Court : Gujarat
Reported in : (1994)116CTR(Guj)82
..... sums upon trust to spend the same in taking out a deferred annuity policy with the norwich union life insurance society in the name of the trustees but on the life of the managing director of the assessee-company (mr. ..... 53,749 to the life insurance corporation of india for the purchase of deferred annuity ..... the directors of the assessee-company had no present right to the said sum, which was provided for making payment under the contract between the assessee and the life insurance corporation. ..... life insurance ..... be clear from the following observations made by the court (at page 219) : 'it may be noted that, in the amendment which was effected by the amendment of finance act, 1964, the word 'remuneration' was dropped from the relevant phrase giving an indication that the legislature did not intend to include cash emoluments in any of the words ' ..... apart from this, in that case, the court considered the provisions of section 40a(5) of the income-tax act, 1961, in the context of the fact that the assessee- ..... : [1960]38itr601(sc) 'another fact that emerges from these cases is that if the expense is incurred for fostering the business of another only or was made by way of distribution of profits or was wholly gratuitous or for some improper or ..... voted by the company for payment of gratuities and/or as compensation for loss of employment to existing directors and employees of the company with respect to their services up to and inclusive of march 31, 1956, and a further amount of rs. ..... 1956 .....
Tag this Judgment!Court : Gujarat
Reported in : (1994)1GLR296
..... only administrative functions and not judicial functions and he could not have the character of a 'court' for the purpose of invoking the provisions of the limitation act, 1963;(v) the fulfillment of the conditions, including the condition prescribing the time limit for asking for a reference under section 18 of the act, is a sine qua non for the exercise of the power by the collector to make a reference;and(vi) if the collector commits an error in making the reference ..... otherwise there it is not for them conclusively to decide whether that state of facts exists, and if they exercise the jurisdiction without its existence, what they do may be questioned, and it will be held that they have acted without jurisdiction, (ii) the legislature may intrust the tribunal or body with a jurisdiction, which includes the jurisdiction to determine whether the preliminary state of facts exists as well as the jurisdiction, on finding that it does exist, to proceed ..... : (1969)iillj711sc , the proposition, which emerges clearly, is that the limitation act applies only to applications to courts and its provisions cannot be enlarged to include within them applications to bodies other than courts, such as quasi judicial tribunals or even executive authorities.5. ..... the life insurance corporation of india and ors. ..... the life insurance corporation of india and ors. ..... the life insurance corporation of india and ors. ..... life insurance corporation of india : (1969)iillj711sc and sushila devi v. .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]99ITR179(Guj)
..... person that there was a clear prohibition against assignment under the policy of the aetna life insurance company in view of the following clause contained in the general provisions of the policy : 'change of beneficiary - unless the insured makes an irrevocable designation of beneficiary, the right to change the beneficiary, is reserved to the insured and the consent of the beneficiary or beneficiary shall not be requisite to surrender or ..... life insurance company covered by two accident insurance policies were liable to estate duty under section 5, 6, 14 or 15 of the estate duty act ..... on death by an accident to a pilot under the indian airlines corporation (flying crew) services rules was property which passed on death under section 6 of the estate duty act, and, therefore, liable to pay estate duty, by urging that these two cases were cases of compulsory gratuity schemes under which an employee was given an absolute right to the ..... aforesaid two sums paid under accident policies were not liable to be included in the dutiable estate of the deceased since no property passed under section 5 and/or section 6 of the said act because no property existed at or about the time of his death under an accident policy which is ex facie contingent in its nature and the contingency of accident being a chance pure ..... our attention was further invited to the provision as it emerged when the said bill was passed by parliament and became act on 6th october, 1953, to which the president accorded .....
