv) co-operation, (v) economics, (vi) finance,(vii) law, (viii) small-scale industry, (ix) and any other matter the special knowledge of, and practical experience in, which would, in the opinion of the reserve bank, be useful to the banking company. .....
Tag this Judgment!Court : Kerala
Reported in : 2003(2)KLT1076
..... the andhra pradesh high court as approved by the supreme court that whenever any statutory impost paid by an assessee by way of damages or penalty or interest, is claimed as an allowable expenditure under section 37(1) of the income tax act, 1961, the assessing officer is required to examine the scheme of the provisions of the relevant statute providing for payment of such impost notwithstanding the nomenclature of the impost as given by the statute, to find out whether it is compensatory ..... the payment relates to the second default or subsequent default such payment has to be treated as penalties for infraction of law for the reason that sub-section (7) of section 24 of the banking regulation act and sub-section (3a) of section 42 of the reserve bank of india act provide for sanction in the form of punishing the director, manager or secretary of the bank with fine and also for prosecution of the said officers besides the prohibition in receiving ..... the said conclusion particularly with reference to sub-section (3a) of section 42, clause (c) of sub-sections (5) and (7) of section 42 of the reserve bank of india act as well as sub-sections (7) and (8) of section 24 of the banking regulation act, 1949 in regard to maintaining the requirement of sub-section (1) and the provisions of sub-section (3) of section 42 of the reserve bank of india act providing for levy of penal interest ..... section 24 of the banking regulation act, 1949 regarding maintenance of a percentage of assets which reads .....
Tag this Judgment!Court : Kerala
Reported in : AIR1961Ker268; [1961]31CompCas154(Ker)
..... in article 19 which are in terms conferred only on citizens.that, except where the context otherwise requires, a company is a person within the meaning of the constitution by virtue of section 3(42) of the general clauses act read with article 367 of the constitution can scarcely be disputed, but, what is contended is that a company though a person and therefore eligible for the fundamental rights conferred on all persons, is not a citizen ..... giving advice, issuing directions, conveying admonitions and holding out threats (such as prohibition of fresh deposits, exclusion from the schedule and refusal of a licence under the relevant provisions of the reserve bank act and the banking companies act) with a view to reformation, but, not so much as a result of fresh transgressions (although, it is 'said, that there were some) as of the consequences of the old (mainly the accumulation of interest ..... by this application brought under section 38(3)(b)(iii) of the banking companies act, 1949, the reserve bank of india seeks the winding up of a hanking ..... we need not enter into the controversy, profitless from any practical point of view, as to whether the personality with which the law invests a legal person is real or fictitious, for, the course of decisions in england and in america shows that, though reluctantly ..... it might be pertinent to examine what would be the practical outcome if the reserve bank were required to decide judicially before making an application for winding up, and .....
Tag this Judgment!Court : Kerala
Reported in : [1975]101ITR87(Ker)
..... of counsel for the assessee is that the banking regulation act, 1949, has been made applicable to the assessee and that the banking business as defined in section 5a of the banking regulation act, 1949, read with the provisions in section 6(1)(a) and (1) of the same act detailing the forms of business, taken along with the compulsion imposed on the assessee by section 24 of that act, clearly indicate that the holding of securities, the realisation ..... as a whole indicates that this burden will get discharged only in cases where the banking institution had been able to establish that as a matter of practice it had been selling and buying securities or dealing with it otherwise often, if not frequently, as if buying and selling securities formed its basic or ..... assessee for not discharging that burden and the rejection of the claimfor excluding the interest earned from securities under section 80p(2)(a)(i) of the act is exclusively based on the inability of the assesses to discharge the burden that the securities were really stock-in-trade. ..... to the effect that income from interest comes under a different head under the income-tax act and, therefore, such income cannot be treated to be business income will have to be adverted ..... though the interest earned from securities will now fall under section 18 of the act, if that interest represents income from business the fact that for the purpose of computation of the income the income may have to be taken under a specific head of interest .....
Tag this Judgment!Court : Kerala
Reported in : [1973]87ITR129(Ker)
..... it was pointed out that the decision inthat case proceeded on the interpretation of ' clear felling' as defined in themadras forests preservation act and that in the assessee's case, that acthad no application and that even according to the ratio of that decision, ifthere was no scope for regeneration the sale proceeds of the trees couldrepresent only capital receipt. ..... venugopala varma raja was in relation to land which was private forest governed by the madras preservation of private forests act, 1949. ..... if a person sells merely leaves or fruit of the trees or even branches of the trees it would be difficult (subject to the special exemption under section 4(3)(viii) of the income-tax act, 1922) to hold that the realization is not of the nature of income. ..... a third submission was also made that even if it was income, it was of a casual and non-recurring nature and, therefore, exempted under section 10(3) of the income-tax act, 1961.4. ..... this is a reference under section 256(1) of the income-tax act, 1961. .....
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