Judgment Search Results Home > Cases Phrase: principal interest taxes and insurance piti Sorted by: recent Court: mumbai Page 8 of about 1,718 results (0.068 seconds)

New India Assurance Co. Ltd. Vs. ParvIn Mohammed Gaus and ors.

Court : Mumbai

Reported in : 2005ACJ1956; [2005(104)FLR915]

..... the amount payable to the workman or his dependant can be classified under three heads:(i) amount of compensation in accordance with section 4 and schedule iv of the act;(ii) interest on the delayed payment;(iii) penalty to be determined by the commissioner, if there is no justification for the delay in the payment.it is not disputed by appellant that it had undertaken the obligation to indemnify ..... sub-section(3) of section 4a of the act provides that where the compensation is not paid in time and there is no justification for the delay, the commissioner would, in addition to the amount of arrears and interest, direct payment of further sum not exceeding fifty per cent of such amount by way of penalty. ..... of the specific clause in the insurance policy, it was held by karnataka high court that the insurance company was not liable to pay interest payable under section 4a(3)(a) of the ..... the policy of insurance contained a specific clause, which reads as under:'the company shall not be liable to pay interest and penalty, if any, awarded by workmen's compensation commissioner for failure to comply with provisions of the workmen's compensation act by the insured. ..... , not an authority for the proposition that an insurance company is never liable to pay interest payable under section 4a(3)(a) of the act. ..... (1)karlj158 , the learned counsel for the appellant submits that the appellant insurance company is also not liable to pay the amount of interest payable under section 4a(3)(a) of the act. .....

Bright Brothers Ltd. and Mr. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... company secretary of the assessee company against an order of adjudicator of a notice dated 4.4.2001, wherein demands of duty with interest and penalties and confiscation liability under rule 173q (2) was proposed alongwith penalty under rule 209a on the company secretary and have been confirmed as proposed on the grounds of short payment of duty due to incorrect valuation adopted for plastic moulded articles(herein after regards to as pha) supplied by the assessee company to m/s.kinetic ..... the matter is remitted back for redetermination of facts whether interest was paid by the assessee to the buyer or claimed and if so at what rate and whether the same at certain rate in facts herein could ..... therefore required to be set aside & matter remitted to the adjudicator, who should bring in the expert cost accountants opinion on the plea of cvd to be added or not as per costing principals and thereafter ascertain and rework the duty demands, if any. ..... iind force in the submission of the learned dr that tushar naik, the company secretary in his statement dated 13.08.99 has admitted that clearing, forwarding charges, insurance & transport charges etc were not included. ..... cleared were also manufactured by using moulds and dies purchased from the market from interest-free advances given by kmcl. ..... e) the demand on notional interest on the credit availed by the assessee, cannot be added to the value, no principle of accounting and or costing has been shown to us or relied by adjudicator to arrive .....

Grindwell Norton Ltd. Vs. Dy. Cit

Court : Mumbai

Reported in : (2004)85TTJ(Mumbai)389

..... the object of advancing of money was to provide finance for a company in which the assessee was substantially interested, the debt must be regarded as directly springing from its business activity and the connection could not be considered too remote for the purpose of the allowance as a trading debt. ..... as a general rule, the principle of res judicata is not applicable to decisions of income-tax authorities, an assessment for a particular year is final and conclusive between the parties only in relation to that year. ..... honble supreme court has held that section 10(2) of the indian income tax act, 1922, enumerates various items which are admissible as deductions but they are not exhaustive of all allowances which could be made in ascertaining the profits of a business taxable under section ..... the assessee did make claim under section 28 of the income tax act, 1961 (hereinafter referred to as the act), on the ground that this was a bona fide business loss, which had to be allowed as deduction in computation of assessees income from ..... the claim had been made under section 28 of the income tax act, 1961, on the ground that this was a bona fide business loss which had to be allowed as deduction in computation of assessees income ..... such a proposition is totally contrary to the scheme of the income tax act which under section 72 did not permit for the assessment year under appeal even set off of loss carried forward by the assessee from one business against the profit of another business, .....

Grindwell Norton Ltd. Vs. the Dcit, Spl. Rg. 23

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD412(Mum.)

