Judgment Search Results Home > Cases Phrase: insurance act 1938 4 of 1938 section 10 separation of accounts and funds Court: income tax appellate tribunal itat mumbai Page 1 of about 9 results (0.218 seconds)

Burlingtons' Exports Vs. Assistant Commissioner Of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD424(Mum.)

..... , the year immediately preceding the assessment year for which annual accounts are required to be prepared under the insurance act, 1938 (4 of 1938), or under that act, read with section 43 of the life insurance corporation act, 1956 (31 of 1956).on a bare reading of these provisions, one could say that the previous year is generally the financial year ..... be charged to tax. the letter dated 27-10-1986 and the share certificates were the evidence relied upon inviting our attention to section 34 of evidence act. section 45(4) of the act, according to him, applies only in two situations: (0 on dissolution and (ii) on retirement. on 7-10-1986, he submitted, neither ..... disjunctive of "on dissolution" and, consequently, the transfer of capital assets otherwise than by way of distribution on dissolution can also be covered by section 45(4) of the act, in our opinion, cannot be accepted. if that were the case, all transactions, whether by or between the firm, association of persons or body of .....

Kotak Mahindra Old Mutual Life Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... business" means "the business of effective contracts of insurance upon the human life, including ..... appeals) wherein the submissions made before the assessing officer were reiterated. the assessee also referred to provisions of section 27 of the insurance act, 1938 to contend that it had invested controlled funds comprising of shareholder funds in approved securities, hence, it had commenced the business ..... insurance business, the profits and gains of such person from that business shall be computed separately from its profits and gains from any other business. rule 7(iv) states that the life insurance business would mean "life insurance business is defined in section 2(11) of the insurance act, 1938". as per section 2(11) of the insurance act, 1938, "life insurance .....

imp Power Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... supposed to get their due salary and by deduction their contribution out of the salary with the obligation to deposit the same, employers act as trustees of the employees. if the employees contribution towards esic is not deposited in time, employee may not be able to get medical facilities, which he is legally entitled to, merely ..... the assessing officer that tax would be deducted at the time of final settlement of the bills. therefore, he confirmed the findings of the assessing officer.6.4 aggrieved by the decision of the commissioner (appeals), the assessee is in appeal before us.6.5 the learned counsel, appearing on behalf of the assessee, ..... and circumstances of the case the learned commissioner (appeals) was justified by upholding the disallowance of rs. 22,18,828 being employees contribution on account of delayed payments 4. that whether the learned commissioner (appeals) was justified by not saying a single word about ground no. 5 for disallowance of rs. 373 on account of penalty .....

inspecting Assistant Vs. British Pharmaceutical

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)39ITD105(Mum.)

..... orders from all over india through its 120 authorised stockists, sorting and packaging of goods received from b.p.l. and forwarding them to the stockists, undertaking insurance of goods in transit, collection of dues from stockists and servicing the customers. shri tandon took us through the sole selling agency agreement dated 16-2-1974 between ..... secured orders from customers, undertook to sort out the goods customer-wise, undertook the responsibility of securing payment of dues by customers and to pay rent, taxes, insurance of goods in transit and other charges for storage and disposal of the goods. in the case of bipco, the assessment order showed that the income by way ..... service and that the sole selling agreement dated 16-2-1974 was not actually acted upon. we have carefully considered both the statement of umakant h. sheth, partner of bipco sales corpn., recorded in the course of action under section 133a on 23-4-1985 and his cross-examination by dilip k. sheth on behalf of the .....

Ramesh Jayantilal Shah Vs. Additional First Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)12ITD622(Mum.)

..... that the deceased did have an interest in an accident policy. that was because of the provisions of the insurance contract. they would not apply to a policy, admittedly, covered under the married women's property act. we may also mention that certain english decisions in respect of premia paid are not applicable. the premiun ..... in ground no. 2 the question is, whether the premium paid in certain insurance policies within two years of the death could be considered as gift under section 9(i) of the estate duty act, 1953 ('the act'). the deceased had taken nine insurance policies for various amounts. the beneficiaries mentioned therein are his wife and children. ..... the corresponding provisions of section 4 of the uk finance act, 1894, before its amendments in 1969. the difference is that the second ingredient in section 34(3) was not present in the uk finance act. so, we have to consider further whether the insurance policies represent such properties as are covered by explanations 1 and 2 .....

