Judgment Search Results Home > Cases Phrase: state agricultural credit corporations act 1968 section 27 investment of surplus funds Page 6 of about 667 results (5.739 seconds)

Nafees Ahmad and ors. Vs. Tehsildar/Magistrate and ors.

Court : Allahabad

Reported in : AIR1998All78

..... a cold storage and the recovery proceedings which had been initiated under u.p. agricultural credit act, (u.p. act no. 19 of 1973) had been challenged on the ground that the business carried on by a cold storage did not amount to 'agricultural' and therefore section 11-a of the said act had no application. this ..... matter. the petitioners had not taken loan from a bank for agricultural purpose. on the contrary they had taken loan from the upfc which has been constituted under the state financial corporation act, 1951, section 25(1)(d) of the act provides that the financial corporation may carry on and transact any business namely acting as agent of ..... on by persons engaged in any of the aforesaid activities including marketing of agricultural products and their storage. therefore, in view of special definition of 'agriculture' and 'agricultural purpose' in the aforesaid act, it was held that section 11-a of u.p. agricultural credit act would apply to a loan given to a cold storage and the .....

A.P. State Civil Supplies Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1991)37ITD1a(Hyd.)

..... -price shops. as a matter of fact, the corporation was promoted by the state of andhra pradesh under g.o.ms.no. 701 of food and agriculture (cs-iii) department dated 26-7-1974.the order stated that "the government have decided to set up a corporation for handling civil supplies matter in respect of procurement, ..... and sale of foodgrains, foodstuffs and any other essential articles and to provide service and assistance of all kinds including capital, credit and technical and managerial service. the authorised share capital of the corporation will be rs. 3 crores divided into 30,000 equity shares of rs. 1,000 each. the initial subscribed capital will ..... ensuring quality control, to train personnel in the technique of quality control and to provide services and assistance of all kinds of the said purchases including capital credit, means, resources, technical and managerial services, advice and assistance.27. the assessee is to deal in food grains, foodstuffs and other essential commodities. it .....

Davinder Singh Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)104ITD325(Asr.)

..... he observed that it was only a devise for manipulating funds for the sister-concerns as whenever they needed money, the same was provided in the guise of credits of agricultural produce. he also observed that in the subsequent assessment years i.e.2002-03 and 2003-04, out of amounts shown as sundry creditors amounting to rs. 35 ..... these persons.these details were furnished and appeared on p. 8 of the assessment order, where credits amounting to rs. 62,55,097 in the names of 52 persons have been listed. the assessee stated that all these persons had sold their agricultural produce to the assessee. the ao sent enquiry letters by registered post to 12 out of the ..... and narma produce were being sold to factory/mill owners in auction in the presence of officials of the market committee and the government agency, i.e., the cotton corporation of india (cci) buys crops only if the same falls below the minimum support price fixed by the government. therefore, 'kacha arhatias' are not very well known .....

Corporation Bank Vs. the Darby and ors.

Court : Karnataka

Reported in : [1999]97CompCas1(Kar)

..... appears to have an object behind it. it expressly pertains to commercial transactions. probably it expects a quick return from commercial investments unlike in the agricultural investments.the karnataka state financial corporation has been constituted to give only commercial loans at a concessional rate when the prevailing bank rate is about 18 per cent. the court, therefore, ..... on may 12, 1993, the date on which exhibit p-9 was filed wherein the amount paid subsequent to the suit by realisation of life insurance corporation policies has been given credit to. consequently, the interest is calculated on rs. 1,22,024.90 which was on the basis of latest accounts filed on may 12, ..... discretion to refuse interest or reduce the contract rate, being' the exception. when the borrower has promised to pay a particular rate of interest and availed of credit and on default by the borrower, when an action is commenced ending in a decree, the proper exercise of the discretion would be to grant interest at .....

Mandu Prakhand Sahakari Grih Nirman Sahyog Samiti Ltd. and anr. Vs. St ...

Court : Jharkhand

Reported in : 2004(52)BLJR380; [2004(1)JCR402(Jhr)]

..... bank, registered under the co-operative societies act or to the scheduled banks or to a company or a corporation owned by the state government or the central government, and which has been set up with a view to provide agricultural credit to cultivators. petitioners contention is that the words, 'and which has been set up', has been used in ..... been set up with a view to provide agricultural credit to cultivators, the word 'have' should have been used in place of the word 'has'.this argument of learned counsel for the petitioner cannot be accepted that as the word 'has', has been used it only relates to the government companies/corporations, which are mentioned just before the said word ..... it.5. mr. modi appearing on behalf of the state, submitted that under section 46(1)(c) of the act, permission can be granted, in favour of a co-operative society or bank or a government company which has been set up with a view to provide agricultural credit, to the cultivators, and not to any co-operative .....

