Court : Kolkata
Decided on : Jan-07-1981
Reported in : [1982]134ITR114(Cal)
..... preference shares. it will be relevant to set out the proviso as also the relevant provisions of the finance act, 1965, which are as follows : ' paragraph fin the case of every company, other than the life insurance corporation of india established under the life insurance corporation act, 1956 (xxxi of 1956),-- rate of income-taxon the whole of the total income 80 per cent.:provided that a rebate shall be ..... , the requirements of clause (b) of part ii-d of schedule i to the finance act, 1956, were satisfied. though the declaration of dividend was made under a direction under section 23a, it was actually covered by the second proviso to that section and the withdrawal of rebate on super-tax was, therefore, justified. 8. in this connection, reference is made to the observation ..... the division bench of the madras high court in the case of george oakes p. ltd. v. cit : [1966]60itr710(mad) . there clause (b) of section d of part ii of schedule i to the finance act, 1956, was to be attracted if there was a distribution of dividend during the previous year in excess of the six per cent. of the paid ..... also declared in compliance with the direction of the ito under section 23a and relating to the years 1949-50 and 1950-51. the ito proposed to withdraw the rebate on super-tax on the sum of rs. 68,750 under part ii-d(b) of schedule i of the finance act, 1956. the assessee contended that the withdrawal of rebate could not .....
Tag this Judgment!Court : Allahabad
Decided on : Aug-03-1981
Reported in : AIR1981All366
..... application are false the contract would be vitiated and become unenforceable in law. i do not see how this observation can in any way advance the case of the corporation. the law on this point is that contained in section 19 of the contract act. indeed, the position on this point has been explained by the supreme court in mithoolal nayak v. life insurance corporation ..... that the principle underlying the explanation to section 19 of the contract act was that 'a false representation, whether fraudulent or innocent, is irrelevant if ..... of india (air 1982 sc 814) which was also cited by the learned counsel for the life insurance corporation. it was said in that case ..... it has not induced the party towhom it is made to act upon it by entering into a contract.' but the .....
Tag this Judgment!Court : Delhi
Decided on : Aug-26-1981
Reported in : AIR1983Delhi291; ILR1981Delhi759
..... . (6) but as the act applies to private money lenders it applies to conglomerations of power. it applies to life insurance corporation with full rigour. true l.i.c. is an instrumentality of the state but nonetheless a mortgagee. it has advanced money to borrowers. these are debts. all 'debts' are covered by the definition of the term in section 7(1) whether secured of ..... on another question. that question is whether the principle of damdupat as enacted in section 30 of the punjab relief of indebtedness act, 1934 (the act) as extended to delhi applies to this suit. counsel! for the corporation says that section 30 of the acf has no application to the present suit. the corporation claims interest @ 7-1/2% p.a. with half yearly rests as provided ..... in the mortgage deed. the borrowers, on the other hand, contend that section 30 of the act forbids the court to pass a decree for a sum ..... debt irrespective of the fact whether he is an agriculturist or a menial or a person possessed of limited assets. the statutory definition given in section 7(2), the judges were at pains to point out, was' applicable only to the debt conciliation boards and the persons applying to them for the purposes of reduction of their debts. whether a. person was .....
Tag this Judgment!Court : Supreme Court of India
Decided on : May-08-1981
Reported in : AIR1981SC1395; 1981CriLJ871; [1981(43)FLR272]; (1981)IILLJ230SC; (1981)IILLJ231SC; 1981(1)SCALE919; (1981)3SCC431; [1981]3SCR864; 1981(13)LC803(SC)
..... trade in the public interest. or it may, by an act of legislature, establish, statutory corporations like the state trading corporation, life insurance corporation of india, the industrial finance corporation, the oil and natural gas commission etc., or it may set up government companies under section 617 of the companies act, 1956, like the hindustan steel limited etc. by no stretch of ..... imagination, could it be said that the appellant was employed in connection with the affairs of the union within the meaning of section ..... :the society does not have a statutory character like the oil and natural gas commission, or the life insurance corporation or industrial finance corporation. it is a society incorporated in accordance with the provisions of the societies registration act. the fact that the prime minister is the president or that the government appoints nominees to the ..... duty by the government; (b) in the service or pay of a local authority, a corporation established by or under a central, provincial or state act or a government company as defined in section 617 of the companies act, 1956.section 197. prosecution of judges and public servants.(1) when any person who is or was a .....
