Income Tax Act, 1961, Section 36(1)(iii) -- Business expenditure - Interest on borrowed capital - Loans diverted to sister concerns - Assessee giving undertaking to financial institutions to provide its subsidiary company additional margin to meet working capital for meeting any cash loans - Therefore, amount could be said to be advanced by way of business expediency - No..........
Motor Vehicles Act, 1988, Section 166, 157 -- Accident - Compensation - Liability of insurer - Even if no intimation as to hiring arrangement is given to insurance company, insurer cannot escape liability to indemnify as in case of hiring vehicle intimation is not required to be given...........
Land Acquisition Act, 1894, Section 41, 44A, Land Acquisition (Companies) Rules, 1963, Rule 5(2) -- Acquisition of land - Recovery of enhanced compensation - Acquired land sold in private sale - Resumption notice - Acquired land allotted to company to set up manufacture of sheet glass or such other products approved by appellant State - Conveyance deed between State and..........
Companies Act, 1956, Section 10F -- Appellate jurisdiction - Challenge against order of Company Law Board - Allegations of oppression and mis-management in company affairs by daughters of deceased Managing Director - Wife of deceased Managing Director, disagreed with decision of Board to transit deceased`s share equally amongst new Directors - High Court in instant case..........
Agreement to sell -- Specific performance - Contract can be enforced against five categories of persons, namely : (a) either party thereto; (b) any other person claiming under him by a title arising subsequently to the contract, except a transferee for value who has paid his money in good faith and without notice of the original contract; (c) any person claiming under a..........
Companies Act, 1956, Section 433, 434, 439 -- Winding -up of company - Order directing company to purchase all shares held by respondent as per valuation report - Challenge as to - Contention of company was that it was not bound to offer for purchase of share at rate so determined - Considering that valuation report was prepared upon expenditure of respondent and same..........
Arbitration and Conciliation Act, 1996, Section 11(6) -- Appointment of arbitrator - Arbitration clause in contract - Dispute with regard to quality of material supplied - Some letters exchanged between parties and representatives of both the parties also met for the purpose of resolving their dispute but dispute with regard to quality of material supplied could not be..........
Securities and Exchange Board of India Act, 1992, Section 15Z, Securities, Exchange Board of India (Substantial Acquisition of Shares, Takeovers) Regulations, 1997 -- Regl.11(1) - Appeal - Order directing appellant to make public announcement in terms of Regn. 11(1) of Regulations - Non-compliance of order - Provision of Regn.11(1) of Regulations will kick in at any stage..........
Prevention of Food Adulteration Act, 1954, Section 17 -- Adulteration - Sample of tomato soup - Plea of appellant that as per S.17 of the Act, person who has been nominated u/s 17(2) of the Act to be incharge of and responsible to company and not the General Manager of the company shall be liable to be proceeded against - Said plea has not canvassed before any of forums..........
Limitation Act, 1963, Section 5 -- Condonation of delay - Delay of 14 days in filing intra-Court appeal - Period of limitation prescribed u/art 117 of Limitation Act for filing intra-Court appeal is 30 days - Explanation given for delay of 14 days is reasonable and sufficient for condoning delay - Alleged delay of 14 days is not so unreasonable and gross so as to shut out..........