..... if the object of advancing of money was to provide finance for a company in which the assessee was substantially interested, the debt must be regarded as directly springing from its business activity and the connection could not be considered too remote for the purpose of the allowance as a trading debt. ..... supreme court has held that strictly speaking, res judicata does not apply to income-tax proceedings.though, each assessment year being a unit, what was decided in one year might not apply in the following year; where a fundamental aspect permeating through the different assessment years has been found as a fact one way or the other and parties have allowed that position to be sustained by not challenging the order, it would not ..... because as a general rule the principle of res judicata is not applicable to decisions of income-tax authorities, an assessment for a particular year is final and conclusive between the parties only in relation to that year. ..... hon'ble supreme court has held that section 10(2) of the indian income tax act, 1922, enumerates various items which are admissible as deductions but they are not exhaustive of all allowances which could be made in ascertaining to profits of a business taxable under section 10(1). ..... the assessee did make claim under section 28 of the income tax act, 1961 (hereinafter called the act), on the ground that this was a bona fide business loss, which had to be allowed as deduction in computation of assessee's income from business. .....

Pune District Central Co-operative Bank Limited Vs. Shivajirao Dinkarr ...

Court : Mumbai

Reported in : 2005(1)ALLMR86; 2004(6)BomCR33; [2005(104)FLR238]; (2005)ILLJ838Bom; 2004(4)MhLj859

..... according to the learned advocate, by the resolution of 3.2.1997, the board of directors resolved in principle to introduce a group gratuity scheme which was available with the life insurance corporation and this decision was taken in view of the current situation as well as the proposed amendment to the act under which the ceiling for payment of gratuity was to be raised to ..... commissioner of income-tax, pune had accorded approval to the scheme of gratuity known as the pune district central cooperative bank limited employees group gratuity cum life insurance scheme. ..... he further submits that the respondent-workman had submitted an application to the bank in the prescribed form and therefore, the bank was expected to deposit the amount within one month in court or to make the payment to the respondent ..... the petitioner-bank has also been directed to pay further interest of 10% if the amounts were not paid within 30 days as ..... then resolved to make a deposit of this amount in instalments with the life insurance corporation towards the group gratuity scheme. ..... the learned advocate for the respondent-workman, submits that the petitioner-bank has not depicted a true picture in its written statement and had in fact suppressed the fact that it had resolved on 3.2.1997 to pay gratuity in excess of rs. ..... the commissioner of income tax, pune, also accorded approval for the scheme only from 1.4.1997 and therefore, the respondent could not be entitled to payment of gratuity having retired prior that .....

Shri Laxman Khandu Shinde Vs. the Managing Director, Vasantdada Shetka ...

Court : Mumbai

Reported in : III(2004)ACC644; 2005ACJ1387; 2004(4)ALLMR323; 2004(4)BomCR524; (2005)107BOMLR893; [2005(104)FLR242]; 2004(4)MhLj816

..... on a perusal of the judgment and order of the commissioner, i find that the commissioner has rightly concluded that the karkhana is entitled to recover the compensation paid by them to the deceased as principal employer from the insurance company. ..... the commissioner came to the conclusion that the karkhana is entitled to be indemnified by both the contractor, that is the appellant herein, and the insurance company and that the insurance company were jointly and severally liable to indemnify the karkhana. ..... the defence taken by the insurance company was that they were not liable to indemnify the appellant since the karkhana as a principal employer had already deposited the amount ..... the main grievance made in the appeal is that when admittedly the truck was insured and the policy covered the driver, the karkhana ought to have been indemnified only by the insurance company and not by the appellant. ..... 45,000/- which has already been paid by the appellant to the karkhana and further the insurance company be directed to pay the balance amount of rs. ..... ingale, learned advocate for the appellant, if the vehicle is insured, the liability and responsibility is cast on the insurance company to indemnify the karkhana. ..... the insurance company shall also pay interest as awarded by the commissioner to the karkhana as there is nothing on record to indicate that the insurance policy did not cover the liability towards payment of interest. ..... 62,588/- alongwith 9% simple interest from 1.4.1992 till the deposit. .....

Manorama Wd/O Vijay Dankhade and ors. Vs. Lukmanshah Kasamshah and ors ...

Court : Mumbai

Reported in : I(2005)ACC622; 2006ACJ820; 2004(4)ALLMR201; (2005)107BOMLR862; 2005(1)MhLj65

..... 50,000/- paid by the insurance company under section 140 shall be deducted from the principal amount as on the date of its payment and interest shall be recalculated on the balance amount of the principal sum from such date.21. ..... taking reasonable steps to secure medical attention as required under clause (a), at the nearest police station as soon as possible, and in any case within twenty-four hours of the occurrence;[(c) give the following information in writing to the insurer, who has issued the certificates of insurance, about the occurrence of the accident, namely :-(i) insurance policy number and period of its validity;(ii) date, time and place of accident;(iii) particulars of the persons injured or killed in the accident;(iv) name of the driver ..... negligence is failure to observe, for the protection of the interests of another person, the degree of care, precaution and vigilance which the circumstances justly demand, whereby such other person suffers injury. ..... with a change in economy and the policy of the reserve bank of india the interest rate has been lowered. ..... act empowers the tribunal to direct that 'in addition to the amount of compensation simple interest shall also be paid at such rate and from such date not earlier than the date of making the claim as may be specified in this behalf.1 earlier, 12 per cent was found to be the reasonable rate of simple interest. ..... and, therefore, it follows that the insurance company would be liable to indemnify the owner. .....

