Court : Chennai
Decided on : Nov-16-1994
Reported in : [1995]215ITR553(Mad)
..... 's share in the income of the firm, the period determined as the previous year for the assessment of the income of the firm; or vii. in respect of profits and gains from life insurance business, the year immediately preceding the assessment year for which annual accounts are required to be prepared under the insurance act, 1938, or under that act read with section 43 of the life insurance corporation act, 1956.' 9. the financial year immediately preceding the assessment year thus is the previous year for the purpose of section 139(1)(a) of the act and if the accounts of the assessee have been made up to a date within the said financial year, then, at the option of the assessee ..... the parties where at issue before the income-tax authorities was whether the sum of rs. 9,26,532 was assessable to tax as income received during the year of account 1945-46. that having been decided against the respondents, the tribunal referred on their application under section 66(1), the question whether the sum of rs. 9,26,532 was properly included in the assessee-company's total income for the assessment year 1946-47, and that was the very question which was argued and decided by the high court. thus it .....
Tag this Judgment!Court : Kolkata
Decided on : May-12-1994
Reported in : [1995]214ITR532(Cal)
..... assessed as such, then, in respect of the assessee's share in the income of the firm, the period determined as the previous year for the assessment of the income of the firm ; or (g) in respect of profits and gains from life insurance business, the year immediately preceding the assessment year for which annual accounts are required to be prepared under the insurance act, 1938 (4 of 1938), or under that act read with section 43 of the life insurance corporation act, 1956 (31'of 1956). (2) where an assessee has newly set up a business or profession in the said financial year and his accounts are made up to a date in the assessment year in respect of a period not ..... , an assessee has once exercised the option under clause (b) or sub-clause (ii) of clause (d) or sub-clause (i) of clause (e) of sub-section (1) or has once been assessed, then, he shall not, in respect of that source, or, as the case may be, business or profession, be entitled to vary the meaning of the expression 'previous year' as then applicable to him, except with the consent of the income-tax officer and upon such conditions as the income-tax officer may think fit to impose.' 10. the normal accounting .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Apr-21-1994
Reported in : [1998]94CompCas867(P& H); (1994)107PLR406
N.K. Sodhi, J. 1. Whether proceedings for the execution of an order creating a limited tenancy under Section 21 of the Delhi Rent Control Act, 1958 (hereinafter called 'the Rent Act') are 'other legal proceeding' within the meaning of Section 446(1) of the Companies, Act, 1956 (for short, 'the Act'), necessitating leave of the court for their continuance after the company has been ordered to be wound up and whether the Rent Controller before whom such proceedings are pending is 'a court' within the meaning of Section 446(3) of the Act so as to entitle this court to transfer the proceedings to its own file, are the two meaningful questions that arise for determination in this petition filed under Section 446 of the Act.2. Dr. S. P, Bhargava is the owner of the premises situate at 83, Anand Lok, New Delhi. As he did not require the premises for a limited period of two years he decided to let out the same for this period to Haryana Electro Steel Limited, a company incorporated under the p...
Tag this Judgment!Court : Gujarat
Decided on : Oct-19-1994
Reported in : [1995]213ITR560(Guj)
Susanta Chatterji, J.1. The Income-tax Appellate Tribunal, Ahmedabad Bench 'C' (hereinafter referred to as 'the Tribunal'), at the instance of the assessee has referred the following questions for the opinion of the High Court : 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the expenditure by way of interest of Rs. 82,283 paid on the borrowings of funds for constructing a factory for the manufacture of dye-stuffs was not a revenue expenditure ?'2. It appears from the materials on record that the assessee at the material time was a dealer in dyes. The assessee set up a factory for manufacturing dyes at different places. For the installation of the assets certain borrowing were made on which interest had been paid. The Income-tax Officer estimated the interest attributable to borrowings in installation of assets of Rs. 82,283 and disallowed the same treating the payment as of capital nature. Being aggrieved by this, an appeal was pref...
Tag this Judgment!Court : Supreme Court of India
Decided on : Sep-30-1994
Reported in : AIR1995SC189; [1995]82CompCas191(SC); JT1994(6)SC379; 1994(4)SCALE364; 1994Supp(3)SCC569; [1994]Supp4SCR87; 1995(1)LC200(SC)
ORDERS. Mohan, J.1. Leave granted.2. Life Insurance Corporation of India is the appellant.3. The Jabalpur Municipal Corporation formulated a scheme for the benefit of its employees known as Nagar Nigam Karamachari Privarik Kalyan Yojna. That scheme provided, in the event of death of an employee while in service a sum of Rs. 10.000 or Rs. 5,000 payable to the dependents, depending upon the rate of monthly contribution. If the monthly contribution was Rs. 10 the amount payable was Rs. 10,000 and where the monthly contribution was Rs. 5 the amount payable was Rs. 5,000. The scheme was also known as Family Benefit Fund Scheme. It was implemented with effect from 1.6.75 by effecting appropriate monthly deductions from the salaries of the employees. The payment of specified amount in terms of the scheme was also made to the retiring employees as also to the dependants of the employees who died while in service.4. While the scheme was in operation the question arose as to the validity of the ...
