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Documents citing Additional Commissioner Of ... vs Thirumagal Mills Ltd. Additional ... on 26 November, 1976

M/S. Safina Hotels Private Limited, ... vs Deputy Commissioner Of Income Tax, ... on 9 November, 2020

v) In the case of CIT v. National Mills Co. Ltd. [1958] 34 ITR 155 (Born.) the Hon'ble Supreme Court held that company under liquidation having leased its plant and machinery, it could not be said that business of company ceased in the face of clear findings of Tribunal and income from leasing could be set off against past losses.
Income Tax Appellate Tribunal - Bangalore Cites 46 - Cited by 1 - Full Document

Deputy Commissioner Of Income-Tax, ... vs Maruti Udyog Ltd. on 17 February, 2006

In view of the judgment of Supreme Court in the case of NTPC Ltd. (supra), the additional ground is to be admitted only when no investigation of facts is involved. That means that additional ground is to be adjudicated keeping in view the facts on record. Having considered the facts of the case, we have already observed that consistent stand of assessee was that borrowed foreign currency was utilized to meet the need of working capital and Assessing Officer himself had proceeded on that footing. Therefore, in the absence of any adverse material on record, it cannot be said that loss was on capital account. Therefore, in our considered view, the Tribunal, at this stage, cannot venture to take into consideration an aspect which has not been disputed by the Assessing Officer. Therefore, the plea of the Id. Special Counsel for the revenue that the loss in question was a capital loss cannot be accepted.
Income Tax Appellate Tribunal - Delhi Cites 45 - Cited by 4 - Full Document

Kasturi And Sons Limited vs Sporting Pastime India Limited And Ors. on 9 October, 2006

The impugned allotment of shares made in favour of the eighth respondent must be annulled, in support which reliance has been placed on (i) Piercy v. Mills & Company Limited (1920) 1 Ch 77 to show that (a) directors shall exercise their fiduciary powers for the general advantage of the company; and (b) directors are not entitled to use their power of issuing shares merely for the purpose of maintaining their control, or control of themselves and their friends, over the affairs of the company, or merely for the purpose of defeating the wishes of the existing majority shareholders; and (ii) Nanalal Zaver and Anr. v. Bombay Life Assurance Co, Ltd. to show that the directors hold a fiduciary position and must exercise their powers for the benefit of the company and for that alone but not for the personal ends of directors and for their personal aggrandisement, for keeping themselves in power.
Company Law Board Cites 40 - Cited by 2 - Full Document

Commissioner Of Income-Tax vs New India Industries Ltd. on 24 August, 1992

In the case of CIT v. National Mills Co. Ltd. [1958] 34 ITR 155, a Division Bench of the Bombay High Court, speaking through the then Chief Justice, Mr. M. C. Chagla, was concerned with a company which was carrying on the business of manufacturing textiles. The company got into financial difficulties and stopped manufacturing textiles. Thereafter, the liquidator let the plant and machinery of the company on a monthly rent for a period of three years. The lessees had an option to renew the lease for a further period of three years and had a further option to purchase the plant and machinery at a price fixed on the expire of the lease. The question was as to how the income derived by the company from letting out the plant and machinery during the account year relevant to the assessment years 1951-52 and 1952-53 should be treated. The Tribunal treated the said income as derived from business. On a reference to the High Court, the High Court made the following observations (at page 159) :
Gujarat High Court Cites 66 - Cited by 6 - S B Majmudar - Full Document
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