Judgment Search Results Home > Cases Phrase: state financial corporations act 1951 section 49 power to remove difficulty Court: kolkata appellate Page 1 of about 2 results (0.069 seconds)

Yashdeep Trexim Vs. Board for Industrial and Financial Reconstruction ...

Court : Kolkata Appellate

..... reported in (1993) 2 scc 144 was cited where the supreme court had the occasion to consider the term proceedings in section 22(1) of sica and had ruled, upon consideration of the state financial corporations act, 1951, that if the corporation is permitted to proceed under section 29 thereof when proceedings under sections 15 to 19 of sica are pending, that would render the entire process nugatory. ..... reported in (2006) 12 scc 642 where it has been held that (w)hile exercising its power under sub-section (3) of section 22, the board cannot ignore an order passed by a superior court. ..... now, if one person puts into words the thoughts of another (as the draftsman puts into words the thoughts of the legislature) and a third person (the court) is to find out what they meant, more difficulties are bound to crop up. ..... -for the removal of doubts, it is hereby declared that an industrial company existing immediately before the commencement of the sick industrial companies (special provisions) amendment act, 1993, registered for not less than five years and having at the end of any financial year accumulated losses equal to or exceeding its entire net worth, shall be deemed to be a sick industrial company; 15. .....

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... , chandigarh ; (xviii) any state financial corporation established under section 3 of the state financial corporations act, 1951 (63 of 1951) ; (b) where the payment is made to government and, under the rules framed by it, such payment is required to be made in legal tender ; (c) where under any contract entered into by the assessee before the 1st ..... officer that the payment could not be made by a crossed cheque drawn on a bank or by a crossed bank draft: (2) because payment in the manner aforesaid was not practicable, or would have caused genuine difficulty to the payee, having regard to the nature of the transaction and the necessity for expeditious settlement thereof ; and also furnishes evidence to the satisfaction of the assessing officer as to the genuineness of the payment and ..... husbandry (including hides and skins) or dairy or poultry farming ; or to the cultivator, grower or producer of such articles, produce or products; (g) where the payment is made for the purchase of the products manufactured or processed without the aid of power in a cottage industry, to the producer of such products ; (h) where the payment is made in a village or town, which on the date of such payment is not served by any bank, to any person who ordinarily resides, or is ..... income-tax rules, 1962, prior to its amendment, the rule- making authority by virtue of the powers conferred, made provision for unavoidable circumstances and genuine difficulties as permissible grounds for waiving the requirement. .....

Kanoi Industries (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD462(Kol.)

..... the credit institution is defined in section 2(5a), the same is reproduced below: (i) a banking company to which the banking regulation act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that act; (ii) a public financial institution as defined in section 4a of the companies act, 1956 (1 of 1956); (iii) a state financial corporation established under section 3 or section 3a or an institution notified under section 46 of the state financial corporations act, 1951 (63 of 1951); and now, from the meaning of credit institution, we find that includes other financial company and the term 'financial company' is defined in sub-section (5b) of section 2 and it includes in ..... the view that the tribunal is confined only to issues arising out of the appeal before the cit(a) is too narrow a view to take off the powers of the tribunal.6.1 thus, the settled legal position, which emerges from the aforesaid judicial pronouncements, is that the purpose of assessment proceeding is to tax/assess the taxable liability/income of the assessee correctly in ..... there is no reason to restrict the power of the tribunal under section 254 only to decide the grounds which arise from the order of the ..... rival submissions of the parties and we have perused the decisions on which reliance is placed from both the sides.the tribunal while dealing with the subject-matter of the appeal in exercise of its power, it may allow the party to take up a new ground of appeal. .....

National Engineering Industries Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)80ITD9(Kol.)

..... the term 'credit institution' is defined in section 2(5a) of this act as under: (i) a banking company to which the banking regulation act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of the act); (ii) a public financial institution as defined in section 4a of the companies act, 1956 (1 of 1956); (iii) a state 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); and credit institution thus means the banking company, a public financial institution, state financial corporation and any other financial company.6. ..... financial institution specified in or under section 6a of the industrial development bank of india act, 1964 (18 of 1964) or, (d) any other institution that may be, specified by the bank in this behalf, (v) amounts received in the ordinary course of business, by way of- (d) advance against orders for goods, properties or services; (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, registered under any enactment relating to money lending which is for the time being in force in any state; and .....

Uco Bank and Others. Vs. Narayan Chandra Ghosh

Court : Kolkata Appellate

..... in star textiles (supra) does not come to the aid of the opposite party as, while upholding the vires of the second proviso to section 18(1), it held that the condition is not so onerous or oppressive or arbitrary or unreasonable in view of the unambiguous language of the second proviso to section 18, the principles of law in the judgments in karnataka state financial corporation (supra), jatindra nath nandi (supra) and indrani sen (supra) are not applicable since therein courts had no occasion to deal ..... india: air 2004 sc 2371; 2) karnataka state financial corporation v. n. ..... elusive ground that to give them their ordinary meaning leads to consequences which are not in accord with the notions of propriety or justice entertained by the court. 8. (paragraph 11) the judgment in the calcutta municipal corporation and others versus sitaram charity trust (supra), though dealing with section 189(6) of the kolkata municipal corporation act 1980, lays down that an appeal can be entertained only on the fulfillment of the condition precedent ..... submission was as in section 18(1) of the act the legislature has consciously incorporated a condition of predeposit for preferring an appeal which has nothing to do with exercising the power under section 13 of the act, the appellate tribunal failed to appreciate that the deposit of an amount is a condition precedent for preferring an appeal and such deposit is to be made with the appellate tribunal and not ..... there is no difficulty of construction. .....

United Bank of India Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1999)68ITD332(Kol.)

