FCS Deepak P. Singh

COMPLIANCE MANAGER

SBI GENERAL INSURANCE CO. LTD.

Hi I am CS Deepak P Singh, having more than 19 years experience in fields of Legal, Accounting, Project Finance, Secretarial Works, Direct Taxes, Indirect Taxes,etc.

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  • FCS Deepak P. Singh
  • 25-06-1973
  • Navi Mumbai
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About Me

To continuously explore opportunities for growth by learning, synergizing and blending my competencies with a dynamic organization and further updating myself in harmony with organizational goals as an astute and result oriented professional.
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My Resume
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Experience
  • COMPLIANCE MANAGER 01-02-2012 - 30-11-2014
    AARVI ENCON LIMITED

    Secretarial Compliance, As CS of Listed Company

  • COMPLIANCE MANAGER 01-01-2017 - Present
    SBI GENERAL INSURANCE CO. LTD.

    Insurance Compliance, Secretarial Compliance, Civil & Criminal Matters, GRC Matters etc.

  • PRACTICING COMPANY SECRETARY 01-12-2014 - 02-02-2020
    DEEPAK P SINGH & ASSOCIATES (PCS)

    Handling Secretarial Works of various companies

  • Secretarial & Accounts Manager 01-11-2002 - 31-01-2012
    FS CHEMICALS PRIVATE LIMTED

    Audit, Project Management, Secretarial Works etc.


Education
  • Company Secretaryship 02-02-2020 - 30-11-2010
    ICSI

    CS

  • LLB 01-01-2013 - 29-02-2016
    UP

    LLB

  • Bsc. 01-02-1992 - 02-02-2020
    BHU

    Maths ( Hons.)

  • CA Inter 01-02-2007 - 28-02-2010
    ICAI

    CA Inter

  • Licenciate III 01-06-2021 - 27-09-2021
    Indian Institute of Insurance

    LIII

  • CGRM-III & ICSI 30-06-2021 - 27-09-2021
    Indian Institute of Insurance

    Certification Course in Compliance ,Governance & Risk Management

  • Limited Insolvency Exam 31-08-2021 - 27-09-2021
    IBBI

    Limited Insolvency Exam


Awards

FCS Deepak P. Singh: Know more about my achievements

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FCS Deepak P. Singh: Read My 382 Published Articles


Aruna Oswal (Appellant) Vs. Pankaj Oswal & Ors (Respondent) Supreme Court of India Civil Appeal No. 9340 of 2019 Dated : 6th July,2022   BRIEF FACTS The Appellant is the mother while the respondent No.1 is the son of Late Mr. Abhey Kumar Oswal, who was holding 39.88% shares in Oswal Agro Mills. Ltd. and 11.11% shares in M/s. Oswal Greentech Ltd. He fil......

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Question: ABC Limited is a company engaged in the business of cement exports and it is also specialized in the area of Enterprise Resource Planning (ERP) implementation offering their services to domestic and overseas customers. Enforcement Directorate under Foreign Exchange Management Act (FEMA) carried out the investigation against the ABC Limited. The investigation also centered around ......

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Komal Gurumuk Sangtani v. ITO (Mumbai) (Tribunal) -ITA No.1200/Mum/2020 (Assessment Year :2010-11)   Hon’ble Tribunal Held That: the amount spent on cost of improvements to make the property habitable allowable as deduction and indexation while computing the capital gains  however the amount spent on personal effects such as refrigerator, air co......

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Question: As per standard practice, the service tax/GST department called for information from mining department of state (Gujarat) which in turned provided list of firms (quarries) in whose name royalty is paid. Accordingly the service tax/GST department issued SCN and passed order levying SERVICE TAX ON RCM on royalty paid as per list provided by mining department . In given case, department ha......

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Dear Friends, As you are aware that there are many malpractices are going on in real estate sector. Some of these are defects in tile, non-completion of projects within time period , charging of more charges than specified, non-disclosure of all information related to projects , sale of same flat/galas to more than one person. These are held due to lacuna in legislature governing the real estate ......

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Question: Mr. A, a Hindu , who has separated from his father Mr. B, sells to Mr. C three fields , F1,F2 & F3 representing that he himself is authorized to transfer the same. Of these fields transferred F3 does not belong to Mr. A , it has been retained by his father Mr. B at the time of partition. On death of Mr. B , Mr. A being legal heir obtain the possession of field F3 and immediately so......

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PCIT Shimla Vs JMJ Essential Oil Company Himanchal Pradesh High Court Date-20th July, 2022   SUB:- Whether acceptance of cash sales by Sales-tax authorities imposes fetters on the Income-tax officer to treat the cash sales as unaccounted income and impose penalty u/s 271(1)(c) for furnishing inaccurate particulars of Income?   BRIEF FACTS: This appeal filed ......

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Mobilox Innovations Pvt Ltd. Vs. Kirusa Software Pvt Ltd. SUPREME COURT Civil Appeal No. 9405 of 2017 Dated: 21/09/2017   THE APEX COURT – in this case the Hon’ble Apex Court explained term “ Existence of Dispute” and used under provisions of Section 8 of the IBC,2016 related to “ Operational Debt”. BRIEF FACTS: The present......

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IN THE SUPREME COURT OF INDIA National Highways Authority of India Versus Sri P. Nagaraju @ Cheluvaiah & Anr Dated July 11, 2022   THE APEX COURT HELD THAT : Courts do not have the power to modify any award decided by the Arbitrator under Sections 34 and 37 of Arbitration and Reconciliation Act, 1996. Dear Friends, BRIEF FACTS: 1. The claimants – (pri......

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Dear Friends, As you are aware that there are many malpractices are going on in real estate sector. Some of these are defects in tile, non-completion of projects within time period , charging of more charges than specified, non-disclosure of all information related to projects , sale of same flat/galas to more than one person. These are held due to lacuna in legislature governing the real estate ......

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QUESTION : Whether services of a gardener is not considered as a perquisite ,when same is provided by the employer along with rent free accommodation owned by the employee. ANSWER: “ Perquisites” is a benefit to an employee at the cost of the employer. If there is not benefit to the employee at the cost of employer ,then there is no perquisite. Perquisite may be defined as any casu......

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Dear Friends The Hon’ble Income Tax Appellate Tribunal has allowed a plea filed by E& Y challenging the IT Department demand to pay Rs. 6.60 Crores as Tax. The company provides centralised services to the member firms of E&Y , the global professional services group. The CIT International Taxation raised a demand after assessing company’s foreign remittances for a period of......

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NATIONAL INSURANCE COMPANY LIMITED V. ASHALATA BHOWMIK TRIPURA HIGH COURT DATED 15TH MARCH,2017   SUB: Petition filed by Driver-Cum-Owner of vehicle which was the cause of the accident and wherein no other vehicle was involved is not maintainable, states Supreme Court” BRIEF FACTS: 1. This is an appeal under Section 173 of the Motor Vehicles Actfr......

