Judgment Search Results Home > Cases Phrase: actuaries act 2006 section 6 entry of names in register Page 8 of about 359 results (0.067 seconds)

Commissioner of Income- Tax, Bombay City Vs. Great Eastern Life Assura ...

Court : Privy Council

..... 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 for 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 ..... for the purpose of this rule, the total world income of life insurance companies not resident in british india whose profits are periodically ascertained by actuarial valuation shall be computed in the manner laid down in these rules for the computation of the profits and gains of life insurance business carried on in british ..... 25 and 35 of the old income tax rules, but under the rules contained in the schedule to the amending act of 1939 is that :[5] section 3 of the act which is the charging section draws no distinction between resident and non-resident assessees. ..... (b) is the only rule which enables profits and gains to be computed on the annual average disclosed by an actuarial valuation made for the last inter-valuation period ending before the year in which the assessment is to be made. ..... is headed "consolidated statement of indian fund for the triennium commencing 1st january 1935 to 31st december 1937, showing the actuarial surplus for the said triennium of the indian business separately prepared at singapore. .....

State Bank of Hyderabad Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Reported in : (1988)67CTR(AP)6; [1988]171ITR232(AP)

..... we may point out at this stage that in the assessment orders the income-tax officer observed that the claim for deduction of actuarial valuation on account of gratuity and pension fund was made in the original assessments and was rejected and it was not, therefore, permissible for the assessee to reagitate these claims in the reassessment proceedings. ..... adverting to the aforesaid decisions, learned counsel for the assessee contended that the claims of the assessee for deduction of actuarial valuation on account of gratuity and pension fund and also the expenditure on account of labour welfare were liable to be allowed. ..... the calcutta high court had examined in detail the scope of reassessments under section 148 and held (at page 220) that in view of the scheme of the income-tax act, once a reopening is made, the entire assessments is set aside and the income which had escaped assessment, even though there is nothing to show the escapement of the assessment, should be examined and even in a case where ..... learned counsel pointed out that the claims for allowing by way of deduction of actuarial valuation on account of gratuity and pension fund and also the labour welfare expenses for all the assessment years were not made in the original assessments and rejected. ..... the income-tax officer rejected the claims for deduction of actuarial valuation on account of gratuity and pension fund and also the claim for deduction of labour welfare expenses. .....

Ashok Leyland Employees Union and Another Vs. Union of India and Other ...

Court : Chennai

Reported in : 1997(3)CTC660

..... has to proceed on the viability of the scheme which includes large number of factors required to be taken into account and if the viability is to be included, then the actuary as well as the government has to consider the contributions which would flow into the fund from the optees as well as the contributions which would flow into the provident fund from ..... an old establishment the employees have tried to evolve various beneficial schemes for the workmen by is bilateral negotiations with the management, that they had exemption granted under section 17 of the main act as early as from november 1, 1952 since they had a better provident fund scheme in the establishment than under the statute with better and greater benefits and ..... of work, provident, funds, employers liability, workmen's compensation, invalidity and old age pensions and maternity benefits would squarely fall under entries 23 and 24 of list ii of the seventh schedule to the constitution of india, and consequently by virtue of article 246(2), the legislative competence of the parliament remains unquestionable, too. 14. ..... section 15(3) of the act the central government may authorise the corresponding new banks to make advances to the named banks for any for the purposes mentioned in section ..... entry 45 list i the power to legislate in respect of banking and other commercial activities of the named banks necessarily incidental thereto : it has the power to legislate for acquiring the undertaking of the named banks under entry .....

