Judgment Search Results Home > Cases Phrase: actuaries act 2006 section 49 provisions respecting employees of dissolved society Page 1 of about 4 results (0.025 seconds)

Mumbai 400 020. Vs. Jeevan Bima Marg, Mumbai.

Court : Mumbai

..... neither the case of the revenue that the provision for solvency margin is contrary to the provisions of the insurance act, 1938 nor it is the case of the revenue that the solvency margin has been wrongly or excessively calculated by the actuarial as it was mandatory for the assessee to set apart the funds towards solvency margin and hence excludible while determining the annual average surplus under section 44 read with the rules contained in the ..... the pension fund like jeevan suraksha fund would continue to be governed by the provisions of section 44 of the income tax act, 1961 irrespective of the fact that the income from such fund are exempted, ..... the profits and gains of life insurance business shall be taken to be the annual average of the surplus arrived at by adjusting the surplus or deficit disclosed by the actuarial valuation made in accordance with the insurance act, 1938 (4 of 1938), in respect of the last inter-valuation period ending before the commencement of the assessment year, so as to exclude from it any surplus or deficit included therein which was made in any ..... the assessee and passed the assessment order by adding the amount on account of the provision for solvency margin and loss from jeevan suraksha fund, inter alia on the ground that the provision for solvency margin was not an ascertained liability and that income from jeevan suraksha fund being exempt under section 10(23aab), the loss incurred from the said fund cannot be adjusted against the taxable .....

Life Insurance Corporation Ltd. Vs. Commissioner of Income-tax, Delhi ...

Court : Supreme Court of India

Reported in : AIR1964SC1403; [1964]34CompCas258(SC); [1964]51ITR773(SC); [1964]5SCR880

..... at by adjusting the surplus or deficit disclosed by the actuarial valuation made in accordance with the insurance act, 1938 (iv of 1938), in respect of the last inter-valuation period ending before the year for which the assessment is to be made so as to exclude from it any surplus or deficit included therein which was made in any earlier inter-valuation period and any expenditure other than expenditure which may under the provisions of section 10 of this act be allowed for in computing the profits and ..... be taken to be either - (a) the gross external incomings of the preceding year from that business less the management expenses of that year, or (b) the annual average of the surplus arrived at by adjusting the surplus or deficit disclosed by the actuarial valuation made in accordance with the insurance act, 1938 (iv of 1938) in respect of the last inter-valuation period ending before the year for which the assessment is to be made........... ..... he has to accept the annual average of the surplus disclosed by the actuarial valuation made in accordance with the life insurance act in respect of the last inter-valuation period, so as to exclude therefrom any surplus or deficit included therein which was made in the earlier inter-valuation period, and expenditure not allowable under s. .....

Wealth-Tax Officer Vs. Trustees Of Heh the Nizam'S

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1990)35ITD402(Hyd.)

..... prince mauzzam jan's fund, basalath jah bahadur's fund and shahzadi begum's fund wherein assessments were made by applying the provisions of section 21(4) of the act (iii) applicability of the provisions of section 21 (1a) of the act in respect of the other funds wherein assessments were made under section 21(1) of the act in respect of the ultimate beneficial interest as the entire corpus of the trust fund was distributed amongst the beneficiaries as per their entitlements from ..... decision, modus applied by the department was as under :- (i) under section 21(1) or section 21(2) the assessments were made on the actuarial value of the corpus for the life tenant. ..... stated to be the principles of assessment: (a) the ultimate beneficial interest on actuarial principles is assessable under section 21(4) of the act for the asst. ..... necessary to evaluate the ultimate beneficial interest on actuarial principles assuming the death of the immediate beneficiary prince mukkarram jah bahadur on each of the valuation dates for the purpose of assessment under section 21(4) of the act. ..... the department has also appointed an actuary shri k.v.y.sastry for the purpose of determining the beneficial interest of various beneficiaries on actuary principles.the trustees brought to the notice of the departmental actuary, the various uncertainties in the matter of sale of jewellery and requested the actuary to estimate the open fair market value for the purpose of wealth-tax assessment considering the facts .....

Life Insurance Corporation of India, Bombay Vs. Commissioner of Income ...

