Judgment Search Results Home > Cases Phrase: principal interest taxes and insurance piti Court: supreme court of india Page 1 of about 1,958 results (0.184 seconds)

Secundrabad Club Etc. Vs. C.i.t-v Etc.

Court : Supreme Court of India

..... counsel at the outset referred to sub-section 24 of section 2 of the act which defines income tax and particularly clause (vii) which speaks about the profits and gains of any business of insurance carried on by a mutual insurance company or by a co-operative society, computed in accordance with section 44 or any surplus taken to be profits and gains by virtue of provisions contained in the first schedule of the act. ..... known about the judgment passed by a coordinate bench of that court in bangalore club holding that interest earned on fixed deposits in banks is liable to be taxed and that the principle of mutuality would not apply, possibly, the judgment in canara bank may have ..... club or towards the benefit of the members of the club directly but is invested with a third party who has the right to utilize the said funds, subject to payment of interest on it and repayment of the principal when desired by the club, then, in such an event, the club loses its control over the said funds. ..... aspect of profit motive cannot be attributed to clubs as the only intention behind depositing surplus funds of the clubs in a bank is a matter of prudence and the interest earned thereon along with the principal amount deposited would only be used for the benefit of the members of a club. ..... invested as fixed deposits in a bank and the bank has a right to utilize the said fixed deposit amounts for its banking business subject to repayment of the principal along with interest, then, the identity is lost. .....

V. Kala Bharathi and ors. Vs. the Oriental Ins.Co.Ltd.,br.Chitoor

Court : Supreme Court of India

..... , namely:- a) the number of the original suit; b) the names of the parties or where there are more than two plaintiffs or more than two defendants, as the case may be, the names of the first two plaintiffs and the first two defendants; c) how the money remitted is to be adjusted, that is to say, whether it is towards the principal, interest or costs; d) the number of the execution case of the court, where such case is pending ..... the appellants filed execution petition no.11 of 2003 on 06.06.2003 before the executing court / tribunal claiming an amount of rs.20,16,700/-, which claim was denied by the respondent insurance company on the ground that its liability to pay interest gets discharged when it deposits the award amount in full. ..... thus, relying on the principle of accrual method, the respondent insurance company claimed that since it satisfied the award amount in full, no more interest was payable and as per its calculation, only a sum of rs.36,650/- was liable to be paid, which was deposited on 29.07.2003.7. ..... after taking into consideration the amounts deposited by the respondent insurance company on different dates, its liability was fixed vide order dated 18.08.2004 to the extent of rs.17,70,657/- together with interest @ 12% p.a. ..... being aggrieved, the respondent insurance company filed an appeal under section 173 of the motor vehicles act, 1988 (for short, the act ) and to comply with the provisions contained therein, deposited a sum of rs.25,000/-. .....

Ved Prakash Garg Vs. Premi Devi and Others

Court : Supreme Court of India

Reported in : II(1997)ACC520; 1998ACJ1; AIR1997SC3854; [1997]90CompCas405(SC); JT1997(8)SC229; (1998)IMLJ17(SC); (1997)117PLR606; 1997(6)SCALE238; (1997)8SCC1; [1997]Supp4SCR250; 1997(2)

..... whether the phrase 'liability arising under the compensation act' as employed by the proviso to sub-section (1) of section 147 of the motor vehicles act and as found in proviso to clause (i) of sub-section (1) of section ii of the insurance policy, would cover only the principal amount of compensation as computed by the workmen's commissioner under the compensation act and made payable by the insured employer or whether it could also include interest and penalty as imposed on the insured employer under contingencies contemplated by section 4-a(3)(a) and (b) of the compensation act.14 ..... . it, therefore, cannot be said by the insurance company that when it is statutorily and even contractually liable to reimburse the employer qua his statutory liability to pay compensation to the claimants in case of such motor accidents to his workmen, the interest on the principal amount which almost automatically gets foisted upon him once the compensation amount is not paid within one month from the date it fell due, would not be a part of the insured liability of the employer ..... . there was an express exclusion clause qua this liability under the insurance policy and consequently the karnataka high court rightly came to the conclusion on the facts of that case that liability arising under section 4a(3) of the compensation act to pay interest on the principal amount as imposed on the insured was not required to be met by the insurance company .....

Kamla Chaturvedi Vs. National Insurance Co. and ors.