The Bharat Insurance Co. Limited Vs. the Income-tax Commissioner

Court : Mumbai

Reported in : (1934)36BOMLR401

..... south indian railway at the british frontier, was liable to be assessed to indian income-tax; but it was also contended that, even if the company was liable to be assessed, they were entitled under section 10, sub-section (2), clause (ix), to deduct as expenditure incurred solely for the purpose of earning their profits, the half-share of their profits which they were bound by their convention with the french government to pay to ..... in that judgment lord justice lindley summed up the whole question in three sentences, which their lordships will proceed to quote, merely premising that 'bonus' was the inappropriate name given by the insurance company to the share of profits which the participating policy-holders were entitled to receive under their contracts in consideration of the additional payments they had made ..... sections 5 and 6 of the indian life assurance act, 1912, the company's life assurance business has to be kept entirely separate from its other businesses, if any, and under section 8(1) it is obliged to have a quinquennial valuation made by an actuary and to cause an abstract of the report of such actuary to be made in the form set forth in the fourth schedule to the act ..... section 10 of the indian income-tax act, 1922, is substantially to the same effect, as it provides that under the head 'business' the tax is to be payable 'in respect of the profits or gains of any business,' and that 'such profits or gains shall be computed after meeting the following allowances, namely .....

Rotork Controls India (P) Ltd. Vs. Commissioner of Income Tax, Chennai

Court : Supreme Court of India

Reported in : (2009)223CTR(SC)425; [2009]314ITR62(SC); JT2009(6)SC637; 2009(7)SCALE456; [2009]180TAXMAN422(SC); 2009AIRSCW4902

..... in the assessment years 1949-50, 1950- 51, 1951-52 and 1952-53, it claimed a deduction of these sums from its profits or gains under section 10(2) (xv) of the indian income-tax act (hereinafter called the act), which provides:such profits or gains shall be computed after making the following allowances, namely:any expenditure (not being in the nature of capital expenditure or personal expenses of the assessee) laid out or expended wholly and exclusively for the purposes of such business, ..... 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 ..... undertook to hold the said sums upon trust to spend the same in taking out a deferred annuity policy with the norwich union life insurance society in the name of the trustees but on the life of harvey under which pound 720 per annum were payable to harvey for life from the date of his superannuation. ..... the relevant year there was no claim for replacement of the defective pieces, the assessee could not have claimed deduction by merely making an entry in its books of accounts or by making a mere provision in its books of accounts. .....

Bharat Insurance Co., Ltd. Vs. Income-tax Commissioner, Punjab, Lahore

Court : Privy Council

..... both of opinion that if the participating policy holders were to be considered as having a share of the profits of the corporation within the meaning of this section, that would go to show that the share of the profits allotted to them formed part of the profits assessable to income-tax; but cotton, l.j. ..... , however is negatived by the proviso that any deductions made from the gross income in arriving at the actuarial valuation which are not admissible for the purposes of income-tax assessment shall be added to the net profits ..... , summed up the whole question in three sentences, which their lordships will proceed to quote, merely premising that "bonus" was the inappropriate name given by the insurance company to the share of profits which the participating policy holders were entitled to receive under their contracts in consideration ..... unnecessary to pursue this question, as it is clear that lord blackburn would have been of the same opinion if there had been no such section, and this section was not referred to either by lord fitzgerald or by lindley, l. j. ..... 4 of the act and is as follows : the actuarial valuation balance sheet as at 31st december 1923, for the previous quinquennium was drawn up in exactly this form ..... act, 1922, is substantially to the same effect, as it provides that under the head "business" the tax is to be payable "in respect of the profits or gains of any business," and that such profits " or gains shall be computed after meeting the following allowances, namely .....

Commissioner of Income-tax Vs. Orient Paper Mills Ltd.

Court : Kolkata

Reported in : (1987)63CTR(Cal)125,[1988]171ITR181(Cal)

..... the controversy raised on behalf of the revenue that the provision made for payment of gratuity would not be deductible as the amount had not been deposited in an approved fund as required under the amended section 40a(7) and that the same is not deductible under section 28 or section 36 of the act in view of the specific provision of section 37, in our view, stands concluded by the decision of the supreme court in shree sajjan mills ltd. ..... 28,244 claimed on account of expenditure incurred in providing boarding and lodging facilities at the guest house at the mill of the assessee on the grounds that the same was a guest house, that no register for such guest house was maintained and that no expenditure incurred on a guest house would be admissible for deduction.5. ..... the liability to pay gratuity was calculated actuarially and provision was made for payment of the same. ..... the assessee obtained an estimate of its liability on account of such gratuity as on march 31, 1971, from qualified actuaries which was ascertained at rs. ..... 31, 1970, the assessee introduced with effect from january 1, 1970, a gratuity scheme for its employees and in the assessment year 1971-72 claimed deduction of the provision made for payment of such gratuity on the basis of actuarial valuation. ..... 5552(w) of 1975) and noted that the liability for gratuity for which deduction was claimed included the liability for the current year as also the liability for earlier years calculated on an actuarial basis. .....

