Court : Mumbai
Reported in : 2004(3)ALLMR429; 2004(3)MhLj349
..... high courts on the meaning of section 39 of theact and hold that a mere nomination made under section 39 of the act does not have the effect of conferring on the nominee any beneficial interest in the amount payable under the life insurance policy on the death of the assured. ..... of right between any parties shall be held to bar the trial of the same question in any suit or in any other proceeding between the same parties, and nothing in this part shall be construed to affect the liability of any person who may receive the whole or any part of any debts or security or any interest or dividend on any security, to account therefor to the person lawfully entitled thereto.' .18. ..... question or question relating to religious rites or ceremonies is not, the principal question in the suit, but is merely subsidiary or a consequential or an incidental one and the principal question is one relating to property or office or any other civil rights ..... caste, religious rites or ceremonies to enable it to decide any of it, to adjudicate the principal question.in substance, it can be said that a suit is of a civil nature, if the principal question therein relates to a civil right. ..... (iii) the principal question which is of a civil nature cannot be decided without determining the question relating ..... (i) if the principal or only question raised in the suit is a caste question or a question relating to a caste or for religious rites or ceremonies, the suit is not of a civil nature for it deals not with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)93ITD233(Mum.)
..... as under:- (iii) if the business exclusively consists of the types of business which are eligible for deduction under section 80hhc / 80hhd the whole of such amount arrived at as per (ii) above should be allowed as deduction; and (iv) if not, the proportion of the export turnover to the total turnover of the business carried on by the assessee as required under section 80hhc(3)(b) or the proportion of the turnover in respect of sales made to export house ..... court also observed that the principle that on expiry of the period of limitation only the remedy available to creditor for enforcing debt was extinguished but the debt itself was not extinguished and that accordingly a mere entry in the books of account of debtor (assessee) made unilaterally without any act on the part of the creditor will not cause the liability of the debtor ..... considering all the facts and circumstances of the case and respectfully following the aforesaid judgment of honorable jurisdictional high court, we hold the interest under section 234b & 234c to be leviable in the instant case as well, on account of non-payment of advance tax as per the income ..... had taken over the business of certain insurance companies, there was a dispute as to the quantum of compensation payable to the insurance companies; and the assessee incurred legal expenditure. ..... that when the assessee acquired the business of insurance companies, the assessee was acquiring capital asset, and the compensation paid for such acquisition was capital .....
Tag this Judgment!Court : Mumbai
Reported in : 2004(2)ALLMR51; (2004)106BOMLR12
..... 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 ..... 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 ..... of the mv 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 ..... 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 ..... in the present case also award of interest @ 9% per annum from the date of petition till realisation would be reasonable and as such the claimant is held to be entitled to receive the ..... we, therefore, direct that the compensation amount fixed hereinbefore shall bear interest at the rate of 9 percent per annum from the date of the claim made ..... 2 insurance company fully support 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 ..... change in economy and the policy of the reserve bank of india the interest rate has been .....
Tag this Judgment!Court : Mumbai
Reported in : III(2004)ACC574; 2004(2)ALLMR798
..... paid by the insurance company under section 140 shall be deducted from the principal amount as on the date of its 'payment of interest shall be recalculated on the balance amount of the principal sum from such date ..... the interest amount shall be calculated on the principal amount after deducting the amount of no fault liability as on the date of its payment and interest shall be recalculated on the balance amount of the principal sum from ..... having regard to the observation of the supreme court, it is clear that the award of interest @ 9 per cent per annum from the date f the petition till realisation would be reasonable and the legal representatives of the original claimant are held to be entitled to receive the total ..... 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 ..... the learned counsel for the claimants that the said vehicle was not involved hi the accident cannot be accepted because admittedly the accident occurred on 3.12.1986 and the claimant abdul samee had sustained grievous injury in the said accident after the scooter had given dash to him. ..... he contended that the first information report was lodged by the claimant himself after about 5v4 months and, therefore, it cannot be read in evidence for fixing the liability on the owner of the scooter, in absence of any evidence to show that the scooter was involved .....
Tag this Judgment!Court : Mumbai
Reported in : III(2004)ACC312; 2004(3)ALLMR483; 2004(4)MhLj519
..... 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 ..... liability 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.18. ..... mv 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 ..... the accident, in the present case occurred on 20-10-1992 and it is a common knowledge that the reserve bank of india had declared interest rate which was not more than 9 per cent in the year 1992 and therefore, i direct that the compensation amount fixed hereinbefore shall bear interest at the rate of 9 per cent per annum from the date of ..... the learned counsel for the insurance company contended that amendment in the motor vehicles act was introduced in the year 1994 and section 163a has been introduced by amending the act 54 of 1994 which ..... the supreme court, it is clear that there could be no dispute regarding the application of law for determination of the liability to pay compensation and the law which is applicable to determine the liability on the date when the accident has occurred, as is held by the division bench of this court in oriental fire and general insurance co. v. .....