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Orator Marketing Pvt. Ltd (Appellant) vs. Samtex Desinz Pvt. Ltd (Respondent)Supreme Court of India Civil Appeal No. 2231 of 2021Dated: 26/07/2021   THE APEX COURT HELD that lender giving interest free loan to Corporate Debtor in case of non -payment of the same is a Financial Creditor and eligible to apply for initiation of insolvency process under IBC,2016. BRIEF FACTS: &......

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JAIPUR TRADE EXPOCENTRE PVT. LTD. V. M/S METRO JET AIRWAYS TRAINING PVT. LTD. NCLAT, JAIPUR   HELD THAT: the Hon’ble NCLAT full bench overturns its two previous judgements to clarify that Licensor for payment “License Fees” will be treated as Operational Creditor and “ License Fees” is an Operational Debt.   There are various judgem......

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Reserve Bank of India Vs Jindal Steel and Power Limited Delhi High Court Dated: 26th March,2021 HELD THAT : Power of RBI to withhold remittance to be made under Automatic route to Wholly owned Subsidiary cannot be used to reject the remittance on whimsical and arbitrary reasons. BRIEF FACTS: 1. The present appeal has been filed by the Reserve Bank of India (being the r......

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Question:  One couple purchase house property jointly. After death of lady ownership of her part transfer to two children. They sold house property. Long Term Capital Gain arises. But one child who is resident of US wants to transfer his part in US. Is it possible ? SOLUTTION:  the answer in this case if YES, child residing in US can transfer his part in US. The General Permission is ......

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QUESTION: XYZ Limited is a company engaged in real estate and construction business. In order to build a land bank in various parts of India that were likely to see commercial development and anticipating a future upward trend in land prices in various parts India. XYZ Limited hired the services of Mr. Mahesh to assist in the process of acquisition of lands. XYZ Limited issued a detailed offer l......

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Reference: IRDAI/NL/CIR/Motor/136/07/2022 dated 06/07/2022 Dear Friends, The Authority has issued above circular for introduction of new add-ones in Motor Insurance/ sophisticated add-ons to Motor-Own Damage Policy. IRDAI has permitted General Insurers to introduce innovative add-ones insurance policies for own damage of vehicles depending on the uses and driving history of owners. Individuals......

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Bank of Baroda (Appellant) vs. Aban Offshore Limited (Respondent) NCLAT Company Appeal (AT) No. 35 of 2019Dated:29/01/2020 Sub: Remedies available for Preference shareholders in relation to redemption of preference shares. FACT OF THE CASE The present Appeal has been filed by the Appellant w.r.t the NCLT, Chennai Bench (Tribunal) order who has dismissed the application o......

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QUESTION: M/s Jooly Private Limited (Corporate Debtor) is a company incorporated on 01.01.2005 under the provisions of Companies Act, 1956, having its registered office at Mumbai. The Authorized Share Capital of the company is Rs. 100, 00, 00,000/- and Paid-up Share Capital of the company is Rs. Rs. 99, 00, 00,000/-. M/s Jemmy Private Limited(Operational Creditor) is a company incorporated on 0......

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M/s. Dishnet Wireless Limited Vs the Assistant Commissioner of Income Tax (OSD)-Hon’ble Madra High Court Dated: 17.06.2022 THE MADRAS HIGH COURT has ruled that proceedings under the Insolvency and Bankruptcy Code (IBC), 2016 cannot dilute the rights of the Income Tax Department to reopen the assessment under Section 148 of the Income Tax Act, 1961. BRIEF FACTS: A n......

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Adiraj Manpower Services Pvt. Ltd. Vs CCE Pune II Forum-Supreme Court of India Date-18-02-2022   Sub: Whether services provided are man power services or job work services so as to be exempted under the relevant notifications issued under Finance Act, 1994. BRIEF FACTS: 1. The appellant obtained service tax registration under the category of ‘Manpower Recru......

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Parle International Limited Vs Union of India Writ Petition No 12904 of 2019 Bombay High court Date-26/11/2020 Sub: Delay adjudication of Show Cause Notices after a period of 13 years would not be just, proper and legal. BRIEF FACTS: This is a Writ Petition under Articles 226 / 227 of the Constitution of India. Initially the writ petition was filed seeking a dir......

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ORBIT TOWERS PVT. LTD. V SAMPURNA SUPPLIERS PVT. LTD., C.P (IB) NO. 2046/KB/2019 KOLKATA NCLT-BENCH Date of Order: 27/06/2022 THE NATIONAL COMPANY LAW TRIBUNAL ("NCLT"), KOLKATA BENCH-held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the shoes of the Creditor and can initiate Corporate Insolvency Resolution Process ("CIRP")......

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SAURASHTRA CHEMICALS LTD. Vs. NATIONAL INSURANCE CO. LTD CIVIL APPEAL NO. 2059 OF 2015.SUPREME COURT OF INDIA   HELD THAT: INSURANCE COMPANY CANNOT RAISE DELAY AS A GROUND FOR REPUDIATION. BRIEF FACTS: 1. The appellant purchased a standard fire and special perils policy from the respondent National Insurance Company Ltd. thereby insuring the risk of loss/damage to the stoc......

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Dear Friends, As you are aware that Capital Gain Tax is charged on transfer of Capital Assets under provisions of Section 45 to 55A of the Income Tax Act, 1961. The main ingredients of Capital Gain Tax are ; There should be a Capital Assets means property of any kind held by an assessee whether or not connected with his business or profession. Such as land, building, Jewellary, vehicles, Sha......

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Dear Friends, As you are aware that “Actual Sale Consideration”, of the “ Capital Assets” forms basis of calculation of “Capital Gain” according to the provisions of Section 48 of IT Act,1961, except in situations in which the government has said for adoption of “ Fair Market Value” as the Full Value for consideration. There was dispute in calculat......

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Bank of Baroda (Petitioner) vs. Kotak Mahindra Bank Ltd. (Respondent) Supreme Court Dated:17.03.2020 HELD THAT : The period of limitation shall be governed by the Act and not by Section 44A of the CPC,  since the latter provides only for the procedure to be followed for executing a foreign  decree. BRIEF FACTS. 1. Kotak Mahindra Bank Ltd. issued a Letter of......

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IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 2955 OF 2022 UNITED INDIA INSURANCE CO. LTD. Vs.  LEVIS STRAUSS (INDIA) PVT. LTD.   THE APEX COURT HELD THAT-In Case Of Specific Risks, such as those arising from loss due to fire etc., the Insured Cannot profit and take advantage by double Insurance.   “Double Insurance&rdquo......

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“Bank of Baroda vs. Karwa Trading Company and Anr” Supreme Court of India Date 10/02/2022 Hon’ble Supreme Court in its judgment dated 10/02/2022 clarified that banks cannot be restrained from selling the mortgaged property by holding public auction and realize the outstanding dues, unless the borrower pays entire amount outstanding along with the cost......

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M/s Shree Ram Lime Products Pvt. Ltd. Vs. Gee Ispat Pvt. Ltd (CA-666/2019 in (IB) - 250(ND)/2017) Order dated 22.10.2019 Sub: Treatment of Capital Gains Tax during liquidation process.   NCLT HELD THAT: We therefore hold that the tax liability arising out of the sale shall be distributed in accordance with the provisions of Section 53 of the Code. The applicability......

