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Showing 41 to 60 of 66 Records

• 1969 (10) TMI 49 - HIGH COURT OF BOMBAY
  

  Winding up – Power to order public examination of promoters directors, etc.

  
  
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  ... ... ..... wers given by the officer who is being so examined which might tend to incriminate him can be used in criminal as well as civil proceedings that might ensue. In my opinion, no question of granting him protection under the proviso to section 132 of the Indian Evidence Act arises at all in regard to such answers even though he may be compelled to give the same by reason of the provisions of section 478(5). In that view of the matter it is not necessary for me to decide the wider proposition that was sought to be canvassed by Mr. Desai on behalf of the official liquidator, viz., that the Indian Evidence Act does not apply at all to proceedings by way of public examination under section 478 of the Companies Act. That would be a question of far-reaching importance which should not, in my opinion, be decided unless it becomes necessary to do so. In the result, all the preliminary objections of Mr. Bhatt stand rejected and I direct that the public examination before me must proceed.

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• 1969 (10) TMI 41 - SUPREME COURT
  

  Whether publicity was not as wide as originally proposed by the commissioners in their affidavit?

  Held that:- The learned company judge having decided to put the property to auction went wrong in not holding the auction as a public auction after due publicity and this has resulted in prejudice to the company and the creditors in that the auction did not fetch adequate price. The prejudice was inherent in the method adopted. The petition of Padam Chand Agarwal also suggested that want of publicity had resulted in prejudice. In these circumstances, the company judge ought not to have confirmed the bid of the appellant in the auction held on 24th December, 1964. We are accordingly of opinion that the Division Bench was right in holding that the order of the company judge, dated 19th February, 1965, should be set aside and there should be fresh sale of the property either by calling sealed tenders or by auction in accordance with law. The tender will be called or the auction will take place with the minimum offer or with the starting bid of ten lakhs of rupees. For these reasons we hold that the judgment of the Division Bench of the Andhra Pradesh High Court, dated 24th September, 1965, is correct and these appeals must be dismissed with costs

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• 1969 (10) TMI 33 - CHANCERY DIVISION & COURT OF APPEAL
  

  Winding up – Avoidance of transfer, etc., after commencement of

  
  
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  ... ... ..... s employees, and, if it does pay them, the payments if derived from the funds of the company are prima facie void. All this dates from the good old days when landlords and creditors came before anyone else. I am not suggesting that they should come after anyone else but, in my judgment, the court should extend indulgence to any disposition by a company honestly designed to ensure that its employees are paid their wages or which was made to enable it to carry on its business and perhaps turn the corner, provided always that it was a reasonable disposition and not dishonest or reckless. I question also whether this rigid practice of the banks in all cases is right, or whether, particularly if they were aware that the court would look with indulgence on such cases, it would not be possible, after proper inquiry, at any rate in some cases, to cash cheques for a company, even if only against current receipts on a day to day basis. I entirely agree that this appeal must be allowed.

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• 1969 (10) TMI 24 - HIGH COURT OF JUDICATURE AT MADRAS
  

  Confiscation and penalty (Customs)

  
  
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  ... ... ..... ing to the petitioner in W. P. No. 1144 of 1967 he was returning to India after a period of 8 years. If so, the value of goods liable to duty would be only Rs. 372.70 and the payment of duty of Rs. 495 was fully consistent with their case that the goods brought by them were cleared through the Customs and after the allowance duty free goods, they paid a duty of only Rs. 495. The Assistant Collector of Customs who passed the original order never took this aspect into account and did not pay any consideration whatever to this case of the petitioners. The appellate order, which is more summary, does not indicate that the officer paid any attention to any of these aspects of the matter urged before him by the petitioners herein. Under these circumstances I am of the view that the impugned orders cannot stand and therefore these two Writ Petitions are allowed and the orders of the Assistant Collector of Central Excise as confirmed by the Appellate Collector of Customs are quashed.

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• 1969 (10) TMI 23 - SUPREME COURT
  

  Revision to Central Government - National justice - Personal hearing - Appeal - Order void if not a speaking one - Principles of natural justice violated

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• 1969 (10) TMI 21 - CALCUTTA HIGH COURT
  

  Notice issued by Income-tax Officer, under section 148 of the Income-tax Act 1961 - assessee claim that he had bona fide belief that he is not liable to capital gains tax, is not relevant - ITO was justified in invoking section 147 -

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• 1969 (10) TMI 20 - KARNATAKA HIGH COURT
  

  Whether the Tribunal was justified in law in holding that the sum representing development rebate reserve, loan redemption reserve, plant modernisation and rehabilitation reserve was not to be considered in computing the assessee's capital for the purpose of the Companies (Profits) Surtax Act, 1964 read with section 256(1) of the Income-tax Act, 1961