Court : Supreme Court of India

Reported in : 2009ACJ115; 2009(1)AWC509(SC); (2009)ILLJ542SC; (2009)153PLR354; (2009)1SCC487; 2009(2)SLJ232(SC)

..... it was held that the direction for payment of interest by the insurance company was not sustainable and it was held that the insurance company was not liable to pay any interest and if so advised the amount of interest could be recovered by the claimant from the employer ..... air1997sc3854 this court observed that the insurance company is liable to pay not only the principal amount of compensation payable by the insurer employer but also interest thereon if ordered by the commissioner to be paid by the insured, employee. ..... appeals were allowed and the awards of the commissioner under the compensation act insofar as they fastened the liability to pay the penalty and interest on the insurance company were set aside ..... it could not have been made liable to pay the amounts of penalties with interest thereon as ordered by the workmen's commissioner as these amounts of penal nature were awarded against the insured owner on account of his personal default as per section 4a(3) of the compensation act and for such default on the part of the insured the insurance company was not liable to reimburse the insured. ..... 41,984 and interest thereon was held payable by the insurance company to the claimants jointly and severally with the appellant- ..... however, the insurance company carried the matter in appeals before the high court and contended that the insurance company would be liable under the contract of insurance only to make good the claims for compensation so far as the principal amounts were concerned .....

Sardar Govindrao Mahadik and anr. Vs. Devi Sahai and ors.

Court : Supreme Court of India

Reported in : AIR1982SC989; 1982(1)SCALE191; (1982)1SCC237; [1982]2SCR186

..... is void against motilal because in the suit filed by motilal he had obtained an order of attachment before judgment of the suit property and this attachment before judgment would cover the right, title and interest of the mortgagor defendants in that suit and that any private sale inter vivos of the attached property would under section 64 of the cpc be void against the attaching creditor. ..... unhesitatingly reach the conclusion that the mortgagee has failed to prove that he did any act in furtherance of the contract, continued retention of possession being a circumstance of neutral character in the facts and circumstances of the case and it being further established to our satisfaction that the mortgagee was not willing to perform his part of the contract, it is clear that the mortgagee is not entitled to the benefit of the ..... been completed in the manner prescribed therefor by the law for the time being in force, the transferor or any person claiming under him shall be debarred from enforcing against the transfered and persons claiming under him any right in respect of the property of which the transferee has taken or continues in possession, other than a right expressly provided by the terms of the contract ..... the mortgagee devi sahai defended the suit on diverse grounds but the principal and the only defence canvassed was one under section 53a of the act, namely, that even though the sale deed purporting to sell equity of ..... the authorities that he would be liable to pay taxes as owner. .....

National Insurance Co. Ltd. Vs. Nathilal and ors.

Court : Supreme Court of India

Reported in : I(1999)ACC1; 1999ACJ657; AIR1999SC623; 1999(2)ALT21(SC); [1999]95CompCas276(SC); JT1998(8)SC572; (1999)121PLR560; 1998(6)SCALE578; (1999)1SCC552; 1999(1)LC125(SC)

..... weighed with the tribunal as well as with the high court, that one column was left blank in the insurance policy and, therefore, the case of the insurance company was that its liability was limited, cannot be accepted.7. ..... a specific agreement has to be arrived at between the owner and the insurance company and separate premium has to be paid on the amount of liability undertaken by the insurance company in this behalf. ..... award of the tribunal, in particular, the finding that the insurance company's liability was unlimited, the appellant-insurance company preferred an appeal to the rajasthan high court.5. ..... this appeal is preferred by the appellant-insurance company against the judgment and order dated 10.12.93 of the rajasthan high court ..... an order dated 24.10.94, while granting interim stay, directed the appellant-insurance company to deposit the entire award money in the tribunal. ..... of the insurance policy, which has been exhibited through the witness examined on behalf of the insurance company, clearly shows that the policy was in respect of seven passengers and one driver ..... comprehensive insurance of the vehicle and payment of higher premium on this score, however, do not mean that the limit of the liability with regard to third party risk becomes unlimited or higher than the statutory liability fixed under sub-sec. ..... the appellant-insurance company is permitted to withdraw the amount in deposit with accrued interest in view of its success ..... 2,44,000/- with interest at the rate of 12% .....

P. Venkatarama Reddy Vs. the Controller of Estate Duty

Court : Supreme Court of India

Reported in : AIR1998SC2463; JT1998(5)SC1; 1998(4)SCALE200; (1998)6SCC153; [1998]3SCR806

..... with two issues; (1) whether after the assignment of the here insurance policies by the deceased in favour of his grandchildren, it could be said that the deceased had any interest in the life insurance policies which passed on his death; and (2) if the three insurance policies are held to pass on the death of the deceased whether (i) each of the three insurance policies should be separately assessed to estate duty or (ii) the three insurance policies taken together should be separately assessed to estate duty or ..... (3) of section 34, however, provides as follows:'34(3): notwithstanding anything contained in sub-section (1) or subsection (2) any property passing in which the deceased never had an interest, not being a right or debt or benefit that is treated as property by virtue of the explanations to clause (15) of section 2, shall not be aggregated with any property, but shall be an estate by itself, and the estate duty shall be levied at the rate or rates applicable in respect of the principal value thereof.'22. ..... on the death of the deceased, all properties so passing in respect of which estate duty is leviable shall be aggregated so as to form one estate, and the duty shall be levied at the proper graduated rate on the principal value thereof:provided that any property so passing in which the deceased never had an interest shall not be aggregated with any other property, but shall be an estate by itself and the estate duty shall be levied at the proper graduate rate on the .....

