Court : Chennai
Decided on : Sep-20-1973
Reported in : [1974]97ITR546(Mad)
Ramaswami, J.1. In this reference under Section 256(1) of the Income-tax Act, 1961, the following question has been referred :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 76,306 was allowable as deduction in computing the profits and gains of the business for the year 1961 relevant to the assessment year 1962-63?'2. The assessee is a public limited company carrying on business in insurance. The accounting period adopted is the calendar year. Prior to the year 1956, the assessee was a composite insurance company carrying on business both in life and general insurance. With effect from January 19, 1956, the management of the life insurance or controlled business, on nationalisation vested in the Government who acted through a custodian. the Life Insurance Corporation was established with effect from September 1, 1956, and all the assets and liabilities pertaining to the controlled business of all the insurers th...
Tag this Judgment!Court : Chennai
Decided on : Sep-20-1973
Reported in : [1974]44CompCas254(Mad); [1974]94ITR323(Mad)
..... life insurance policy to which sections 38 and 39 of the insurance act are applicable. it may be seen that the definition of the words ' life insurance business ' does not cover a policy covering death by accident. section 38 also specifically mentions that a transfer or assignment of a policy of life insurance may be made only by an endorsement upon the policy or by a separate instrument. section 39 refers to ' nomination ' by the holder of a policy of life insurance. it is because of the distinction between a transfer of assignment and nomination made in sections 38 and 39, that a nomination in the case of a life insurance ..... division bench of this court in mohanavelu mudaliar v. indian insurance & banking corporation ltd., [1957] 27 comp. cas. 47 in relation to sections 38 and 39 of the insurance act. section 38(5) clearly states the effect of an assignment as that the ..... both the adoptive and the natural fathers. in this connection he also relied on an agreement dated may 19, 1956, executed between m.ct. muthiah and m.ct. pethachi, the two sons of the deceased, under which ..... 43 i.t.r, 19 the house of lords authoritatively held that the provisions are to be read as having concurrent application and not as mutually exclusive. section 1 of the finance act corresponds to section 5 and section 2(1)(a) and (d) of the finance act correspond to sections 6 and 15 of the estate duty act, 1953. section 5 imposes estate duty on the principal value of the property passing on death and sections .....
Tag this Judgment!Court : Chennai
Decided on : Mar-06-1973
Reported in : (1974)1MLJ71
ORDERRamaswami, J.1. These three Civil Miscellaneous Appeals arise out of three different petitions before the Employees' State Insurance Court, Madras. C.M. A. No. 12 of 1968 arises out of E.I.O.P. No. 36 of 1965 in which the Employees' State Insurance Corporation (hereinafter mentioned as the Corporation) claimed employees' contribution to the extent of RS. 3,593 for the period 1st April, 1961 to 27th March, 1965 against Messrs. Dhala Tanning Company, a company which was engaged in running a tannery. C.M.A. No. 191 of 1968 arises out of E.I.O.P. No. 6 of 1965 in which the Corporation claimed a total sum of Rs. 59,145 against Messrs. Gemini Studios by its proprietor, S.S. Vasan, as employees' contribution for the period 20th November, 1955 to 31st December, 1964. C.M.A. No. 192 of 1968 arises out of E.I.O.P. No. 35 of 1965 filed by the Corporation claiming a sum of Rs. 58,84.2 towards employees' contribution for the period 20th November, 1955 to 31st August, 1963 against Messrs. Vijay...
Tag this Judgment!Court : Chennai
Decided on : Jan-11-1973
Reported in : AIR1974Mad57
Raghavan, J.1. The defendants are the appellants. 2. The suit is for recovery of possession of the 'Hotel Oceanic' and its annexe 'Ratnagar' more fully described in Schedules 1 and 2 to the plaint, for recovery of Rupees 22,500/- as and for mesne profits for the period commencing from 12-7-1969 to 26-8-1969 (date of suit) and for future mesne profits at the rate of Rs. 15,000/- per month. The first plaintiff is the son of late M. S. Ramaswami Chettiar and the second plaintiff is the wife of the said Ramaswami Chettiar. The said Ramaswami Chettiar was the owner of the building 'Hotel Oceanic' and his wife, the second plaintiff, is the owner of 'Ratnagar' an annexe of Hotel Oceanic, at Madras. The said Ramaswami Chettiar was himself running a residential high class Hotel and Restaurant in the said Hotel Oceanic and its annexe Ratnagar which were fully furnished with fittings, furniture and equipment ever since the completion of its construction in or about 1954. In or about July, 1959, t...
Tag this Judgment!Court : Chennai
Decided on : Mar-01-1973
Reported in : (1974)1MLJ328
G. Ramanujam, J.1. The plaintiff, Nadar Mahajana Sangam is the appellant herein. It filed a suit against the defendant, the Madurai Municipality for a declaration that the enhancement of property tax from Rs. 1,426-50 to Rs. 3,282-39 per half year made in 1968 was invalid and for a permanent injunction restraining the Municipality from collecting the enhanced tax. Its case was that it was running a boarding and lodging house in East Masi Street, Madurai Town from 1965, that it is collecting a rent of Rs. 1 for a single room and Rs. 2 for a double room per day, that the Municipality originally levied and collected tax at Rs. 1,426-70 per half year based on the said rentals, that in 1968 the Municipality suddenly enhanced the tax to Rs. 4,416-08 for a half year, Which was however reduced by the Municipal Council to Rs. 3,282-39 and that the enhancement in tax from Rs. 1,426-50 to Rs. 3,282-39 is illegal and arbitrary. The plaintiff also questioned the validity of the assessment proceedin...
Tag this Judgment!Court : Chennai
Decided on : Apr-19-1973
Reported in : (1973)2MLJ212
..... insurance corporation. so also, the act cannot be attacked on the ground that it was not made for the preservation of public rights and it would be absurd to exclude the state from the liability as the state is intended for public good. the employees' state insurance act was passed for providing benefits to employees in case of sickness, maternity and employment injury and for making provisions for certain other matters. the state employing itself in the business of read transport, by virtue of section 43 (4) of the motor vehicles act ..... to the acquisition, holding and disposal of property. the present article 298 replaced the original article 298 by the constitution (seventh amendment) act, 1956. the amendment came into force on 1st november, 1956. the object of the amendment is stated as fellows : -to make it clear that the union government as well as the state governments, are competent ..... different theories are presented by the judicial attempts to describe the subject to which the expression would apply. one theory of public use limits the application to 'employment' -''occupation '. the more liberal and more flexible meaning makes it synonymous with ' public-advantages', public benefit. a little ..... the 1949 act, the governor-general's assent had been obtained as a matter of fact, and for every subsequent act extending its life, the assent of the president had been obtained, whether it was required or not. it has been suggested to us that the invalidity of the act with reference .....
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