COMPANY CASES (CC) HIGHLIGHTS
F Where recovery of debt, provisions of SICA, 1985, in particular section 22, prevails over RDDB Act, 1993 : KSL and Industries Ltd. v. Arihant Threads Ltd. p. 328
F Where winding up not in larger public interest and likely to adversely affect its business and creditworthiness, petition not admitted : Bank of New York Mellon v. JCT Ltd. (P & H) p. 396
F Parties are directed to co-operate with each other and to get property valued renowned valuer and to sell property at reasonable price and distribute sale proceeds in shareholding ratio after payment of liabilities of company : Sudershan Singh Sethi v. Sakhi Resorts and Farmlands P. Ltd. p. 349
F Where petitioner's name removed from register of members, she is not eligible to file petition against oppression u/s. 399 of 1956 Act : Mrs. Raju Grover v. Kalati Constructions P. Ltd. p. 368
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INCOME TAX REPORTS (ITR)
Recovery of dues --Arrest and detention--Conditions precedent--Procedure--Failure by officer of company to pay penalty--Arrest without recording satisfaction that defaulter obstructing execution of certificate or despite having means dishonestly refusing to pay--Order passed and arrest made without giving defaulter opportunity to submit proposal for repayment--Arrest and detention in violation of principles of natural justice--Securities and Exchange Board of India Act, 1992, s. 28A--Income-tax Act, 1961, s. 222 ; Sch. II, rr. 73, 74--Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003-- Vinod Hingorani v. Securities and Exchange Board of India (Bom) . . . 435
Recovery of tax --Garnishee proceedings--Condition precedent--Copy of notice issued to garnishee must be forwarded to assessee--Income-tax Act, 1961, s. 226-- Suntec Business Solutions P. Ltd. v. Union of India (Ker) . . . 452
Writ --Maintainability--Existence of alternative remedy--Allegation of infringement of fundamental rights--Court not precluded from examining legality and propriety of order notwithstanding availability of alternative remedy--Constitution of India, art. 226 -- Vinod Hingorani v. Securities and Exchange Board of India (Bom) . . . 435
Business income --Special allowances--Assessee engaged in production of mineral oils--Condition precedent for grant of allowances--Only if specified in contract entered into with Government--Not on general principles--Tenders invited with model production sharing contract providing for allowances under section 42--Contracts signed after Cabinet approval not providing for allowances--Assessee not entitled to allowances--Grant of allowances for some years or communications prior to signing of contracts not material--Contracts providing for amendment only in writing signed by both parties--Assessee not entitled to seek direction from court to read such provision into contract--Not entitled to claim legitimate expectation--Income-tax Act, 1961, s. 42-- Joshi Technologies International Inc. v. Union of India . . . 322
Income-tax authorities --Bound to apply provisions of Act-- Joshi Technologies International Inc. v. Union of India . . . 322
Writ --Scope of interference in contractual matters--Contracts where Government is party--Factors governing--Constitution of India, arts. 226, 299-- Joshi Technologies International Inc. v. Union of India . . . 322
Amortisation of preliminary expenses --Scope of section 35D--Depreciation--Issue of shares to facilitate expansion of business--Part of expenses capitalised--Section 35D would apply--Depreciation cannot be claimed on the expenses--Income-tax Act, 1961, ss. 32, 35D-- International Computers Indian Manufacture Ltd. v. CIT (Bom) . . . 243
Appeal to High Court --Limitation--Condonation of delay--Assessee deciding not to appeal though there were decisions of other High Courts which were favourable--Appeal after five years after favourable decision by jurisdictional High Court--Delay could not be condoned--Income-tax Act, 1961, s. 260A--Indian Limitation Act-- Somerset Place Co-operative Housing Society Ltd. , In re (Bom) . . . 307
Business expenditure --Premium on keyman insurance--Firm consisting of two partners--Keyman insurance taken by firm--Premium deductible--Income-tax Act, 1961, s. 37-- CIT v. Agarwal Enterprises (Bom) . . . 240
Charitable purposes --Charitable trust--Exemption--Effect of sections 11 and 12--Amounts exempt under section 10 to be taken into account for purposes of section 11--Income-tax Act, 1961, ss. 11, 12-- Director of Income-tax (Exemptions) v. Jasubhai Foundation (Bom) . . . 315