Tag this Judgment!Court : Orissa
Decided on : Nov-28-1981
Reported in : AIR1982Ori38; 53(1982)CLT57; (1982)ILLJ381Ori
..... pointed (at p. 1330) :--'..... the society does not have astatutory character like the oil and natural gas commission, or the life insurance corporation or industrial finance corporation. it is a society incorporated in accordance with the provisions of the societies registration act. the fact that the prime minister is the president or that the government appoints nominees to the governing body or that the ..... case.'on 30-12-1978, the same president informed the petitioner that with effect from the date of issue of the order petitioner was removed from service. challenge in this application is to the order of termination and petitioner has claimed consequential service benefits.2. opposite parties 1 and 2 have filed a common counter affidavit therein, it has been ..... service co-operative society limited (opposite party no. 1) -- hereafter referred to as the 'society' -- is a society within the meaning of section 2(k) of the orissa co-operative societies act, 1962 (hereafter referred to as the 'act') having its registered office at samasingha within the district of sambalpur. petitioner was appointed as secretary of the said society and was an ..... officer within the meaning of section 2 (g) of the act on 19-11-1978 the president of the society (opposite party no. 2) suspended the petitioner from service and directed him to hand over charge of his .....
Tag this Judgment!Court : Karnataka
Decided on : Jan-02-1981
Reported in : AIR1981Kant129; ILR1981KAR560; 1981(1)KarLJ528
..... a conflict of views. some high court have taken the view that deductions should not be given for the receipt of family pension, provident fund, insurance policy amount and the gratuity amount. they are in the following decisions:(a) life insurance corporation of india v. legal representatives of deceased. naranbhai muniabhai vadhi (1973acc cj 226 high court-.of guiarat): (air 1973 gui 216), regarding ..... life insurance amount and death cum retirement gratuity amount:(b) sood and company, kulu v. suriit kaur (1973 ace cj 414, high court of punjab and haryana). ..... . f.18. while considering the question of choosing a suitable method for assessing compensation, one important factor which the tribunal should bear in mind, is that under section 110-b of the motor vehicles act it is the 'just' compensation which is required to be awarded. two important approaches as to the methods adopted by the courts for assessing compensation are: (i ..... and the rate of interest prevailing, we propose to take '12' as the multiplier. multiplying, therefore, rs. 3.600/- by 12, we get the total loss of dependency at rs. 43,200/-. to this has to be added rs. 5,000/- towards loss to the estate of the deceased, rs. 3,000 towards loss of consortium and rs. 500/- towards taxi .....
Tag this Judgment!Court : Chennai
Decided on : Feb-10-1981
Reported in : AIR1982Mad83
..... agreed to keep the policy subsisting after its sale and the insurance company cannot be held liable under the policy for payment of compensation. in this context, it is also pertinent to refer to the following observations of goddard j. (as he then was) in peters v. general accident fire and life insurance corporation ltd., (1937) 4 all er 628, while dealing with the ..... question whether when a motor car insurance policy is transferred by the owner-vendor to a purchaser, there is an assignment of the policy:"i do not think that ..... the transferee. the following cases will clearly establish the above position. peters v. general accident and life assurance corporation ltd., (1937) 4 all er 628; mehtab singh s. jot singh v. national fire and general insurance co. ltd., ; bhoopathi v. vijayalakshmi,and oriental fire and general insurance co. ltd. v.vimal roy, . even the decision in smt. gulab baidamodar tapse v. peter k. sundar ..... the motor vehicles act. however having regard to the fact that we have held that the said sections are not applicable on the special facts of this case, we do not think that this is a fit and proper case for the grant of leave. the request for leave is rejected.15. by an interim order of this court, the insurance company was directed .....