Tag this Judgment!Court : Mumbai
Reported in : III(2004)ACC550; 2004(2)ALLMR803; (2004)106BOMLR900
..... 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.17. ..... the learned counsel for the insurance company contended that the interest awarded by the tribunal at the rate of 12% per annum is on the higher side and deserves to be reduced to 9% per annum in view of the decision of supreme court in kaushnuma begum and ors. v. ..... having regard to these observations of the supreme court and in view of the fact that the nationalised banks were granting interest at 9 per cent per annum on fixed deposits in the year 1988, the grant of interest at 19% per annum would be just, fair and reasonable and to that extent the award passed by the tribunal needs to be modified.18. ..... he contended that the claim petitions have been filed under the provisions of motor vehicles act, 1939 and, therefore, in absence of the insurance company not taking any higher liability by accepting a higher premium for payment of compensation to a third party, the insurer would be liable to the extent limited under section 95(2) of the act and would not be liable to pay the entire amount of compensation. ..... 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. .....
Tag this Judgment!Court : Mumbai
Reported in : 2003(6)BomCR511
..... to defend; (2) the judgment was obtained by fraud; (3) the cause of action claim for relief on which the judgment is based is repugnant to the public policy of this state; (4) the judgment conflicts with another final and conclusive judgment; (5) the proceeding in the foreign court was contrary to an agreement between the parties under which the dispute in question was to be settled otherwise than by proceedings in that court, or (6) in the case ..... demand and usage for iridium service is significantly below that, or develops significantly more slowly than expected by the company, the company's cash flow and ability to pay interest on and the principal of the notes will be materially and adversely affected ..... invest.12.likewise, the plaintiff claims that it has been further induced to invest in the purchase of gateway equipments under two agreements dated 10-7-1997 and 9-4-1997 for which they made payments during the years from 1996 to 1999 and which they would not have, had they been apprised of the real state of affairs regarding the iridium system.13.the plaintiff specifically claims that ..... bank of india, unit trust of india, general insurance corporation of india and its subsidiaries, life insurance corporation of india, housing development finance corporation ltd. ..... when taxed with this point counsel for the plaintiffs suggested that in such circumstances the appropriate course of a defendant's creditors was to proceed to judgment because the enforcement of judgments by execution .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (2003)(154)ELT543Tri(Mum.)bai
..... in view of these decisions and in the light of the fire brigade, police and insurance survey reports, we have no hesitation in coming to a finding that in the instant case remission of duty on the goods burnt/damaged in fire is admissible. ..... shree balaji garments industries, it has also been held by the tribunal that the police report, insurance claim determination and customs verification fail to point out any wilful act, negligence or default and since there was no legal obligation to insure goods for duty, failure to do so did not amount to negligence. ..... cited by the learned advocate has ruled that the inputs used in the finished goods damage in fire had been put to intended use of manufacturing the final products and therefore entitlement to modvat credit on such inputs cannot be denied even though the final products destroyed in the fire was granted remission of duty. ..... he states that the commissioner has confirmed these duty demands and has also imposed equivalent amount of penalty apart from charging interest at the of 24% on the ground that the benefit of remission of duty cannot be granted as the appellants have no proof that the fire had taken place due to natural cause or unavoidable accident. ..... he further supports the order of the commissioner for demand of duty, penalty and interest.3. ..... interest on the modvat credit disallowed will be payable at the rates specified under rule 57-i of the central excise rules, 1944. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)84TTJ(Mum.)186
..... whereas the relevant beneficial legislations in favour of the employees provides for compliance on the pain of payment of interest, damages and prosecution, the income-tax act provides for compliance by denying the benefit of deduction which is otherwise available. ..... if the payment is not made within the due date there is contravention of the provisions of the employees' provident funds act and the employees' state insurance act for which provision is made by way of payment of interest, damages and prosecution. ..... refers to sub-clause (x) of clause (24) of section 2 which is as follows: (x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees. ..... section 2(24)(x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees. ..... (x) of clause (24) of section 2 includes within the meaning of 'income' any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948, or any other fund for the welfare of such employees. .....
Tag this Judgment!Court : Mumbai
Reported in : [2004]90ITD191(Mum)
..... whereas the relevant beneficial legislations in favour of the employees provides for compliance on the pain of payment of interest, damages and prosecution, the income tax act provides for compliance by denying the benefit of deduction which is otherwise available. ..... the payment is not made within the due date there is contravention of the provisions of the employees' provident funds act and the employees' state insurance act for which provision is made by way of payment of interest, damages and prosecution. ..... to sub-clause (x) of clause (24) of section 2 which is as follows :(x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees. ..... standing order, award, contract of service or otherwise.2(24)(x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees. ..... of clause (24) of section 2 includes within the meaning of 'income' any sum received by, the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees state insurance act, 1948, or any other fund for the welfare of such employees. .....
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