Court : Mumbai

Reported in : [1978]115ITR45(Bom)

..... surplus arrived at by adjusting the surplus or deficit discloses by the actuarial valuation made in accordance with the insurance act, 1938 (iv of 1938), in respect of the last inter valuation period ending before the commencement of the assessment year, so as to exclude from it any surplus or deficit included therein which has made in any earlier inter-valuation period and any expenditure or allowance which is not deductible under the provisions of sections 30 to 43a in computing income chargeable under the head ' profits ..... 94,738 received by it from co-operative societies during the relevant inter-valuation period (4) whether in the computation of income from life insurance business, the assessed-corporation was entitled under section 85 and 101 of the income-tax act, 1961, to rebate of income-tax and super-tax on dividends of rs. ..... section 44 reads as follows : 'notwithstanding anything to the contrary contained in the provisions of this act relating to the computation of income chargeable under the head 'interest on securities', 'income from house property', 'capital gains' or 'income from other sources' or in section 199 or in section 28 to 43a, the profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the first schedule.' 5. .....

Commissioner of Income-tax, Tamil Nadu-v Vs. Sri Ranilakshmi Ginning, ...

Court : Chennai

Reported in : [1981]132ITR360(Mad)

..... he restricted the allowance to the provisions made in respect of the current year holding that gratuity liability on the basis of the actuarial valuation relating to past years would be allowed as deduction as and which the payment were made to the workers ..... in the result, the first question is answered in the affirmative and the assessee is entitled to the deduction of the the estimated gratuity payable to its employees arrived at scientifically or actuarially, under the agreement with the labour arrived at in this year.the second question is merely a variation of the first. ..... act, 1961, has been made on the following two questions :'(i) whether, on the facts and in the circumstance of the case, the assessee was entitled to the deduction of the estimated gratuity payable to its employees under section 37 of the income-tax act, 1961 ..... assessee made the provision only to pay its employees when they retired. ..... in that case, the assessee claimed deduction of the gratuity payable to the employees and shown as such on the profit and loss account of the relevant accounting ..... it was agreed that the assessee would pay gratuity all its employees who retired after december 31, 1968, and who had put in a minimum qualifying ..... ) :'so, the very concept of profit would require adjustment being made for the claims of the employees for gratuity in so for as it is possible relate it to the current year. ..... (7), then for considering the deductibility of such amount, there is no specific provision in the act. .....

Creswell Vs. Lanahan

Court : US Supreme Court

..... transactions with lanahan in making the loan and giving the note in one case, and in transferring and handing over the two notes in the other, the actuary was governed by the settled usage of the bank in all such cases. ..... the documents referred to by the witnesses in one of the cases have been lost or destroyed, and there is some uncertainty and conflict in the testimony with respect to them and the transactions to which they relate. ..... the third section of the act of congress chartering the institution is as follows: "the business of the corporation shall be managed and directed by the board of trustees, who shall elect from their number a president and two vice-presidents, and ..... a note therefor was signed by the actuary of the institution, who subsequently transferred ..... was considered safe by the actuary at the time of the ..... but further, the actuary who made the exchange of securities was held out to the world as competent to do what ..... the loan was negotiated by the appellee, juan boyle, who acted as the agent of the company, by virtue of a written document under the hand of its president and its ..... a striking fact that there is nothing in the record which casts the slightest shadow of bad faith upon either of the respondents, or upon the president or actuary of the company. ..... was executed by the actuary of the company. ..... from the supreme court of the district of columbia syllabus the freedman's savings and trust company, chartered by an act of congress approved march 3, 1865, 13 stat. .....

Commissioner of Income-tax Vs. Travancore Cements Ltd.

Court : Kerala

Reported in : [1990]184ITR319(Ker); (1991)ILLJ255Ker

..... that arises for consideration in this case is the deduction the assessee is entitled to in respect of the provision made by it for payment of gratuity to its employees payable during the previous year. ..... to the said question is that the assessee is entitled to the deduction of that amount for which provision is made or payment is made in terms of section 40a(7)(b)(i) of the act and nothing more ..... . if section 40a(7)(b)(i) of the act applies, we see no reason why there should be any actuarial valuation ..... now agreed that the assessee is entitled to the deduction for payment of gratuity to its employees that has become due in the previous year in terms of section 40a(7)(b)(i) of the income-tax act ..... . that is postulated only in cases coming under section 40a(7)(b)(ii) of the act, which deals with three prior years, the three prior years previous to ..... entitlement will be worked out by reference to the terms of section 40a(7)(b)(i) of the act, which, of course, will entail deletion of the deduction allowed under section 36(1)(v) of the act, in a sum of rs ..... that whatever deduction the assessee is entitled to under section 40a(7)(b)(i) of the act alone is permissible and the deduction of rs ..... the liability of the previous year as1 contemplated by section 40a(7)(b)(i) of the act, and (2) whether the actual payment of rs ..... to the rival contentions of the parties, the appellate tribunal held that the assessee would be entitled to the deduction relating to gratuity in terms of section 40a(7)(b)(i) of the income-tax act .....

