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Bombay High Court Rules in Favor of Insurance Corporation on Deduction of Bad Debt Reserve. Held That Crediting Reserve for Doubtful Debts Constitutes Write-Off Under Section 36(1)(vii) of Income Tax Act, 1961, and Rule 5(a) of First Schedule Does Not Apply.

In this appeal before the Bombay High Court, the assessee, a general insurance corporation, challenged the Income Tax Appellate Tribunal's decision re...

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High Court of Bombay Allows Insurance Company's Appeal in Part, Enhances Compensation in Motor Accident Claim — Insurer Liable to Pay and Recover. Deceased aged 35, self-employed, entitled to 40% future prospects; loss of consortium enhanced to Rs.40,000 per claimant.

The case arises from a motor accident claim filed by the widow and children of Binod Pande, who died in a vehicular accident on 28th August 2012. The ...

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High Court of Bombay Allows Appeal in Part and Enhances Compensation in Motor Accident Claim — Insurance Company Liable for Third-Party Risk Despite Alleged Breach of Policy Conditions. Parents of Deceased Awarded Enhanced Compensation with Interest Under Motor Vehicles Act, 1988.

The case arises from a motor accident claim filed by the parents of Shreyans Udaybabu Shah, who died in a car accident on 23.02.2013. The deceased was...

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Bombay High Court Allows Revenue's Appeal in Part on Deduction Under Section 80HHC of Income Tax Act, 1961 — Insurance Claim and Sundry Receipts Held Not Directly Related to Business Profits, Rental Income Treated as Business Income, Retrenchment Compensation Held Revenue Expenditure.

The case pertains to an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (...

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High Court of Bombay at Aurangabad Allows Insurance Company's Appeal in Motor Accident Claim — Reduces Compensation Due to Lack of Proof of Income and Negligence. The court held that the Tribunal erred in fixing income of the deceased without evidence and in not considering contributory negligence.

The case involves an appeal by the National Insurance Company Ltd. against the judgment and award of the Motor Accident Claims Tribunal at Aurangabad ...

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Supreme Court Allows Appeal in Motor Vehicle Accident Claim, Restoring Compensation Based on Income Tax Returns. Income Tax Returns and Audit Reports Held Reliable Evidence for Determining Loss of Income Under Section 168 of Motor Vehicles Act, 1988, Overturning High Court's Use of Notional Income.

The Supreme Court heard a civil appeal arising from a motor vehicle accident claim. The deceased, a businessman aged above 31 years, died in a collisi...

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High Court of Bombay at Goa Enhances Compensation in Motor Accident Claim Case Due to Corrected Multiplier and Future Prospects — Appellants Awarded ₹19,63,000 with 9% Interest

The case arises from a fatal motor accident that occurred on Mungul Bridge, Goa, when a bus driven rashly and negligently by Respondent No. 1 dashed t...

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Bombay High Court Hears Insurance Appeals Challenging Tribunal Awards on Multiplier and Future Prospects; Decision Not Provided in Excerpt.

The Bombay High Court heard three first appeals filed by insurance companies challenging awards passed by Motor Accident Claims Tribunals. In First Ap...