which are inconsistent. Consequently, the provisions of Section 45QA of the Act overrides Section 205C of the Companies Act and the Company will deposit ... provisions of the RBI Act , Section 45QA of the Act does not apply and, hence, Section 205C of the Companies Act, 1956 will be applicable
petitioner No. 1 intimated the respondent that as per requirement of Section 205C of Companies Act, the amount of the bonds in question had been ... Rajeev Mehta for petitioners, it will be profitable to refer to Section 205C of the Companies Act which reads thus
(1) The Central Government shall
Dhar Vs UOI and Anr. in which while interpreting Section 205C of the Companies Act, it was observed as under:
"Having heard learned counsels ... 2010 Page 8 of 17 the petitioners case, as prescribed in section 205C of the Companies Act, would begin to run only from
maturity amount to the Investor Education and Protection Fund, constituted under Section 205C of the Companies Act, 1956. Hence the present application.
2. According ... date they became due for payment. The explanation to Sub-section (2) of Section 205C clearly provides that no claims shall He against the Fund
debentures to the Investor Education and Protection Fund as specified by Section 205C of the Act vide Challan No. 317/2002-2003 dated 12.9.2002. However ... date they became due for payment. The explanation to Sub-section (2) of Section 205C clearly provides that no claim shall Be against the Fund
prescribed
period; the assessee is liable to collect tax at source u/s 206C . He has
further erred in ignoring the various case laws relied ... certificate of collection of tax at source under sub-
section (5) of section 205C to be furnished by the
collection shall be in Form
granted to the deductor
Provided that no intimation under this sub-section shall be sent after the
expiry of one year from ... time
prescribed in sub section (3) of section 200 or the proviso to sub-section
(3) of section 205C, he shall be liable
cessation of the liability so as to attract the provisions of section 41(l)(a) [Para
l08}"
Considering facts in totality, in the light ... general reserve
without complying with the mandatory conditions of sec.205C of the Company Act, 1956 wherein it is
provided that such unclaimed amount
respect of outstanding creditors and
why they should not be taxed u/s. 41(1) of the Act, considering the same as
cessation of liability ... made u/s. 41(1) of the Act. The
assessee further elaborated his submission by stating that under provisions of
Sec. 205C of the Companies
cessation of the
liability so as to attract the provisions of section 41(1)(a) [Para 108] "
Considering facts in totality, in the light ... general reserve without complying with the mandatory conditions of
sec.205C of the Company Act, 1956 wherein it is provided that such unclaimed amount
