Judgment Search Results Home > Cases Phrase: actuaries act 2006 section 6 entry of names in register Page 6 of about 359 results (0.122 seconds)

Smt. A. Lakshmi Vs. Arjun Associated Pvt. Ltd., Rep. by Its Director a ...

Court : Andhra Pradesh

Reported in : I(2005)ACC289; 2005ACJ704; 2004(4)ALD618; 2004(5)ALT13

..... on the other hand, under the regular procedure contemplated under the motor vehicles act for fixing of the just compensation under section 168 is not scuttled and the person who files an application under section 166 of the act, proves that the accident was caused due to rash and negligent driving of the vehicle, a duty is cast upon the tribunal to fix just compensation payable taking into ..... decisions: in bhagawan das's case (1 supra) his lordship jagannadha rao having considered the evolution of compensation payable, held that it is safe to fix the compensation on the basis of the actuary's multiplier system, while holding that the injured person in a motor accident is entitled to full compensation for the financial loss suffered. ..... from this, it is seen that those victims who want settlement to their claims orally shall file an application under section 163-a of the act where compensation payable without insisting, that the accident has taken place due to rash and negligent driving of the driver of ..... in para 7 of this judgment their lordships held that:'it has to be kept in view that the tribunal constituted under the act as provided in section 168 is required to make an award determining the amount of compensation which is to be in the real sense 'damages' which in turn appears to it ..... future monthly income could be arrived at by adding the actual gross income at the time of death, namely, rs.1,500/- per month to the maximum which he would have otherwise got had he not died a .....

Florida Vs. Long

Court : US Supreme Court

..... award, which requires postjudgment adjustments, is also fundamentally retroactive, even though it relates to future payments, since it increases benefits that were meant to be fixed on the basis of contribution levels and actuarial assumptions applicable when the retirement occurred and funding provisions were made, thereby undermining the plan's basic financial calculus and affecting its ability to meet its accrued obligations. ..... 225 retirement that has already occurred as a sort of continuing violation, since this would ignore the essential assumptions of an actuarially funded pension plan, and would in every case render employers liable for all past conduct regardless of whether the liability principle was first announced by manhart, norris, or this ..... (b) in the pension context, retroactive awards are not necessary to further title vii's purposes and to ensure compliance with this court's decisions, since florida acted immediately after norris to correct its discriminatory optional plans, and there is no evidence that employers in general have not complied with the requirements of manhart and ..... immediately after our decision in norris, florida acted to adopt unisex actuarial tables for all employees in the florida system retiring after august ..... held that unequal pension plan contributions for male and female employees based on actuarial tables reflecting women's greater life spans violated the sex discrimination prohibitions of title vii of the civil rights act of 1964. .....

Tata Iron and Steel Co. Ltd. Vs. D.V. Bapat, Income-tax Officer, Compa ...

Court : Mumbai

Reported in : [1975]101ITR292(Bom)

..... sugar mill's case and referring to the decision of the supreme court in metal box company's case it was held the the liability for payment of such gratuity ascertained by actuarial calculations, in which all contingencies are taken into consideration, is a liability in present and capable of ascertainment and, therefore, the amount set apart was a permissible business expenditure in the assessment year concerned ..... palkhivala whilst dealing with this aspect of the matter that one of the sums deductible from the gross profits of the employer under the provisions to be found in section 6 of the payment of bonus act would be direct taxes which the employer is liable to pay for the accounting year in respect of his income, profits and gains during that year, and that it would be open to ..... and that in such a contingency which could not be regarded a too remote or beyond the limit of possibility, the company and similar assesses would be constrained to avail of their remedies under the income-tax act of going in appeal to the appellate assistant commissioner, in the first place, and, thereafter, in second appeals to the income-tax appellate tribunal, with further reference to the high court which would result in ..... sum that the assessee-company would be required to pay to its workmen as gratuity and made an appropriate entry in its book of accounts, crediting the gratuity account and debiting the profit and loss account for the assessment ..... the company has its registered office in bombay and .....

ishwar Industries Ltd. Vs. Commissioner of Income-tax, New Delhi

Court : Delhi

Reported in : [1984]149ITR301(Delhi)

