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Documents citing J. K. Industries Ltd. & Anr vs Union Of India & Ors on 19 November, 2007

3. Title: Cbi vs . (1) Ravi Kant Ruia (A­1); on 21 December, 2017

In this regard, it is instructive to  take note of the observations of Hon'ble Supreme Court in an  authority reported as J.K. Industries Limited and another Vs.  Union   of   India,   (2007)   13   SCC   673,   wherein   meaning   and  purpose of Accounting Standards was explained in paragraphs 4  to 11, which read as under:
Delhi District Court Cites 277 - Cited by 0 - Full Document

3. Title: Cbi vs . (1) A. Raja (A­1); on 21 December, 2017

In   this   regard,   it   is  instructive  to   take  note   of  the  observations of Hon'ble Supreme Court in an authority reported  as  J.K. Industries Limited and another Vs. Union of India,  (2007)   13   SCC   673,   wherein   meaning   and   purpose   of  Accounting   Standards   was   explained   in   paragraphs   4   to   11,  which read as under:
Delhi District Court Cites 584 - Cited by 0 - Full Document

The Federal Bank Ltd vs The Sub Registrar on 8 February, 2023

24. It is also well settled by the decision of the Supreme Court in J.K. Industries Ltd. v. Union of India, (2007) 13 SCC 673 that a subordinate legislation may be struck down as arbitrary or contrary to statute if it fails to take into account vital facts which expressly or by necessary implication are required to be taken into account by the statute or the Constitution. Furthermore, Rule 55-A is a delegated legislation which cannot go beyond the scope of the Parent Act viz., the Registration Act as 31/36 https://www.mhc.tn.gov.in/judis W.P.No.2758 of 2023 well the Transfer of Property Act which is the substantive law governing the transfer of immovable properties. Hence, the first proviso is clearly ultra vires and unconstitutional.
Madras High Court Cites 47 - Cited by 6 - Full Document

M/S.Cholamandalam Investment And ... vs Inspector General Of Registration on 20 February, 2023

24. It is also well settled by the decision of the Supreme Court in J.K. Industries Ltd. v. Union of India, (2007) 13 SCC 673 that a subordinate legislation may be struck down as arbitrary or contrary to statute if it fails to take into account vital facts which expressly or by necessary implication are required to be taken into account by the statute or the Constitution. Furthermore, Rule 55-A is a delegated legislation which cannot go beyond the scope of the Parent Act viz., the Registration Act as well the Transfer of Property Act which is the substantive law governing the transfer of immovable properties. Hence, the first proviso is clearly ultra vires and unconstitutional. ....
Madras High Court Cites 14 - Cited by 0 - R S Kumar - Full Document

P.M.Duraisamy … vs The District Registrar on 22 February, 2023

24. It is also well settled by the decision of the Supreme Court in J.K. Industries Ltd. v. Union of India, (2007) 13 SCC 673 that a subordinate legislation may be struck down as arbitrary or contrary to statute if it fails to take into account vital facts which expressly or by necessary implication are required to be taken into account by the statute or the Constitution. Furthermore, Rule 55-A is a delegated legislation which cannot go beyond the scope of the Parent Act viz., the Registration Act as well the Transfer of Property Act which is the substantive law governing the transfer of immovable properties. Hence, the first proviso is clearly ultra vires and unconstitutional.
Madras High Court Cites 11 - Cited by 0 - R S Kumar - Full Document

Kalinga Commercial Corporation Ltd vs Steel Authority Of India on 2 June, 2023

17. The judgment in J K Industries (supra) does not support the case of the Petitioner as the Apex Court in the said judgment has stated that the balance sheet of a company is not an indicator of its net worth. The calculation of net worth and the preparation of a balance sheet are two separate exercises. In this view, merely because deferred tax liability is to be included in the balance sheet of a company does not mean that the same should be included in calculating the net worth of a company.
Delhi High Court Cites 11 - Cited by 1 - S C Sharma - Full Document

Fpel Tjtc Consortium vs Engineers India Limited And Anr on 26 July, 2023

29. The Petitioner's contention that the Auditor has prepared the audit reports in accordance with the laws and accounting standards of Iran, and thus the net worth of the Petitioner should be computed as per the Financial Statement submitted by it has no merit. The manner in which net worth of a bidder is to be calculated has been expressly provided for in "Form O" and a bidder cannot seek a substitution of its own view in place of what has been provided in the Bidding Document, nor does this Court have the technical expertise to do so. Furthermore, the tendering authority is the best interpreter of the tender document, and the manner in which the net worth of a bidder should be calculated for a specific tender project should be left with the tendering authority and this Court cannot interfere with the same unless it is shown to be arbitrary, unreasonable, perverse or mala fide. Furthermore, it has been held by the Hon'ble Supreme Court in J.K. Industries Ltd. v. Union of India, (2007) 13 SCC 673, that the balance sheet (which is a financial statement) of a company is not an indicator of its net worth.
Delhi High Court Cites 14 - Cited by 0 - S C Sharma - Full Document

Punjab National Bank vs M/S.Sri Anjaneya Cottons on 21 June, 2023

24. It is also well settled by the decision of the Supreme Court in J.K. Industries Ltd. v. Union of India, (2007) 13 SCC 673 that a subordinate legislation may be struck down as arbitrary or contrary to statute if it fails to take into account vital facts which expressly or by necessary implication are required to be taken into account by the statute or the Constitution.
Madras High Court Cites 21 - Cited by 0 - M Dhandapani - Full Document
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