Search Results Page

Search Results

1 - 10 of 20 (0.38 seconds)
Indian Steel & Wire Products Ltd. vs Commissioner Of Income-Tax on 3 July, 1967 cites

Dr. A. Lakshmanaswami Mudaliarand ... vs Life Insurance Corporation on 11 December, 1962

41. Then again, at the point of time when the contribution was made, there was no power in the memorandum of association of the assessee-company to make such contribution. The alteration of the memorandum of association was subsequently sanctioned by the High Court. That made the contribution ultra vires the memorandum of association. When a company does an act which is ultra vires, no legal relationship or effects ensues therefrom. Such an act is absolutely void and cannot be ratified, even if all the shareholders agree (vide In re Birkbeck Permanent Benefit Building Society, [1912] 2 Ch. 183 and also Dr. A. Lakshmanaswami Mudaliar's case, (1963) 33 Comp. Cas. 420. (S.C.) ).
Supreme Court of India Cites 27 - Cited by 18 - J C Shah - Full Document

Kishan Prasad & Co. Ltd. vs Commissioner Of Income-Tax, Punjab on 11 November, 1954

In the case of Kishan Prasad & Co, Ltd. v. Commissioner of Income-tax, the Supreme Court observed that whether a transaction was or was not within the company's power has no bearing on the nature of the transaction or the question whether the profits arising therefrom were capital accretion or revenue income. On the analogy of that authority we think that in deciding whether a particular expenditure falls within the four corners of Section 10(2)(xv) of the Indian Income-tax Act, the question whether the expenditure was within or outside the powers of the company is of little consequence.
Supreme Court of India Cites 3 - Cited by 37 - M C Mahajan - Full Document
1   2 Next