Court : Delhi
..... ashok manchanda, learned senior standing counsel appearing on behalf of the revenue, first traced the background to the changes brought about by the ia and the insurance regulatory development authority act, 1999 ( irda act ). mr. ..... under the existing provisions of section 44 of the income tax act, the profits and gains of any insurance business is computed in accordance with the rules contained in the first schedule to the act. ..... it states that, notwithstanding anything to the contrary contained in the act relating to the computation of income chargeable under different heads interest on securities , income from house property , capital gains or income from other sources , the profits and gains of any business of insurance shall be computed in accordance with rules contained in the first schedule of the act. ..... prior to this, while proposing deletion of clause (b) of rule 5 of the first schedule with effect from 1st april 1989, the explanation offered in the memorandum to the finance bill, 1988 was as under: liberalization of provisions in respect of taxation of profits and deduction of tax at source applicable to the general insurance corporation and its subsidiaries 17. ..... it is plain, from a reading of section 44 read with the first schedule of the act, that insurance companies are required to prepare accounts as per the ia and the regulations of the irda and not as per parts ii and iii of schedule vi of the companies act. .....
Tag this Judgment!Court : Delhi
..... ashok manchanda, learned senior standing counsel appearing on behalf of the revenue, first traced the background to the changes brought about by the ia and the insurance regulatory development authority act, 1999 ( irda act ). mr. ..... under the existing provisions of section 44 of the income tax act, the profits and gains of any insurance business is computed in accordance with the rules contained in the first schedule to the act. ..... it states that, notwithstanding anything to the contrary contained in the act relating to the computation of income chargeable under different heads interest on securities , income from house property , capital gains or income from other sources , the profits and gains of any business of insurance shall be computed in accordance with rules contained in the first schedule of the act. ..... prior to this, while proposing deletion of clause (b) of rule 5 of the first schedule with effect from 1st april 1989, the explanation offered in the memorandum to the finance bill, 1988 was as under: liberalization of provisions in respect of taxation of profits and deduction of tax at source applicable to the general insurance corporation and its subsidiaries 17. ..... it is plain, from a reading of section 44 read with the first schedule of the act, that insurance companies are required to prepare accounts as per the ia and the regulations of the irda and not as per parts ii and iii of schedule vi of the companies act. .....
Tag this Judgment!Court : Delhi
..... the profits and gains of any business of insurance other than life insurance shall be taken to be the profit before tax and appropriations as disclosed in the profit and loss account prepared in accordance with the provisions of the insurance act, 1938 (4 of 1938) or the rules made thereunder or the provisions of the insurance regulatory and development authority act, 1999 (4 of 1999) or the regulations made thereunder, subject to the following adjustments:- (a) subject to the other provisions of this rule, any expenditure or allowance including any amount debited to the profit and loss account either ..... in support of its contention, the assessee relied on paragraph seventeen of the memorandum explaining the provisions of the finance act, 1988 which reads as under: "(17) under the existing provisions of section 44 of the income tax act, the profits and gains of any insurance business is computed in accordance with the rules contained in the first schedule to the act. ..... 528 dated 16th december, 1988 explaining the provisions of the finance act 1988; (ii) cbdt circular being contrary to the legal position is not binding; and (iii) once income is credited to the profit and loss account no adjustment to the same was permitted as per rule 5 of the first schedule of the income-tax act, and that the tribunal had held so in the assessee's own case for ay 1990-91 (in ita no. .....
Tag this Judgment!Court : Karnataka
..... heard in accordance with the procedure laid down in the fifth schedule, if he (a) has violated the provisions of the insurance act, 1938 (4 of 1938), insurance regulatory and development authority of india act, 1999 (41 of 1999) or rules or regulations, made thereunder as amended from time to time; (b) acts in a manner prejudicial to the interests of the corporation or to the interests of its policyholders; (c) has failed to discharge his functions and failed to comply with the code of conduct as set out in regulation 8 and regulation 14, and directions issued by the authority from time to time, to the satisfaction of the competent ..... (1) an agent shall be paid as compensation and remuneration for the discharge of all his functions under these regulations, commission at the rates fixed for each product of assurance as approved by the competent authority on the first year premiums and renewal premiums received during the continuance of his agency in respect of the completed business under his agency. ..... regulation 4 deals with appointment of agents; agents may be appointed in any place for soliciting or procuring life insurance business including continuance, renewal or revival of policies of the corporation; regulation 10 deals with payment of commission to agents; an agent would be paid commission in discharge of his functions on the first year premiums and all such renewal premiums received during continuance of his agency. .....
