Court : Mumbai
Decided on : Sep-02-1985
Reported in : [1989]65CompCas710(Bom)
..... liability. for answering this question, we have to analyse and interpret section 45 of the insurance act, 1938, because section 43 of the life insurance corporation of india act, 1956, among other things, provides that section 45 of the insurance act shall apply to the corporation as it applies to any other insurer. section 45 of the insurance act reads as under :'45. policy not to be called in question on ground misstatement after two years. - no policy of life insurance effected before the commencement of this act shall, after the expiry of two years from the date of commencement of this act and no policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date ..... had set aside the judgment of the patna high court in the circumstances of that particular case. the circumstances there were that the deceased-assured had purchased three insurance policies. the wife of the deceased who was the nominee under the policies made an application for payment under the policies. the fact of death of the assured was formed by his wife to the agent and also to the development officer. the corporation refused to pay the sums assured under the policies on the grounds that the corporation had no knowledge about the death of the deceased and that since the premiums were received after the death the deceased, the policies stood lapsed. it .....
Tag this Judgment!Court : Mumbai
Decided on : Sep-02-1985
Reported in : AIR1986Bom412
..... this question we have to analyse and interpret s. 45 of the insurance act, 1938 because s. 43 of the life insurance corporation act, 1956, among other things, provides that s.45 of the insurance act shall apply to the corporation as it applies to any other insurer. section 45 of the insurance act reads as under :-'45 .policy not to be called in question on ground of misstatement after two years. no policy of life insurance effected before the commencement of this act shall after the expiry of two years from the date of commencement of this act and no policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date ..... had set aside the judgment of the patna high court in the circumstances of that particular case. the circumstances there were that the deceased-assured had purchased three insurance policies. the wife of the deceased who was the nominee under policies made an application for payment under the policies. the fact of the death of the assured was informed by his wife to the agent and also to the development officer. the corporation refused to pay the sums assured under the policies on the grounds that the corporation had no knowledge about the death of the deceased and that since the premiums were received after the death of the deceased the policies stood lapsed. it .....
Tag this Judgment!Court : Kerala
Decided on : May-27-1985
Reported in : AIR1986Ker86
..... life insurance corporation act, 1956, was amended by life insurance corporation (amendment) act, 1 of 1981, incorporating exts. p2 and p3 as rules under section 48(2)(cc) of the act, petitioners therefore challenge the validity of act 1 of 1981 also.2. the life insurance corporation (hereinafter referred to as the corporation) was constituted under the life insurance corporation act, 1956 (hereinafter referred to as the act). the life insurance business ofabout 243 companies was nationalised with effect from 1-9-1956 under the above enactment, which replaced its predecessor ordinance. chapter iv of the act consists of sections 7 - 17, which provide for transfer of existing life insurance business to the corporation. section 11 of the act ..... corporation and the terms and conditions of service of such employees or agents', and 'the terms and conditions of service of persons who havebecome employees of the corporation under sub-section (1) of section 11'. section 43 of the act provides that specific provisions of the insurance act which shall apply to the corporation as they applied to any other insurer.3. with the formation of the corporation to take over the entire life insurance business in the country, the services of staff employed by the erstwhile life insurance companies were transferred to the corporation under section 11 of the act ..... it to an administrative action nor by applying the standards applicable to administrative or executive actions. a rule or a regulation is as much .....
Tag this Judgment!Court : Kerala
Decided on : Aug-09-1985
Reported in : AIR1986Ker201; [1986]60CompCas445(Ker)
P.C. Balakrishna Menon, J.1. The plaintiff-appellant is the widow of Neelakanta Pillai, who died on 2-4-1974 at the age of 33 years. He was a Local Fund Auditor in the service of the State of Tamil Nadu. He had on 20-9-1973 made Ext B7 proposal for insurance on his life for a sum of Rs. 1,75,000/- to the defendant, the Life Insurance Corporation of India. Since his salary was not commensurate with the premium payable, the defendant-Corporation accepted the proposal for insurance on his life for a sum of Rs. 40,000/-. On the same day as Ext. B7, his wife the plaintiff made another proposal Ext. B8 for insurance on his life for a sum of Rs. 1,35,000/-. This proposal was accepted by the defendant. In both the policies the plaintiff is the nominee to receive payment when the policies mature.On the death of Neelakanta Pillai, the plaintiff demanded payment of the amounts due under the two policies. The defendant repudiated the policies as obtained by fraud and on suppression of material fac...
Tag this Judgment!Court : Kolkata
Decided on : May-02-1985
Reported in : (1986)54CTR(Cal)172,[1986]159ITR314(Cal)
1. In this reference under Section 256(1) of the Income-tax Act, 1961, for the assessment years 1971-72 and 1972-73, the following two questions of law have been referred:'1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee company which carried on business in general insurance and was assessable under Section 44 of the Income-tax Act, 1961, was entitled to relief under Section 80M ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was entitled to relief under Section 80M on the gross dividend without reducing the same by proportionate management expenses attributable to the earning of the dividend income ?' 2. The assessee, an insurance company, received dividend of Rs. 2,24,425 and claimed deduction under Section 80M on the gross dividend income. The Income-tax Officer, however, computed the proportionate managerial expenses of Rs. 1,35,025 as attri...