Deputy Commissioner of Vs. Oman International Bank Saog

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD285(Mum.)

..... . then he referred to the latest decision of the hon'ble bombay high court in the case of cit v. general insurance corporation of india, (no.hon'ble bombay high court considered the provisions effective from 1-4-1989. according to him, it has been held therein that to the extent of exact requirement of writing off the concerned ..... ito v. anil h.rastogi [2003] 86 itd 193 (mum.) (tm) has taken the view that the deduction under section 36(1)(vii) of the income-tax act, 1961 (act) can be allowed if the assessee writes off the debt as irrecoverable in his books of account. according to this decision, it is not necessary for the assessee to ..... special bench decision is collective decision which has always more weightage than separate opinions given by different members at different point of time. similarly, as per the provisions of act, third member expresses his opinion which is binding on the regular bench which decides the case finally. such final order is of two members only. therefore, in our .....

Dy. Cit Vs. D.B.S. Financial Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 23, house tax should be allowed as deduction. in the case of mrs. niroben d. choksi (supra) the tribunal observed that service charges for common amenities including insurance of property are deductible. we may now refer to the cases cited by the learned dr.the case of indian city properties ltd. (supra) arose under the indian ..... possession of such property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882). explanation.-for the purpose of this sub-clause, a lease which provides for the extension of the term thereof by a further term or terms ..... ratio of this case which are reproduced below from the head-note of the report : the oil and natural gas commission had insured all their offshore oil and gas exploration and production operations with an indian insurance company. in respect of this risk, the appellant, a reinsurance broker, contacted a company in london who were brokers for placement .....

Mangalore Refinery and Vs. Dy. Director of Income-tax (it)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113ITD85(Mum.)

..... of which may not be income or profits of the recipient, such as payments to contractors and sub-contractors and the payment of insurance commission. it is true that in some cases, a trading receipt may contain a fraction of the sum as taxable income, but ..... deducted, then calling upon them to show as to why the provision of section 40(a)(i) of the income-tax act, 1961 ("the act" for short), should not be invoked in the assessee's case and why the entire interest paid outside india should not ..... . the purpose of sub-section (1) of section 195 is to see that the sum which is chargeable under section 4 of the act for levy and collection of income-tax, the payer should deduct income-tax thereon at the rates in force, if the ..... second fold of submission assessee has contended that its case is covered under explanation-2 to section 9(1)(vii) of the act. it has also been pleaded that drawings and designs were imported after getting approval from finance ministry for availing foreign currency loan .....

income-tax Officer Vs. Air India

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)10ITD120(Mum.)

..... assured may not abandon the damaged aircraft to the corporation'. but certain other rights the assured has not been (sic) abandoned. the addendum to the policy the insurer has waived the rights of subrogation against 'boeing aircraft company in connection with boeing 747 purchase and training agreements'. (the other terms of addendum are not relevant.) ..... .m. amin [1911] 82 itr 194 (guj.).11.8 there is intrinsic evidence within the statute that receipt of insurance claim is regarded as a special transaction. see clause (1) of explanation to section 32(1)(iii) of the act. authority cited was cit v. chugandas & co. [1960] 38 itr 241, 262 (bom.) as affirmed by ..... any financial gain as a result of the indemnity contract.11.4 there are various methods of providing indemnity to the insured, viz., cash payment, repairs, replacement and reinstatement. it is the insurer who has the right to select which method would be adopted. when the sum insured is paid, i.e., when cash payment method is adopted, .....

National Plastic Industries Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... retrospective and, therefore, the benefit of this amendment was not available to the defaults in deposit of employer's contribution towards pf and esic for the period before 1-4-2004.10. we have considered the rival submissions, material on record and orders of authorities below. admittedly, the assessee has deposited employees' ..... our considered opinion, the provisions of section 43b are not attracted in case of employees contribution towards pf and esic, therefore, time-limit cannot be extended beyond the due dates as prescribed in respective act. therefore, deduction for employees' contribution deposited belatedly but before the due date of filing of return cannot ..... contribution towards pf and esic after due date as prescribed under the respective legislations. as per the provisions of section 2(24)(x) of the act the employees .....