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SUSHILABEN INDRAVADAN GANDHI V NEW INDIA INSURANCE COMPANY LIMITED SUPREME COURT OF INDIA(AIR 2020 SC 1977) THE SUPREME COURT OF INDIA IN APRIL 2020,  Since there are many  ambiguity in definition of various social welfare laws in India. They have not clearly defined the “ Workmen” and each laws define “ Workmen” differently. The Apex Court of Ind......

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M/s Dwarka Portfolio Pvt. Ltd. v. Assistant Commissioner of Income Tax I.T.A. No. 2563/DEL/2017 (A.Y 2014-15)Date: 27th May 2022 ITAT Bench Delhi   DELHI BENCH OF ITAT RULED THAT even if the Company has been struck off from the register of Companies, an appeal filed by it against the revenue department does not become ineffective or infructuous and is maintainable.......

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Omega Investments and Properties Ltd v. CIT Bombay High Court    HELD THAT – Tribunal cannot differ from earlier order of Tribunal in assessee’s own case and follow the order of Tribunal in another assessee. BRIEF FACTS: 1. The Assessee had undertaken a Slum Rehabilitation Project at Parel, Mumbai, namely "Kingston Tower". According to the Assessee, the pro......

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DEAR Friends, As you are aware that an organisation in long term on the basis of quality, standard, services ,after sales services etc. recognized by the people. In recent time some organisations have become so big that their reserves are bigger than GDPs of some of small countries. A business entity always try to achieve more and more profit and markets. They are exploring new and emerging marke......

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National Insurance Company Ltd. vs. M/s. Hareshwar Enterprises (P) Ltd. & Ors. [Civil Appeal No. 7033 of 2009] Supreme Court Dated : 18.08.2021. BRIEF FACTS: 1. The respondent No.1 was engaged in the business of manufacture of polyethylene, plastic films and other similar packaging materials. The respondent No.2 had advanced loan to the respondent No.1 against security of its b......

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GOKALDAS IMAGES PRIVATE LIMITED VERSUS ARIES AGRO-VET ASSOCIATES (PVT) LIMITED & ANR. DATED: 13.04.2022WRIT PETITION NO.1305 OF 2022 (GM-CPC)KARNATAKA HIGH COURT. HELD THAT: THE DISPUTES BETWEEN LANDLORD & TENANT GOVERNED BY TRANSFER OF PROPERTY ACT, 1882 AREARBITRABLE IN NATURE. BRIEF FACTS: 1. The relevant facts for adjudication of this Writ Petition are that, responde......

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NATIONAL RESTURANT ASSOCIATION OF INDIA Vs. ZOMATO LIMITED & OTHERS CASE NO. 16 OF 2021 COMPETITION COMMISSION OF INDIA. DATED: 04/04/2022 THE HON’BLE COMPETITION COMMISSION OF INDIA (CCI):  held that, in the case of both Swiggy and Zomato, prima facie there existed a conflict-of-interest situation, warranting detailed scrutiny into its impact on......

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Indian Overseas Bank Vs. M/s RCM Infrastructure Ltd. and another Supreme Court of India [Civil Appeal No. 4750 of 2021]   HELD THAT Bar under section 14 IBC extends to any action of enforcement of any security interest created by the corporate debtor, including any action under the SARFAESI Act,2002.   BRIEF FACTS 1. In the instant case, the Appellant Bank (......

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THE ORIENTAL INSURANCE CO.LTD. V. M/S J.K.CEMENT WORKS [2020] INSC 91 -SUPREME COURT OF INDIA DATED: (28 JANUARY 2020) BRIEF FACTS: 1. The claimant, claiming against judgment passed by the National Consumer Disputes Redressal Commission is a cement manufacturer, having a factory in Nimbahera, District Chittorgarh, Rajasthan. 2. These factory premises included an open c......

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Union of India &  Others v. Mohit Minerals (P.) Ltd Civil Appeal No. 1390 of 2022 The Supreme Court of India   HELD THAT : The Goods and Services Tax (GST) Council’s recommendations are not binding on the Centre and the states and those have only “persuasive value”,  the Apex Court also strike down the integra......

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ANURAG VS. BANK OF INDIA HIGH COURT OF MUMBAI WRIT PETITION NO. 2826 OF 2022 DATED : 7TH JUNE,2022. IMPORTANT QUESTIONS :The present petition raises an important question as to the interpretation of Article 21 of the Constitution of India as to ; whether the expression "personal liberty" occurring in the said Article includes the right to travel abroad. ......

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Dear Friends, As you are aware that the Insolvency and Bankruptcy Code, 2016 has been introduced by the government with aims to maximise the value of company’s assets and resolution of insolvency status of company through resolution and conciliation. The main objective of the Code,2016 is  to restructure and resolve insolvency of corporate persons, partnership firms and individuals pro......

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National Seeds Corporation Ltd Vs National Agro Seeds Corporation FAO(OS) (COMM) 69/2022 & CM APPL. 14275/2022Hob’ble Delhi High Court Dated 31st May,2022   Hon’ble Delhi High Court Held That : Once the amount is properly reflected in the ledger as outstanding and payable, the Statute of  limitation begins on the following date. BRIEF FACTS ......

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Dear Friends, As you are aware the importance of insurance in our life. Every person to some extent requires insurance to protect him and his family from financial loss in case injury, damage or destruction. Life insurance Policies /Term Insurance Policies are long term policies  and benefit-based policies. Generally, we choose life insurance polices for investment and security purposes and ......

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THE SUPRME COURT OF INDIA VALLAL RCK V. M/S. SIVA INDUSTRIES AND HOLDINGS LIMITED AND ORS. CIVIL APPEAL NOS. 1811-1812 OF 2022 03 JUNE 2022.   THE SUPREME COURT, HELD THAT when 90% or more of the creditors decide that it will be in the interest of all the stake­holders to permit Settlement Plan filed by promoter of the Corporate Debtor and withdraw Corporate ......

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THE SUPREME COURT OF INDIANARSINGH ISPAT LTD. V. ORIENTAL INSURANCE COMPANY LTD. & ANR.-CIVIL APPEAL NO.10671 of 2016Dated: 2nd May,2022 THE APEX COURT HELD THAT: - Parties cannot rely upon the definitions of ‘terrorism’ in penal statutes since the Exclusion Clause contains an exhaustive definition. BRIEF FACTS: Supreme Court of India was dealing with the petition ......

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MR. SHRIKANT G. MANTR VS. PUNJAB NATIONAL BANK SUPREME COURT OF INDIA CIVIL APPEAL NO.11397 OF 2016 DATE : 22ND FEBRUARY,2022   HELD THAT- A Person involved in buying goods or availing services for the purpose of earning his livelihood through self-employment would be within the scope of the definition of consumer. An appeal was filed before Apex Court against the ......