Neelam and ors. Vs. Gulab and ors.

Court : Mumbai

Reported in : 2006ACJ1100; 2004(3)ALLMR639; 2004(6)BomCR840

..... 50,000 paid by the insurance company under section 140 shall be deducted from the principal amount on the date of its payment and interest shall be recalculated on the balance amount of the principal sum from such date. 22. ..... from the supreme court that the grant of interest at the rate of 9 per cent per annum would be just and fair and, therefore, this court directs that the claimants would be entitled to receive interest at the rate of 9 per cent from the date of the claim petition and the amount of no fault liability under section 140 of the motor vehicles act shall be deducted from the principal amount and the interest shall be calculated on the principal amount from such date. ..... he contended that neelam admitted in her cross-examination that she does not know if her husband was paying income tax and she does not know about the accounts of anil construction company. ..... it is admitted position that the deceased was not an income tax payer and no return has been submitted by him to the income tax department. ..... there is no separate account in the name of khurana, no such separate account is submitted to the income tax authority. ..... till 1990, we have submitted the income tax returns. ..... what is significant to note is that neelam admits as follows:i do not know if my husband was paying income tax. .....

Ved Prakash Agarwal Vs. Rama Petrochemicals Ltd.

Court : Mumbai

Reported in : 2004(3)ALLMR5; IV(2004)BC232; 2004(4)BomCR578; [2004]122CompCas8(Bom); 2005(1)MhLj599; [2004]56SCL116(Bom)

..... such interpretation canvassed by the appellant will render the specific clauses on ownership and return on default, identification and insurance etc. ..... purandare pointed out that the entire amount involved in the transaction was divided into 20 equated instalments and interest was payable thereon, if the lessee made any default in payment of the money or the ..... clause 4 of this agreement, which is of particular significance, and which is captioned 'ownership' reads as follows :'ownership : the property in the equipment shall at all times remain solely and exclusively that of the lessor and lessee shall have no right, title or interest therein except as lessee and the lessee shall not hypothecate, sub-lease or subject to any form of ..... guarantee specifically stated that the liability thereunder was that of a principal debtor ; that it was a continuing guarantee and an irrevocable one and shall continue until the lessee discharges all its obligations. ..... also pointed out that a promissory note was taken from prakash industries for the principal amount with all the interest included totalling to rs. ..... last part of this clause 22 on interest and cost reads as follows :'interest rates will be subject to modification downwards/upwards during lease tenure if there is a downward/upward revision in the interest rates by the bank financing the lease ..... clearly states in terms that it is as if given by the principal debtor and it will be irrevocable until the lessee discharges all the obligations. .....

Sharad Vs. Baldeo Raj and anr.

Court : Mumbai

Reported in : II(2004)ACC302; 2006ACJ417

..... the amount already paid by the insurance company shall be deducted from the principal amount as on the date of its payment and interest shall be recalculated on the balance amount of the principal sum from such date.13. ..... 50,000 paid by the insurance company under section 140 shall be deducted from the principal amount as on the date of its payment and interest shall be recalculated on the balance amount of the principal sum from such date.12. ..... section 171 of the motor vehicles act empowers the tribunal to direct that in addition to the amount of compensation simple interest shall also be paid at such rate and from such date not earlier than the date of making the claim as may be specified in this behalf. ..... that takes me to consider the question of award of interest and in this context reference may be had to the decision of the supreme court in the case of kaushnuma begum v. ..... in the present case also award of interest at the rate of 9 per cent per annum from the date of petition till realisation would be reasonable and as such claimant is held to be entitled to receive the compensation of rs. ..... 2 insurance company fully supported the impugned award passed by the tribunal and contended that there were two cyclists proceeding on the road at the time of incident and they had pushed each other at that time because of which they had fallen down and the claimant sustained the injuries. ..... with a change in economy and the policy of the reserve bank of india the interest rate has been lowered. .....