Court : Madhya Pradesh
Reported in : [1966]62ITR162(MP)
..... of the rules is as follows :'the profits and gains of any business of insurance other than life insurance shall be taken to be the balance of the profits disclosed by the annual accounts, copies of which are required under the insurance act, 1938, to be furnished to the controller of insurance after adjusting such balance so as to exclude from it any expenditure other than ..... in computing the profits and gains of the general insurance business of the assessee under of income-tax act, 1922 ?'the material facts are that the previous years of the aforesaid assessment years are the calendar years 1955, 1956 and 1957. in those years, the assessee-company carried on the business of insurance other than life insurance. the assessee did not always actually receive the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1967MP268
..... entry-49 of list-ii and not otherwise.10. in our judgment, this contention is not sound. it must first be noted that the m.p. municipal corporation act, 1966, has been enacted by the state legislature in exercise of iis powers under article 246(3), read with entry-5 of the state list of the ..... , is designed for local bodies only; and that the state legislature having delegated this power of taxation to the municipal corporations and councils by enacting the m.p. municipal corporation act, 1966, and the m. p. municipalities act, 1961. cannot now itself levy a tax on lands and buildings, and thus invade a municipal source of revenue. ..... the question whether the state legislature having, under section 132(1) and section 135 of the m.p municipal corporation act, 1956, empowered the indore municipal corporation to impose a tax on land and buildings and the said corporation having imposed that tax in exercise of that power, the state legislature could enact the impugned legislation imposing a tax .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1968MP47
..... plausible and rational under the circumstances.10. the next witness, durgaprasad varma (p.w. 2), an employee in the municipal corporation, gwalior, stated about the earlier incident between shivpuri and guna when the bus grazingly dashed against a crossing truck. even at ..... has gained anything due to the death of his wife. it is not the defendant's case that sudhakar received any insurance amount or got any property. under these circumstances, we would fix the compensation awardable to sudhakar kotasthane on account of ..... , ought to be based on the consideration so as to set off the disability suffered for the rest of the life. as regards the other injuries not resulting in permanent physical disability, we are of the opinion that lesser damages commen ..... he must prove a reasonable probability of pecuniary advantage. in that case the plaintiff claimed damages under the fatal accidents act, 1846, for the loss of his son, who was living with him and was killed while walking along the pavement .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1968MP215; 1968MPLJ707
..... , their lordships think, the only safe guide'. (page 167) in general accident fire & life assurance corporation ltd. v. janmahomed abdul.rahim air 1941 pc 6 the privy council again laid stress on such construction of provisions of the limitation act and recalled with approval the following passage from mitra's tagore law lectures (1932), vol. ..... that since the petitioner had raised the point that the applications filed by the respondent were not in accordance with the provisions of section 46 of the act and were, therefore, invalid, the state transport appellate authority had to decide the objection instead of remanding the case. this point had not been raised ..... decision and the order meaning the formal expression of the decision and reference was particularly made to the following passage: 'as under section 90 of the act, theelection tribunal is directed to try electionpetitions as nearly as may be in accordancewith the procedure applicable under thecode of civil procedure, it is the duty .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1969MP150; 1968MPLJ854
..... with misc. petition 537 of 1966. in those cases also, learned counsel sought to argue that there was non-compliance of section 20 of the road transport corporations act, 1950. the point has not been specifically taken in the petitions and cannot, therefore, be considered.60. in misc. petition no. 153 of 1966 the ..... section 68-d (2) and did not give them an effective opportunity of hearing. 3. that the road transport corporations act, 1950, under which the respondent-corporation was established, did not authorise the corporation to undertake any scheme of nationalisation of road transport or to publish any scheme under section 68-c of the motor ..... the successor chief ministers. a viable unit engaged in transport operation under ch. iv of the act cannot equate itself with a state transport undertaking under chapter iv-a. the corporation has been constituted under the road transport corporations act, 1950, for the purpose of providing an efficient, adequate, economical and properly co-ordinated a .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1969]72ITR657(MP); 1969MPLJ27
