Court : Kolkata
Reported in : AIR1965Cal16
..... profits for the benefit of share-holders, the directors and share-holders of the company are the best judges of the trading policy of the company and so long as the requirements of the statute are complied with and the policy pursued by the company through the object clauses in its memorandum is not fraudulent or unfair to any class of its members and does not violate the statutory provisions, the court should not easily or lightly interfere, with the decision of the share-holders and directors of the company and also ..... the main object of the company was to purchase, store, sell, manufacture and otherwise deal in agricultural, mineral and animal products and live-stocks and in the by-products and waste products of the manufacture including jute. ..... and held that the proposed alteration in the objects were with respect to the objects of the company which were desirable for the purpose of more efficiently carrying out the main object of the company, namely, improvement and encouragement of poultry breeding.47. ..... 454 of the report as follows: 'accordingly your lordships will find throughout the whole of the act a plain and marked distinction drawn between the interest of the share-holders inter se, and the interest which the public have in seeing that the terms of the act are construed in such a manner as to protect them in dealing with companies of this description. ..... sen was a decision of bombay high court in in re. ..... , (1933) 1 ch. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1959Cal402,63CWN101
..... it was held that under the rules framed under section 22 of the city of bombay police act, the only person vested with the authority to grant or refuse a license for the erection of a building to be used for the purposes of public amusement was the commissioner of police, and that the order of cancellation was not an order by the commissioner but merely an intimation by him of an order passed by another authority, namely, the government of bombay, which had no jurisdiction whatever to make such an order. ..... and their decision to participate in a comprehensive sewerage scheme for the municipal area, instead of having small independent installations which they are required to arrange under the factory rules and in view of the fact that the recurring cost can be met from the saving in expenditure under the conservancy head after the introduction of the sewerage scheme, the scheme be sanctioned and be taken up at once in order that sanitary condition of the town as a whole and the labour colonies and the bustees in particular can be effectively improved. ..... the lease was granted under the crown lands alienation act, 1868, which, inter alia, provided that the lessee must live on the land continuously and bona fide during the term of the lease and if at any time it should be proved to the satisfaction of the commissioner that he had not been doing so for a period of six months, it shall be lawful, for the governor to declare the lease absolutely forfeited and vacated. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1963Cal598,[1963]47ITR247(Cal)
..... the bombay decision also was of the view that the amounts paid to of reserved for or expended on behalf of the policy holders of a mutual life insurance company within the meaning of rule 3(a) of the schedule to the income-tax act did not include the expenses incurred by the company for payment of income-tax or provision for income-tax.26. ..... article 17 provides that -'the committee may from time to time set apart any and such portion of the profits of the association as they think fit as a reserve fund to meet contingencies or for the liquidation of any debentures, debts, or other liabilities of the association or for repairing, improving and maintaining any of the property of the association and for such other purposes of the association as the committee may in their absolute discretion think conducive to the interests of the association. ..... beyond sounding a note of caution as to results and implications of the privy council judgment, we doubt if it will be expedient to recommend any definite legislative provisions at this stage, either, on the lines of sections 5 (2) and 5 (2) (h) of the english finance act, 1920 and section 31 (1) of the finance act, 1933 01 section 117 etc. ..... it would be very unbusinesslike indeed if mutual insurance company were to live from hand to mouth without keeping or having any reserve. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR2006Cal259
..... air 1933 bom 342 the learned single judge of the above court while dealing with the case of appointment of apl under section 247 of the said act has held amongst others (at page 55) before appointing apl the court has to be satisfied in the first place that there is a bona fide suit pending touching validity of the will of the deceased. ..... according to him, the apprehension of adverse effect on the shares in the share market is baseless as the share price in the stock market depends on the performance of the companies. ..... this position has been illustrated in the english decision reported in 1948 (1) all er 271 and one of the oldest decision of this court reported in 13 cri lj 34 the prospect of protracted litigation in addition to vastness and estate being in medio is also one of the considerations as held in calcutta case reported in : air1952cal418 and also bombay case reported in air 1932 bom 342. ..... performance of all the manufacturing companies has shown vast improvement in all respect namely profit per ton, total turnover, total profits, dividends, ratio of profit to assets, price of shares, trading volume of shares including in comparison with other cement companies including other birla companies and .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1953Cal164,57CWN81
..... saroda prosad', 12 cal l j 525 the word 'undivided' appearing in the first part of sub-section (1) of section 4 of the partition act was to be construed liberally; the word 'family' is to be held to include not merely a body of persons who originate from a common ancestor, but also a group of persons related by blood and living in one house or under one head of management. ..... portions of the property which were being possessed by one or other of the parties were either improved or reconstructed at the costs of the party in possession.6. ..... in paras 7, 8 and 9 of the plaint, the plaintiff alleged that by an 'achalnama', dated 29-9-1933, the then co-sharers with a view to effect an amicable partition of the properties appointed three arbitrators named jagindra nath mukherjee, chandi charan ganguli and susil kumar chatterjee, and it was agreed that the arbitrators should publish their award within six months, the arbitrators appointed a surveyor to prepare allotments. ..... according to the allahabad, bombay and madras view --'ganesh prasad v. .....