Tag this Judgment!Court : Gujarat
Reported in : (1992)1GLR265
..... the petitioners are governed by the life insurance corporation of india (staff) regulations, 1960, which are framed by the corporation in exercise of its powers under section 49 of the life insurance corporation act, 1956. ..... from his duties without having obtained the permission of the competent authority nor shall he absent himself in case of sickness or accident without submitting a medical certificate to the competent authority provided that in case of unforeseen emergency, an employee may be allowed to avail of one casual leave without prior sanction subject to the condition that the competent authority is promptly advised of the circumstances in which sanction could not be obtained. ..... petitioners were serving as development officers in the life insurance corporation of india, the respondent no. ..... is also laid down that casual leave may normally be availed of only after getting sanction of the competent authority but one day's casual leave may be availed of without such prior sanction in case of unforeseen emergency provided that the competent authority is promptly advised of the circumstances in which prior sanction could not be obtained. ..... is clear from the plain reading of the provisions of regulation 30 and regulation 61 that one day's casual leave may be availed of without prior sanction only in case of unforeseen emergency. ..... obviously, therefore, there was no question of any unforeseen emergency and the petitioners were required to get their one day's casual leave sanctioned in .....
Tag this Judgment!Court : Gujarat
Reported in : [2001]247ITR828(Guj)
..... the petitioner-assessee was working as a development officer for the life insurance corporation of india and was in receipt of the incentive bonus, partly, in order to reimburse the expenditure required to be ..... of the assessee would not give rise to a right to the assessee to have filed a belated revision application for seven years and to claim certain deductions for the incentive bonus given by the life insurance corporation. ..... learned advocates appearing for the parties and considering the facts emerging from the record of the present case, it is clear that the respondent, commissioner of income-tax, while determining and deciding the revision under section 264 of the income-tax act had not given an opportunity of hearing. ..... time, in the assessment year 1982-83, contending that since part of the incentive bonus received is required to be spent for procuring business, part of the incentive bonus should be exempted under the provisions of the income-tax act. ..... 1982-83 came (o be recorded on december 22, 1983, and within a period of one month, the revision came to be filed on january 20, 1984, for the entire block of seven years by invoking the aid of the provisions of section 264 of the income-tax act. ..... 264 of the income-tax act, 1961 (the 'i. ..... act'), dated march 26, 1992, in respect ofthe assessment years 1975-76 to 1981-82 (7 years), whereby the revision application of the petitioner-assessee came to be rejected on the ground that it was barred by limitation, is legal, valid or .....
Tag this Judgment!Court : Gujarat
Reported in : 2002ACJ780; (2001)3GLR2528
..... a part of survival statute on account of the wrongful death, known in the english system, wherein, the tribunal or the authority or the court concerned is obliged to take into account variety of aspects including certain imponderables of life for making an estimation or justification for assessment of damages in terms of money so as to place the claimants, who are the heirs of the deceased, victim of tort in the same financial position as they would have ..... the amount of compensation claimed in each petition before the tribunal was also questioned, whereas the passenger matador party, like that, the owner-insured and the insurer also by filing written statement refuted their liability, inter alia, contending that the accident was the outcome of the gross rashness and sheer negligence on the part ..... negligence, breach of statutory duty or other act or omission which gives rise to liability in tort or would operate from the provisions of the act and give rise to the defence of contributory ..... it would be, now, appropriate to refer to the individual cases in the light of the facts and circumstances, emerging from the record of each case in view of the aforesaid legal settings and me principles governing the amount of compensation in fatal and personal ..... after having taken into consideration the overall picture emerging from the present case, nature of injuries, the amount of pain, shock and suffering, physical impairment sustained by the claimant, his age and avocation and the extent of .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)IIILLJ380Guj
..... petitioner also challenges the communication at annexure 'b' dated 22nd may 1989 sent by the respondent no.1 - life insurance corporation of india to the petitioner trade union informing it that its proposed 'uco bank employees' death benefits scheme' contravened the provisions of section 3 of the insurance act, 1938 and section 30 of the life insurance corporation act, 1956 and the notice dated 6-11-1989, at annexure 'd' to the petition, calling upon the petitioner to withdraw ..... the provisions of section 3 of the insurance act, 1938 and section 30 of the life insurance corporation act, 1956, refer to `life insurance business' and did not refer to `life insurance activities' ..... of the subject matter of 'insurance', the provisions of trade unions act, 1926 can have no bearing whatsoever and the provisions of the life insurance corporation act, 1956 would, in fact, be specific provisions which, in pith and substance, deal with the subject of life insurance. ..... old age, sickness, accident or unemployment of such members and on the issue of or undertaking of liability under policies of assurances on the lives of members or under the policy insuring the members against sickness, accident or unemployment, overrides the provisions of section 3 of the insurance act, 1938, because, the former was a special law while the latter was a general legislation, is not borne out from the provisions of section 15 of the trade unions act, 1926 and section 30 of the life insurance corporation act, 1956. .....
