Court : Kolkata
Decided on : Apr-25-1969
Reported in : AIR1970Cal349,[1971]41CompCas477(Cal),[1971]80ITR108(Cal)
ORDERA.N. Sen, J.1. This application raises a question of law of some importance. The question is whether the Income-tax Authorities are competent to commence or continue an assessment proceeding against a company in liquidation without obtaining leave of Court.2. By an order made by this Court on the 16th of June, 1961, the company went into liquidation and the Official Liquidator was appointed Liquidator of the company. The company is now in the process of being wound up by this Court. The Official Liquidator of the company has been served with several notices of assessment in respect of the company by the Income-tax Authorities. He has been served with a notice under Section 142(1) of Income-tax Act, 1961 in respect of assessment year 1964-65 and he has also received notices under Section 143 of the Income-tax Act, 1961 in respect of assessment years 1965-68, 1966-67 and 1967-68. All these notices are in respect of periods subsequent to the date of the winding up order. These notice...
Tag this Judgment!Court : Kolkata
Decided on : Jan-29-1969
Reported in : AIR1970Cal193
K.L. Roy, J.1. This is a suit by the plaintiff firm against the Life Insurance Corporation of India for arrears of remuneration or in the alternative for damages in respect of an agreement Between the plaintiff firm and Aryya Insurance Company Limited. The case for the plaintiff is that on or about the 1st June. 1954 Aryya Insurance Company Limited appointed the plaintiff firm as its special representative for the purpose of introducing persons willing to act as insurance agents of the company. It was further agreed that on the acceptance by the company and appointment of any such persons as its agents the plaintiff guaranteed that insurance business worth at least Rupees five lacs annually would be procured by such agents yielding a premium collection of about Rs. 20,000/-, and in consideration thereof the plaintiff firm would be entitled to an allowance of Rs. 200/- per month and in addition a flat rate of commission of 65 per cent on the first year's premium collection including age...
Tag this Judgment!Court : Kolkata
Decided on : Apr-01-1969
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 : Mumbai
Decided on : Mar-17-1969
Reported in : (1969)71BOMLR577; 1969MhLJ921
Patel, J.1. This is an, appeal under Clause 15 of the Letters Patent against the judgment of Mr. Justice K. K. Desai dismissing the petition of the appellants filed on the Original Side.2. Respondent No. 1 in the present case is the Life Insurance Corporation _of India constituted under the Life Insurance Corporation Act, 1956 (hereinafter referred to as the Act of 1956) and has the monopoly of doing life insurance business in the country. Appellant No. 1 is a class III employee and appellant No. 2 is a class IV employee of respondent No. 1. On January 29, 1965, an agreement was entered into between the All India Insurance Employees Association and respondent No. 1 for a temporary increase in the dear-ness allowance with effect from August 1, 1964. By this agreement an additional amount of temporary dearness allowance equal to eight per cent, of the basic salary in respect of class IV employees governed by the Regulations, and equal to six per cent, of the basic salary in respect of cl...
Tag this Judgment!Court : Delhi
Decided on : Dec-22-1969
Reported in : ILR1970Delhi45
V.D. Misra, J. (1) These Letters Patent Appeals are directed against the judgment of Tatachari J., dismissing two writ petitions, filed by the appellant and Shrimati Maya Devi Chopra. This judgment will govern both the appeals. (2) Fact giving rise to the writ petitions may be briefly noted : Land comprising khasra No. 207 measuring two bighas and seven biswas, khasra No. 569/297 measuring four bighas ten bids was and khasra No. 570/297 measuring one bigha twelve biswas, situated in Kharera, District Delhi, was evacuee property. The Central Government issued a notification under Section 12 of the Displaced Persons (Compensation and Rehabilitation) Act No. 44 of 1954. It was duly auctioned by the Managing Officer on 4-7-1960 and 22-2-1961. Krishna Kumar Chopra and Shrimati Maya Devi Chopra, who were displaced persons, succeeded in buying the land. Krishan Kumar Chopra bought the land comprising khasra Nos. 207 and 569/297 while Maya Devi Chopra bought land comprising khasra No. 570/297....
Tag this Judgment!Court : Supreme Court of India
Decided on : Sep-08-1969
Reported in : AIR1970SC1244; [1970(20)FLR17]; (1970)ILLJ32SC; (1969)2SCC838; [1970]2SCR250
1. This appeal, by special leave, by the defendant-appellant, is directed against the decree and judgment, dated October 25, 1966 of the Allahabad High Court in Second Appeal No. 4275 of 1965 holding that the order, dated March 10, 1964 passed against the respondent dismissing him from service, is null and void and that he is entitled to be reinstated with full pay and emoluments.2. The respondent-plaintiff originally entered service with the appellant as a Technical Assistant in November 1958 and later he was promoted to the post of Warehouseman on October 15, 1959. He was confirmed in 1962 in the said post. Certain charges were framed against the respondent and pending the enquiry into those charges he was placed under suspension on September 9, 1963. After an enquiry the respondent was found A guilty and in consequence dismissed from service of the appellant by order dated March 10, 1964. The respondent instituted Civil Suit No. 201 of 1964 challenging the order of dismissal. Accord...
