Court : Kolkata
Reported in : AIR1961Cal285
..... , on the 19th january, 1956 the life insurance (emergency commissions) ordinance, 1956 came into force nationalising life insurance business in india from the 20th january. 1956. after the nationalisation the petitioner continued as divisional superintendent under the custodian appointed by the ordinance. the life insurance corporation act, 1956 came into force on the 18th june, 1956, the appointed day being the 1st september, 1956. section 11 of the act made provisions for transfer of service of existing employees of insurance companies to the corporation. now on taking over, the life insurance corporation put the petitioner into the category of an inspector now called field officer. the petitioner complained that he deserved a better post and made an application to the patna ..... into a well-knit cadre within the life insurance corporation had been completed:'this task has now been completed. the case of each officer was gone into carefully on the basis of the rank assigned to him in the lists annexed to the report of the 'lall committee' as well as the quality of work of the officer as ascertained from the confidential reports obtained for the purpose. as desired by government, these decisions were submitted to them and their approval obtained before they were given effect to.'then he relies on page 43 of that report to show that under class i of the category .....
Tag this Judgment!Court : Kolkata
Reported in : [1971]80ITR408(Cal)
..... with reference to declaration of dividends or bonus shares in an earlier year.20. the relevant provisions of paragraph d of part ii of the first schedule to the finance act, 1959, is as follows :'in the case of the life insurance corporation of india established under the life insurance corporation act, 1956 (xxxi of 1956),-- rate of super-tax on the whole of its profits and gains from life insurance business 11% in the case of every other company,-- rate of super-tax on the whole of the total income 50% provided that,-- (i) a rebate at the ..... to the standing provisions of the act but the payability and the quantification of the tax depend on the passing and the application of the annual finance act, thus, income is chargeable to tax independent of the passing of the finance act but until the finance act is passed no tax can be actually levied.'15. the close connection between the income-tax act and finance act is further evident from the provisions of section 294 of the income-tax act of 1961 corresponding to section 67b of the act of 1922. section 294 runs thus :' ..... refer to a decision of the madras high court in papanasam mills co. (private) ltd., v. commissioner of income-tax, [1961] 43 i.t.r. 53 (mad.). the madras high court has said the provisions, of the second proviso to paragraph d of part ii of the first schedule to the finance act, 1956, which provide that the standard rebate in super-tax permissibe to a company under the first proviso to that paragraph shall be reduced .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1961Cal108
ORDERSinha, J.1. The facts in this case are shortly as follows: The petitioner was appointed with effect from the 10th January, 1956 as Chief Inspector of the Asiatic Government Security Lite and General Assurance Co. Ltd. He was on probation for a period of not less than one year from the date of his joining. The appointment was based on an annual contract of Rs. 10,00000/- completed business yielding a first year's premium income of not less than Rs. 25,000/-. The Life Insurance Corporation Act, 1956 which nationalised all life insurance business in India, came into force on the 1st September, 1956 as a result of which, the petitioner became an employee under the Life Insurance Corporation of India, in accordance with the provisions of the said Act. On the 21st November, 1956 it was intimated to him by a letter, a copy of which is annexure 'B' to the petition, that he was designated as 'Inspector', and would operate within the Calcutta Postal Zones. The letter contained the following...
Tag this Judgment!Court : Kolkata
Reported in : 2008(1)CHN807
..... funds which is a substantial amount. he submitted that under the trust in the event of a member and/or dependant granted the pension by purchase of assurance or annuity policy or policies of contract on the life insurance corporation of india. families of members are only entitled to pension in the event of a member dying before retirement. accordingly, once pension is provided by purchase of annuity from the fund to a pensioner, he ..... 23rd december, 2004 passed by the hon'ble first court whereby his lordship while disposing of the application under section 34 of the trusts act, 1882 (hereinafter referred to as the said act) was pleased to hold that the application under section 34 of the said act is maintainable. his lordship further held that the trust has to remain for payment of pension not only to ..... neither falls within the category mentioned in order 41 of the civil procedure code nor the same can be considered as a decree and as such does not fall under order 43 of the civil procedure code.5. the said order does not adjudicate right of any party nor determines any issue, therefore, cannot be termed as 'judgment' within the meaning ..... , comes to an end, or it can be declared as a resulting trust of the funds as suggested by mr. sarkar in the given facts.40. in our opinion, the decisions reported in air 1956 calcutta 281 (supra) and air 1959 sc 1049 (supra) cannot be a help to mr. sarkar in the facts and circumstances of this case.41. after considering the submissions made before .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1996Cal140
ORDER1. This is a suit for accounts and payment of the sums found due and owing by the defendant on the said accounts to the plaintiffs. Plaintiffs case is follows: The original plaintiffs Promode Ranjan Sarkar, Pabitra Ranjan Sarkar, Prafulla Ranjan Sarkar and Saroj Ranjan Sarkar are the brothers of Nalini Ranjan Sarkar, a Hindu governed by the Dayabhaga School of Law.2. On the 25th January, 1953, the said Nalini Ranjan Sarkar died intestate leaving him surviving the plaintiffs as his only heirs. The original defendant, Hindusthan Cooperative Insurance Society Ltd. at a meetingof its Board of Directors held in Calcutta on 12th August, 1940 resolved as follows: Resolution No. 6-- Re: Premises No. 237, Lower Circular Road, the house with all furniture and fittings, except those purchased by Mr. Sarkar himself (meaning thereby the said Nalini Ranjan Sarkar deceased) will as at present belong to the Society, (meaning thereby the Society) Mr. Sarkar having no title thereto or interest ther...