Tag this Judgment!Court : Gujarat
Reported in : 2004ACJ1657
..... the point of view of the insurer, should find its humble place under the category of 'miscellaneous insurance business', when it clearly merits recognition as a special type of insurance like life insurance, and a separate legislation like the irish legislation of health insurance act, 1994.14.1 section 18(1) of the act of 1972, inter alia, provided that the functions of the general insurance corporation shall include the carrying on of any part of the general insurance business, if it thinks it ..... fields and the option to renew the mediclaim policy given to the insured cannot be rendered meaningless by subjecting it to the consent of the insurer, except on the grounds vitiating the contract when the cover first incepts.34.3 a policy may be issued to cover a certain risk for a definite period at a stated premium without any provision for renewal, but more usually the policy is expressed to cover first ..... following aspects clearly emerge from the above clauses 1.1, 4.1, 4.2, 4.3 and 7 of the mediclaim insurance policy and clause 11 of the prospectus of the mediclaim insurance policy that : (i) the cover for the diseases which are not excluded from the first year of the cover would continue even in the renewal years if the renewal premium was paid in time; (ii) even if the insured contracts any disease which is ..... insurance corporation of india (gic) was formed in pursuance of section 9(1) of the act of 1972, and was incorporated on 22nd november 1972 under the companies act, 1956 .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)1GLR637; [2004]53SCL330(Guj)
..... from the point of view of the insurer, should find its humble place under the category of 'miscellaneous insurance business', when it clearly merits recognition as a special type of insurance like life insurance, and a separate legislation like the irish legislation of health insurance act, 1994.14.1 section 18(1) of the act of 1972, inter alia, provided that the functions of the general insurance corporation shall include the carrying on of any part of the general insurance business, if it thinks it desirable to ..... in different fields and the option to renew the mediclaim policy given to the insured cannot be rendered meaningless by subjecting it to the consent of the insurer, except on the grounds vitiating the contract when the cover first incepts.34.3 a policy may be issued to cover a certain risk for a definite period at a stated premium without any provisions for renewal, but more usually the policy is expressed to cover first a definite ..... following aspects clearly emerge from the above clauses 1.1, 4.1, 4.2, 4.3 and 7 of the mediclaim insurance policy and clause 11 of the prospectus of the mediclaim insurance policy that: (i) the cover for the diseases which are not excluded from the first year of the cover would continue even in the renewal years if the renewal premium was paid in time; (ii) even if the insured contracts any disease which is not excluded from the ..... 9(1) of the act of 1972, and was incorporated on 22nd november, 1972 under, the companies act, 1956, as a .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]131CompCas652(Guj); [2005(107)FLR951]; (2005)3GLR2019; [2006]68SCL311(Guj)
..... employees' state insurance act, 1948 (hereinafter referred to as 'the esi act') makes clear that any sum deducted by the principal employer from the wages under the act shall be deemed to have been entrusted to the principal employer by the employee for the purpose of paying the contribution in respect of which it was deducted and as the dues of the esi corporation would have priority over other debts under section-530 of the companies act, 1956 and as ..... over all other debts, but, if we look into the body of the section, it would clearly appear that these shall be deemed to be included among the debts which under section-530 of the companies act, 1956 are in distribution of the property/assets of the company being wound up, be paid in priority to all other debts, the amount due in respect of any contribution or any other amount payable under the esi ..... , reported in 2000(4) supreme today 5000 : 104 company cases 157, were on different footings; those were the cases where the supreme court was confronted with the provisions of the sales tax act and the supreme court had observed that the government dues shall or shall not have priority in the case of recovery over all other dues.in the present case, the question that which ..... corporation has been made for providing services to the employees, then, its officers should not sit tight in the ivory chambers, but, should walk on the roads, see the reality of life and suffer the heat of the day, and take an action against the defaulters. 7. .....
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