Tag this Judgment!Court : Andhra Pradesh
Decided on : Dec-27-1969
Reported in : [1971]79ITR333(AP)
Sriramulu, J.1. In this reference, made to this court at the instance of the Commissioner of Income-tax, Andhra Pradesh, Hyderabad, under Section 66(1) of the Indian Income-tax Act, 1922 (hereinafter referred to as the 'Act'), the following question of law arises for our consideration :' Whether, on the facts and in the circumstances of the case, the gratuity of Rs. 11 250 received by the assessee, on his retirement from the Life Insurance Corporation of India, in accordance with the Staff Regulations of 1960, is exempt from tax by virtue of the proviso to Explanation 2 of Sub-section (1) of Section 7 of the Indian Income-tax Act, 1922 '2. On his retirement from the Life Insurance Corporation of India, the assessee, Sri B. Gopalakrishna Murthy, in accordance with the Staff Regulations of the Life Insurance Corporation of India, received retirement gratuity of Rs. 11,250 from his employers. The Life Insurance Corporation of India deducted the tax at source on the payment of gratuity mad...
Tag this Judgment!Court : Supreme Court of India
Decided on : Sep-23-1969
Reported in : (1969)3SCC49; [1970]2SCR538
A.N. Grover, J.1. This is an appeal by certificate from a judgment of the Andhra Pradesh High Court given in a petition filed under Article 226 of the Constitution by the appellants.2. The facts may be stated. The previous Maharajah of the impartible estate of Pithapuram in East Godavari District granted a lease on June 22, 1887 in favour of his third wife late Rani Subbayyamma Bahadur in respect of lands in various villages covering an area of acres 2669.65 cents. The Rani executed a will on November 8, 1914 bequeathing all her property including the lease-hold rights to the first appellant and on her death he succeeded to her estate. On December 10, 1956 the first appellant transferred his lease-hold rights in acres 2519.63 cents to the second appellant and reserved to himself the rights in and over the remaining area of acres 150.52 cents. The third appellant is an assignee from the second appellant.3. On the enactment of the Madras Estates (Abolition & Conversion into Ryotwari) Act...
Tag this Judgment!Court : Andhra Pradesh
Decided on : Jun-27-1969
Reported in : AIR1970AP124
1. This is an application under Article 226 of the Constitution of India for the issue of a Writ of Certiorari to quash the order of the second respondent, Commissioner for Workmen Compensation, Andhra Pradesh, Hyderabad in W. C. Case No. 283 of 1966 dated 2-8-1967 overruling an objection as to the maintainability of the claim for compensation before him. The first respondent herein filed the application before him. The first respondent herein filed the application before the Commissioner for Workmen Compensation, Andhra Pradesh under, the provisions of the Workmen's Compensation Ac, being the legal representative of the deceased workmen employed under the petitioner. The petitioner herein raised an objection before the Commissioner questioning his jurisdiction to entertain the claim in view of Section 110 of the Motor Vehicles Act under which a Claims Tribunal (District Judge) was specifically constituted to adjudicate upon all claims for compensation arising out of accidents involvin...
Tag this Judgment!Court : US Supreme Court
Decided on : Dec-31-1969
Connecticut Mut. Life Ins. Co. v. Moore - 333 U.S. 541 (1969) U.S. Supreme Court Connecticut Mut. Life Ins. Co. v. Moore, 333 U.S. 541 (1948) Connecticut Mutual Life Insurance Co. v. Moore No. 337 Argued December 19, 1947 Decided larch 29, 1948 333 U.S. 541 APPEAL FROM THE COURT OF APPEALS OF NEW YORK Syllabus 1. As applied to policies of insurance issued by foreign corporations for delivery in New York on the lives of residents of New York, where the insured persons continue to be residents of New York and the beneficiaries are residents at the maturities of the policies, Article VII of the Abandoned Property Law of New York, requiring payment to the State of the monies held or owing by life insurance corporations and remaining unclaimed for seven years by the persons entitled thereto, does not impair the obligation of contracts within the meaning of Art. I, 10 of the Constitution. Pp. 333 U. S. 545 -548. 2. Nor does it deprive foreign insurance companies of their prope...
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