Company, the Committee recommended for the words 'net assets' the words 'net owned funds' to be substituted and that should ... This recommendation was because of the fact that the concept of net owned funds will be in tune with the Reserve Bank of India-directions
appeals is:
Whether the assessee is entitled to depreciation upon assets owned by it and leased in favour of educational institutions which had made interest ... Finance Company and hence the deposits can be ten times the net owned funds. The appellant has claimed depreciation upon the leased assets
committee recommended that for the words "net assets", the words "net owned funds" be substituted and that should be made applicable ... recommendation was made because of the fact that the concept of net owned funds will be in tune with the Reserve Bank of India directions
Company to maintain
the'reqitiisitfetiiriuiid assets. its negative net owned fund, its high
.pe1'oent.age of"iio11--perforrning assets, short provisioning
financial position of the company was not satisfactory and that its net owned fund was negative to the extent of Rs. 68.15 crores. Therefore, they
have to maintain minimum capital or
net owned funds of ₹2 Crores at any point of time and 50%
of the income
maintaining a minimum net owned fund of INR
25,00,000 for carrying on an NBFC business as
mandated by Section ... Deposits (Reserve
Bank) Directions, 1998.
vi. Failure to transfer 20% of the net profit disclosed
in the Respondent No.1 Company's profit
maintaining a minimum net owned fund of INR
25,00,000 for carrying on an NBFC business as
mandated by Section ... Deposits (Reserve
Bank) Directions, 1998.
vi. Failure to transfer 20% of the net profit disclosed
in the Respondent No.1 Company's profit
P. Bhuvaneswaraiah And Ors. vs State Of Mysore And Ors. on 28 September, 1964
Equivalent
common ownership.
7. The Supreme Court in the case of Regional Provident Fund Commissioner and Anr. v. Dharamsi Morarji Chemical Company Limited , , has held that ... could be pointed out to us to contradict this finding. Therefore, the net result is that the only connecting link which could be effectively pressed
