Search Results for "Life Insurance Corporation Act"

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Supreme Court Dismisses Appeal by Insurance Company, Holds Mediclaim Amount Not Deductible from Motor Accident Compensation. Contractual Insurance Benefit Is Independent of Statutory Compensation Under Motor Vehicles Act, 1988, and Cannot Be Deducted to Avoid Double Recovery.

The Supreme Court in this appeal considered the question whether amounts received by a claimant under a Mediclaim policy are deductible from the compe...

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Madras High Court Dismisses Revenue's Appeals in Insurance Company Tax Case — Upholds ITAT Order on Disallowance of Claims and Deductions. The court held that the assessee's method of accounting for outstanding claims and the deduction under Section 80M were correctly allowed by the Tribunal.

The case involves a batch of appeals filed by the Principal Commissioner of Income Tax, Chennai, under Section 260A of the Income Tax Act, 1961, again...

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High Court of Karnataka Allows Appeal in Insurance Nomination Dispute — Mother of Deceased Policyholder Entitled to Insurance Proceeds as Nominee Under Section 39 of Insurance Act, 1938. Nominee is a Trustee, Not Beneficial Owner; Suit for Declaration and Injunction by Legal Heirs Not Maintainable.

The appellant, Smt. Yashodha, is the mother and nominee of the deceased policyholder, Sri Rohith S, who died intestate. The respondents, Smt. Rashmi J...

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High Court of Karnataka Allows Insurance Appeal in Motor Accident Claim — Reduces Compensation Due to Contributory Negligence of Deceased. Claimants' Cross-Objections Dismissed as Deceased Pedestrian Was Crossing Highway Without Caution, Contributing 50% to Accident.

The case arises from a motor accident claim petition filed by the parents of a deceased 25-year-old bachelor who died in a road accident involving a c...

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Supreme Court Allows State's Appeal in Excise Duty Case — Licensee Liable for Duty on Liquor Destroyed in Fire. Absolute liability under Rule 7(11)(a) of UP Bottling of Foreign Liquor Rules, 1969 and Rules 708/709 of UP Excise Manual; act of God no defense.

The case arises from a fire incident on 10.04.2003 at the godown of the respondent company, a distillery licensee, which destroyed 35,642 cases of Ind...

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Bombay High Court Dismisses Petition Challenging ESI Circular for Construction Workers. Circular extending ESI Scheme to construction site workers held valid under Employees' State Insurance Act, 1948.

The petitioners, Confederation of Real Estate Developers' Association of India (CREDAI) and two real estate firms, challenged a Circular dated 31st Ju...

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Bombay High Court Admits Winding Up Petition Against Syrma Technology Pvt. Ltd. for Non-Payment of Admitted Debt Despite Insurance Payment. Court holds that receipt of insurance proceeds does not extinguish the debt or bar winding up proceedings under the Companies Act, 1956.

The petitioner, Jiangsu Skyrun Wuxi Co. Ltd., filed a company petition under Section 433(e) of the Companies Act, 1956 seeking winding up of Syrma Tec...

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Bombay High Court Quashes Summoning of Insurance Company Employees for Election Duties. Government Company Not a Local Authority Under Section 29 of Representation of the People Act, 1950.

The petitioner, The Oriental Insurance Company Limited, a Government company registered under the Indian Companies Act, 1913, filed a writ petition ch...

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Bombay High Court Quashes Reopening Notice Under Section 148 for Lack of Fresh Material. Reassessment Based on Mere Change of Opinion on Exemption Under Section 10(38) of Income Tax Act, 1961 is Invalid.

The Petitioner, General Insurance Corporation of India, a public sector general insurance company, filed a return of income for Assessment Year 2006-0...