Tag this Judgment!Court : Chennai
Decided on : Sep-09-1981
Reported in : (1982)31CTR(Mad)46; [1982]133ITR834(Mad)
..... the circumstances of the case, the sum of rs. 94,250, rs. 90,750 and rs. 65,035 being loans from the life insurance corporation of india secured on the mortgage of house property at no. 3, archbishop mathais avenue and life insurance policies are liable to be deducted for assessment years 1967-68, 1968-69 and 1969-70, respectively ?' 16. the format of the ..... from the lic (the life insurance corporation of india). the advance was made on the security of two items. the very house under construction was mortgaged to the lic. besides, the assessee was required to take a life policy for the amount and assign that policy as additional security for the house building advance. 3. under the w.t. act a life policy, not yet matured ..... it could be said that wealth-tax is not payable. if we cannot render such a finding as respects all the properties securing the debt, then the disallowance under the section will not apply. if, on the contrary, all the properties securing the debt are tax-exempt, then the wto would be justified in applying s. 2(m)(ii) and disallowing ..... no consequences the exempt nature of the other security for the debt, namely, the life policy. 7. this is not the first time a situation of this kind comes up before this court in connection with the application of s. 2(m)(ii) of the w.t. act. there is an earlier decision of a bench of this court in which the facts .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-19-1981
Reported in : 1982ACJ202; AIR1981Guj200; (1981)0GLR1161
..... (1) itself speaks of the volley required to be issued under clause (b) of sub-section (1) of section 95.'i may also refer to a judgment of the orissa high court in the case of life insurance corporation of india y. karthvani 1975 ace cj 226: (air 1916 orissa 21) the aforesaid madras decision was followed by the learned single judge of the orissa ..... offending truck which came in reverse without blowing horn and ran over the unfortunate victim. she succumbed to her injuries in a few hours. her son filed m. a. c. application no. 93 of 1975 before the motor accident claims tribunal at rajkot for being awarded a total of rs.9, 999/- on account of the accidental injuries caused to his ..... in that case effort will have to be made to find out from the terms of the insurance policy as to whether by any contract between the insured and insurance company, any wider risk is covered.8. so far as statutory provisions are concerned. section 95 (1) of the act provides for both requirements of the policy and limits of the habit relevant provisions of ..... accident must have originated during the time when the vehicle was used in a public place and if that fact is established, the further question whether such rash or negligent act may have injured innocent third party at a place which may not be a public place would not be strictly relevant for the purpose of deciding the statutory liability of .....
Tag this Judgment!Court : Chennai
Decided on : Feb-19-1981
Reported in : [1983]54CompCas608(Mad)
..... had agreed to keep the policy subsisting after its sale, the insurance company cannot be held liable under the policy for payment of compensation. in this context, it is also pertinent to refer to the following observations of goddard j. (as he then was), in peter v. general accident fire and life insurance corporation ltd. [1937] 4 all er 628 , while dealing with ..... the question whether when a motorcar insurance policy is transferred by the owner-vendor to a purchaser there is an assignment of the policy : 'i do not think that ..... by the owner of the vehicle in that case can be taken to be an application for transfer of the policy. (3) section 105 of the act had imposed a duty on the insurer to notify the registering authority of cancellation or suspension of the policy and the insurance company not having notified such cancellation or suspension of the policy to the registering authority ..... . the following cases will clearly establish the above position. peters v. general accident and life assurance corporation ltd. [1937] 4 all er 628; mehtab singh s. jot singh (s.) v. national fire and general insurance co. ltd., ; bhoopathy (m.) v. vijayalakshmi (m.s.) : air1966mad244 and oriental fire and general insurance co. ltd. v. vimal roy : air1973delhi115 . even the decision in smt. gulab bai .....
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