Judgment Search Results Home > Cases Phrase: insurance act 1938 4 of 1938 section 10 separation of accounts and funds Sorted by: recent Page 1 of about 1,365 results (0.287 seconds)

The General Assurance Society Ltd. Vs. the Life Insurance Corporation ...

Court : Supreme Court of India

Reported in : AIR1964SC892; [1964]5SCR125

..... be met by the learned attorney general by contending that the appellant showed the said assets and liabilities as part of the life insurance business in the balance-sheets duly approved by the controlled under the insurance act, 1938 (act no. 4 of 1938) and, therefore, it is precluded from questioning the correctness of the said balance-sheets. this contention takes us to the consideration of the ..... insurance act, 1938. sections 10(1) and 11 of the said act provide for separations of accounts and funds, and maintaining of account and balance-sheets for different .....

The Neptune Assurance Co. Ltd. Vs. the Life Insurance Corporation of I ...

Court : Supreme Court of India

Reported in : AIR1963SC900; [1963]33CompCas289(SC); [1963]48ITR144(SC); [1963]Supp(1)SCR980

..... exceed the amount of tax payable by him. 4. now a reference has to be made to s. 10 of the insurance act, 1938. under sub-s. (2) of this section an insurer carrying on business of life insurance had to carry to a separate fund, called the life insurance fund, all receipts due in respect of that business ..... and the assets of this fund have to be kept distinct and separate from all his other assets. sub-section (3) provides that the life insurance ..... kinds of business carried on by an insurer. as we have earlier shown, the insurance act treated the various kinds of insurance businesses carried on by an insurer separately. likewise the act of 1956 treated the life insurance business as some-thing separate from other kinds of business carried on by an insurer. we think that it would be .....

The Commissioner of Income-tax, Bombay City Vs. the Great Eastern Life ...

Court : Mumbai

Reported in : (1949)51BOMLR938

..... -valuation period ending before the year in which the assessment is to be made. insurance companies usually get out an actuarial valuation for a quinquennial or triennial period which is all that they are required to do by section 13 of the assurance act, 1938, and some statutory authority for treating the triennial or quinquennial valuation as the basis ..... no distinction between residents and non-residents. unless the rule applies to non-residents, they would lose the valuable privilege conferred by rule 8 : nor would rule 4 apply. furthermore rule 2(6) is the only rule which enables profits and gains to be computed on the annual average disclosed by an actuarial valuation made for ..... at under rule 2(a).9. the assessee then appealed to the appellate tribunal. in the memorandum of appeal objection was taken to the figure of rs. 4,57,424 being treated as gross external incomings and it was alleged that that figure in the revenue account did not represent an actual receipt of income, and .....

The Bank Of Rajasthan Ltd. Vs. Commissioner Of Income Tax

Court : Supreme Court of India

..... to establish that profits made on the sale of investments are taxable, for example, the dicta in the case of commissioners of inland revenue v. scottish automobile and general insurance co. [(1913 16) 6 tax cas. 381, at pp. 388, 389.]. , cannot now be relied on. it is well established, to cite the exact words ..... sanikatta salt owners' society in the bombay presidency for the time being registered under the cooperative societies act, 1912 (act 2 of 1912), the bombay cooperative societies act, 1925 (bombay act 7 of 1925), or the madras cooperative societies act, 1932 (madras act 6 of 1932), or the dividends or other payments received by the members of any such society ..... under the head business could not be carried forward from the preceding year to the succeeding year and set off under section 22(4) of the act against the income from securities held by the assessee.4. learned counsel for the assessee, on the other hand, contended that though for the purpose of computation of income, the income .....

Shri Vishal Ramesh Khatwani Vs. State Of Karnataka

Court : Karnataka

..... prevent undue delay in their disposal, the following protocol is proposed:18. 1. possession and sale of vehicles: vehicles involved in accidents that do not have insurance coverage, once taken into possession by the investigation officer (io), shall be held for a period of three months. after the expiration of this period, ..... : i) removal of encroachments on the footpaths, pavements. ii) regulating street vendors as per the street vendors (protection of livelihood and regulation of street vending) act, 2014 and the karnataka street vendors (protection of livelihood, regulation of street vending and licensing) scheme, 2020. iii) action to be taken in respect of ..... be obtained from the registered valuers wherever necessary). it shall accompany the p.f. memo when it is placed before the learned trial magistrate. 31 (4) trial magistrate shall verify the contents of mahazar with aforesaid details and personally examine the seized properties and satisfy that the seized properties are tallying with .....

