TaxTMI 
TaxTMI 
TaxTMI 
1932 (9) TMI 11
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....GMENT The relevant facts in this appeal are that the respondent's firm purchased 110 shares in the Bellary Electric Supply Co., Ltd., at some time previous to October 14, 1925, and that on that date on behalf of his firm the respondent deposited Rs. 1,400 with the company in respect of 140 more shares. The application for the 140 shares, Ex. 1, dated October 14, 1925, contains the words "I reque....
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....g Director of the Bellary Electric Supply Co., He stated that the Members Register Ex. II which purported to show that on 14th October, 1925, 140 shares were allotted to the respondent could not in fact be relied upon as the rubber stamp of the company was not placed upon the respondent's page nor did it appear on Ex. II the Members Register. The appellant examined a clerk of the company who state....
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....the mere entry of a share holder's name in the company's register is insufficient to establish that an allotment of shares was in fact made. An application for shares is an offer and like any other offer must not only be accepted but the acceptance must be communicated to the person making the offer. No Indian case in point has been cited but in In re The Universal Banking Corporation it was held ....
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.... prevail. The law relating to the payment of interest is dealt with in Nanchappa Goundan v. Ittichathara Mannadiar (1930) 127 Ind. Cas. 630; ILR 53 Mad. 549.the effect of which is that the provision of the Interest Act are all comprehensive and interest can only be allowed in accordance therewith. Applying that principle it is clear that this payment of Rs. 1,400 cannot be construed to be "a debt ....