Court : Chennai
Reported in : [1996]219ITR684(Mad)
..... these conditions are as under : (i) the provision in the accounts for the relevant previous year is made in accordance with an actuarial valuation of the ascertainable liability of the assessee for payment of gratuity to his employees on their retirement or on termination of their employment for ..... but the ito has held that in view of the fact that the gratuity act came into force from september, 1972, it cannot be said that the entire liability accrued during the accounting year 31st ..... learned standing counsel pointed out that, inasmuch as, the gratuity act came into force from september, 1972, the liabilities on the assessee to provide for gratuity liability to its employees arose from ..... observed in his order that deduction of the amount as per the act and the rules would be allowed under s. ..... to remove uncertainty in the matter of allowing deduction with regard to the provision made for gratuity liability for the earlier years, the finance act, 1975, has inserted a new sub-s. (7) in s. ..... 40a(7) inserted by the finance act, 1975, with retrospective effect from 1st april, 1973, no deduction is to be allowed in the computation of profits and gains of a business or profession in respect of any provision made for the payment of gratuity to the employees on retirement or on termination ..... 256(1) of the it act, 1961, hereinafter referred to as the act : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the entire gratuity provision .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1972AP276
..... the canal, and that in doing so, neither the canal's bed width is widened or deepened nor a new channel or legation of the respondents is that the lands of the petitioners are not registered under the feeder channel and the they could be irrigated by the irrigation channels of other sluices of the same tank, that the question of acquiring the petitioners' lands for the purpose of construction ..... in the prescribed manner in every village through which the water-course is proposed to be taken specifying the extent of land which lies in such village and which has been marked out under sub-section (2) and requiring-0 (a) every owners who wishes to receive supply of water to his land through the water-course or to make use of the water-course for drainage purposes to make an ..... such orders in respect of the proposed construction as he may deem necessary and the order so passed shall be published in the andhra pradesh gazette (2) the order passed under sub-section (1) shall, if it is decided to construct a water-course, contain the following particulars, namely, (i) the district, taluk, village, and the survey number and description of the land on which the water-course is proposed to be constructed: (ii) the approximate area of ..... respondents that the petitioners are not the 'ayacutdars', as the lands in question are not registered under the feeder channel in which the pipes are sought to be laid and, therefore, they would not be entitled to notice under section 4 (2) (b) of the act. .....
Tag this Judgment!Court : Allahabad
Reported in : (1980)15CTR(All)358; [1980]124ITR58(All); [1980]4TAXMAN199(All)
..... in view of these pronouncements of the supreme court it must be held that the order directing the tribunal to submit a further statement of the case after taking into account the actuarial report submitted by the assessee later, was not justified, inasmuch as the actuarial valuation had not been filed before the tribunal when the appeal was disposed of.6. ..... on the principle that the ito had to compute the true profits and gains of the business of an assessee, and when he is aware of the relevant facts and particulars for the grant of a deduction allowable under the act, he should do so notwithstanding default on the part of the assessee to claim the deduction in his return, and his failure to give particulars of it in that return. ..... thus, these decisions in so far as they lay flown that once an order has been passed under section 66(4) rightly or wrongly it cannot be reconsidered at the time when the reference comes up for hearing, cannot be taken to lay down the correct law, for an order that has been passed without jurisdiction, and due to an error on ..... counsel for the assessee has, however, urged that the order passed under section 66(4) has become final, and as such it cannot be reconsidered at this stage now. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1963SC1171; [1963]33CompCas513(SC); [1963]Supp2SCR971