----Educational institution--Exemption--Scope of sections 11, 12 13--Charitable trust running educational institutions--No evidence of receipt of capitation fees--Cash found in possession of chairman of trust assessed in his hands--No evidence of utilisation of income for non-charitable purposes--Charitable trust entitled to exemption--Income-tax Act, 1961, ss. 10(23C), 11, 12, 13-- CIT v. Balaji Educational and Charitable Public Trust (Mad) . . . 274
Exploration, development and production of mineral oil and natural gas --Special deduction--Constitutional validity of provision--Amendment of section 80-IB by Finance (No. 2) Act, 2009--Insertion of Explanation to section 80-IB(9)-- Explanation defining “undertaking†to mean “all blocks licensed under single contractâ€--Amendment prospective in operation--Retrospective effect given to affected vested interests in property of persons--Violated article 14-- Explanation to section 80-IB(9) not valid--Income-tax Act, 1961, s. 80-IB-- Niko Resources Ltd. v. Union of India (Guj) . . . 369
Income-tax enquiry --Powers of income-tax authorities--Constitutional validity of provisions--Amendment to section 133(6) by Finance Act, 1995, giving power to income-tax authorities to call for information even where no proceedings were pending under Income-tax Act--Amendment valid--Income-tax Act, 1961, s. 133-- Pattambi Service Co-operative Bank Ltd. v. Union of India (Ker) . . . 254
Interpretation of taxing statutes --Rule against retrospectivity of provision-- Niko Resources Ltd. v. Union of India (Guj) . . . 369
Legislative powers --Constitutional validity of provisions--Greater latitude in tax matters--Constitution of India-- Pattambi Service Co-operative Bank Ltd. v. Union of India (Ker) . . . 254
Precedent --Effect of decisions of Supreme Court in Vivian Joseph Ferreira v. Municipal Corporation of Greater Bombay [1972] 1 SCC 70, R. K. Garg v. Union of India [1982] 133 ITR 239 (SC) and Gobind v. State of Madhya Pradesh [1975] AIR 1975 SC 1378-- Pattambi Service Co-operative Bank Ltd. v. Union of India (Ker) . . . 254
Recovery of tax --Settlement of cases--Interest for default in payment of tax--Application for settlement of case--Interest payable from date of default till date of admission of application for settlement of case--Income-tax Act, 1961, ss. 220, 245D-- CIT v. Smt. Leonie M. Almeida (Bom) . . . 304
Reference --Powers of High Court--Power to consider all aspects of question referred--Income-tax Act, 1961, s. 256-- International Computers Indian Manufacture Ltd. v. CIT (Bom) . . . 243
Valuation of stock --Recognised method followed for sixteen years and accepted by Revenue--Method could not be changed--Income-tax Act, 1961-- CIT v. Agarwal Enterprises (Bom) . . . 240
Art. 226 --Writ--Scope of interference in contractual matters--Contracts where Government is party--Factors governing-- Joshi Technologies International Inc. v. Union of India (SC). . . 322
Art. 299 --Writ--Scope of interference in contractual matters--Contracts where Government is party--Factors governing-- Joshi Technologies International Inc. v. Union of India (SC). . . 322
S. 10(23C) --Charitable purposes--Educational institution--Exemption--Scope of sections 11, 12 13--Charitable trust running educational institutions--No evidence of receipt of capitation fees--Cash found in possession of chairman of trust assessed in his hands--No evidence of utilisation of income for non-charitable purposes--Charitable trust entitled to exemption-- CIT v. Balaji Educational and Charitable Public Trust (Mad) . . . 274
S. 11 --Charitable purposes--Charitable trust--Exemption--Effect of sections 11 and 12--Amounts exempt under section 10 to be taken into account for purposes of section 11-- Director of Income-tax (Exemptions) v. Jasubhai Foundation (Bom) . . . 315
----Charitable purposes--Educational institution--Exemption--Scope of sections 11, 12 13--Charitable trust running educational institutions--No evidence of receipt of capitation fees--Cash found in possession of chairman of trust assessed in his hands--No evidence of utilisation of income for non-charitable purposes--Charitable trust entitled to exemption-- CIT v. Balaji Educational and Charitable Public Trust (Mad) . . . 274
S. 12 --Charitable purposes--Charitable trust--Exemption--Effect of sections 11 and 12--Amounts exempt under section 10 to be taken into account for purposes of section 11-- Director of Income-tax (Exemptions) v. Jasubhai Foundation (Bom) . . . 315