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• 1969 (10) TMI 19 - CALCUTTA HIGH COURT
  

  Validity of a notice issued by the respondent-Income-tax Officer, under section 148 - failure on the part of the assessee to disclose facts - escapemnet of assessment

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• 1969 (10) TMI 18 - ALLAHABAD HIGH COURT
  

  Assessee estimated its liability to extra sales tax at the rate payable under notification No. S.T.905/X - this is debitable in the profit and loss account as an ascertained liability under the mercantile system which the assessee follows - amount is, therefore, allowable as a deduction in the computation of its profits and gains u/s 10 of the IT Act, 1922

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• 1969 (10) TMI 17 - ALLAHABAD HIGH COURT
  

  Loss on sale of shares - sales were not made in the normal course of the assessee`s business as a dealer in shares, even if it is held that the assessee was at all a regular dealer in shares - it is a capital loss - it cannot be treated as a revenue loss deductible in the computation of its business profits

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• 1969 (10) TMI 16 - ALLAHABAD HIGH COURT
  

  Addition made by rejecting gross profits disclosed by assessee - in books of accounts there was cash deposts in name of his son - whether the cash deposit of Rs. 6,531 can be said to come out and covered by the addition of Rs. 18,000 to the business profits of the assessee - held yes

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• 1969 (10) TMI 15 - KERALA HIGH COURT
  

  Kerala Agricultural Income Tax Act, 1950 - Whether, on the facts and in the circumstances of the case, the principle that subsequent events can be taken into consideration by a court in granting relief to parties is applicable in the matter of assessment of the tea income of the company under the Agricultural Income-tax Act - Held, yes

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• 1969 (10) TMI 14 - KERALA HIGH COURT
  

  Application for registration was not filed before the close of the previous year, an application for condoning delay was filed - tribunal only has power to entertain an application made after the end of the previous year and to excuse the delay in presenting the application - Tribunal was not right in law in directing registration of the assessee-firm

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• 1969 (10) TMI 13 - KARNATAKA HIGH COURT
  

  Whether the Tribunal was justified in refusing to grant continuation of registration to the assessee-firm - partners should sign personally -Tribunal was justified in refusing to recognise continuation of registration

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• 1969 (10) TMI 12 - PUNJAB AND HARYANA HIGH COURT
  

  ITO made the assessment of the respondent in which the income from the lease of the flour mill was treated as income from business. Next assessment year ITO treated the lease money of the flour mill as income from other sources and not as income from business - it was not open to the ITO to treat that income as income from other sources and not income from business - question of law as formulated by the petitioner does arise

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• 1969 (10) TMI 11 - KARNATAKA HIGH COURT
  

  Reassessment notice under section 34(1)(a) - validity

  
  
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  ... ... ..... ce under section 34(1)(a) of the Act. We are, therefore, inclined to the view that the word assessment occurring in section 27 must be given a restricted meaning and thus confine it to a proceeding, subsequent to the issue of the notices by the Income-tax Officer under sections 22, 22(4) and 23(2) of the Act. In the instant case, fresh assessment proceedings have been instituted by the issue of a fresh notice under sections 22(4) and 23(2) of the Act. In the view we have taken, this procedure is sufficient compliance with the requirements of section 27 of the Act. The word reassessment occurring in the second proviso to section 34(3) of the Act, therefore, means nothing more than a reassessment to be made in accordance with the provisions of section 27 of the Act. In this view of the matter, the contention urged on behalf of the petitioner should also fail. In the result, these petitions fail and are dismissed with one set of costs. Advocate s fee Rs. 100. Petitions dismissed

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• 1969 (10) TMI 10 - GUJARAT HIGH COURT
  

  Delay in filing reference applications - applicability of section 5 of the Limitation Act, 1963 - tribunal has power to condone delay

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• 1969 (10) TMI 9 - PUNJAB AND HARYANA HIGH COURT
  

  Firm - application for registration - minor partner had become major but he had not signed the application for registration of the assessee-firm - registration of the partnership was rightly refused as being void

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• 1969 (10) TMI 8 - KARNATAKA HIGH COURT
  

  Whether the Tribunal was right in holding that by virtue of section 6 of the Hindu Succession Act, income to the extent of 4/17th thare was not includible in the assessment of the Hindu undivided family - Held, yes

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• 1969 (10) TMI 7 - ALLAHABAD HIGH COURT
  

  Computation of the assessee's business income - assessee received the sum of Rs. 13,272.37 from the State Govt. by way of refund - under sub-section (2A) of section 10 of the Act, such receipts shall be deemed to be profits and gains of business, profession or vocation and the assessee was liable to tax on this amount

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