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THE COMMISSIONER OF INCOME TAX VS. SMT. SANDHYA RANI DUTTA DATED 22ND  FEBRUARY, 2001APPEAL (CIVIL) 5450-5451  OF  1997SUPREME COURT OF INDIA   HELD THAT : Female heirs of a Hindu governed by the Dayabhaga School of Hindu Law dying intestate could not impress upon their inherited property the character of joint family property. The properties inherited from he......

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Dear Friends, The Authority has come out with “Master Guidelines on Anti-Money laundering/Counter Financing of Terrorism (AML/CFT)” for all the insurers. These guidelines are issued by exercising the power enshrined under Section 34 of Insurance Act, 1938, Section 14(1) of Insurance Regulatory and Development Authority Act 1999 and provisions 4,5,7,9, 9A & 10 of the PML Rules. Th......

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 CASE-I The Hon'ble Supreme Court in the case of National Small Industries Corp. Ltd. vs. Harmeet Singh Paintal and Ors., 010(2)AC R1221(SC )/ MANU/SC/0112/2010 has enumerated certain principles for arraigning director as an accused in a criminal complaint filed against the company, which are as under: i. The primary responsibility is on the complainant to make specific averments as ar......

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National Consumer Disputes Redressal Mono Industries vs New India Assurance Co. Ltd. Dated:  10th  March, 2008 SUB: Whether the loss of goods sustained by the insured, fall within the meaning of 'burglary' as stated in the insurance policy? BRIEF FACTS 1. The Complainant is engaged in manufacturing of Polythene rolls, bags, and tubes. 2. It had obtained an ins......

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HARIS MARINE PRODUCTS Vs. EXPORT CREDIT GUARANTEE CORPORATION (ECGC) LIMITEDIN THE SUPREME COURT OF INDIA CIVIL APPEAL NO. 4139/2020 THE APEX COURT  HELD THAT denying the appellant’s claim on account of upholding an unfavourable interpretation of an ambiguous term would entail the respondent not performing its duties as a government company. BRIEF FACTS The appel......

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The extant IRDAI (Health Insurance) Regulations 2016 were notified on 18th July, 2016 superseding IRDA (Health Insurance) Regulations 2013. The Guidelines on Standardization in Health Insurance were issued on 29th July, 2016. Subsequently Modification Guidelines have been issued from time to time amending aforementioned Guidelines. Further, some new Guidelines have been issued under the provisions......

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The Authority undertook comprehensive review of pending cases of all offices of Insurance Ombudsman. As per the data obtained from Council for Insurance Ombudsmen, there are total 711 Insurance Ombudsman awards that are pending for compliance, of which, 162 awards are pending for more than one year, which is rather unsatisfactory. Insurers are therefore advised to adhere to the timelines of award......

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Dear Friends, As you are aware the importance of insurance in our life. An insurance is a contract through which an insurance company promises to indemnify and insured against specified perils on payment of a small consideration called Premium. An insurance financially secure us against unfortunate perils ,whether it is injury, damage to property or death of the insured. The insurance is of t......

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Dear Friends, As you are aware that Section 139 lists certain situations wherein ITR filing by an individual is mandatory even if no tax has been deducted from his income or even if he does not earn any income. For example some of these conditions are such as payment of electricity bill more than Rs. 1.00 Lakhs during year or expenditure on foreign travel for more than Rs. 2.00 Lakhs during previ......

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Dear Friends As you are aware that a  group health insurance policy provided by an employer to the employees comes with its own share of benefits. Not only is the premium low, such a group cover also has a comprehensive coverage with fewer policy exclusions. The premium is generally borne by the employer while some employers include them as a part of the cost to the company. A big concern ......

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1. PCIT Vs. Dr. Ranjan Pai(2021)431 ITR 250(Krnataka) QUESTTION:  Can Bonus Shares received by shareholders be taxable under head “ Income from other sources” as per provisions of Section 56(2)(x) , as they are received without consideration? ANSWER: The issue of Bonus Shares by capitalization of reserves is merely a reallocation of the company’s funds. There is no in......

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Steel Strips Wheels Limited. v. Shri Avil Menezes, Resolution Professional of AMW Autocomponent Limited and Others [Company Appeal (AT) (Insolvency) No. 89 of 2022]   HELD THAT -The National Company Law Appellate Tribunal (“NCLAT”) has in the judgement dated April 18, 2022 (“Judgement”), in the matter of Steel Strips Wheels Limited. v. Shri Avil Menez......

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Dear Friends, As you are aware that after implementation of Goods and Services Tax Act,2017( GST ), the dream of one tax and one nation has materialized. Implementation of GST Act, 2017 is one of the most important   steps taken by the Modi Government. The GST Act,2017 wiped out various complex and unnecessary acts in direct and indirect domain in India. The rate of taxes also lowered a......

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Dear Friends, As you are aware that “ India” comes from the name of river “ Indus  River”  which runs across India. It originally taken from Sanskrit Word, “ Sindhu” means river. The people of Persia called it “ Hind.” The Latin called it River Indus and generally all those people living east side of “ Indus River” is called In......

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National Insurance Co. Ltd. vs Anjana Shyam & Ors [Civil Appeal Nos. 2422-2459 of 2001]Supreme Court of India THE APEX COURT HELD THAT -“insurance company can be made liable only in respect of the number of passengers for whom insurance can be taken under the Motor Vehicles Act and for whom insurance has been taken as a fact and not in respect of the other passengers inv......

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Aanchal Mittal & Ors. v. Ankur Shukla Hon’ble Delhi High Court [CM (M) 1086/2021 and CM No. 42689/2021]   Hon’ble Delhi High Court held that  inter se disputes between partners of an LLP are required to be tried as a commercial suit in terms of the Commercial Courts Act, 2015 and the National Company Law Tribunal (NCLT) is not the appropria......

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NEW OKHLA INDUSTRIAL DEVELOPMENT AUTHORITY (NOIDA) Vs.  ANAND SONBHADRA CIVIL APPEAL NO. 2222 OF 2021- SUPREME COURT OF INDIA The Apex Court held that - after considering all aspects of the meaning of lease including financial lease held that the Appellant in this case an operational creditor and not a financial creditor and thus was not entitled to treated as so in the C......

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Dear Friends, As you are aware that every insurance company carrying insurance or reinsurance business in India shall invest and keep invested his total assets according to the provisions of Section 27 & 27A of the Insurance Act, 1938 as amended the Insurance Laws (Amendment) Act, 2015 read with IRDAI( Investment) Regulations, 2000 as amended by IRDAI( Investment)(Fourth Amendment) Regulation......

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Gear Training and Research Foundation. v. CIT (E) ( 2021) 92 ITR 28 ( SN) (Jaipur) (Trib.) ITAT(JAIPUR BENCH)  HELD THAT: Trust or institution- Object to develop training and research center to facilitate skill development to entire chain of work force engaged at various levels in garment and textile industry entitle for registration under provisions of Section ......