Tag this Judgment!Court : Supreme Court of India
Decided on : Jan-25-1985
Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686
..... or any person in a country outside india or any of the following financial institutions, namely: (a) a state financial corporation established under the state financial corporations act, 1951 (lxiii of 1951); (b) the industrial development bank of india, established under the industrial development bank of india act, 1964 (xix of 1964); (c) the madras industrial and investment corporation of india limited; (d) the re-finance corporation of industry ltd.; (e) the life insurance corporation of india established under the life insurance corporation act, (xxxi of 1956);.... (4) the resultant sum as determined under sub-rule (3) shall be diminished by (he ..... , an assessee must derive profits and gains from an industrial undertaking or ship or the business of a hotel to which the section must be applicable. it is not in dispute that the assessees who have approached the court have derived profits and gains from industrial undertakings set up by them and they qualify for relief under this section. 43. a plain reading of the section with reference to the language used therein clearly postulates that relief as contemplated in the section is to be allowed on the capital employed in the undertaking in the previous year, producing the profits and gains of the undertaking in the previous year. an undertaking might have had capital which .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Feb-11-1985
Reported in : (1988)ILLJ534AP
1. The petitioners in these six writ petitions are the employees of the Andhra Pradesh State Electricity Board belonging to various categories. W.P. No. 9772/83 is filed by 'Andhra Pradesh Power Diploma Engineers' Association' Similarly, W.P. No. 12298/84 is preferred by the A.P. State Electricity Board Employees' Union. The other four writ petitions are filed by individual employees. The grievance, however, is common, and arises from the manner in which the revised pay scales were fixed under B.P.Ms. No. 878, dated 5th October 1981 as modified by Board memo dated 11th October 1983.2. On 5th October 1981, a Memorandum of Settlement was arrived at and signed by the management and two Employees' Unions under Section 18(1) of the Industrial Disputes Act, read with Rule 64 of the A.P. Industrial Disputes Rules. Under this settlement, the Unions agreed to accept the offer of the management with regard to pay scales, quantum of Dearness Allowance, House Rent Allowance, City Compensatory Allo...
Tag this Judgment!Court : Mumbai
Decided on : Sep-23-1985
Reported in : (1986)52CTR(Bom)32; [1986]161ITR684(Bom); [1986]25TAXMAN29(Bom)
Bharucha, J.1. The question for consideration in this reference made at the instance of the Revenue under section 256(1) of the Income-tax Act, 1961, reads thus :'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the interim dividend of Rs. 7,50,000 should not be taken into account for the purpose of levying tax at the rate of 7.5 per cent. under the Finance Act, 1968, and consequently holding that dividend declared was only Rs. 8,00,000 as against Rs. 15,50,000 adopted by the Income-tax Officer ?'2. The assessee is a limited liability company. The assessment year with which we are concerned is the assessment year 1968-69, the corresponding previous year being the calendar year 1967.3. On June 29, 1967, the assessee declared at its annual general meeting a dividend of Rs. 8,00,000 in respect of the profits earned in 1966.4. On December 19, 1967, the assessee's directors at a board meeting exercised the powers conferred upon them unde...
Tag this Judgment!Court : Supreme Court of India
Decided on : Dec-19-1985
Reported in : AIR1986SC1370; [1986]59CompCas548(SC); (1986)1CompLJ91(SC); 1986(8)ECC189; 1985(2)SCALE1289; (1986)1SCC264; [1985]Supp3SCR909
..... national bank and take such action as may be necessary including cancellation of the authorisation granted under section 6 of the foreign exchange regulation act. in regard to costs, the union of india, the reserve bank of india and the life insurance corporation of india are certainly entitled to their costs. we do not see any reason why the company ..... the matter of failure of the punjab national bank to follow the relevant exchange control regulations would be taken up separately after a final decision was taken on the applications, that is, the applications of the overseas companies for permission to purchase shares. the report of the reserve bank of india which was sent along with their letter was not produced before the ..... further resolved that mr. charanjit singh, vice-president and secretary of the company be and is hereby authorised to give and send notices of the refusal to the transferors under section 111(2) of the companies act, 1956 and take such other steps as may be necessary and appropriate in the matter of the above resolution.the resolution was passed with all the 13 directors (out of total 15 ..... not mention what the attempts were that were made 'to intimidate and coerce the company to register the shares and to pre-empt the free and proper exercise on the board's discretion.'43. on 9.6.83, the board of directors of escorts ltd. considered the committee's report and passed a resolution refusing to register the transfer of shares. the resolution was in the following .....
Tag this Judgment!Court : Rajasthan
Decided on : Jul-25-1985
Reported in : 1985WLN(UC)525
P.K. Baneerjee, C.J.1. In this rule the petitioner challenges the order of dismissal passed by the Divisional Manager of the Life Insurance Corporation Jaipur and affirmed by the Appellate Authority i.e. the Zonal Manager. On August 13, 1975, a charge-sheet was given to the petitioner which is in the following terms:Charge SheetYou, Shri G.S. Satsangi, Development Officer (under suspension), Branch Office, Bikaner, are hereby charged for the following:1(a) That you introduced one Shri Ram Chander on 29-5-73 for opening the saving Bank Account No. 1193 in his name in the Union Bank of India, Bikaner without knowing him as per your written statement dated 25-4-75;(b) That inspite of your not knowing the said Ram Chander you had again attested on 29-12-73 his signature on his refund application for Rs. 348.80 though he was not physically present at the time of attestation, as per your written statement dated 25-4-75;You have thus caused the opening of the said Saving Bank Account in the n...
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