Mrs. Helen C. Rebello and ors. Vs. Maharashtra State Road Transport Co ...

Court : Supreme Court of India

Reported in : II(1998)ACC512; 1999ACJ10; 1998VIIAD(SC)269; AIR1998SC3191; 1999(1)ALLMR670; [1999]95CompCas509(SC); (1999)1GLR322; JT1998(6)SC418; 1998(2)MPLJ563; RLW1999(1)SC126; 1998(5)

..... common law has treated this matter as one depending on justice, reasonableness and public policy.xxx xxx xxxas regards moneys comings to the plaintiff under a contract of insurance, i think that the real and substantial reason for disregarding them is that the plaintiff has bought them and that it would be unjust and unreasonable to hold that the money which he prudently spent on premiums and the benefits from it should enure to the benefit of the tortfeasor. ..... policy for variety of reasons, maybe, to secure the sum for himself as forced saving, maybe, as in india, for deduction towards his income-tax liability, to secure loan by himself in case needed on a meagre interest for building his residence or to secure sum in case of happening of the said contingencies etc. ..... we are ourselves unable to see how and why the policy amount or other amounts from income yielding assets, such as bank balances or interests thereon, or on fixed deposits, or dividends from shares and securities, left or settled by the deceased on the dependants, cannot be said to have come to the claimants by 'reason of the death' of the deceased and why it should not be balanced against the pecuniary losses caused by the death of the bread winner in terms of gobald ..... 74,939.05p with interest at the rate of six per cent per annum is payable ..... would have got the benefit of the premium money, if he had not spent it he would have had it in his possession at the time of the accident grossed up at compound interest.'22. .....

Deddappa and ors. Vs. the Branch Manager, National Insurance Co. Ltd.

Court : Supreme Court of India

Reported in : 2008ACJ581; AIR2008SC767; 2008(1)ALLMR(SC)968; 2008(1)ALT38(SC); 2008(1)KLT296(SC); (2008)2MLJ575(SC); (2008)149PLR775; RLW2008(2)SC1354; 2007(14)SCALE257; (2008)2SCC595; (2008)1SCC(Cri)517; 2008(1)LH(SC)64; 2008(4)LH(SC)2402; ILR2008(2)Kar1397; 2008(2)KCCR598; 2008(1)AIRKarR485

..... : (2006)iillj782sc , although in the context of the workmen compensation act, 1923, balasubramanyan, j opined:it is not brought to our notice that there is any other law enacted which stands in the way of an insurance company and the insured entering into a contract confining the obligation of the insurance company to indemnify to a particular head or to a particular amount when it relates to a claim for compensation to a third party arising under the workmen's compensation act. ..... unless one is in a position to void the exclusion clause concerning liability for interest and penalty imposed on the insured on account of his failure to comply with the requirements of the workmen's compensation act of 1923, the insurer cannot be made liable to the insured for those amounts.26. ..... on a construction of the contract in question it is clear that the insurer had not undertaken the liability for interest and penalty, but had undertaken to indemnify the employer only to reimburse the compensation the employer was liable to pay among other things under the workmen's compensation act. ..... in this situation, the obligation of the insurance company clearly stands limited and the relevant proviso providing for exclusion of liability for interest or penalty has to be given effect to. ..... the public interest in a situation of that nature and applying the principle of estoppel, this court held, would prevail over the interest of the insurance company. 20. .....

Swadeshi Cotton Mills Co. Ltd. Vs. Commissioner of Income-tax

Court : Supreme Court of India

Reported in : [1998]233ITR199(SC)

..... case : [1993]201itr684(sc) : [1993]201itr684(sc) , this court has considered the question whether the interest paid for delayed payment of sales tax under the bombay sales tax act, 1959, and damages paid for delayed payment of contribution under the employees' state insurance act were permissible deduction under section 37(1) of the income tax act, 1961 (hereinafter referred to as 'the act'). ..... the said amount comprises both the elements of penal levy as well as compensatory payment and that it will be for the authority under the act to decide with reference to the provisions of the employees' provident funds act, 1952 and the reasons given in the order imposing and quantifying the damages to determine what proportion should be treated as penal and what proportion as compensatory and that the entire sum can neither be considered as mere penalty nor as mere ..... this court has held that whenever any statutory impost paid by an assessee by way of damages or penalty or interest, is claimed as an allowable expenditure under section 37(1) of the. ..... 7,667 levied on the assessee under the central sales tax act could not be allowed as a deduction while computing the income of the assessee ?3 ..... 543 of 1977 (see : [1980]121itr747(all) : [1980]121itr747(all) ), where the four questions that were referred to the allahabad high court by the income-tax appellate tribunal (hereinafter referred to as 'the tribunal'), have been answered by the high court against the assessee and in favour of the revenue. .....