..... or bonus is payable, who has allocated as bonus to policy-holders the whole or any part of the surplus as disclosed in the abstracts prepared in accordance with part ii of the fourth schedule to the insurance act in respect of the last actuarial investigation relating to his controlled business as at a date earlier than the 1st day of january, 1955, shall be computed in accordance with the provisions contained in paragraph 1 or paragraph 2 whichever is more advantageous to ..... when the right accrues to the share-holders because the profits have to be found first is not acceptable to us because life insurance business is carried on with periodic actuarial investigations which shows how much profits have been made and that depends on what the existing liability of the company is in relation to its reserves and other likely income. ..... at dates earlier than the ist day of january, 1955 (not being less than two in any case), as would leave the period intervening between the date as at which the actuarial investigation immediately preceding the first of such investigations was made and the date as at which the last of such investigations was made, to be not less than four years; (b) ..... section 49(1) then provided inter alia that no insurer including a company, who carried on business of life insurance shall, for the purpose of declaring or paying any dividend to share-holders ..... or at least from the date the compensation wrongly determined was offered to the company, namely, february 14, 1957. .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)91CTR(Bom)192; [1990]186ITR463(Bom)
..... on the death of the first annuitant, the question arose as to whether estate duty was payable under section 1 on the actuarial value of the annuity in which the persons named in the will became beneficially interested or whether, under section 2(1)(b) of the said act, estate duty became payable on the capital value of the proportion of the testator's residuary estate required ..... the tribunal held that the actuarial value of the wife's interest, where an appointment under section 17 of the baronetcy act is made, would also pass on the ..... 1 is in the affirmative, whether, on the facts and in the circumstances of the case, by virtue of the provisions of section 7(4) of the estate duty act, 1953, no property chargeable to duty in any event passed or could be deemed to have passed on the death of sir jamsetjee ..... of section 40 of the estate duty act are indentical with section 7, sub-section (7), of the english finance act ..... of section 7(1) of the estate duty act, 1953, are in terms identical with section 2, sub-section (1)(b), of the english finance act ..... . jetley that view of the provisions of section 7(1) of the estate duty act read with section 40, the corpus of the trust fund must be deemed to pass on the ..... . in view of these and looking to the context of section 7(4) of the estate duty act, 1953, in our view, the term 'office' can be interpreted widely as was done in the above cases to include within its ambit an office which may or may not have duties attached to it so long as it partakes .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1987)IILLJ83AP
..... of the principles is contained in para 14 of that case : 'the law on the point arising for decision may be summed up thus : compulsory damages under section 1a of the act for wrongful death must be limited strictly to the pecuniary loss to the beneficiaries and that under section 2, the measure of damages is the economic loss sustained by the state. ..... value of rupee in an annuity is calculated for various purposes by the use of actuarial tables which are prepared taking into consideration the mortality tables, rate of interest etc. ..... in death duty cases, pension cases and in cases where actuarial considerations are relevant like life insurance policies. ..... referred to in that judgment proper for our condition chapter viii of the motor vehicles act contains the provisions regarding the constitution of tribunals, making of claims, enquiry and awards. ..... the substituted table under section 4 of the act is to the effect - 'the amount of compensation shall be - '(a) where death results from the injury - an amount equal to 40% of the monthly wages of deceased workman multiplied by the relevant factor : or an ..... the government and the various institutions like indian statistical institution and actuaries may have to bestow attention on this. ..... by the supreme court in the following cases have to be noticed : ----------------------------------------------------------------------- name of citation age of deceased multiplier ----------------------------------------------------------------------- 1. .....