In Re Tapp : Gonville and Caius College Cambridge Vs. Inland Revenue C ...

Court : Kolkata

Reported in : [1960]40ITR6(Cal)

..... followed, for which support is to be found in in re cassel and in re duke of norfolk (in the court of appeal), estate duty was claimed and paid or her death under section 1 of the act upon the actuarial value lives of the deceased and phyllis fawell an the survivor of them of the one-third share (namely, pounds 1,000 per annum) of three annuity of pounds 3,000 which then accrued to the deceased and phyllis fawell for their join lives and the ..... , having regard to the terms of this trust, there was, on the death of the deceased, a passing under section 1 of the finance act, 1894, of property, in the shape of the share original an accruing of the annuity to which he was entitled at the time of his death, and which then became payable for life to the last survivor of the three named beneficiaries, to be valued actuarially as at his death; or whether such share constituted an interest ceasing on his death in property in the shape ..... of the trust fund out of the income of which the annuity was payable, so as to give rise to a notional passing under section .....

Society for Un Aided Private Schools of Rajasthan. Vs. U.O.i. and Anot ...

Court : Supreme Court of India

Reported in : 2012(3)MLJ993; 2012(3)KantLJ177; 2012(6)SCC1; 2012(2)KCCR50SN; 2012(4)SCJ318

..... these cases is not with regard to the validity of article 21a, but mainly centers around its interpretation and the validity of sections 3, 12(1)(b) and 12(1)(c) and some other related provisions of the act, which cast obligation on all elementary educational institutions to admit children of the age 6 to 14 years from their neighbourhood, on ..... few exceptions, however, give rise to directly enforceable claims, namely, right not to be evicted [section 26(3)]; not to be refused emergency medical treatment [section 27(3)]; the rights of prisoners to adequate nutrition and medical treatment [section 35(2)] and rights of children (defined as those under 18 years) to basic nutrition, ..... later, the parliament enacted the central educational institutions (reservation and admission) act, 2006 (for short `the cei act'), but the act never intended to give effect to the mandate of the newly introduced clause (5) to article 15dealing with admissions ..... freeand compulsory education a fundamental right, the constitution (eighty-third amendment ) bill, 1997 was introduced in the parliament to insert a new article, namely, article 21a conferring on all children in the age group of 6 to14 years the right to free and compulsory education. ..... this court held that the ceiling-limit of 50%, the concept of creamy layer and the compelling reasons, namely, backwardness, inadequacy of representation and overall administrative efficiency are all constitutional requirements without which the structure of equality .....

R.P. Moidutty Vs. P.T. Kunju Mohammad and anr.

Court : Supreme Court of India

Reported in : AIR2000SC388; JT1999(7)SC457; 1999(6)SCALE204; (2000)1SCC481

..... under section 83 of the act ordinarily it would suffice if the election petition contains a concise statement of the material facts relied on by the petitioner, but in the case of corrupt practice the election petition must set forth full particulars thereof including as full a statement as possible of (i) the names of the parties alleged to have committed such corrupt practice, (ii) the date, and (iii) place of the commission of each such practice. ..... the petitioner's pleading in this regard fails to satisfy the requirement of proviso to sub-section (1) of section 83 of the act as explained in azhar hussain's case (supra).19. ..... this appeal under section 116a of the representation of the people act, 1951 (hereinafter, the act, for short) has been preferred by the candidate who lost at the election and also in the election petition challenging the election of respondent no. ..... the affidavit filed by the petitioner in support of the election petition as required by rule 94 a also does not satisfy the requirement of proviso to sub-section (1) of section 83 of the act and form no. ..... the principal ingredient of sub-sections (3) and (3 a) of section 123 of the act is therefore missing. ..... according to the petitioner (appellant herein) the result of the election was materially affected and vitiated by the commission of corrupt practice within the meaning of sub-sections (3) and (3 a) of section 123 of the act by the respondent no. 1. .....