primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities ... Banking Regulation Act, 1949 is confined to providing of financial accommodation to the members of such a society for agricultural purposes or for purposes connected
paid by it in cash. Accordingly the petitioner contended that no financial accommodation accrued to it and there was no loss of revenue ... since the same was available as modvat credit and no financial accommodation was accrued to the petitioner. As such the petitioner vide its application dated
approached the plaintiff-bank and sought for financial accommodation for the first respondent's business. The first respondent is a partnership firm comprising defendants ... third agreement was executed by defendants Nos. 1 to 4 for financial accommodation under pledge of goods and other assets to the tune
M/S. Merino Industries Limited ... vs Dcit, Circle - 12(1), Kolkata , Kolkata on 6 February
Dcit, Circle - 12(1), Kolkata , Kolkata vs M/S. Merino Industries Limited , ... on 6 February
units for one another till the year 2011;
5. Financial accommodation on certain occasions for the
only reason of non-payment of interest
units for one another till the year 2011;
5. Financial accommodation on certain occasions for the
only reason of non-payment of interest
since the
assessee has not fulfilled its main objective of providing financial
accommodation to its members for agricultural purposes or for purposes
connected with agricultural ... primary object or principal business of which is to
provide financial accommodation to its members for agricultural purposes or
for purposes connected with agricultural activities
malafide intention so that no other officer could know that some financial accommodation was being provided to the M/s RSIL at the cost ... shortages and by not recovering interest on delayed clearances provided financial accommodation to the parties. Shri Man Singh, AC has failed to maintain absolute integrity
object clause
to suggest that its primary object is providing financial accommodation
to its members for agricultural purposes or for purposes connected with
agricultural activities ... society' (PACS). The only object which enables it to provide
financial accommodation is its object clause 2(a). The same only
specifies the assets
