Judgment Search Results Home > Cases Phrase: life insurance corporation act 1956 section 43 application of the insurance act Sorted by: old Year: 1991 Page 1 of about 80 results (0.148 seconds)

Godavari Sugar Mills Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1992]193ITR141(Bom)

D.R. Dhanuka, J. 1. The Income-tax Appellate Tribunal has referred the following question to this court under section 256(1) of the Income-tax Act, 1961 : 'Whether, on the facts and circumstances of the case, the Tribunal erred in law in withdrawing super tax rebate on the dividends of Rs. 13,89,000 and Rs. 7,82,500 paid by the applicants during the year under consideration for the accounting years 1948-49 and 1949-50, respectively, on the basis of the decision of the Bombay High Court under section 23A of the Indian Income-tax Act, 1922 ?' 2. The assessee is a company carrying on the business of manufacturing and sale of sugar. The relevant assessment year is 1965-66. The previous year ended on May 31, 1964. During the relevant assessment year, the assessee paid dividends of Rs. 13,89,000 and Rs. 7,82,500 to its shareholders pertaining to the accounting years 1948-49 and 1949-50. In respect of the accounting years 1948-49 and 1949-50, the Income-tax Officer had passed an order imposin...

industrial Development Bank of Vs. Dunlop Investments Pvt. Ltd. and

Court : Company Law Board CLB

..... party", as defined in the regulations, means a person who files an application or petition before a bench, the respondent, registrar of companies or the regional director and includes any person who has a right under the companies act, 1956, to make suggestions or objections.shri mukherjee pointed out that since the petitioners were not parties before this bench in the proceedings under section 111 of the companies act, 1956, and section 22a of the securities contracts (regulation) act, 1956, they have no right to make a review ..... industrial investment and development corporation who hold 18.48 and 43.92 per cent. of shares of the company respectively, shall be able to sell shares of the company in small lots through approved brokers up to one per cent. of the paid-up capital of the company each without making a reference to the company law board. the life insurance corporation, the industrial finance corporation of india and industrial development corporation of india, united india insurance company limited and nationalised ..... of funds. the sales are generally effected in the market in small lots through approved brokers at different centres. sales in bigger lots are made to investment institutions, mostly to the unit trust of india, life insurance corporation and the general insurance corporation through direct negotiation at their request. it is also mentioned that while dis investing shares in the market, care is taken that such shares do not disturb management control or .....

Smt. Godavari Devi Sehgal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)40ITD71(Delhi)

1. This appeal filed by the assessee is directed against the order dated December 19, 1988, passed by the Commissioner of Income-tax (Appeals) ["CIT (A)" for short].2. The only dispute arising in this appeal relates to disallowance of commission aggregating to Rs. 79,232 paid to Dr. B.N. Wahi and his son, Shri Diwakar Wahi. The assessee, an individual, carries on a business in purchase and sale of homoeopathic medicines under the name and style of Segal's Pharmacy, Chandni Chowk, Delhi. During the course of assessment proceedings, the Income-tax Officer noticed that the assessee's establishment consisted of 14 employees. All employees except Dr. B.N. Wahi were paid salaries besides bonus, unavailed leave benefits and commission. A sum of Rs. 90,539.86 was paid as commission to Dr. B.N. Wahi. In respect of payment of commission to Dr. B.N. Wahi, the assessee was required by the Income-tax Officer to produce supporting evidence in the form of any agreement for payment of a huge amount o...

income-tax Officer Vs. Smt. Kokilaben R. Chokshi

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)37ITD43(Ahd.)

1. This order shall dispose of revenue's appeal and assessee's cross objection, both directed against the appellate order of the CIT(A) dated 17-11-87, confirming part penalty levied under Section 271(1)(a) of the Income-tax Act, 1961 (the Act).2. The assessee, an individual, was required to file her return of income for A.Y. 1982-83 on or before 30-6-1992 but she filed the same on 29-10-1983. In answer to the notice issued by the ITO under Section 274 read with Section 271(1)(a) of the Act, the assessee replied that she had moved an application in Form No. 6 for extension of the date for furnishing return of income wherein she had stated that her shares of profit from the firms wherein she was a partner had not been received in time and, therefore, there was a sufficient cause for her to file the return late. The ITO rejected this explanation with the observations that the assessee had not produced copy of the application in Form No. 6. He further observed that the return had been fi...

Pawan Biscuit Company (P) Ltd. Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (1991)LC315Tri(Delhi)

The appellant carries on business of manufacturing and sale of biscuits. They obtained a licence No. FP/BIS/85 from the Central Excise authorities. They manufacture biscuits on their own behalf and also on job work basis. They entered into a job work agreement with Britania Inds. Ltd. (hereinafter called as BIL) and the said agreement is renewed from time to time. The agreement dated 15th December, 1986 is the agreement relevant for the purpose of deciding the dispute in this case. Under the agreement BIL supplies raw materials for the manufacture of branded biscuits. The appellants have to convert the raw material into biscuits bearing such brand names belonging to BIL. The appellants will be paid job work charges at a fixed rate per kg. which covers the cost and profit of the appellants. The appellants shall be responsible for compliance with the provision of the Central Excise Act and Rules framed thereunder and shall maintain separate accounts and records regarding the payment of ...

Harisinh Pratapsinh Chavda Vs. Chimanbhai J. Patel and ors.