Tag this Judgment!Court : Kolkata
Reported in : AIR1996Cal417
ORDER1. This is a suit for recovery of Rs.44,958/- (Forty-four thousand nine hundred fifty-eight) only being the amount due and payable from 25th January, 1956 till 24th Jan. 1958 by the Hindusthan Cooperative Insurance Society Ltd., a company incorporated under the Indian Company's Act. By virtue of the provisions of the Life Insurance Corporation Act, 1956 (Act No. X 31 of 1956) the assets and liabilities of the said Hindusthan Co-operative Insurance Society Ltd. having been vested in the Life Insurance Corporation of India, the present defendant is said to be liable to pay to'the plaintiff the said sum of money.2. Plaintiff's case, shortly slated, is that Late Nalini Ranjan Sarkar predecessors-in-interest of the original and substituted plaintiffs was associated with Hindusthan Cooperative Insurance Society Ltd. and in consideration of his devoted and loyal service the said 'society at a meeting of its Board of Directors held in Calcutta on 12th Aug. 1940, resolved, inter alia, as f...
Tag this Judgment!Court : Kolkata
Reported in : AIR1963Cal364
Mitter, J.1. This is an application for a certificate for leave to appeal under Article 133(1)(c) of the Constitution of India against the judgment of a division bench of this court in appeal from Original Decree No. 424 of 1962.2. The matter arises out of a Parliamentary election held in February last. The petitioner was a candidate for a Parliamentary seat from 34 Burdwan Parliamentary constituency in West Bengal and was declared to have been elected as a member as a result of the election having polled the largest number of votes. The respondents 1 and 2 before us presented an election petition No. 111 of 1962 before the Election Commission challenging the election of the petitioner as void on several grounds. The respondent No. 3 before us is the unsuccessful candidate. It was alleged by the respondent that the petitioner, a partner of the firm of Messrs. G. Basil and Co., held several 'offices of profit' under the Government of India and the Government of West Bengal. The complain...
Tag this Judgment!Court : Kolkata
Reported in : 2007ACJ1441
Pratap Kumar Ray, J.1. Leave is granted to the appellant to take the point that the brother and sister of the victim since are not the legal heir due to existence of mother of victim as sole legal heir, accordingly, insurance company had no liability to pay the compensation to them.2. Heard the learned advocates appearing for the parties.3. A short question involved in this appeal as to whether in the application under Section 163-A of the Motor Vehicles Act, the brother and sister of the victim guided as per Hindu Succession Act, 1956, could be entitled to be the claimants due to existence of sole legal heir mother of victim, in view of the statutory provision as stipulated under Section 163-A of the said Act that the claim application should be filed by the 'legal heirs' of the victim and further on the point as to whether the learned Tribunal below was wrong to identify the multiplier to quantify compensation amount on the basis of the age of the victim. The answer of the aforesaid ...
Tag this Judgment!Court : Kolkata
Reported in : [1993]201ITR716(Cal)
Suhas Chandra Sen, J.1. The Tribunal has referred to this court the following questions of law under Section 256(2) of the Income-tax Act, 1961 :' 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that, for the purpose of computing the fair market value of the capital asset of the assessee under Section 55(2) Of the Income-tax Act, 1961, the surplus to be taken into consideration was 3V: per cent., which was the minimum permissible under Explanation 2 to paragraph 1 of Part A of the First Schedule to the Life Insurance Corporation Act, 1956, and not the surplus allocated by the assessee to the shareholder during the relevant period ? 2. Whether, on the facts and in the circumstances of the case and on a proper interpretation of Section 55(1)(b) of the Income-tax Act, 1961, the Tribunal was right in holding that there was improvement in the capital asset of the assessee after January 1, 1954 ? 3. Whether there was any evidence to support th...
Tag this Judgment!Court : Kolkata
Reported in : 1991ACJ813,AIR1991Cal55,[1991]72CompCas195(Cal)
ORDER1. The facts leading to this writ petition inter alia are that on or about 28th March, 1978 Smt. Radha Rani Singh since deceased, the wife of the writ petitioner took out two policies of Life Insurance bearing Nos. 33456592 and 33456593 each for Rs. 50,000/- from the defendant No. 1 and the petitioner was appointed the nominee under S. 39 of the Insurance Act in both the policies. The said policies were issued by the respondents after full and proper medical examination of the insured lady. In or about the last week of the month of Jan., 1984. The said Smt. Radha Rani Singh suddenly fell ill and on 28th Jan., 1984 she was admitted to the Calcutta Medical research Institute at 7/2, Diamond Harbour Road, Calcutta for treatment and on 29th Jan., 1984 she expired at the said Hospital. The said insured during her life-time had duly paid all insurance premiums which were payable up to the time of her death and by letter dt. 3rd Feb., 1984 the petitioner lodged his claim to the sums insu...
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