Tag this Judgment!Court : Allahabad
..... the petitioner by this writ petition has prayed for quashing the notification dated 15.4.2011 issued by insurance regulatory and development authority (hereinafter referred to as the authority) exercising power vested in it under section 14(2) of the insurance regulatory and development authority act, 1999 (hereinafter referred to as the act) by which rates of premium applicable to motor third party liability insurance has been notified with effect from 25.4.2011. ..... another parliamentary enactment was made in the year 1999 namely the insurance regulatory and development authority act, 1999 for establishment of authority to protect the interest of holders of insurance policy to regulate, promote and ensure orderly growth of the insurance industry and matter connected therewith and further to amend the insurance act, 1938. ..... with reference to the first contention that the tariff was fixed by the irda and not by the tariff advisory committee is concerned the said argument fails to take into account the change in law and more particularly schedule i read with section 30 of the irda act, 1999. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
..... , thereafter, emphasized on the fact that the learned commissioner (appeals) had given a categorical finding that the assessee's business had been set up during the previous year after the grant of certificate of registration by the insurance regulatory and development authority on 10-1 -2001 and the department had not contested this finding of the learned commissioner (appeals), therefore, expenditure incurred by the assessee was allowable. ..... the learned counsel, appearing on behalf of the assessee, narrated the factual matrix of the case and ref erred to provisions of section 44 and first schedule to contend that assessee was engaged in the life insurance business as it had invested the funds in the approved securities as required as per the provisions of insurance act, 1938, although no policy was issued up to 31st march. ..... ) of 1999 for assessment year 1995-96, order dated 28-11-2001) and contended that all the activities undertaken by the assessee till the grant of registration by irda were similar to the activities undertaken by the share broker in the aforesaid case, hence, the ratio of this decision was squarely applicable and accordingly expenses incurred by the assessee after 10-1-2001 were allowable as deduction and if a loss was computed, the same was eligible to be set off and/or carry forward to the .....
Tag this Judgment!Court : Karnataka
..... query raised by the insurance regulatory authority by its communication dated 8-8-201.0 at annexure-'c where under it has called upon the petitioner to furnish proof of steps initiated for reducing the share capital from 1,84,28,000/- to rs.50,00,000/- the board of directors of the petitioner company in its meeting held on 1st june 2010 has resolved that pursuant to section 100 to 104 read with regulation 46 of table a to schedule i of the companies act and clause i of the articles of association of the company and subject to consent ..... the main object of the company is to many on the business of insurance broking which includes rendering consultancy to clients on insurance matters, suggestive risk improvement, providing all matters required by insurers/clients in assessing risk and assisting in the negotiation of claims in accordance with and to the extent permissible under the provisions contained in the insurance regulatorv and development authority (insurance brokers) regulations, 2002 under the powers conferred by irda 1999 and to carry on the business of soliciting and procuring general, life and health insurance business as brokers. ..... article i of articles of association as adopted by regulations contained in table 'a' in the first schedule to the companies act 1956 and schedule i of article 46 of table provides and authorise the company to reduce its share capital in any manner permitted by law.5. .....
Tag this Judgment!Court : Chhattisgarh State Consumer Disputes Redressal Commission SCDRC Raipur
..... photocopy of the regulation issued in 2002 by the insurance regulatory and development authority (protection of policy holder's interests) (hereinafter referred to as irda for short) but failed to point any clear mention in the said regulations to the effect that the period of grace would be one month but not less than 30 days in case of premiums payable, yearly, half-yearly or quarterly and if death occurs within this period and before the payment of the premium then due, even ..... charged to you either now or in future by the company and such amount so charged shall become due and payable in addition to the premium and such charge shall be subject to the same terms and conditions as applicable to payment of premium (ii) if any premium remains unpaid 15 days after the due date, we may lapse your policy with effect from the due date of the first unpaid premium, (iii) if premiums cease your policy may acquire ..... he also drew out attention to few photocopy of pages of the book modern law of insurance in india and tried to convince that as per provision of section 113 of the insurance act, as the premium was continuously paid for 3 years, the total aggregate sum mentioned in the policy was to ..... however on joint reading of the policy schedule and the standard policy provision, it may be inferred that as the date of commencement has been mentioned in the policy as 21.10.2005 and final premium due has been mentioned to be on 21.10.2019, so only by implication it may be said that due date for .....
Tag this Judgment!Court : Supreme Court of India
..... view of the state of affairs of the company, merely by reason of the fact that they do not disclose 34 (a) in the case of an insurance company, any matters which are not required to be disclosed by the insurance act, 1938 (4 of 1938), or the insurance regulatory and development authority act, 1999 (41 of 1999); (b) in the case of a banking company, any matters which are not required to be disclosed by the banking regulation act, 1949 (10 of 1949); (c) in the case of a company engaged in the generation or supply of electricity, any matters which are not ..... the company or companies, comply with the accounting standards notified under section 133 and shall be in the form or forms as may be provided for different class or classes of companies in schedule iii: provided that the items contained in such financial statements shall be in accordance with the accounting standards: provided further that nothing contained in this sub-section shall apply to any insurance or banking company or any company engaged in the generation or supply of ..... director who is charged by the board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of fifty thousand rupees.22 .....
Tag this Judgment!Court : Delhi
..... .(c) 8842/2018 page 35 of 52 specified by the regulations and such regulations shall apply uniformly to all the insurers carrying on the business of life insurance, general insurance, or health insurance or re-insurance in india on or after the commencement of the insurance regulatory and development authority act, 1999 ..... charge on any immovable property, plant or equipment of any company where either the book value or the market value, whichever is less, of such property, plant or equipment is more than three times the value of such debentures; (h) first debentures secured by a floating charge on all its assets of any company which has paid dividends on its ordinary shares for the five years immediately preceding or the six or seven years immediately preceding; five out of ..... property is free of all encumbrances; (o) loans on life interests, or on policies of life insurance within their surrender values issued by him or by an insurer whose business he has acquired and in respect of which business he has assumed liability; (p) life interests; (q) fixed deposits with banks included for the time being in the second schedule to the reserve bank of india act, 1934 (2 of 1934) or with co-operative societies registered under the indian co-operative societies act, 1912 (6 of 1912), or under any other law for .....
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