CiteTEXT
...and sustained a claim under a policy of life insurance. This decision has been upheld in revision by Ncdrc. The insurer is hence in appeal.2. On 10-7-2009, the spouse of the...respondent took a policy of life insurance from Max New York Life Insurance Co. Ltd., for a sum of Rs 11 lakhs. Barely two months thereafter, on 16-9-2009 he submitted a proposal for a life ...previously applied for life insurance cover, critical illness cover or accident benefit cover. This query was answered in the negative. Item 17 of the proposal form required a disclosure of...
...Shah, J.— The respondent, a public limited company, carried on in the relevant years of account business of insurance — life and general. In each of the calendar years 1944 to...1948 relating to Assessment Years 1945-46 to 1950-51, the Company suffered loss in the life insurance section, and made profit in the general insurance section. Till Assessment Year 1950-51 the loss...suffered in the life insurance section was allowed by the Revenue Authorities to be carried forward and set off under Section 24(2) of the Indian Income Tax Act, 1922, against profits from the general...
...provisions relating to acquisition under the Bihar Town Planning & Improvement Trust Act, 1951, Act 35 of 1951, hereinafter called the “Bihar Act” and whether the notifications issued by the State...Government under Section 4 of the Land Acquisition Act were valid. The appellant in all the appeals is the Patna Improvement Trust but in all the four appeals the respondents are different persons...city of Patna at the expense of the Patna Improvement Trust for a public purpose viz for development of residential neighbourhood, to provide for housing facilities for various income groups and to...
...the circumstances of the case, the income of the Lok Shikshana Trust was entitled to exemption under Section 11 of the Income Tax Act, 1961, read with Section 2(15) of the same Act, for Assessment Year...whether the appellant-trust is for a charitable purpose, we may first go into the question as to what is the object of the appellant-trust. According to Mr Palkhiwala, learned Counsel for the appellant..., the object of the appellant-trust is education, while the stand of Mr Sharma on behalf of the Revenue is that not education but the last mentioned category in Section 2(15) viz. the advancement of any...
...belong to them personally. Though the designation of a nominee in a policy of life insurance has been deemed to be in the nature of a declaration of trust, in general the nature of his interest depends...proceeds of life insurance policies is governed by the provisions of the policy under the law of contracts: vide 46 Corpus Juris Secundum “Life Insurance”, para. 1154. In para. 1157 it is said that the...proceeds of a life insurance policy in which a third person is a nominee as a beneficiary belong exclusively to him as an individual and are not the property of the heirs or next of kin of the assured...
...holder of a valid insurance upon his own life to transfer it to one whom he, the party most concerned, is not agreed to trust. The law has no universal cynic fear of the temptation opened by a pecuniary...also the Income Tax Act to disallow exemption of life insurance proceeds in the hands of the assignees as also amendment to the...Rebello F.I, J.:— The 1st petitioner, a Company registered under the Companies Act, is engaged inter alia in the business of assignment of life insurance policies issued by the 1st...
...facilitated the accused no. 1 to use her bank accounts to siphon the university funds, thereby, assisting the accused no. 1 in the activity connected with the proceeds of crime. By the impugned judgment...properties and, therefore, the same are not covered by the definition of “proceeds of crime” under clause (u) of sub-section (1) of Section 2 of the PMLA. The learned senior counsel pointed out that the first...linked with the proceeds of the crime regarding the scheduled offence. She submitted that regarding the acquisition of the second property, the appellant had her own resources available to acquire the...
...Union Life Insurance Society in the name of the trustees but on the life of Harvey under which £ 720 per annum were payable to Harvey for life from the date of his superannuation. It was also provided...in the deed that notwithstanding the main clause the trustees would, if so desired by the assessee Company, take out instead a deferred longest life policy, with the said Insurance Company, in their...Insurance Company or another Insurance Company of repute. The other conditions of the deed of trust need not be considered, because they do not bear upon the controversy.3. In...
...by the trustees of the Fund from the Life Insurance Corporation of India. The second petitioner is a society registered under the West Bengal Societies Registration Act, 1961. Its membership consists...price of annuities after the death of the annuitant/pensioner by the Life Insurance Corporation of India (Respondent 4) is ultra vires clause 3 of Part B of Schedule IV of the Income Tax Act, 1961 and...shall—(i) enter into a scheme of insurance with the Life Insurance Corporation established under the Life Insurance Corporation Act, 1956 (31 of 1956...
...commit money-laundering if he is connected by way of any process or activity with the proceeds of crime and has projected or claimed such proceeds as untainted property. In light of this, it was...suggested that the investigation may shed some light on such alleged proceeds of crime, for which, facts must first be collected and there should be a definitive determination whether such proceeds of crime...satisfy itself that the proceeds of crime have been projected as untainted property for the registration of an ECIR or the application of the PMLA. It has been vehemently argued that the offence of money...