Court : Gujarat

Reported in : AIR1991Guj115; (1991)1GLR667

ORDER1. This petition is filed by the petitioner who is the Chairman in the Gujarat Water Supply and Sewerage Board, Gandhinagar for an appropriate writ, direction or order for a declaration that the respondents have no jurisdiction to ask for resignation of the petitioner from the post of Chairman of the Board and permanently restraining them from shortening or curtailing his tenure before 3 years.2. The petitioner was appointed as the Chairman of the Gujarat Water Supply and Sewerage Board (hereinafter referred to as 'the Board) under S. 4(1) of the Gujarat Water Supply and Sewerage Board Act, 1978 (hereinafter referred to as 'the Act') by the Government of Gujarat vide Government Notification dated August 20, 1990, the terms and conditions of which are laid down in Government Notification dated September 10, 198 1. It is the case of the petitioner that he took over the charge of the office of the Chairman of the Board on August 21, 1990. According to the petitioner, he has been disc...

Omprakash Tulsiram Aggarwal and ors. Vs. Board of Trustees of the Port ...

Court : Mumbai

Reported in : 1991(2)BomCR594

S.M. Daud, J.1. This petition under Article 226 of the Constitution of India seeks the enforcement of a renewal clause incorporated in an indenture of lease dated 18th March, 1980.2. Petitioners are the trustees of a private Trust known as Tulsiram Devidayal Property Trust. The land described with sufficient precision in schedule `A' being an annexure to the petition was the subject matter of the lease deed dated 18th March, 1980 which indenture is to be found at Exh. C. The renewal clause appearing therein is worded as follows:-'Provided always and it is hereby declared that the said Lessor his successors or assigns shall at or before the expiration of the term granted by these present at the request and at the costs of the said Lessees their successors or assigns grant a new or renewed lease of the said lands presses Mill buildings hereditaments and premises hereby demised or any portion of the same to the Lessees their successors and assigns subject to the same conditions contained ...

R. Venkataswamy Naidu Vs. the Director, Enforcement Directorate, New D ...

Court : Chennai

Reported in : AIR1992Mad235; 1994(46)ECC38

ORDER1. The petitioner seeks a writ of declaration from this Court to declare that the transfer of interest held by the holding company, M/s. Snia Viscose, the fifth respondent company herein of its subsidiary company Sapina the 6th respondent herein in favour of M/s. Look Heath Properties Thirty limited, the 7th respondent herein, as viola-tive of Section 26(4) of the Foreign Exchange Regulation Act, 1973 and that the same is void in the absence of prior approval from the Reserve Bank of India.2. The short facts leading to the filing of the writ petition are: The petitioner is one of the promoters of the fourth respondent company, the South India Viscose Limited. The company was incorporated in the year 1957. The petitioner herein was on the Board of Directors till 31-7-1981 and was the Managing Director from the commencement of the company for nearly 24 years. He was also a shareholder of the company in the year 1981. The total 24.5% foreign shareholding was not held by the original ...

Himachal Road Transport Corporation Vs. Arvind Singh Mann and ors.

Court : Himachal Pradesh

Reported in : 1991ACJ825

Devinder Gupta, J.1. A common question of law, which arises for determination in these Letters Patent Appeals, is as to whether the payment made by the State Government under the Scheme known as 'Himachal Pradesh Scheme for the payment of ex gratia grant to a passenger' (hereinafter referred to as 'the Scheme'), previously known as 'Himachal Pradesh Passenger Insurance Scheme' framed by the State of Himachal Pradesh under Section 3-A of the Himachal Pradesh Passengers and Goods Taxation Act, 1955 (Act No. 15 of 1955) (hereinafter referred to as 'the Passengers and Goods Taxation Act') and the amount paid by the appellant, namely, the Himachal Road Transport Corporation, by way of interim relief immediately after an accident is liable to be deducted from out of the amount of compensation awarded by the Tribunal to the claimants under the provisions of the Motor Vehicles Act, 1939 (as replaced by Motor Vehicles Act, 1988) (hereinafter to be called as 'the Act').2. The State legislature e...

Raju Kakara Shetty Vs. Ramesh Prataprao Shirole and anr.

Court : Supreme Court of India

Reported in : (1991)93BOMLR122; JT1991(1)SC128; 1991(1)SCALE26; (1991)1SCC570; [1991]1SCR51; 1991(1)LC356(SC)

A.M. Ahmadi, J.1. This is a tenant's appeal by special leave directed against the judgment of the High Court of Maharashtra at Bombay whereby it confirmed the eviction order passed by the 6th Additional District Judge, Pune, in Civil Appeal No. 662 of 1988 in reversal of the order of dismissal of the suit passed by the Learned Additional Judge of the Court of Small Causes, Pune, in Civil Suit No. 348/85 on 30th April, 1988. The brief facts giving rise to this appeal are as under:On 5th February, 1976 the appellant executed a lease agreement in respect of a part of the ground floor of property bearing City Survey No. 1205/2/9 situate at Shivaji Nagar, Pune city, more particularly described in paragraph 1 of the said agreement. The said premises were taken on rent for the purposes of restaurant business on monthly rental basis. By Clause 3 of the agreement the appellant undertook to pay a total rent of Rs. 1,000 per month for the demised premises (Rs. 900 for the hotel portion and Rs. 10...