Tag this Judgment!Court : Mumbai
Reported in : [1986]160ITR716(Bom)
..... resorting to any scientific basis, such appropriation would also be a provision intended to meet a known liability, though a contingent one, for, the expression 'liability' occurring in clause 7(1)(a) of part iii of the sixth schedule to the companies act, 1956, includes any expenditure contracted for and arising under a contingent liability; but if the sum so appropriated is shown to be in excess of the sum required to meet the estimated liability, it is only the excess that will ..... : [1981]132itr559(sc) , since there is no sufficient material on record to show whether the appropriation made by the assessee towards gratuity reserve was based on any actuarial valuation or was in the nature of an appropriation of an ad hoc amount, we direct that when the matter goes back to the tribunal, it will decide this question in the light of the principles which we have laid down in this ..... lakhs towards gratuity reserve is in excess of the liability of the assessee on account of gratuity determined on an actuarial calculation, and if there is such an excess, only to the extent of that excess will the amount be deemed to be a reserve and includible in computing the capital of the assessee company under rule 1 of the second schedule to the companies (profits) surtax act, 1964, and as far as the sum of rs. ..... is a reference under section 256(1) of the income-tax act, 1961, as applied to the companies (profits) surtax act, 1964 (referred to hereinafter as 'the surtax act'), by section 18 thereof. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1987AP127
..... present value of rupee in an annuity is calculated for various purposes by the use of actuarial tables which re prepared taking into consideration the mortality tables, rate of interest etc. ..... parliament has by the amending act 22 of 1984 which has come into force on 1-7-1984 substituted a new section 4 and the corresponding schedule 4 in the workmen's compensation act. ..... legislature, the government and the various institutions like indian statistical institution and actuaries may have to bestow attention on this. ..... till a table is prepared specifically for the purposes of claims under the motor vehicles act it will be appropriate to follow the table in schedule iv to the workmen's compensation act for determining the compensation in motor vehicles claims also.35. ..... 1a of the act for wrongful death must be limited strictly to the pecuniary loss to the beneficiaries and that under section 2, the measure of damages is the economic loss sustained by the ..... multiplier applicable with reference to the factor in schedule iv of the workmen's compensation act is 18-25 and according to it the compensation under this head will be rs ..... 'the multiplier sixteen selected by us compares favourably with the one arrived at by the use of actuarial or annuity tables. ..... is schedule iv of the workmen's compensation act introduced in the july, 1984 is applicable for workmen mentioned in that act who are wage earners. ..... multipliers applied by the supreme court in the following cases have to be noticed :name of citation. .....
Tag this Judgment!Court : Gujarat
Reported in : (1998)3GLR2578
..... section 7(1) of the act 1986 provides that 'the owner of every closed textile undertaking shall be given by the state government, in cash in the manner specified in chapter v, for the transfer to, and vesting in, the state government under sub-section (1) of section 3 of the specified textile undertaking and the right, title and interest of the owner in relation to such textile undertaking, an amount equal to the amount specified against it in the corresponding entry in column (4) of ..... affidavit of shri meghraj sharma is also filed who was writing payment of gratuity register in his own hands for the last many years of the company, respondent ..... as the report of actuarial valuation of gratuity liability for the years ended 31st march 1981, 30th june 1982 and 30th june 1983, and stated that the above referred documents show that gratuity was paid to travelling salesmen, stores in charge, spinning superintendent, personnel-cum-factory managers, stores purchasers and all the aforesaid category of persons are not covered by the payment of gratuity act, but still they ..... get its gratuity liability determined as at the end of each financial year by actuarial evaluation of all its employees, who rendered continuous service of five years or more and eligible and entitled to the payment of gratuity not only under the act but also under the contract of service. ..... the actuary's report of the company's gratuity liability of each year showing the gratuity payable to each of its employee is .....
Tag this Judgment!Court : Karnataka
Reported in : [2006(108)FLR306]; ILR2005KAR5110; (2006)IILLJ151Kant
..... the tribunal, in the course of its order, had taken the view that transfer of the workmen in question was effected by the appellants in contravention of section 33(1)(a) of the act in as much as said workmen were transferred to companies other than the companies in which they were working and therefore, the transfer of the said workmen is in violation of conditions of service of the workmen. ..... therefore, it is clear that under these circumstances, the transfer of the workmen has been made in contravention of sub-section (1) (a) of section 33 of the act and therefore, it must be held that the transfer effected was inoperative and void in law, as noticed by us earlier. ..... , it is not correct to say that even though where the order of discharge or dismissal is inoperative for contravention of the mandatory-conditions contained in the proviso or where the approval is refused, a workman should still make a complaint under section 33-a and that the order of dismissal or discharge becomes invalid or void only when it is set aside under section 33-a and that till such time he should suffer misery of unemployment in spite of statutory protection given to him by the proviso ..... the learned counsel further submitted that since the orders of transfer have been made in contravention of section 33(1)(a) of the act, the said orders of transfer must be held as inoperative and void in law and for all purposes the workmen should be deemed to be in service. ..... name date of place of transferno. .....
Tag this Judgment!