..... or for a substantial replacementof equipment: vide lord sands in commissioners of inland revenue v. granite city steamship company, [1927] 13 t.c. 1, 14.. in city of london contract corporation v. styles, [1887] 2 t.c. 239, 243, bowen l.j. observed as to the capital expenditure as follows : ' you do not use it ' for the purpose ..... rendered, cost of raw materials used for experimental work, and the royalties was allowable as a business expenditure under section 10(2)(xv) of the indian income-tax act, 1922. this case is also clearly distinguishable. as pointed out by the supreme court, the assessee, ciba of india ltd., did not, under the agreement become entitled ..... to some extent the view that the expenditure incurred by the assessee was a revenue expenditure which the assessee-company was entitled to deduct under section 37 of the act. in our opinion, the cases cited by the learned counsel for the assessee are not of much assistance and are clearly distinguishable. in british sugar . v. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1969MP114; 1969MPLJ166
..... there is considerable force in the argument of the learned counsel for the petitioners that the 'rules' are bye-laws. the state bank of india is a corporation and every corporation has the power to make bye-laws relative to the purposes for which it is constituted. in this connection it would be pertinent to refer to the ..... the reliefs claimed by them.10. in reply, shri mehta, learned counsel appearing for the respondent state bank of india did not dispute that the bank was a body corporate. he, however, submitted that the state bank of india (sub-accountants and head cashiers) service rules were not statutory rules and did not have any statutory effect; ..... nothing unreasonable in imposing on the head cashier liability for the faithful discharge of his duties by the person appointed or nominated and insure the bank against any losses that may be caused by any act, omission or negligence of such a person.20. clause 7 of the agreement prescribes the scale according to which a head cashier .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : 1969MPLJ295
..... 18. broadly stated the circumstances are three. the respondents first say that the petitioner-company was the managing agents of the investment corporation ltd., a company incorporated in 1948 under the jaipur companies act, 1942, having its registered office at pilani (hereinafter referred to as 'the pilani company'); in 1948 the board of directors ..... belonging to birla groupalone had the knowledge of actual facts because birla brothers (gwalior) ltd. was the managing agents of the petitioner-company. in 1958, investment corporation ltd., which had become pilani investments ltd., capitalised its premium and issued bonus shares. at the time the investment was made in the year 1948 only 33 ..... , in exercise of the powers conferred by clause (b) of section 237 of the companies act, 1956 (1 of 1956), read with notification of the government of india in the ministry of finance (department of company affairs and insurance) no. g.s.r. 72 dated the 1st january, 1966, the company law board hereby .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1970MP74; 1969MPLJ827
..... the court is not (sic) by the apparent tenor of the instrument; it is the real nature of the transaction which will determine the stamp duty. see, for instance, mortgage insurance corporation v. commissioner of inland revenue, (1888) 21 q.b.d. 352; inland revenue v. james john oliver, (1909) a.c. 427 and deddington steamship company, ltd. v. ..... in so many words it is recorded in it that by this document itself a partition was being effected. 7. the following principles govern the application of the stamp act to instruments:-- (i) the first is that duty is payable on the instrument and not on the transaction. the leading case on this point is commissioner of inland ..... its validation with the request that it be returned after the needful was done. 4. the collector, purporting to exercise his powers under section 40(l)(b) of the stamp act, passed an order directing the petitioner to pay rs. 1,350/- as stamp duty and rs. 13,500/- as penalty for validating the document. aggrieved by this order, .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1971MP5; 1970MPLJ1
..... of motor vehicles as a means of public and private transport on road, and its potentiality to endanger life and property, a complex form of insurance known as 'motor vehicles insurance' became evolved. initially, motor vehicles insurance was a kind of property insurance for the purpose of indemnifying the owner of the vehicle against loss or damage to it and its ..... provide a speedy and summary remedy to the third party. it may be mentioned here that in introducing bill no. 57 of 1955 of the motor vehicles (amendment) act no. 100 of 1956 in the lok sabha, shri lal bahadur shastri rendered the following statement of objects and reasons:-- 'the state governments are being empowered to ..... by the policy that right. (9) the claimant has the right to claim compensation not only from the insurer but also from the insured in a claim proceeding under chapter viii of the act. in that case, the insured is bound by the award made under section 110-b and is liable to pay the total amount of compensation .....
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