..... if rbi and idbi were satisfied that the change in the system of accounting of interest from mercantile to cash basis by the concerned state financial corporation was legal, valid and bona fide, the ao may accept the cash system of accounting of interest. ..... (bom) hon'ble bombay high court held that the finding of the tribunal that the supreme court decision in the case of state bank of travancore (supra) was not attracted on the facts of icici did not give rise to any referable question of law. ..... while deciding the matter, the tribunal specifically considered the arguments of revenue based on the judgment of the state bank of travancore (supra) and a host of other high court judgments including calcutta high court judgments reform ..... crediting the interest thus charged to the interest account on a general basis, in the case of state bank of travancore (supra) corresponding credits in the cases of sticky loans were made to interest suspense ..... 34 of cpc.this power vested in the court only where the ..... under the provisions of it act a method of accounting regularly employed by an assessee has to be accepted unless it could be shown that the method of accounting regularly employed by an assessee was not proper for the purpose of ascertainment of the income, on ..... mercantile system of accounting and merely by carrying such accrued interest to the interest suspense account without treating it as a bad debt or irrecoverable interest was not in accordance with the provisions of the it act, 1961. .....

Ms. Anmol Biscuits (P) Ltd. Vs. Sri Amar Chand Nag and ors.

Court : Kolkata Appellate

..... golden bicuits company private limited was sold by west bengal financial corporation, who had charge over the said property, to ..... the name of the present applicant has improperly been joined as defendant in the said suit and the provisions of order 1 rule 10(2) of the code of civil procedure clearly states that the court may at any stage of the proceedings order that the name of any party improperly joined be struck out. 7. ..... 1 rule 10 of code of civil procedure confers a very wide discretion on the court in the matter of addition or striking out parties even at a late stage, but the court has no power to strike out the name of a defendant merely because the plaintiff has no cause of action against him. 23 ..... the present applicant / petitioner filed an application under order 1 rule 10 (2) read with section 151 of the code of civil procedure before the learned court below praying for expunging or striking out the name of the petitioner company from the cause title of the plaint of ..... snacks limited have their respective memorandum of association at different places, and the learned court below acted illegally and with material irregularity in exercise of its jurisdiction by mixing up the petitioner with ..... present applicant / petitioner filed the present application under article 227 of the constitution of india on the ground that the learned court below acted illegally and with material irregularity in exercise of its jurisdiction by rejecting the said application of the petitioner. 5. .....

Peerless Securities Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)94ITD89(Kol.)

..... , means any individual or a company or a financial corporation registered in the register as the owner of one or more shares in the ..... board has taken a view that these expenditures may be considered as laid out wholly and exclusively for the purposes of the business and, are as such, allowable as business expenditure under section 37(1) of the act as stated in the board's circular/notifications, which have already stated above in para 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect of all the decisions, we are of the considered ..... in other words, the said payment made by the assessee during the course of its business of share dealing and share brokerage is for the purpose of removal of restriction or obstruction or disability of not being able to operate on floor of the stock exchange.there is no doubt that with a view to carry on business of share trading and share brokerage more efficiently and profitably in the present scenario ..... the expression 'once and for all' used by lord dunedin has created some difficulty and it has been contended that where the payment is not in a lumpsum but in instalments, it cannot satisfy the ..... otcei reserves the right, at its sole discretion, to allow only such holders or donees of powers of attorney as it finds acceptable, to execute documents on otc exchange and at any time to withdraw its recognition of such holders or donees without assigning any reason whatsoever. .....

Peerless Securities Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)60SCL59NULL

..... means any individual or a company or a financial corporation registered in the register as the owner of one or more shares in the ..... board has taken a view that these expenditures may be considered as laid out wholly and exclusively for the purposes of the business and are as such allowable as business expenditure under section 37(1) of the act as stated in the board's circulars/notifications, which have already stated above in paragraph 4.1 hereto.7.34 applying the various principles and test as discussed in foregoing paras and in the light of the cumulative effect of all the decisions, we are of the considered ..... in other words, the said payment made by the assessee during the course of its business of share-dealing and share-brokerage is for the purpose of removal of restriction or obstruction or disability of not being able to operate on floor of the stock exchange.there is no doubt that with a view to carry on business of share trading and share brokerage more efficiently and profitably in the present scenario ..... the expression 'once and for all' used by lord dunedin has created some difficulty and it has been contended that where the payment is not in a lump sum but in instalments, it cannot satisfy ..... otcei reserves the right, as its sole discretion, to allow only such holders or donees of powers of attorney as it finds acceptable, to execute documents on otc exchange and at any time to withdraw its recognition of such holders or donees without assigning any reason whatsoever .....

Abn Amro Bank Nv Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)96TTJ(Kol.)1041

..... court dealt with the scope of levy of penalty under section 221 of the act for failure to deposit the tax deducted at source in time and in that connection, the calcutta high court observed that when the assessee is found to be in default in depositing the amount of tds within the time prescribed, he is liable to pay interest as well as he is liable to pay penalty and the fact that he has suffered loss or financial stringency and, therefore, could not deposit ..... received the payment advice-cum-cheque was aware that the cheque in the name of andhra bank was specifically for the purpose of purchase of npc bonds in the name of phb, but he actively conceals this fact by removing the top portion of 'payment advice-cum-cheque' and uses only the cheque portion for an unauthorized credit to the account of hiten dalai ..... . the competent authorities of the states shall endeavour to resolve by mutual agreement any difficulties or doubts arising as to the interpretation or application of the convention ..... . it may be pertinent to mention that their lordships of the delhi high court in the case of national thermal power corporation ltd. v ..... . their lordships were in seisin of a case in which certain amount of cash and 'a large quantity of jewellery pledged with the bank by its constituents' were stolen by dacoits on 11th june, 1951, from the premises of the bank .....