...Publications” which are available to the devotees of Saibaba on nominal charge to meet the cost. The sale proceeds of such publication goes to the Trust and forms part of the property of the Trust, which...submissions made on behalf of the parties, the issue that arises for consideration and decision in this appeal is whether the Trust — Sai Publication Fund, which has been set up by some devotees of Saibaba...appeal in brief, are that the assessee (the respondent herein) is a trust created by four devotees of Saibaba of Shirdi under a trust deed dated 6-8-1984. The object of the Trust is to spread message...
...1. A question of considerable importance for holders of life insurance policies has arisen in this first appeal arising out of a suit instituted by the widow and minor son of a policy....
2. The facts are not in dispute. One Surendra Atmaram Panchal took a life insurance policy on his life on October 20, 1970. The policy was issued by the Life Insurance Corporation of Ind...the contention of the plaintiffs that a person who is named as a nominee in a life insurance policy under section 39 has a mere right to collect the money from the insurer and no more. The view has...
...S. Mohan, J.— Leave granted.2. Life Insurance Corporation of India is the appellant.3. The Jabalpur Municipal Corporation...scheme was violative of the provisions of the Life Insurance Corporation Act, 1956 (hereinafter referred to as ‘the Act’) or the Insurance Act, 1938. By its order dated 31-3-1977 the Government of Madhya...above subject in response to your letter No. 684.XVIII/1/80 dated 7-2-1981 and to say that in terms of Section 30 of the Life Insurance Corporation Act, 1968, the Life Insurance Corporation of India...
...by terms and conditions whereby the payment of gratuity is covered by insurance of the Life Insurance Corporation of India. A compulsory insurance has been brought in by Section 4A of the Central Act...provisions of sub-section (2). obtain an insurance in the manner prescribed, for his liability for payment towards the gratuity under this Act, from the Life Insurance Corporation...of India established under the Life Insurance Corporation of India Act, 1956 (31 of 1956) or any other prescribed insurer:Provided that different dates may...
.... are held by the Life Insurance Corporation, 16 per cent by the Unit Trust of India and 6 per cent by the General Insurance Corporation and its subsidiaries. According to Escorts Ltd., at this meeting...abstemious silence in court have certainly complicated the case and embarrassed the Government of India, Reserve Bank of India and the Life Insurance Corporation of India to whose lot it fell to defend the...financial institutions. Mr Nanda, the Chairman of Escorts Ltd. was requested to meet with Mr Punja, Chairman of IDBI, and a Director of Life Insurance Corporation who had just returned from abroad. At...
...required to be kept under s. 27(1) read with s. 27(6). But that in our opinion did not make the whole of this trust fund part of the life insurance fund as defined in s. 10(2). The money required to...
http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 14
PETITIONER:
LIFE INSURANCE CORPORATION OF INDIA...
Vs.
RESPONDENT:
CROWN LIFE INSURANCE CO.
DATE OF JUDGMENT:
26/03/1965
BENCH...
...
payable on behalf of the shareholders to the trust. Constitution of a separate Shareholders' Dividend Account in Life Insurance Companies was...
Vs.
RESPONDENT:
LIFE INSURANCE CORPORATION
DATE OF JUDGMENT:
11/12/1962
BENCH...Directors-If ultra vires- Shareholders' Dividend Account-Proprietary right; if in shareholders - Memorandum of Association - Conatruction- Liability of Directors-Life Insurance Corporation Act, 1956 (31 of...
...:
1956 AIR 575 1956 SCR 483
ACT:
Criminal breach of trust-Conviction of a banker, Validity of--Government Promissory Notes pledged with a bank to cover overdraft...breach of trust presupposes an entrustment, such entrustment need not conform to all the technicalities of the law of trust, and, consequently, in a case such as the present where the accused had the...:-
"The Accused is charged under section 409 of the Indian Penal Code for committing criminal breach of trust in respect of property to wit 3% Government Promissory Loan Notes 1966-68 of the...
...policy.”34. The argument raised by Shri Malhotra is that since the goods were held in trust by the cold store, the Insurance Company is not liable. We are not...”. The loan was advanced by the Bank to each one of the farmers on security of the agricultural produce stored in the cold store. The cold store was insured with United India Insurance Company Ltd...., hereinafter referred to as “the Insurance Company”. A fire took place in the cold store on the night intervening 13-1-2014 and 14-1-2014. The entire building of the cold store and the entire stock of...
...estate to his executors, on trust, to pay to his wife or permit her to receive the annual income thereof during her life, "for her use and benefit and for the maintenance and education of my children...himself, his wife and children. We think that this argument proceeds on a misconception. The assessee did not create a second trust in respect of the beneficial interest which he held under the trust...)
ACT:
Income Tax-Trust created in favour of minor child-No benefit accruing to minor in accounting year-Whether income from trust taxable as income of assessee-Trust by...