Employees' State Insurance Corporation, Chandigarh Vs. Dalmia Dadri Ce ...

Court : Punjab and Haryana

Reported in : AIR1972P& H414

..... the said section 43 reads as under:--'no provision of this act shall apply to and in relation to any payment which has been, or is being, or required to be, made under the principal act in respect of any employment injury sustained by an employee in any state or part thereof at any time before the date of coming into operation of that provision and any such payment and any application, appeal or other proceeding for or relating to such payment pending before any authority immediately before such date shall continue ..... by or under any enactment applicable to a factory or establishment or by reason of any wrongful act of the employer of his agent, the corporation shall, notwithstanding the fact that the employer has paid the weekly contributions due under this act in respect of such insured person, be entitled to be reimbursed by the employer or the principal who is liable to pay compensation under section 12 of the workmen's compensation act, 1923 (viii of 1923), the actuarial present value of the periodical payments which the corporation is liable ..... therefore, the aforesaid authority of the madhya pradesh high court can render no help to the appellant.as soon as it is held, as i do, that section 43 of the amending act did not save the right of the appellant to claim the actuarial present value of the periodical payments which it is liable to make under the act to the dependents of rulia ram, its application to claim the said amount is clearly not maintainable. .....

Commissioner of Gift-tax Vs. Jayalakshmi Doraiswamy

Court : Chennai

Reported in : [1999]238ITR202(Mad)

..... whether, on the facts and in the circumstances of the case and having regard to the provisions of sections 4(1)(a) and 4(1)(c) of the gift-tax act, 1958, the appellate tribunal was right in cancelling the gift-tax assessment made in the assessee's case for the assessment year 1971-72 2. ..... the tribunal, therefore, held that the surrender of life interest by the assessee in the income from the property left by the assessee's husband in favour of her daughters and grand children as per the actuarial valuation which was found to be beneficial to the parties was correct and came to the conclusion that the surrender was bona fide. ..... we are of the view that the finding of the tribunal regarding the applicability of section 4(1)(a) of the act as well as section 4(l)(c) of the act is arrived at on the basis of the materials on record and the finding of the appellate tribunal is purely a finding of fact. ..... however, in so far as the applicability of section 4(l)(a) of the act is concerned, the tribunal has recorded a clear finding, that the value of the properties on the basis of the life expectancy of the assessee was based on actuarial valuation and that was also approved by this court. ..... the appellate assistant commissioner found that there was no mala fide intention with respect to the transaction. .....

Commissioner of Income-tax Vs. Steel Rolling Mills of Bengal Ltd.

Court : Kolkata

Reported in : (1987)65CTR(Cal)116,[1988]169ITR430(Cal),[1987]34TAXMAN222(Cal)

..... clear from the aforesaid that prior to the coming into operation of section 40a(7) of the income-tax act, 1961, and the non obstante clause therein, on and from april 1, 1973, an assessee was entitled at law to claim deduction in respect of a provision made by it on account of its liability to pay gratuity to its employees under sections 28 and 37 of the income-tax act, 1961. ..... conditions laid down in the said section 40a(7)(b) were fulfilled by the assessee, inter alia, by creation of an approved gratuity fund for the exclusive benefit of its employees under an irrevocable trust and by making payment of the prescribed amount to such fund within the prescribed time, the assessee would not be entitled to claim any deduction merely on the basis of an estimate on actuarial basis. ..... case, in the assessment year 1973-74 when the payment of gratuity act, 1972, was in force, the assessee made an estimate on actuarial basis of its liability for payment of gratuity and claimed a deduction of the same under section 28 or 37 of the income-tax act, 1961. ..... appellate assistant commissioner accepted the certificate of the actuary furnished by the assessee that the present discounted liability for payment of gratuity to the various employees of the assessee retiring in future amounted to ..... case, the assessee in the assessment year 1971-72 formulated and put into operation a gratuity scheme and on the basis of an actuarial report, provided in its accounts an amount for payment on account of gratuity. .....