..... 52,882 had been debited to the profit and loss account, but the court determined that the actuarially valued liability had to be deducted and this should be done by giving an opportunity to the assessed to establish the extent to which the claim could be allowed during the implementation of the judgment of the court. 16. ..... it was there observed that where an employer had a gratuity scheme, the employer should obtain a scientific actuarial calculation under which the present discounted value of the gratuity liability is ascertained and then the employer can charge his profit and loss account with the incremental value of the year and make a ..... no doubt the calculations were deferred till may 24, 1972, when the actuarial valuation was made, but this hardly makes any difference. ..... even in the other cases referred to above the actuarial valuation was made later, but the amount was allowed as a deduction. 26. ..... the tribunal noted that the actuarial valuation was made on may 24, 1972, and, hence, the account must have been kept open and antedated. ..... cit [1980] 126 itr 851, it was held that the present value of the liability referable to the current year on an actuarial basis was an allowable deduction. ..... but, the scheme was restricted to those persons who are not entitled to any benefit under the payment of bonus act or the employee's provident funds scheme of 1952. ..... the entry could only be made as soon as the liability arose, which was on december (march ? ..... no entry regarding this sum of rs. .....

General Family Pension Fund Vs. Commissioner of Income-tax, Bengal.

Court : Kolkata

Reported in : [1946]14ITR488(Cal)

..... of logic, arithmetic and justice than that the income-tax officer in applying rule 25 should adopt a system of proportion; by taking first one-fifth of the surplus shown (by a comparison of the two actuarial reports) which would give the figure for total annual profit if this company has been a non-mutual insurance company; and then taking some proportionate part of that figure so as to arrive at a proper ..... -39 under rule 25 thus, though it is a computation of the income, profits and gains of the assessee company for that year for assessment purposes of income-tax, is nevertheless based on figure derived from the actuarial report over the five years 1929-34; from which is in fact calculated, by taking one fifth of a total figure, a figure representing an annual average figure.one feature of rule 25 is that it contemplates a ..... india; rule 35 of the income-tax rules makes the provisions of rule 25 applicable to a non-resident life assurance company, in the absence of more reliable data, to ascertain by a periodical actuarial valuation; the australasia company made a return of its indian business based on one years account, which the income-tax officer did not consider sufficient and he computed the income, profits and gains, under ..... 5; since it complied with the provisions of section 26 of the above act, a licence was granted by the bengal government permitting the company to be registered without the word 'limited' being included in its name.the objects of the company, as contained .....

Calcutta Insurance Ltd. Vs. Commr. of Income-tax

Court : Kolkata

Reported in : AIR1953Cal59,[1952]21ITR404(Cal)

..... of its own rules an i decided to make a reference or when it has been directed by the high court to do so, all controversy has been left behind and the statement of the case contemplated by the rule, as also by section 66 of the act, is obviously a separate document of a neutral character which must be limited to the questions referred and in which should be incorporated only the facts relevant to those questions as found by the tribunal, the contentions of the parties, the decision ..... the annual average of a surplus disclosed by a valuation for an inter-valuation period exceeding twelve months, then, in computing the tax payable for that year, credit shall not be given in accordance with sub-section (5) of section 18 for the tax paid in the preceding year, but credit shall be given for the annual average of the income-tax paid by deduction at source from interest on securities or otherwise during such period. 26. ..... of the schedule provides that in computing the profits of a life insurance business under that rule and adjusting for that purpose the actuarial surplus disclosed by the last valuation, 'any expenditure other than expenditure which may under the provisions of section 10 of this act be allowed' should be excluded. ..... mitra contended, the amount was reserved for policy-holders, there was no reason why an entry to that effect should not have been made under head (d) of clauses 9 (1) of ..... the appellate order of the tribunal, the name of the account is given as organisation .....

Shree Sajjan Mills Ltd. Vs. Commissioner of Income Tax, M.P., Bhopal a ...

Court : Supreme Court of India

Reported in : AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593

..... 1st day of april, 1973, but before the 1st day of april, 1976, to the extent the amount of such provision does not exceed the admissible amount, if the following conditions are fulfilled, namely:(1) the provision 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 any reason; (2) the assessee creates an approved gratuity fund for the ..... it was then urged that the language and the scheme of the act supported the aforesaid submission namely; (a) that section 40a(7)(b)(ii) drew a clear distinction between 'provision made by the assessee...for payment of gratuity' and 'amount admissible as deduction on account of gratuity'. ..... thus, the income-tax act itself contemplated, according to the assessee, a reserve as an appropriation or earmarking of profits by making entries for this purpose in the books of account. ..... that whether an assessee was entitled to a particular deduction or not depended on the provision of law relating thereto and not on the view that the assessee might take of his rights; nor could the existence or absence of entries in the books of account be decisive or conclusive in the matter. ..... consequently, an assessee might claim as deduction in his income-tax assessment the liability in respect of gratuity even though he might not have made any provision or other entry in his books of account in respect of gratuity.22. .....