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Mr. Amar Vora v City Union Bank Ltd. National Company Law Appellate Tribunal, Chennai Bench Company Appeal (AT) (CH) (Ins) No. 130 of 2022 PREAMBLE: The present appeal  arising out of order dated 21st March, 2022 passed by National Company Law Tribunal, Division Bench - I, Chennai Bench in CP/IB/75/2021 along with IA/839/CHE/2021 and IA/844/CHE/2021. BRIEF FACTS: ......

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Dear Friends, The Authority, vide notification F. No. IRDAI/Non-life Insurance/5/171/2020 de-notified erstwhile All India Fire Tariff (AIFT) for certain risks. Further, it was notified that with effect from 1st April, 2021, Fire and allied perils covers for the specified risks shall be subject to regulations and/or guidelines enunciated in this regard by the Authority. Insurance regulator IRDAI ......

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Dear Friends, As you are aware that an Insurance Company is a company incorporated under provisions of the Companies Act, 1956/2013, licensed under the Insurance Act, 1938 and IRDAI Act,1999. An insurance company may engage in life , general or health insurance business. The financial statements of an insurance company are prepared according to the provisions of ; The Companies Act,2013; ......

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CIRCULAR NO.: SEBI/HO/CFD/CMD2/CIR/P/2022/61 The SEBI has relaxed compliance of certain provisions of SEBI( LODR) Regulations, 2015 to align with MCA Circular dated 5th May, 2022 in which MCA has given relaxation to the listed companies for sending hard copies of for the Financial Statements for the year 2022 till 31st December,2022. The relaxation given as follows; Regulation Det......

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Mr. A and Mr. B entered into arbitration proceedings, despite various opportunities given by the arbitrator, Mr. A has failed to file its statement of claim. Thus, the learned arbitrator terminated the proceedings for failure of filling of statement of claim. Mr. A filed the application for re-call of its order however the arbitrator refused to allow the same for reason that it has no power to re-......

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Dear Friends, As you are aware that the Insurance Act,1938 is notified on 26th February,1938 and main objective was to consolidate and amend law relating to business of Insurance. Since there were many companies engaged in the business of insurance in pre-independence period and there was no legislature to control activities of insurance companies and regulate them.  In 1914, the Gove......

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Case Details: Raj Shipping Agencies v. Barge Madhwa Citation: [2020] 116 taxmann.com 707 (Bombay) In a significant ruling, the Kerala High Court held that a Limited Liability Partnership could form a partnership with an individual or other persons.    BRIEF FACTS A partnership deed was executed between an individual and an LLP. When the said deed wa......

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Case Details: Uber BV v. Aslam Citation: [2021] 124 taxmann.com 486 (SC-UK) In a judgment that can have implications in several countries, including India, the Supreme Court of the United Kingdom bench held that Uber drivers are ‘workers’ and not independent contractors. Going by the ruling, the app-based taxi service provider drivers will be entit......

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Dear Friends, As you are aware that finance is the most important driving force in our society and the country. Your bank balance determines your status in the society. Your living of standard shows your financial position and your acceptance in the society and your relatives. So finance is the most important aspects of a human life. Same concept is applicable in commercial line also or in busine......

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ORIENTAL FIRE & GENERAL INSURANCE CO. LTD. V. COMMISSIONER OF INCOME-TAX, BOMBAY CITY-IV Income-tax Reference No. 164 of 1973.Hon’ble High Court of Mumbai. MATTER BEFORE THE COURT: In this reference at the instance of the assessee, the following two questions have been referred to this court under s. 256(1) of the I.T Act, 1961. “(1) Whether, on the facts and i......

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IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 3005/2022 Union of India & Ors. Versus Ashish Agarwal   THE SUPREME COURT ON HELD THAT the reassessment notices issued under the unamended Section 148 of the Income Tax Act on or after April 1, 2021, will not be deemed to......

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The Government of India to curb unscrupulous activities and to  protect Indian business dysphoria from Chinese investors has changed FDI Regime. Since Chinese Investors all over world are keen to acquire companies and involved in money laundering, tax evasion, fraudulent practices and the most important they are doing spying activities through companies they have acquired.  The Ministr......

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Bharat Sanchar Nigam Limited &Anr. v. Sandeep Choudhary &Ors. Date of Order: April 28, 2022Supreme Court of India OBC Candidates Must Be Appointed Through General Quota If They Are Meritorious Than The Last General Quota Candidate: Supreme Court of India. BRIEF FACTS:   In this case, the Respondent had applied for the post of Telecom Technical Assistant (TTA)......

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As you are aware that Revaluation Reserve is a Non-Cash reserve prepared by business entities to give effect in case market value of some assets is more or less than the value on which it is written in books or Book Value. Revaluation generally used to give effect of difference in market value of assets and book value of assets at given point of time. The nature of Revaluation Reserve is of Capi......

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Dear Friends, As you are aware that with the advancement of technology , our standard of life has been improved. We have developed a lot on technological front ,which help us to spend our life with ease and hassle-free. The modern technologies have provided us everything which will provide us comfort and advantage. Our wealth and earnings have been increased as well as our greed. The greed in hum......

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Noel Harper & Ors. vs. Union of India & Anr. Hon'ble Supreme Court of India Order Delivered on: April 8, 2022 [Writ Petition (Civil) No. 566 of 2021] with Writ Petition (Civil) No. 634 of 2021 and Writ Petition (Civil) No. 751 of 2021.   Dear Friends, As you are aware that uncontrolled foreign contribution in India received by various NGOs/Trusts/ Chari......

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Dear Friends, The Security Exchange Board of India through Notification No. SEBI/LAD/-NRO/GN/2022/80 dated 25th April, 2022 issued SEBI( LODR) ( Fourth Amendments) Regulations, 2022 for amending SEBI ( LODR) Regulations, 2015. Earlier Securities and Exchange Board of India vide notification dated 13th August 2021 has amended the Securities and  Exchange  Board of  India ......

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Anju Kalsi  Vs.  HDFC Ergo General Insurance Company Limited and Another Civil Appeal Nos 1544-1545 of 2022 (Arising out of SLP (C) Nos 32397-32398 of 2017) BRIEF FACTS 1. These appeals arise from a judgment of the National Consumer Disputes Redressal Commission1 dated 24 March 2017 in the exercise of its revisional jurisdiction against an order of the State Consum......

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LET'S CONSIDER SOME IMPORTANT CHANGES FOR FY 2022-23; 1. NPS CONTRIBUTION: For the central government employees, the government was already contributing 14% of employee’s wages towards employee’s NPS account. Starting this FY, state government employees will receive a 14% contribution into their NPS account from their respective state governments. Deduction for employer contribution t......

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Dear Friends, As you are aware that  discharge of contract by performance refers to fulfilment of the contract by performance of all the obligations in terms of the original contract, discharge by “accord and satisfaction” refers to the contract being discharged by reason of performance of certain substituted obligations. The agreement by which the original obligation is discharg......

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Mumbai Income Tax Appellate Tribunal (Tribunal), dated 24 July 2020, Tata Education and Development Trust. BRIEF FACTS: In the case of Tata Education and Development Trust (Taxpayer), the Mumbai Tribunal held that the amount spent  for charitable purposes outside India, which is approved  by the Central Board of Direct Taxes (CBDT), is allowable  as qualif......

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Sasken Communication Technologies Ltd I.T.A. No. 241 of 2011 dated 10 June 2020 Karnataka High Court BRIEF FACTS: In the case of Sasken Communication Technologies Ltd  (Taxpayer), the issue before the HC was. whether noncompete fees paid to two key-employee rendering services outside India, i.e., in the US, would be regarded as taxable in  India and; ......

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SUNIL TODI AND ORS. VS STATE OF GUJARAT AND ANR. CRIMINAL APPEAL NO. 1446 OF 2021 AND CRIMINAL APPEAL NO. 1447 OF 2021SUPREME COURT OF INDIA. THE APEX COURT in its recent decision in  held that merely labelling a cheque as a security would not obviate its character as an instrument designed to meet a legally enforceable debt or liability. BRIEF FACTS: 1. The Appellant......

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RBI/DOR/2021-22/89 DoR.FIN.REC.95/03.10.038/2021-22 March 14, 2022 . To All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) excluding Payments Bank.  All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ District Central Co-operative Bank.;  All Non-Banking Financial Companies (including Microfinance Institutions and Housing Fi......

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Uttar Pradesh State Road Transport Corporation-Appellant(s)  Vs.  National Insurance Co. Ltd. & Others —Respondent(s) IN THE SUPREME COURT OF INDIA CIVIL APPEAL NOS. 18490-18491 OF 2017 Order date : 14th July,2021 Held That (Motor Vehicles Act ,1988) - Third Party Insurance deemed to be transferred along with effective control over vehicle in a Hire Agre......

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A. Introduction to Third Party Insurance terms Insurance is a contract whereby one party agrees to compensate the loss or discharge the liability of another person. And in case of motor insurance in India, this also includes the loss suffered by third person. Motor insurance and all third-party rights and liabilities with respect to it are covered by Motor Vehicle Act 1988, in India. ......

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Dear Friends As you are aware that India is a country of opportunities, being second largest populated country in the world and continuously growing.  A number of start-ups are raising due to initiatives of government and technological development. India have largest skilled workforce in the World and whole World has recognised India calibre and strength. The insurance now a days become e......

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Surrender of Insurance Policy means to in cash  a life insurance policy before benefits are due to be paid. The Surrender Value of an Insurance Policy is the amount given to the insured at a time, when he is unable to pay premium related to Insurance Policy. At a particular time, when insured is not able to pay further premium and he has paid earlier premiums related to surrendered insuranc......

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Dear Friends, Insurance is playing a vital role in our life now days. After this COVID-19 pandemic, we have realised the importance of insurance and government has also provided various facilities to general public to secure their lives and properties from various types of risks. Through insurance we shall reduce the impact of risk insured. The risk may be on our lives such as accidental, due to ......

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Actionable Claim:  is a claim to any debt, other than secured by mortgage of immovable property or pledge or hypothecation of some movable property, or to any beneficial interest in movable property, not in possession either actual or constructive of the claimant. Section 3 of Transfer of Property Act, 1882 defines ;  “ actionable claim means a claim to any debt , other than a de......

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In this article, we discuss the legal actions which can be taken up by the insurance companies against fraudulent insurance claims. 1. What is an Insurance Fraud? The Indian Insurance Act does not contain definition for ‘insurance fraud’. Neither have any specific laws connected to insurance fraud been spelled out in the Indian Penal Code,1860(IPC). The Indian Contract Act,......

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A Whistle Blower is a person who exposes any kind of unethical activity, item or information that is deemed to be illegal, unconstitutional or not correct in an organisation. A business organisation is established for profit through business transactions. The business should be carried out according to rules and regulations of law of land. Anything which is against law of land and against Public P......

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Dear Friends, The apex consumer body, the National Consumer Disputes Redressal Commission (National Commission), while hearing an appeal filed against the order of the Maharashtra State Consumer Disputes Redressal Commission (State Commission), has recently held in Royal Sundaram Alliance Insurance Co Ltd v Pawan Balram Mulchandani  that murder of an Insured is to be treated as an accid......

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Dear Friends, Compliance Risk is a risk that the Company’s actions or inactions might result into potential regulatory interventions or regulatory actions, which could adversely affect the Company’s reputation. This one of the important risks in Insurance Sector. The Regulator of Insurance IRDAI has penalised many Insurance Companies, Insurance Intermediaries, TPAs, Insurance Brokers ......

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Dear Friends, The insurance provides us short range as well as long range relief. The short-term relief is aimed at protecting the assured from loss of property and life. The long-term object being industrial and economical growth of country and the society. Insurance has become one of the most important necessities in our life. As we have seen from previous two years, whole humanity has suffere......

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Dear Friends, The life insurance industry is one of the fastest-growing sectors in India. Currently, there are 24 Life Insurance Companies in India offering customized life insurance policies. Life insurance corporations are in the business to gain some profit and that’s why they avoid most of the evitable risks associated with life by adding exclusion clauses that make the policy void in s......

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As we know that frauds are present in every section, where money involved. The financial sector is more vulnerable for fraud than other sectors. The frauds generally happen for sake of financial gain by applying dubious methods by the fraudsters. Insurance industry is the most vulnerable for various types of fares by policyholders, intermediaries , employees and others. Since insurance companies b......

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As you know an insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. Through insurance we analyse , evaluate ,estimate and transfer outcomes of risk/perils to the insurance company. The insurance company generally in lieu of small payment called “ Premium” issue an insurance p......

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As you are aware that, insurance companies are considered as a custodian of monies of their policyholders. A policyholder pays premium to insurance company with a hope that in case of financial loss, insurance company will indemnify him/her. An insurance company through insurance policies selling a promise to the policyholders that in case of loss due to insured perils, the insurance company help ......

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As you are aware that many people every year are losing their lives in road accidents all over India. In some cases accident occurred due to their fault or negligence and on other hand in some cases on the fault and negligence of third parties or the owner of motor vehicles. An person injured in an motor accident or legal representatives of a person deceased in motor accident may apply for compens......

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As you are aware that a Insurance Certificate describes insurance coverage to the insured. It contains details of insured, his name, address, contact details , property insured, type of insurance , the nature and the name of risk insured and of course main thing the total Sum Insured ( i.e. maximum sum payable in case of happening of insured peril to the insured). A certificate of insurance (COI)......

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On account of rapid development of road transport and increase in number of Motor Vehicles on road the accidents by Motor Vehicles have been increased enormously.  About 450,000 accidents take place in India annually, of which 150,000 people die. “India has the highest number of casualties in road accidents,” said the report. “There are 53 road accidents in the country every......

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We know that an insurance is a contract between insured and the insurance company. It is a contract based on utmost good faith, it means that a customer or prospects while submitting proposal with insurance company for applying an insurance coverage  has to declare all material facts, that  are going to affect decision of insurance company. There are various material factors for an insur......

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As you are aware that a contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the insured, in the manner and to the extent thereby agreed, against transit losses, that is to say losses incidental to transit. A contract of marine insurance may by its express terms or by usage of trade be extended so as to protect the insured against losses on inland waters or any......

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As you are aware that “ Marine Insurance” covers the loss or damage of ships, cargo, terminals ,and any transport or cargo by which property is transferred, acquired ,or held between the points of origin and final destination. I also includes offshore and onshore exposed properties (container terminals, ports, oil platforms, pipelines etc.),hull, marine casualty and marine liability. ......

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As you know an insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. Through insurance we analyse , evaluate ,estimate and transfer outcomes of risk/perils to the insurance company. The insurance company generally in lieu of small payment called “ Premium” issue an insurance p......

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Dear Friends, Hope that all of you are doing well and enjoying going on festive season. You are aware that insurance has became need of every citizen , particularly health insurance . We have gone through deadly COVID-19 pandemic situation and still facing the same today also. This pandemic has taught many persons lesson , who did not believe the power of insurance. Insurance is a process or acts......

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We know that a Contract Of Insurance is based on utmost goodd if yes then the amount of premium to be charged to the insured. An insurance contract ( General Insurance) is a contra faith. It means ,while at the time of applying for insurance the insured has disclosed all material facts and other required details to the insurance company and vice-versa. The facts disclosed by an insured will help......

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Dear Friends, As you are aware that insurance companies generally insert a condition in the insurance policy that in the case of misstatement, misrepresentation, mistake ,concealment or fraud on the party of the insured the premium paid thereunder would be forfeited. In this case due to that condition in case of innocent misstatement or misrepresentation, the insurance companies not refund the pr......

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We have discussed on various occasions the importance of an insurance cover and its benefit to keep us financial viable in case of occurrence of any insured peril. Insurance is a valuable method of transfer and reduction of risk. We generally transfer our risks to the insurance companies on the basis of payment of a small consideration called premium. An insurance policy is a contract between th......

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As you are aware that ,when a Bank / Financial Institutions /NBFs are financing your projects or providing you financial assistance in case of a project, purchase of home , working capital , Term Loans , Loans Against Property , etc. then they include an Insurance Clause in the Contract for security of property given as security against loans, advances or financial assistance. The Insurance Clause......

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Dear Friends, As you are aware that a” Cover Note or Interim Receipt”, is a documents issued by the insurers during negotiations stage for an insurance to a person proposing to insure with them , by which they acknowledge receipt of payment in respect of premium and undertake to hold him indemnified until they have elided whether to accept his proposal or not. Simply cover note gener......

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Dear Friends, As you are aware that an “Actuary “plays an important part in the insurance sector and he/she is well decorated and trusted professional. Actuaries analyse the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the ......

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Dear Friends, Insurance is used to hedge against the risk of a contingent loss triggered by a physical, human or natural peril. The insured transfers a defined risk of a loss in exchange for a premium, which is an insurance rate used to determine the amount to be charged for a certain amount of insurance coverage. An insured is thus said to be "indemnified" against the loss events covered in the ......

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As you are aware that a contract of General Insurance is generally a contract of indemnity , it means an insured will not receive from insurance company more than the loss he /she suffered. Further an insured is not allowed to gain more than ,what he suffered due to insured peril from the insurance company. “Indemnity” means security or protection against financial loss. It is a ......

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As you are aware that an insurance contract is based on utmost good faith, it means all statements, disclosures ,documents made and submitted by the assured must be true. The information and documents submitted of declaration made by assured /insured at the time of application will form the basis of contract of insurance. The assured/insured by means of his declaration warrants that the statements......

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We know that an insurance contract is a legal agreement that spells out the responsibilities of both the insurance company and the insured, as well as the specific conditions of coverage and the policy term and cost. Standard features of an insurance contract include the offer and the acceptance, consideration, legal capacity and purpose, and indemnification. An Insurance Contract s a contract of......

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Dear Friends, we purchase insurance policies for our safety and investment. The insurance policies are of various types and provided by various types of insurance companies. There are life insurance, general insurance and health insurance companies with their products in market. Through Insurance, we reduce our risk or transfer our risk to insurers by paying a small amount of premium. The insura......

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Dear Friends, The insurance companies being a financial institution prone to various types of risks. They treated as custodian to the funds of general public and hence to serve its policyholders properly they have to manage and mitigate various types of risk. These companies are taking risks of general public in lieu of payment of small amount of premium. Unless insurance companies manage their r......

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Dear Friends, Reinstatement of any property generally means replacement of what is lost or repairing the damaged property by bringing it to its original value and usefulness. In case of total destruction of an asset, the company generally replace the same with new assets or if possible, repair the old one to bring it at the same conditions or positions that it never damaged. In case when assets ......

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Dear Friends, you all know that our world is full of uncertainties and risks. Some of these are man made and some made by All Mighty. In the meantime, whole world is facing unprecedented risk of life due to man made COVID-19 pandemic. This virus has changed our lives and forced us to stay in our homes. This a product of greed and inhuman activities by Chinese Government. We have lost more than 5.0......

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Meaning of Subrogation: “SUBROGATION” means substitution of a person or group by another in respect of a debt in insurance claim, accompanies by the transfer of any associated rights and duties. Investopedia: “Subrogation is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is ......

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Dear Friends, As you are aware that , Insurance Companies are considered in the category of Financial Companies in India. Insurance industry involves public participation at large. General Public become policyholders /stakeholders in insurance companies. They are putting their hard-earned monies to secure their future against various types of risks. Insurance Development Regulatory Authority o......

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Dear friends, we know that a man, who ensures his interest in property against loss by any risk, whether that interest be that of a proprietor or creditor, cannot recover from the insurance companies, a greater amount than he lost by the contingency insured against. So, in case of double insurance of the same interest with the different insurance companies, the assured will not be entitled to re......

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Dear Friends, As you  know that insurance has become one of the essential needs of people during their trying times. Insurance provides us financial safety against insured perils or risks. The risks may be man made or natural. We are facing today one of the greatest and dangerous pandemic COVID-19. This is man made and emerges from CHINA. This pandemic has derailed economy of all over world......

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Dear friends, There may be certain circumstances wherein a person may come across few instances wherein he may find that he had taken overlapping insurance covers over the same subject matter. So does these overlapping insurance cover denotes that he has acquired extra protection over the subject matter? Or is it merely wastage of money? These questions bring to us the most confusing area of ......

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Dear Friends, As you are aware that contract of insurance is based on the doctrine of “ Utmost Good Faith” ,which means a person applying for an insurance cover has to disclose and reveal all material information required by insurance company. Material Information means all those information on the basis of which underwriter access the risk profile of the person and decide to accept t......

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CASE-1 R. Geethabanu v. Government of Tamil Nadu Madurai Bench of Hon’ble Madras High Court. Case No.:  CMA (MD) Nos. 1448 of 2016 and 166 of 2017. Reserved on : 16/02/2022, Pronounced on : 08/04/2022 The Madras High held that the aggrieved person cannot file claim petitions both under the Motor Vehicles Act ,1988 as well as the Workmen Compensation Act,1923 &nb......

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CASE-1 Applicant’s Name: Khera Trading Company Citation:  Advance Ruling No. HAR/HAAAR/2018-19/06 The Haryana Appellate Authority of Advance Ruling (AAAR) bench held that 18% Goods and Service Tax (GST) is payable on pizza topping as pizza topping is not pizza. BRIEF FACTS: The appellant is in the business of distributing various dairy and non-d......

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QUESTION:  A Public Trust is to be created for Charitable Purposes in April,2021. The trust intends to claim benefits of Sections 11 and Section 12 from AY 2022-23. In this regard ,what is the time limit for making an application for registration, time limit for granting approval by the Principal Commissioner or Commissioner and the period for which approval is valid?. ANSWER :  In order......

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SURINDER SINGH DESWAL @ COL S S & ORS VS VIRENDER GANDHI (2020) Criminal Appeal No. 1936-1963 of 2019 The Supreme Court of India Dear Friends, As you are aware that Negotiable Instruments Act,1881 is an Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. “PROMISSORY NOTE.”—A “Promissory note” is an ......

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Modi Cements Ltd vs. Shri Kuchil Kumar Nandi, (1998) 3 SCC 249   Hon’ble Supreme Court Date of Judgment – 02nd March 1998 ISSUE: Whether mere endorsement of the Bank “payment stopped” is sufficient to entertain the complaint u/s 138 of NI Act? PROVISIONS INVOLVED: Section 138 of Negotiable Instruments Act,1881 Section 13 of ......

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M/S. VISISTH SERVICES LIMITED v. S. V. RAMANI Decision dated: 11 January 2022 Citation: 2022 SCC Online NCLAT 24 HELD THAT : A 'going concern sale' on an 'as is  where basis' does not dissolve the corporate debtor, rather, it  forms a part of the  liquidation estate wherein the entire business,  including assets and liabilities, including all contracts, lic......

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M/S CONSOLIDATED CONSTRUCTION CONSORTIUM LIMITED Vs.  M/S  HITRO ENERGY SOLUTIONS  PRIVATE LIMITEDCitation: 2022 SCC Online 142 Introduction: In a recent judgment, the Supreme Court of India, while keeping up the efforts of plugging various loopholes in Insolvency & Bankruptcy Code, 2016 (“Code”), decided an interesting legal issue relating to the s......

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ISSUE FOR CONSIDERATION When a loan taken for acquiring a depreciable capital  asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition,  an issue that arises with respect to waiver of loan or  part of the purchase price is whether the depreciation  claimed in the past on that portion of the cost of the asset  w......

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R. Geethabanu v. Government of Tamil Nadu Madurai Bench of Hon’ble Madras High Court. Case No.:  CMA (MD) Nos. 1448 of 2016 and 166 of 2017. Reserved on : 16/02/2022, Pronounced on : 08/04/2022 The Madras High held that the aggrieved person cannot file claim petitions both under the Motor Vehicles Act ,1988 as well as the Workmen Compensation Act,1923  in r......

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Dear Friends, The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest on contribution made during the FY 2021-22 in excess of amount of Rs. 2.50 Lakhs (EPF) and Rs. 5.00 Lakhs (GPF) will be taxable as “Income ......

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Dear Friends, As you are aware that “Joint Families” in India are the building blocks of our society and the nation. The concept of Vasudeva kutumbakam – sometimes spelled vasudhaiva kutumbakam – is a phrase from the Hindu text the Maha Upanishad that is typically translated as “the world is one family” has emerged from Joint ......

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Dear Friends, It is duty of every citizen whether human or corporate to pay applicable taxes levied by Government. These taxes are necessary for development and social welfare of the citizens. The Government of each country depends on taxes paid by their citizens and formulate its expenditure for welfare, hospitality, social and security of their citizens. A taxpayer is generally called an assess......

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Jaya Prakash v. ITO  M.P No.91/Bang/2021(In ITA No.1374/Bang/2018Assessment year : 2014-15 [2021] ITAT defines the meaning of ‘set aside’ and directs that AO can’t do fresh assessment if assessment order was set aside by ITAT. BRIEF FACTS: 1. The assessee herein came in appeal before the Tribunal and raised the issue with regard to taxability M.P No.91/Bang......

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Osians Connoisseurs of Art Pvt. Ltd. v/s SEBI & Another-Civil Appeal No. 19936 of 2017, 77 of 2018-  Decided On, 12 February 2020 Hon’ble Supreme Court of India BRIEF FACTS: Two trusts named Yatra Art Fund Trust (Fund I) and Yatra Art Fund II (Fund II) were created under the Indian Trusts Act, 1882, through execution of Indentures of Trust d......

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JACOB PUNNEN & ANR. Vs. UNITED INDIA INSURANCE CO. LTD. THE SUPREME COURT OF INDIA  CIVIL APPEAL NO. 6778 OF 2013 BRIEF FACTS: The undisputed facts are that the appellants contracted with the respondent (hereinafter referred to as “the insurer”) and secured a medical insur......

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Oriental Insurance Company Limited v/s Mahendra Construction Civil Appeal No. 3359 of 2019 Supreme Court of India Decided On, 01 April 2019    BRIEF FACTS: This appeal arises from a decision rendered by the National Consumer Disputes Redressal Commission ("NCDRC") on 19 September 2018. The NCDRC partly allowed the appeal filed by the insurer aga......

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COMMISSIONER OF INCOME TAX VS. OIL AND NATURAL GAS CORPORATION LTD. HIGH COURT OF GUJARAT TAX APPEAL NO. 368 of 2016 & TAX APPEAL NO. 371 of 2016. THE ISSUE "Whether the Income Tax Appellate Tribunal was right in law in confirming the order of the Commissioner of Income Tax (Appeals) deleting the additions made by the Assessing Officer under section 201(1) of the Income ......

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Board for Control of Cricket in India Vs. PCIT [2021 ]132 Taaxmann.com 132( Mumbai ITAT) HELD THAT The Mumbai Tribunal has allowed relief to BCCI and directed CIT to grant registration under Section 12A citing that BCCI is still promoting the game of cricket.   LEGAL PROVISIONS  Section 2(15) of the Income-tax Act defines charitable purpose for th......

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Dear Friends, As you are aware that we are living in free market economy, where everybody is allowed to participate and compete with exiting players. Every entity, whether big in size or small competing here to contain their market share and survive. A big business house having presence all over world is keen to keep its market share intact and a new enterprise entering into marker with new and i......

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Dear Friends, As you are aware that contract of insurance is based on the doctrine of “ Utmost Good Faith” ,which means a person applying for an insurance cover has to disclose and reveal all material information required by insurance company. Material Information means all those information on the basis of which underwriter access the risk profile of the person and decide to accept t......

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M/S J.B. Boda & Co. Pvt. Ltd vs Central Board Of Direct Taxes new Supreme Court of India  Dated:30 October, 1996 BRIEF FACTS1. The petitioner in Writ Petition No. 3086 of 1987 in the High Court of Delhi, has filed this appeal against the judgment of the High Court dated 29.10.1987. 2. The short matter that the arises for consideration in this appeal is the ......

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