Commissioner of Income-tax, Gujarat Vs. Tensile Steel Ltd.

Court : Gujarat

Reported in : [1976]104ITR581(Guj)

..... which the invoices were drawn, clearly indicate that thought the arrangement of deferred payment as detailed in the letter of the guarantee furnished by the industrial finance corporation as well as in the two aforesaid invoices bifurcated the principle amount and the interest amount, each instalment of payment was a composite instalment comprising of this ..... and this method has been explained in a judgment of this court in keshav v. mills ltd. v. commissioner of income-tax : 'that system brings into credit what is due, immediately it becomes legally due and before it is actually received and it brings into debit expenditure the amount for which a legal lia bility ..... to the assistant commissioner of agricultural income-tax and the tribunal without success. on reference to the high court of madras, the matter was decided in favour of the assessee and the entire amount was allowed to be deduction from his assessable income. the matter was then carried by the state to the supreme court, on .....

Pune District Supervision Co-operative Society Through Its Chief Execu ...

Court : Mumbai

..... introduced in the statute book in the year 1975. the salient features of the said section 69a are as under:(i) co-operative state cadre constitution of secretaries of primary agricultural credit cooperative society, multipurpose co-operative society etc.(ii) immediate supervisory control of the cadre given to the taluka supervision society consisting of the ..... for the time being in force, for the purposes of levy and collection of the contribution to the said fund by any other corporate body to which section applies, such corporate body shall be deemed to be a society governed by this act.)(5) where there a failure to comply with the requirements of ..... as may be prescribed, and different rates may be prescribed for different societies or other corporate bodies or class or classes of societies or class or classes of other corporate bodies. in determining the rate or rates of contribution, the state government shall take into consideration the expenditure referred to in sub-section (3), the .....

Commissioner of Income-tax Vs. Gopal Gram Seva Sahakari Mandli Ltd.

Court : Gujarat

..... shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. explanation.- for the purposes of this sub-section, (a) "co-operative bank" and "primary agricultural credit society" shall have the meanings respectively assigned to them in part v of the ..... (iii) a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public the whole of ..... the purposes of this section, an "urban consumers' co- operative society" means a society for the benefit of the consumers within the limits of a municipal corporation, municipality, municipal committee, notified area committee, town area or cantonment. (3) in a case where the assessee is entitled also to the deduction under section .....

The New Bank of India Ltd. Vs. the State of U.P. and ors.

Court : Allahabad

Reported in : AIR1976All546

..... in excess of the ceiling area including any land mortgaged to the state government or to a bank as defined in clause (c) of section 2 of the u. p. agricultural credit act, 1973, or to a co-operative society or to the corporation or to a government company, the surplus land to be determined shall ..... the following classes of persons namely:-- (a) ............................... (b) ...... (c) ..... (d) bank as defined in clause (c) of section 2 of the u. p. agricultural credit act, 1973, or a co-operative bank, or a co-operative land development bank.' 9. there are, however, clear indications in the act that land mortgaged to a bank ..... agricultural credit act, 1973 (hereinafter referred to as the credit act) was enacted. this act was substantially amended in 1975. a bank was defined in the credit act in section 2 (c). it is not necessary to reproduce that provision here, as admittedly, the petitioner bank is a bank within the meaning of the credit act. under section 3 of the credit act the state .....

pr.commissioner of Income Tax-6 vs.national Housing Bank

Court : Delhi

..... page 5 of 16 (iii) a banking company; (iv) a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank; (v) a housing finance company; and (vi) any other financial corporation including a public company; (b) "eligible business" means, (i) in respect of the specified entity ..... vehicle) for providing long term finance for residential housing in india. it provides long term housing finance through the housing finance institutions, scheduled banks, state co-operative agricultural and rural development banks etc as well as directly. the bank was exempted from the payment of income tax by section 48 of the national housing ..... to section 271(1)(c) of the act. this test and requirement is satisfied in the present case. further, full and complete facts were clearly stated in the income tax returns. in our opinion, the respondent-assessee had acted bonafidely and were under a genuine belief that they were entitled to benefit .....