Scottish Widows plc (Appellant) Vs. Commissioners for Her Majesty's Re ...

Court : UK Supreme Court

..... . after some general provisions in paras (1) to (5) it dealt specifically with actuarial investigations under section 18 of ica 1982: "(6) notwithstanding paragraph (1) above (but subject to the conditions set out in paragraph (7) below), an insurance company may, for the purposes of an investigation to which section 18 of the act applies or an investigation made in pursuance of a requirement under section 42 of the act, elect to assign to any of its assets the value given to the asset in question in the books or other records of the ..... : "whether in computing the case 1 profit or loss of scottish widows plc for the accounting periods ending in 2000, 2001 and 2002, amounts described by the company as 'transfers from capital reserve' and included as part of the entries at line 15 of form 40 for each period fall to be taken into account [as receipts] in computing the profit or loss as the case may be." it is agreed that the words "as receipts", which were not in the question as referred, may ..... the words themselves might be taken as suggesting otherwise, but i think that the name that was given to what the scheme described as a memorandum account is a ..... england the most prominent comparable body was probably the friends provident society, founded in 1832 (it was a registered friendly society, regulated by a different statutory system) ..... 11 october 2006 the company and the revenue joined in making a referral to the special commissioners under schedule 18, para 31 of the finance act 1998 .....

Arizona Governing Comm. Vs. Norris

Court : US Supreme Court

..... , even if the proviso has some relevance here, it should not be read to require a pension plan, whose entire function is actuarially to balance contributions with outgoing benefits, to calculate benefits on the basis of tables that do not reflect the composition of the workforce. ..... an annuity policy issued to a retired female employee under a sex-based retirement plan will have roughly the same present actuarial value as a policy issued to a similarly situated man, since the lower value of each monthly payment she is promised is offset by the likelihood that she will live longer, and therefore receive ..... asserting that the arizona plan is nondiscriminatory because a man and a woman who have made equal contributions will obtain annuity policies of roughly equal present actuarial value, petitioners incorrectly assume that title vii permits an employer to classify employees on the basis of sex in predicting their longevity. ..... there would be no basis for postulating that a woman's annuity policy has the same present actuarial value as the policy of a similarly situated man even though her policy provides lower monthly benefits ..... interpretation of title vii -- to the extent it banned the sale of actuarially sound, sex-based annuities -- effectively would preempt state regulatory authority. ..... section 2(b) of the act further provides: "no act of congress shall be construed to invalidate, impair, or supersede any law enacted by any state for the purpose of regulating the business of insurance . .....

inspecting Assistant Vs. Motor Industries Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)57ITD450(Bang.)

..... taxman 198 in which it had been held that the liability provided in the books on actuarial basis is in an allowable deduction under section 40a(7) of the act, he held that the amount should be allowed as a deduction.3(d). ..... the allowability of this provision, therefore, depends on the fulfilment of the conditions in sub-clause (i) of clause (b) of sub-section (7) of section 40a, which reads as below : 40a(7)(b)(i) any provision made by the assessee for the purpose of payment of a sum by way of any contribution towards an approved gratuity fund, or for the purpose of payment of any ..... as relied upon by the learned departmental representative seem to be based on the understanding that the payments under section 36(1)(v) were parts of the liabilities as per actuarial valuation claimed by the assessee. ..... , these two provisions are completely independent of each other and relate to two different matters - whereas section 40a(7) relates to provision for the gratuity made in the books of the assessee, section 36(1)(v) relates to actual payment of any sum by way of contribution towards an approved gratuity fund. ..... on an examination of both the sections of the act minutely, we are inclined to be in agreement with the ..... such a provision will have to be determined strictly in accordance with the conditions laid down in section 40a(7) and no other provisions of the income-tax act shall apply to allowability of such a provision on account of the non obstante expression used in section 40a(1). .....