22 April 2024

Search Results for Tag : Loss

Notifications & Circulars

Appointment of Election Officer to conduct 13th council elections of Indian Institute of Insurance Surveyors and Loss Assessors for 1/3rd members who are due to retire on 28th July 2021(24.05.2021)

Authority hereby appoints Ms. Nimisha Srivastava, DGM, IRDAI as the Election Officer for conducting the 13th Council Elections for 1/3rd vacancy arisi.....

Tags : Indian Institute of Insurance Surveyors and Loss Assessors, Election Officer

Power Ministry mandates energy accounting of DISCOMs with a view to reduce electricity losses(11.10.2021)

As an important step under the ongoing power sector reforms, Ministry of Power today mandated electricity distribution companies to undertake energy a.....

Tags : Energy accounting, DISCOMs, Electricity losses

Provisioning pertaining to Fraud Accounts(18.04.2016)

Reserve Bank of India notified amendments to provisions in respect of Fraud Accounts. Banks making good amounts upon detection of fraud can adjust fin.....

Tags : fraud accounts, banks, adjustment, profit and loss

International Cases

Court must consider contract as a whole and, depending on nature, formality and quality of drafting of contract(29.03.2017)

Present appeal raises a question of contractual interpretation. It concerns an indemnity clause in an agreement dated 13 April 2010 (“the SPA”) for sa.....

Tags : Contract, Loss, Indemnity

State is liable to indemnify losses incurred by Westpac as a result of the Fire(04.09.2018)

Present is an appeal against a decision concerning the determination of a preliminary issue in proceedings brought by the Respondent (Mr Leicester) ag.....

Tags : Loss, Indemnification, Grant

Constitution of Committee for Review of Articles of Association of Indian Institute of Insurance Surveyors and Loss Assessors(14.02.2022)

The Authority had constituted Surveyors and Loss Assessors Committee vide Order No. IRDA/SURV/ORDER/MISC/100/04/2020 dated 24/04/2020. This committee .....

Tags : Review, Articles, Loss Assessors

Judgments

Once the defects in the return filed under Section 139(1) of IT Act are removed within the time permitted, the same would relate back to the original date of filing of the return(15.09.2022)

The assessee is an individual who filed his original return of income for the A.Y. 2017-18 declaring total income of Rs.11,43,530. The assessee had re.....

Tags : Carry forward, Losses, