CPT V24P7-Art1 (Content).pmd - Taxmann

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Direct Tax Laws 12. General Insurance Corpn. of India’s case (supra). 13. Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, section 3. 14. Insurance Act, 1938, section 10. 15. Ibid 16. Insurance Act, 1938, section 11. 17. Ibid, section 11(1A). 18. Insurance Act, 1938, section 12. 19. Insurance Act, 1938, section 15. 20. Himalaya Assurance Co. Ltd. (supra). 21. Ibid. 22. CIT v. General Eastern Life Insurnace Co. Ltd. [1949] 17 ITR 173 (PC); Scottish Union v. Smiles 2 TC 551. 23. Income-tax Act, 1961, section 2(11). 24. Black’s Law Dictionary, 9th Ed.,P. 1277, A fixed sum paid regularly to a person (or to the person’s beneficiaries), esp. by an employer as a retirement benefit. 25. Black’s Law Dictionary, 9th Ed., P. 105, an obligation to pay a stated sum, usu. Monthly or annually, to a stated recipient. 26. Income-tax Act, 1961, First Schedule, Rule 1. 27. A composite insurance company is an insurance company which provides multi-faceted insurance services like life insurance, marine insurance, fire insurance etc. under the name of a single company. 28. Kanga Palkhiwala & Vyas, The Law and Practice of Income-tax, p. 2600, Lexis NexisButterworthsWadhwa, Nagpur, 10th Ed., 2010. 29. Swadeshi Bima Co. Ltd. v. CIT [1954] 26 ITR 530 (All.). 30. Ibid. 31. General Family Pension Fund v. CIT [1946] 14 ITR 488 (Cal.); Liverpool & London & Globe Insurance Corpn. v. Bennett, 2 KB 577 (HL). For further information, please refer to Circular No. 22[R Dis No. 51(14) II-47], dated 23 September, 1947. 32. Supra Note 28. 33. CIT v. Prithvi Insurance Co. Ltd. [1967] 63 ITR 632 (SC); Zenith Assurance Co. Ltd. v. CIT [1954] 26 ITR 256 (Bom.). Refer section 24(2) of the 1922 Income-tax Act. 34. Section 72(1)(i) 35. An actuarial valuation is a type of appraisal which requires making economic and demographic assumptions in order to estimate future liabilities. The assumptions are typically based on a mix of statistical studies and experienced judgment. Since assumptions are often derived from long-term data, unusual short-term conditions or unanticipated trends can occasionally cause problems. http://www.investopedia.com/terms/a/actuarialvaluation.asp, as accessed on 22nd July, 2012. 36. Insurance Act, 1938, Fourth Schedule, Regulation 3(5). 37. See further, Andhra Insurance Co. Ltd. v. CIT [1937] 5 ITR 697 (Mad.); Calcutta Insurance Ltd. v. CIT [1952] 21 ITR 404 (Cal.) per Chakraarti J.; LIC v. CIT [1978]115 ITR 45 (Bom.); LIC v. CIT [1979] 119 ITR 900 (Bom.). 38. Supra note 28, p. 2608. 39. Income-tax Act, 1961, First Schedule, Rule 2. 40. Calcutta Insurance Ltd. (supra) 41. LIC (supra). 42. B.B. & C.I. Railway Co-operative Mutual Death Benefit Society for India Staff Ltd. (supra); Salem Provident Fund Society Ltd. v. CIT [1961] 42 ITR 547 (Mad.) 43. Income-tax Act, 1961, First Schedule, Rule 4. 44. Ibid, this rule has superseded the decisions North British & Mercantile Insurance Co., In re [1937] 5 ITR 349 (Cal.) and Phoenix Assurance Co., In re [1937] 5 ITR 397 (Cal.), which held decisions contrary to the existing rule 4. 45. Calcutta Insurance Ltd. (supra). 46. Income-tax Act, 1961, First Schedule, rule 5. 47. New Asiatic Insurance Co. Ltd. v. CIT [1973] 90 ITR 243 (Delhi); CIT v. United India Fire & General Insurance Co. Ltd. [1982] 11 Taxman 217 (Mad.); Oriental Fire & General Insurance Co. Ltd. v. CIT [1983] 13 Taxman 68 (Bom.). 668 August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 48
48. General Insurance Corpn. of India (supra). 49. CIT v. Devkaran Nanjee Insurance Co. Ltd. [1977] 110 ITR 815 (Bom.). 50. General Insurance Corpn. of India (supra); CIT v. New India Assurance Co. Ltd. [1969] 71 ITR 761 (Bom.); South India Insurance Co. Ltd. v. CIT [1977] 106 ITR 969 (Bom.); CIT v. New India Assurance Co. Ltd. [1979] 1 Taxman 544 (Bom.). 51. Income-tax Act, 1961, First Schedule, Rule 6. 52. CIT v. Lakshmi Insurance Co. Ltd. [1941] 9 ITR 516 (Rangoon); Motor Union Insurance Co. Ltd. v. CIT [1945] 13 ITR 272 (Bom.). 53. Supra note 28, p. 2610. 54. Great Eastern Life Insurance Co. Ltd. (supra). 55. Supra Note 28, p. 2610. 56. Notification No. 8/2002-S.T., dated 1 August, 2002, Gazette of India. 57. Notification No. 1/94-S.T., dated 28 June 1994, Gazette of India. 58. The term insurance business has been defined under Paragraph 13 (b) of the 8th Schedule of Direct Tax Code Bill, 2010. It describes Insurance Business as business of life insurance and any other insurance business other than life insurance business. 59. Direct Tax Code Bill, 2010, Paragraph 32(2). 60. Ibid, Eighth Schedule, Paragraph 2. 61. Ibid. 62. Direct Tax Code Bill, 2010, Eights Schedule, Paragraph 3. 63. Ibid, Paragraph 4. 64. Ibid, Paragraph 5. 65. Ibid, Paragraph 7. • DT - Secs. 14, 44, 115B & 115JB August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 49 669
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Page 5 and 6: Accounts & Audit 701 707 FOUNDER ED
Page 7 and 8: INTRODUCTION Vodafone story - 1. On
Page 9 and 10: and the capital gains on transfer o
Page 11 and 12: used to introduce new rules of law,
Page 13 and 14: for earning tax exempt income. Howe
Page 15 and 16: of the hearing before the Tribunal
Page 17 and 18: (P.) Ltd.’s (supra) before the IT
Page 19 and 20: the ITAT Rules, 1946, vis-à-vis th
Page 21 and 22: Two recent instances of such practi
Page 23 and 24: ut CIT(A) are not bothered by any s
Page 25 and 26: say, twice the latter amount or mor
Page 27 and 28: Taxing the Expenditure on Litigatio
Page 29 and 30: PENALTY CHARGES FOR BREACH OF LAW C
Page 31 and 32: Exclusive Owner v. Joint Owner DIRE
Page 33 and 34: to agree with the assessee’s cont
Page 35 and 36: Retrospective Amendments - Courts D
Page 37 and 38: Court and if such party is still ag
Page 39 and 40: of the Act. It will not apply to de
Page 41 and 42: ank. It follows that if the amount
Page 43 and 44: This article aims to study various
Page 45 and 46: The true profits of the insurance b
Page 47 and 48: expenditure or allowance which is n
Page 49: the same have not yet been adopted
Page 53 and 54: of income as declared by the assess
Page 55 and 56: NGOs undertake many kinds of charit
Page 57 and 58: in the above judgment observed that
Page 59 and 60: ground not raised earlier in appeal
Page 61 and 62: As per section 145 of the IT Act bu
Page 63 and 64: enhanced rates shown as receipts in
Page 65 and 66: a common passage, common kitchen, e
Page 67 and 68: The Tribunal concluded the decision
Page 69 and 70: ent free accommodation was not bein
Page 71 and 72: (c) Lease rental shall be paid at t
Page 73 and 74: of the above definition, the assess
Page 75 and 76: The High Court held in favour of as
Page 77 and 78: ‘Approach road’ treated as a pa
Page 79 and 80: or any form in which such Director
Page 81 and 82: invests in a fair manner. Generally
Page 83 and 84: Disclosure of Borrowings under Revi
Page 85 and 86: RELEVANT GUIDANCE PROVIDED BY THE I
Page 87 and 88: 5.1.3 Maturity profile of unsecured
Page 89 and 90: ACCOUNTS & AUDIT IN BRIEF A Fortnig
Page 91 and 92: cost savings, greater efficiency, i
Page 93 and 94: 8.2 Summary - IESBA has released th
Page 95 and 96: equirements but of late has receive
Page 97 and 98: Gram Yojana. Additionally, other sc

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