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1 - 10 of 11 (0.24 seconds)Section 75 in The Companies Act, 1956 [Entire Act]
Section 57 in The Companies Act, 1956 [Entire Act]
The Companies Act, 1956
Section 75 in The Indian Stamp Act, 1899 [Entire Act]
Banarsi Das Ahluwalia vs The Chief Controlling Revenue ... on 28 September, 1967
It may bear mention here that in Banarsi Dass Ahluwalia's case their Lordships considered and followed their earlier decision in the Chief Controlling Revenue Authority v. Maharashtra Sugar Mills Ltd., Air 1950 Sc 218, wherein it was held that the power contained in S, 57 of the Stamp Act is in the nature of an obligation or is coupled with an obligation and can be demanded to be used also by the Parties affected by the assessment of the stamp duty. It was also held in that case that power to make a reference under S. 57 is not only for the benefit of the authority but it is also coupled with a duty cast on it as a public officer to do the right thing and when an important and intricate question of law in respect of the construction of a document arises as a public servant, it is its duty to make the reference. If it omits to do so, their Lordships observed, It is within the power of the Court to direct it to discharge that duty and make a reference to the Court regardless of the fact that the matter had ceased to be in the stage of assessment but had reached the stage, of collection of stamp duty.
Section 31 in The Indian Stamp Act, 1899 [Entire Act]
Section 31 in The Companies Act, 1956 [Entire Act]
Sri Raj Sachdeva vs Board Of Revenue on 17 March, 1958
14. In the case before us the evidence in this respect was the particulars furnished in Form 3 giving the prescribed particulars of the contract between the parties. It cannot be denied that the title of the allottees to the allotment of shares could be constituted by a contract, and in no other way. Since the contract between the parties was not reduced to writing, the information that was required to be filed with the Registrar in terms of S. 75(2) was in respect of the oral contract constituting the title of the allottees to the allotment of the shares, It is, therefore, evident that the form furnishing the particulars of the oral agreement, in law has to be determined for the purposes of the stamp duty 'to be the contract in writing' by which the title to the allotment was constituted. Stamp duty accordingly on the form furnishing the requisite particulars has to be determined as if it was a contract made in writing. it is beyond the pale of controversy that the particulars which are required to be furnished are in respect of the particulars of the contract constituting the, title of the allotment of the shares and of the consideration of the contract. No title to allotment would accrue in the absence of a contract. In the instant case the particulars that were furnished in Form 3 had to be and in fact were in respect of the oral contract between the parties in respect of the title of the allottees to the allotment of shares; in the absence of such a contract they would not derive any title to the allotment of shares. We are fortified in our view from the judgment of the Allahabad High Court in Sri Rai Sachdeva v. Board of Revenue, .
The Chief Controlling Revenue ... vs The Maharashtra Sugar Mills, Limited. on 2 September, 1947
It may bear mention here that in Banarsi Dass Ahluwalia's case their Lordships considered and followed their earlier decision in the Chief Controlling Revenue Authority v. Maharashtra Sugar Mills Ltd., Air 1950 Sc 218, wherein it was held that the power contained in S, 57 of the Stamp Act is in the nature of an obligation or is coupled with an obligation and can be demanded to be used also by the Parties affected by the assessment of the stamp duty. It was also held in that case that power to make a reference under S. 57 is not only for the benefit of the authority but it is also coupled with a duty cast on it as a public officer to do the right thing and when an important and intricate question of law in respect of the construction of a document arises as a public servant, it is its duty to make the reference. If it omits to do so, their Lordships observed, It is within the power of the Court to direct it to discharge that duty and make a reference to the Court regardless of the fact that the matter had ceased to be in the stage of assessment but had reached the stage, of collection of stamp duty.