Court : Mumbai
Reported in : [1986]158ITR742(Bom)
Mohta, J.1. Though the notices under sections 139(2) and 148 of the Income-tax Act and so also certain assessment orders passed by the income-tax authorities are challenged in this batch of petitions, the real controversy centres round a point whether the Market Committee as defined under section 2(j) of the Maharashtra Agricultural Produce Marketing (Regulation) Act, 1963 (APMC Act), is a local authority as contemplated under section 10(20) of the Income-tax Act (I.T. Act).2. Section 10 which falls in Chapter III of the Income-tax Act gives a long list of incomes not included in total income. One such category is to be found in section 10(20) which reads thus :'the income of a local authority which is chargeable under the head 'Interest on securities', 'Income from house property', 'Capital gains' or 'Income from other sources' or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own ...
Tag this Judgment!Court : Mumbai
Reported in : 1985(1)BomCR357
V.A. Mohta, J.1. Though the notices under sections 139(2) and 148 of the Income Tax Act and so also certain assessment orders passed by the Income Tax authorities are also challenged in this batch of petitions real controversy centres round a point whether the Market Committee as defined under section 2(j) of the Maharashtra Agricultural Produce Marketing (Regulation) Act, 1963, (APMC Act), is a local authority as contemplated under section 10(20) of the Income Tax Act (IT Act).2. Section 10 which falls in Chapter III of the IT Act gives a long list of incomes not included in total income. One such category is to be found in section 10(20) which reads thus :The income of local authority which is chargeable under the head 'interest on securities', 'income from house property' 'Capital gains' or 'income from other sources' or from trade business carried on by it, which accrues or arises from the supply of a commodity or services (not being water or electricity), within its own jurisdicti...
Tag this Judgment!Court : Mumbai Aurangabad
1. Being aggrieved by the seizure of goods under receipt dated 8.5.2002, notice dated 11.5.2002, and a complaint dated 18.10.2002 and the order of the Judicial Magistrate First Class, Aurangabad dated 19.10.2002 issuing thereby process against the applicants, the applicants prefers this application under section 482 of the Code of Criminal Procedure for quashing the same. 2. Brief facts, giving rise to the present application are as under: a] The applicant No.1, is a Company registered under the Companies Act having its office at Mumbai. The company has a manufacturing Unit/Factory at Aurangabad and the company is engaged at aforesaid unit, in manufacturing, inter-alia, toilet soaps. b] On 8.5.2002 respondent no.2 had inspected the toilet soap stored in the petitioner no.1's premises. It was noticed during the said inspection that the products of the company namely Palmolive Naturals Soap (with milk cream) and Palmolive Naturals Soap (Relaxing) have weighed lesser than the declared net...
Tag this Judgment!Court : Mumbai
Reported in : (1998)60TTJ(Mumbai)308
ORDERM. K. CHATURVEDI, J.M. :This appeal by the assessee is directed against the order of the CIT(A), Central IV, Bombay, and pertains to the asst. yr. 1985-86.2. The assessment was completed under s. 143(3) r/w s. 145(2) of the IT Act, 1961. The accounting year of the assessee ended on 30th June, 1984. The assessee is a company in which public are substantially interested. The assessee-company is following the mercantile system of accounting. It filed its return of income for the relevant year of assessment on 28th June, 1985, reflecting therein income of Rs. 3,84,14,220. The AO made an addition of Rs. 26,20,51,000 in the total income of the assessee under the head 'premium on sale of cigarettes'. The AO deducted the amount of commission and trading income alleged to be reintroduced by means of havala entries, and advertisement expenses alleged to be used out of secret bank accounts. The assessee being aggrieved of the assessment order, preferred appeal there against before the CIT(A)...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD380(Mum.)
1. This appeal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals), Central-IV, Bombay and pertains to the assessment year 1985-86.2. The assessment was completed under Section 143(3), read with Section 145(2) of the Income-tax Act, 1961. The accounting year of the assessee ended on 30-6-1984. The assessee is a company in which public are substantially interested. The assessee-company is following the mercantile system of accounting. It filed its return of income for the relevant year of assessment on 28-6-1985, reflecting therein income of Rs. 3,84,14,220. The Assessing Officer made an addition of Rs. 26,20,51,000 in the total income of the assessee under the head "Premium on sale of cigarettes". The Assessing Officer deducted the amount of commission and trading income alleged to be reintroduced by means of hawala entries and advertisement expenses alleged to be used out of secret bank accounts. The assessee being aggrieved of the assessment ord...
Tag this Judgment!Court : Mumbai
Reported in : 2006(3)BomCR705
F.I. Rebello, J.1. The challenge in all these petitions is to the constitutional validity of Sections 33A and 33B of the Bombay Police Act, as amended by the Bombay Police (Amendment) Act, 2005. The bill was passed by the Legislative Assembly on 21st July, 2005 and by the Legislative Council on 23rd July, 2005 and has now come into force. The Sections under challenge may be gainfully reproduced:33A(1) Notwithstanding anything contained in this Act or the rules made by the Commissioner of Police or the District Magistrate under sub-section (1) of Section 33 for the area under their respective charges, on and from the date of commencement of the Bombay Police (Amendment) Act, 2005,-(a) holding of a performance of dance, of any kind or type, in any eating house, permit room or beer bar is prohibited;(b) all performance licences, issued under the aforesaid rules by the Commissioner of Police or the District Magistrate or any other officer, as the case may be, being the Licensing Authority,...