----Charitable purposes--Educational institution--Exemption--Scope of sections 11, 12 13--Charitable trust running educational institutions--No evidence of receipt of capitation fees--Cash found in possession of chairman of trust assessed in his hands--No evidence of utilisation of income for non-charitable purposes--Charitable trust entitled to exemption-- CIT v. Balaji Educational and Charitable Public Trust (Mad) . . . 274
S. 13 --Charitable purposes--Educational institution--Exemption--Scope of sections 11, 12 13--Charitable trust running educational institutions--No evidence of receipt of capitation fees--Cash found in possession of chairman of trust assessed in his hands--No evidence of utilisation of income for non-charitable purposes--Charitable trust entitled to exemption-- CIT v. Balaji Educational and Charitable Public Trust (Mad) . . . 274
S. 32 --Amortisation of preliminary expenses--Scope of section 35D--Depreciation--Issue of shares to facilitate expansion of business--Part of expenses capitalised--Section 35D would apply--Depreciation cannot be claimed on the expenses-- International Computers Indian Manufacture Ltd. v. CIT (Bom) . . . 243
S. 35D --Amortisation of preliminary expenses--Scope of section 35D--Depreciation--Issue of shares to facilitate expansion of business--Part of expenses capitalised--Section 35D would apply--Depreciation cannot be claimed on the expenses-- International Computers Indian Manufacture Ltd. v. CIT (Bom) . . . 243
S. 37 --Business expenditure--Premium on keyman insurance--Firm consisting of two partners--Keyman insurance taken by firm--Premium deductible-- CIT v. Agarwal Enterprises (Bom) . . . 240
S. 42 --Business income--Special allowances--Assessee engaged in production of mineral oils--Condition precedent for grant of allowances--Only if specified in contract entered into with Government--Not on general principles--Tenders invited with model production sharing contract providing for allowances under section 42--Contracts signed after Cabinet approval not providing for allowances--Assessee not entitled to allowances--Grant of allowances for some years or communications prior to signing of contracts not material--Contracts providing for amendment only in writing signed by both parties--Assessee not entitled to seek direction from court to read such provision into contract--Not entitled to claim legitimate expectation-- Joshi Technologies International Inc. v. Union of India (SC). . . 322
S. 80-IB --Exploration, development and production of mineral oil and natural gas--Special deduction--Constitutional validity of provision--Amendment of section 80-IB by Finance (No. 2) Act, 2009--Insertion of Explanation to section 80-IB(9)-- Explanation defining “undertaking†to mean “all blocks licensed under single contractâ€--Amendment prospective in operation--Retrospective effect given to affected vested interests in property of persons--Violated article 14-- Explanation to section 80-IB(9) not valid-- Niko Resources Ltd. v. Union of India (Guj) . . . 369
S. 133 --Income-tax enquiry--Powers of income-tax authorities--Constitutional validity of provisions--Amendment to section 133(6) by Finance Act, 1995, giving power to income-tax authorities to call for information even where no proceedings were pending under Income-tax Act--Amendment valid-- Pattambi Service Co-operative Bank Ltd. v. Union of India (Ker) . . . 254
S. 220 --Recovery of tax--Settlement of cases--Interest for default in payment of tax--Application for settlement of case--Interest payable from date of default till date of admission of application for settlement of case-- CIT v. Smt. Leonie M. Almeida (Bom) . . . 304
S. 245D --Recovery of tax--Settlement of cases--Interest for default in payment of tax--Application for settlement of case--Interest payable from date of default till date of admission of application for settlement of case-- CIT v. Smt. Leonie M. Almeida (Bom) . . . 304
S. 256 --Reference--Powers of High Court--Power to consider all aspects of question referred-- International Computers Indian Manufacture Ltd. v. CIT (Bom) . . . 243
S. 260A --Appeal to High Court--Limitation--Condonation of delay--Assessee deciding not to appeal though there were decisions of other High Courts which were favourable--Appeal after five years after favourable decision by jurisdictional High Court--Delay could not be condoned-- Somerset Place Co-operative Housing Society Ltd. , In re (Bom) . . . 307
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