Judgment Search Results Home > Cases Phrase: actuaries act 2006 section 6 entry of names in register Page 1 of about 359 results (0.115 seconds)

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

Court : Mumbai

..... 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 first schedule to the ..... of the present case, the decision of the income tax appellate tribunal in holding that even after insertion of section 10(23aab), the loss incurred from the pension fund like jeevan suraksha fund had to be excluded while determining the actuarial valuation surplus from the insurance business under section 44 of the income tax act, 1961 cannot be faulted. ..... after considering various decisions of the apex court as also, this court and section 64(va) of the insurance act, 1938 held that the amounts set apart towards the solvency margin as per the directions given by the irda were ascertained liability which were required to be set apart as per the regulations framed by irda and hence liable to be excluded while computing the actuarial valuation surplus. 14. ..... (d) are concerned, the dispute is whether the loss incurred by the assessee from jeevan suraksha fund is liable to be excluded in computing the actuarial valuation surplus in view of the fact that the income from jeevan suraksha fund is exempt under section 10(23aab) of the income tax act, 1961. 16. .....

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

..... 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........... so as to exclude from it any surplus ..... 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 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 gains of a business whichever is greater :' x x x x in this case the second method was applicable ..... , does not warrant what the income-tax officer did, namely, to adjust the accounts on the basis of a ..... the main rule which merely allows book entries to be worked into the surplus ..... between fact and actual entries is comprehended in ..... and gives effect to the entries such as they are .....

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

Court : Income Tax Appellate Tribunal ITAT Hyderabad

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

..... coming now to the applicability of section 21(1a) of the act, in respect of assessment made under section 21 (4) of the act it is to be noted that section 21 of the act deals with assessment in cases where assets are held by a court of wards, or an administrator general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trustee appointed under a trust declared by duly executed instrument in writing whether testamentory or otherwise. ..... this can be exemplified as under:- (i) as per rule 8-d, the report of valuation by a registered valuer in respect of any asset specified in column 1 of the table below shall be in form specified in corresponding entry in column 2 thereof and shall be verified in the manner indicated in such form : table-------------------------------------------------------------- (1) (2)-------------------------------------------------------------- (i) .... ...(ii) .... ... ..... 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 of the case. .....

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

Court : Mumbai

Reported in : [1978]115ITR45(Bom)

..... gross external incoming of the previous year from that business, less the management expenses of that year; (b) the annual average of the 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 ..... the questions which have been referred to this court are as follows : '(1) whether in computing the profits and gains of business of insurance for the assessment year 1963-64, under section 44 read with rules in the first schedule to the income-tax act, 1961, the following items received during the relevant inter-valuation period and which are ordinarily not includible in the total income computed under different heads, are rightly included in the ..... the tribunal on a construction of rule 2(1)(b) took the view that only adjustments which were contemplated by rule 2(1)(b) were : (1) any surplus or deficit included in the actuarial surplus which was made in the earlier inter-valuation period, and (2) the expenditure or allowance which is not deductible under sections 30 to 43a of the income-tax act. 8. .....

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

Court : Chennai

Reported in : [1981]132ITR360(Mad)

..... 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. ..... in these circumstance, the only question that arises for consideration is whether by reason of the fact that the amount of actuarial valuation was obtained with reference to the period of service of earlier years, the amount referable to the earlier period of service cannot be allowed as deduction in this year.the assessee has been maintaining its accounts on the ..... 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. ..... having regard to the fact that the assessee had arrived at the amount on an actuarial basis and having provided for the amounts in the accounts, the assessee would be ph eligible for the deduction.the learned counsel for the revenue contended that the claim in so far as it related to the ..... 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 .....

Creswell Vs. Lanahan

Court : US Supreme Court

..... 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. ..... 18th of september, 1873, the board of trustees authorized and empowered the officers of the company to assign and transfer any of the registered stock of the united states standing in its name. ..... 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, ..... note therefor was signed by the actuary of the institution, who subsequently transferred ..... 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 ..... 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. ..... 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 ..... executed by the actuary of the company. ..... than the difference in amount between the note first named and the other two. ..... 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

..... if section 40a(7)(b)(i) of the act applies, we see no reason why there should be any actuarial valuation regarding the ..... 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 that ..... 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. ..... is 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 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. ..... as it may, it cannot be that the assessee is entitled to any deduction in addition to the entitlement available to him under section 40a(7)(b)(i) of the act. ..... 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. ..... 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

..... 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. ..... 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 ..... x x x x x'.clause (c) of sub-section (2) of section 75 of the act, which now stands repealed, by clause (ii) of section 32 of the amending act, reads as under:--'75 (1) x x x x (2) the following claims shall be decided by the employees' insurance court, namely:-- x x x x x (c) claims under section 66 or 67 made by the corporation against the employer or other person liable thereunder; x x x x x' 8. ..... 1 as hopper-man and was duly registered under the provisions of the act with the appellant under insurance no. .....

Commissioner of Gift-tax Vs. Jayalakshmi Doraiswamy

Court : Chennai

Reported in : [1999]238ITR202(Mad)

..... 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 ..... , 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 ..... l@a so far as the applicability of section 4(1)(a) of the act is concerned, the appellate tribunal agreed with the finding of the appellate assistant commissioner that the value of the properties based on the life expectancy of the assessee was arrived at according to the actuarial value and the same was approved by ..... 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 ..... of the revenue, the appellate tribunal has stated the case and referred the following questions of law for the assessment year 1971-72 under section 26(l) of the gift-tax act, 1958 (hereinafter referred to as 'the act'). '1. ..... therefore, held that it cannot be said that the transfer was otherwise for adequate consideration within the meaning of section 4(1)(a) of the act. .....

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)

..... facts, it was held by a division bench of this court on a reference that in the relevant assessment year, section 40a(7) of the income-tax act, 1961, had come into force with effect from april 1, 1973, and had been made applicable to the said ..... 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. ..... , it was held by the supreme court that during the relevant assessment year, section 40a(7)(b)(ii) of the income-tax act, 1961, had come into force and unless the provisions of the said section had been complied with, the assessee was not entitled to deduction on account of ..... laid down the law as it stood before section 40a(7) was inserted in the income-tax act, 1961, including the non obstante clause of sub-section (1) of the said section, with effect from the 1st april, 1973. ..... bench of the madras high court held that the said section, 36(1)(iv), of the said act specifically provided for deduction of such contributions and if a particular contribution was found ineligible under the said section, it could not be claimed as a deduction under the ..... and unreal and as the relevant statute came into operation for the first time in the relevant assessment year, in arriving at the true profit of the assessee under section 37 of the income-tax act, 1961, the provision made for gratuity was a permissible deduction. .....