Tag this Judgment!Court : Kolkata
Reported in : [1981]131ITR380(Cal)
..... this is a decision of a division bench of the bombay high court on a similar appeal under the land acquisition act. ..... for instance, in land acquisition or improvement schemes in and near about calcutta land is generally divided into blocks facing some particular street or road or lane and each block is divided into three belts, the first to a depth of 60 feet or so on the road frontage, the second to a depth of about 150 feet thereafter and the third consisting of all land behind, and the relative values of the three belts are fixed in the proportion of 100, 66'6 and 50. ..... following mathura prosad rajgharia, : air1971sc465 and nityagopal sen poddar, air 1933 cal 25, the tribunal held that the belting method was appropriate in determining the market value of the property and it rejected the opinion of the valuation officer that this method was obsolete. ..... in nityagopal sen poddar, air 1933 cal 25, relied on by the revenue, it appears that valuation on the basis of belting was in vogue and it was observed that on proper data the system was scientific. ..... state of west bengal, : air1971sc465 and submitted that in nityagopal sen poddar, air 1933 cal 25, the calcutta high court had also recognised the belting method in valuing urban land. .....
Tag this Judgment!Court : Kolkata
Reported in : (1996)2CALLT183(HC),100CWN900
..... by reason of 1981 amendment act, section 2(7) had undergone a drastic change which brings within its purview, lands of every description in the following terms:-'2(7) 'land' means land of every description and includes tank, tank-fishery, fishery, homestead, or land used for the purpose of live-stock breeding, poultry farming, dairy or land comprised in tea garden, mil, factory, workshop, orchard, hat, bazar, ferries, tolls or land having any other sairati interests and any other land together ..... . annulment of anticipatory transfers to defeat a law of agrarian reform, transfer of surplus land to the village panchyat for the use of the general community, such as promotion of agriculture or welfare of the agricultural population, acquisition of private forest lands belonging to a jagir or inam for such purposes, for settlement of agricultural labour, fixing a ceiling area and providing for distribution of the surplus amongst the tillers of the soil, acquisition of the land together with standing crops and improvements.vi) increase in employment opportunities ..... it held that the decision of the bombay high court in basantibal v. ..... . the court further considered the judgment in sri ram ram narayan's case : air1959sc459 (supra) and distinguished it on the ground that under the bombay act certain rights were conferred on the tenants in respect of their tenements which they did not have before .....
Tag this Judgment!Court : Kolkata
Reported in : [1970]78ITR664(Cal)
..... the bombay high court held that the transfer of the assets ofthe firm to the company was substantially and really a readjustment made by the members to enable them to carry on their business as a company rather than as a firm and no profit in the commercial sense was made thereby ; accordingly, they came to the conclusion that the transfer of the assets of the firm to the company was not a sale and the ..... the conclusion that the assessee's assessable profits on the sale of the shares was the difference between the sale price of the shares and the market price of the shares prevailing on the date when the shares were converted into stock-in-trade of its business in shares, and not the difference between the sale price and the price at which the shares were originally purchased by the ..... his book on roman law in modern practice (tagore law lectures, 1933)at page 126, has made the following observations :'in scotland and on the continent generally the firm is recognised as a person distinct from the partner ; in england it is not and here english and ..... the partnership has been defined in section 4 of the indian partnership act, 1932, which reads as follows:'partnership is the relation between persons who have agreed to-share the profits of a business carried on by all or any of them acting; for all.persons who have entered into partnership with one another are called individually 'partners' and collectively 'a firm' and the name under which their business is carried on is called the ..... living .....
Tag this Judgment!Court : Kolkata
Reported in : (1981)25CTR(Cal)16,[1981]132ITR720(Cal)
..... the subsequent information upon which the opening was made in this case was not in respect of a separate property, but in respect of the same right which gave a wrong figure or under-estimated the figure of the right that the deceased had, namely, the amount which had been awarded in the first instance which the deceased had disclosed, but the proper value of that amount was determined by the president of the improvement tribunal to be enhanced by the ..... the valuation has been the subject matter of an appeal under the act, or of the omission of any property, the estate duty paid thereon is either in excess of or less than the actual duty payable, he may, either on his own motion or on the application of the person accountable and after obtaining the previous approval of the board, at any time within three years from the date on which the estate duty was first determined- (a) refund the excess duty paid, or as the case may be, (b) determine the additional duty payable on the ..... ) , proceeded entirely on a different basis and the division bench of the bombay high court held that as the assessment had become final, when the new amended provision came into effect, resort to section ..... the division bench of the bombay high court held that section 59 of the amended provision was not a variant of section 62 of the unamended provision and we are in respectful agreement and from that point of view the division bench of the bombay high court was right in saying that the calcutta high court in the .....
Tag this Judgment!Court : Kolkata
Reported in : [1985]58CompCas772(Cal)
..... in view of the principles of law enunciated by the supreme court and also the judgments of the division bench of this high court and the bombay high court and also having regard to the facts of the case before us, we are of the view that' it was not beyond the competence of the committee of management to enter into the impugned contract with the creditor banks in this case in the manner that it did. ..... union of india [1977] 47 comp cas 32 (bom) a division bench of the bombay high court had occasion to go into the question of the scope of the court's power in a proceeding under sections 397 and 398 of the companies act. ..... after setting out the circumstances under which the committee of management came to function and after reiterating that the said committee of management had functioned with ability, diligence and bona fide, it has been stated by the same deponent that though he admitted that the condition of the steel industries had improved in the country between 1978-79 and 1979-80, there were many companies producing steel in this country which were running at loss. ..... savi, air 1933 pat 306, and our attention was drawn to the observations of the court at pages 420-421 of the report. ..... the company's stocks, raw materials and spare parts at dankuni, vizagapatnam and bangalore plants were hypothecated in favour of bank of india. ..... banerjee is a practising advocate of this hon'ble court and lives in calcutta. .....
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