Tag this Judgment!Court : Mumbai
Reported in : [1985]57CompCas241(Bom)
..... purposes of this section, 'company' has the same meaning as in clause (b) of the explanation to section 28.'54. the act further regulates under s. 19 transfer of securities. it prohibits transfer or registration of any ..... . mr. paul accused dr. manmohan singh and mr. amitava ghosh of following standard in the matter of non-resident indians' investment. mr. paul alleged in calcutta yesterday ..... agency to start an action on the company's behalf is the board of director through as an exceptional measure it has been ruled that if the directors cannot and will not start proceedings in ..... it from the clutches of unscrupulous money-lenders. strict discipline on the financial institutions is sought to be enforced by prescribing the condition and the limits subject to which such institution may advance loans and make ..... holding a contrary view. if the clarification given by the government of its own policy weighted with the rbi and the rbi issued the clarification, rbi could not be accused do ..... limited companies. he was due to retire by rotation at the annual general meeting of 1985. j. m. shrinagesh is a retired ics officer who has been a director of the petitioner ..... procedure requirements were observed for convening and holding a meeting; only it cannot examine why a particular irresolution was passed what motivated the shareholders to vote in a particular manner.186. in laljibhai c. kapadia v. lalji b. desai [1973] 43 com cas 17, the court observed (p. 38) :'..... section 173 (of the companies act .....
Tag this Judgment!Court : Mumbai
Reported in : 2002(1)BomCR419
..... act and regulations, and sick industrial companies (special provisions) act, 1985. it would, therefore, be difficult to contend that section 111a took away the common law right of a member to seek rectification on account of the transfer being in violation of a law in force. the jurisdiction of courts was not expressly excluded, nor section 111a as originally enacted or even after its amendment, provided an adequate alternative remedy, or a machinery for the enforcement ..... adding section 9a in the civil procedure code. secondly, on the basis ..... apart from standard distilleries ..... registration of transfer. the application for transfer was, however, rejected by defendant no. 12 company on 17 ..... shall be calculated on the basis of weighted average prices quoted ..... 54. to appreciate the merit of the rival submissions, we may briefly notice the scheme of the sebi act, 1992 and the 1994 regulations. the relevant provisions of the act and the regulations have been extracted earlier in this judgment. the act was enacted to provide for the establishment of a board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market, and for matters connected therewith or incidental thereto. the powers and functions of the board have been enumerated in section 11 of the act. the act casts a duty on the board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market, by such measures .....
Tag this Judgment!Court : Mumbai
Reported in : [2002]109CompCas18(Bom)
..... january 17, 1986, the securities contracts (regulation) (amendment) act, 1985 (40 of 1985) came into force which inserted new section 22a to emphasise free transferability and registration of shares and making provision with respect to the circumstances wherein transfer of shares may be declined. under sub-section ( ..... but lack of very precise particulars in this set of facts cannot lead to the plaint being rejected by applying the strict standard of order 6, rule 4 of the civil procedure code. 135. it is true that there are many formalities expected when one comes to the particulars in the plaint. however, it ..... jurisdiction is impliedly barred. if, however, a right pre-existing in common law is recognised by the statute and a new statutory remedy for its enforcement provided, without expressly excluding the civil courts' jurisdiction, then both the common law and the statutory remedies might become concurrent ..... there has been no continuous market in the stock exchange for the shares to be acquired, such average shall be calculated on the basis of weighted average prices quoted in at least one other stock exchange to be determined on the basis of the daily trading volume of such shares in ..... concerned, the board may call upon the person concerned to take such measures as the board may deem fit in the interest of the securities market and for due compliance with the provisions of the act, rules and regulations.'54. regulation 39 provides that the board may without its right to initiate .....
Tag this Judgment!Court : Mumbai
Reported in : 1993(2)BomCR329
..... enforce the covenant and defendant 1's reply is that damages or compensation would be adequate to serve the ends of justice. a quick glance at the provisions of the sr act will be instructive. subject to the overriding factor of discretion, sections 10, 11, 14, 16, 21, 23 and 24 of the said act pertain to this aspect of the case. section 10 predicates specific performance where (i) there exists no standard for measuring ..... sum up, ex.soc-10 while admissible and also relevant is not to be given disproportionate weight. as to the weight to be attached to the opinion sans the recital in regard to facts, it is common ground that the same is not ..... registration etc. the court overruled these objections relying on dagdu v. bhana, 6 bom.l.r. 126, where it was held though rectification was not claimed by way of relief because the rules of procedure ..... that this land belongs to the trustees, the beneficiaries and the reversioners (including plaintiff) of the deed of settlement dated 17-3-1951. defendant 1 is permanently prohibited from laying any claim to this land or interfering with the ..... such a judgment came up for consideration in state of orissa v. titaghur paper mills co. ltd. : [1985]3scr26 . madon, j., at page 1341 observed :--'it is true as contended by learned counsel ..... title. this was on 23-2-1966 and 1-3-1966 vide exs. a-52 and a-54 respectively. one of the queries to be found in ex. 54 was that calling upon the vendor to specify whether the property was subject to 'any restriction and .....
Tag this Judgment!