Chief Commissioner Of Central Goods And Service Tax Vs. M/s Safari Ret ...

Court : Supreme Court of India

..... or hiring of motor vehicles, vessels or aircraft referred to in clause (a) or clause (aa) except when used for the purposes specified therein, life insurance and health insurance: provided that the input tax credit in respect of such goods or services or both shall be available where an inward supply of such goods or services or ..... passengers; or (c) imparting training on navigating such vessels; or (d) imparting training on flying such aircraft; (ii) for transportation of goods; (ab) services of general insurance, servicing, repair and maintenance in so far as they relate to motor vehicles, vessels or aircraft referred to in clause (a) or clause (aa): provided that the input tax ..... the sanitary fittings used in bathroom was plant. (3) for a building used for a hotel, specific provision is made granting additional depreciation under section 32(1)(v) of the act. (4) barclay, curle & co. case [(1969) 1 wlr675: (1969) 1 all er732: (1970) 76 itr62:1969. sc30:45. tc221(hl)]. decided by the house of .....

Union Of India Vs. Rajeev Bansal

Court : Supreme Court of India

..... it. without an assessment they have no support, and are nullities. the assessment is, therefore, the most important of all the proceedings in taxation, and the provisions to insure its accomplishing its office are commonly very full and particular. if there is no valid assessment, a tax on 33 elel hotels & investments ltd v. union of india, ..... of the old law ceased to operate from 1 april 2021; (iii) after 1 april 2021, any reference to the income tax act means the income tax act as amended by the finance act 2021; (iv) the time limits prescribed for issuing reassessment notices under section 149 operate retrospectively for three years for all situations and six years in case ..... section 148-a(a) is hereby dispensed with as a one-time measure vis- -vis those notices which have been issued under section 148 of the unamended act from 1-4-2021 till date, including those which have been quashed by the high courts. page 47 of 112 part a283. even otherwise as observed hereinabove holding any .....

M/s Sahaj Construction Vs. Union Of India

Court : Karnataka - Dharwad

..... . the government by notification did not specify a taxable person different from the recipient prescribed in section 5(3) of the igst act for the purposes of reverse charge; (iv) section 5(4) of the igst act enables the central government to specify a class of registered persons as the recipients, thereby conferring the power of creating a deeming fiction ..... of the principle of composite supply enshrined under section 2(30) read with section 8 of the cgst act. since the indian importer is liable to pay igst on the composite supply , comprising of supply of goods and supply of services of transportation, insurance, etc. in a cif contract, a separate levy on - 8 - nc:2024. khc-k: ..... 7583 wp no.200893 of 2024 the indian importer for the supply of services by the shipping line would be in violation of section 8 of the cgst act. 4.4. by relying on the above paragraph, he .....

Shoyeb Raja Vs. State Of Madhya Pradesh

Court : Supreme Court of India

..... power in recognition of these self-imposed, long-standing, and justified limitations, interference is to be made, more so, when a court, in arriving at its findings has acted perversely or otherwise improperly. [see: state of madras v. a. vaidyanatha iyer].8. this has been the consistently adopted position till date. [see: shahaja alias shahajan ismail ..... principle governing the application of section 34 has been captured thus in chhota ahirwar v. state of m.p.6: 24. section 34 is only attracted when a specific criminal act is done by several persons in furtherance of the common intention of all ..... the act, irrespective of its result, was done with the intention or knowledge and under circumstances mentioned in the section. therefore, it is not correct to acquit an accused of the charge under section 307 ipc merely because the injuries inflicted on the victim were in the nature of a simple hurt. (emphasis supplied) 11.4 the .....

Just Rights For Children Alliance Vs. S. Harish

Court : Supreme Court of India

..... ii. whether, mere viewing, possessing or storing of any child pornographic material is punishable under the pocso?. iii. what is the true scope of section 67b of the it act?. iv. what is the scope of section 30 of the pocso?. in, other words, what are the foundational facts necessary for invoking the statutory presumption of culpable mental state ..... section (1), shall, also include, its activities under this section, in the annual report referred to in section 16 of the commissions for protection of child rights act, 2005 (4 of 2006).248. we are of the considered view that the obligation of the appropriate government and the commission under section(s) 43 and 44 of the pocso ..... or unawareness must give rise to a corresponding reasonable and legitimate right or claim (3) the existence of such right or claim must be believed bonafide and (4) the purported act sought to be punished must take place on the strength of such right or claim. it is only when all the four of the above conditions are .....