Tag this Judgment!Court : Supreme Court of India
Decided on : Feb-28-1994
Reported in : AIR1994SC2148; [1994(68)FLR791]; JT1994(2)SC183; (1994)IILLJ173SC; 1994(1)SCALE748; (1994)2SCC718; [1994]2SCR163; 1994(1)LC592(SC)
ORDERS. Mohan, J.1. Leave granted.2. The short facts leading to this civil appeal are as under :Life Insurance Corporation of India (hereinafter referred to as the Corporation') is the appellant in the civil appeal. It was established under the Life Insurance Corporation Act, 1956 (hereinafter referred to as 'the Act'). Section 49 of the said Act empowers the Corporation to make regulations with prior approval of the Central Government. In exercise of these powers, the Corporation has framed the Life Insurance Corporation of India (Staff) Regulations, 1960 providing for terms and conditions of service of the staff of the Corporation. Regulation 4 of the said Regulations empowers the Chairman of the Coporation to issue such instructions or directions as may be necessary to give effect and carry out instructions of the Corporation in order to secure effective control over the staff employed by the Corporation. The Chairman of the Corporation with the approval of the Board on 27.11.1979 i...
Tag this Judgment!Court : Supreme Court of India
Decided on : Jan-31-1994
Reported in : AIR1994SC1343; [1994(68)FLR443]; JT1994(1)SC281; (1994)ILLJ597SC; 1994(0)MPLJ415; 1994(1)SCALE264; (1994)2SCC323; [1994]1SCR433; 1994(3)SLJ206(SC); 1994(2)LC73(SC); (1994)1
ORDERN.P. Singh, J.1. This appeal has been filed against the judgment of the High Court, dismissing the writ application filed on behalf of the appellant for quashing the order of termination of his services, during the period of probation. 2. The appellants was appointed as Development Officer by the respondent. Life Insurance Corporation (hereinafter referred to as 'the Corporation'), on probation for a period of one year from 23.5.1984 to 22.5.1985. The period of probation of the appellant was extended for a further period of one year from 23.5.1985 to 22.5.1986. Clauses 3 to 5 of the order of appointment deal with the code of the conduct to be followed: Clauses 6 to 9 deal with tours, advance deposits, record of work and collection of premiums; Clause 10 deals with the minimum business that the appellant was expected to do during the period specified, Clause 11 deals with confirmation and is as follows: 11. CONFIRMATION AND INCREMENTS(i) On your satisfactorily completing the period...
Tag this Judgment!Court : Karnataka
Decided on : Jul-29-1994
Reported in : 1994(4)KarLJ452; (1995)IILLJ399Kant
ORDERTirath Singh Thakur, J.1. These three petitions involve near identical questions of law and fact and are therefore being disposed of by this common judgment.2. A few facts necessary for me disposal of these cases may be stated first:The Chief Engineer (General) of the respondent-Board by his order dated May 15, 1985 submitted a proposal to the Board that Three hundred and forty four posts of Assistant Engineers (Electrical) be upgraded as Assistant Ex.Engineers. This proposal was made in pursuance of a representation received by Board from the K.E.B.Engineers Association, suggesting such an upgradation, to remove stagnation faced by Assistant Engineers (Electrical) who had been working as such for 10 years or more. It was pointed out by the Chief Engineer that the proposed upgradation will not involve any additional financial burden for the Board because all those incumbents of the posts recommended for upgradation had been given the next higher grade (in time scale scheme) which ...
Tag this Judgment!Court : Karnataka
Decided on : Jul-29-1994
Reported in : ILR1994KAR2771; (1995)IILLJ399Kant
ORDERTirath Singh Thakur, J1. These three Petitions involve near identical questions of law and fact and are therefore being disposed of by this common Judgment.2. A few facts necessary for the disposal of these cases may be stated first:The Chief Engineer (General) of the respondent Board by his order dated 15th of May, 1985 submitted a proposal to the Board that Three hundred and forty four posts of Assistant Engineers (Electrical) be Up-graded as Assistant Executive Engineers. This proposal was made in pursuance of a representation received by Board from the K.E.B. Engineers Association, suggesting such an Up-gradation, to remove stagnation faced by Assistant Engineers (Electrical) who had been working as such for 10 years or more. It was pointed out by the Chief Engineer that the proposed Up-gradation will not involve any additional financial burden for the Board because, all those incumbents of the posts recommended for Up-gradation had been given the next higher grade (in time sc...
Tag this Judgment!Court : Allahabad
Decided on : Jan-05-1994
Reported in : [1994(68)FLR610]; (1994)IILLJ1136All; (1994)2UPLBEC1041
1. This instant special appeal is directed against the judgment dated July 24, 1992 passed by a learned single Judge in Writ Petition 7801 of 1990 (S/S).2. The relevant facts necessary for the disposal of the special appeal are stated.Rajeev Kumar Srivastava, hereinafter called the respondent, preferred a writ petition under Article 226 of the Constitution of India challenging alleged oral termination of his service by the appellants on the ground that they have not done so in accordance with the provisions of the Industrial Disputes Act. The respondent claimed that he is a workman as stipulated under the Industrial Disputes Act, that since June 12, 1989 the respondent had been working in the Life Insurance Corporation as a Clerk and he had been getting salary as such as a daily rated employee upto the month of June, 1990, that the respondent is getting salary from appellant No. 2, after getting applications from him. Some of the applications and vouchers had been attached as Annexures...
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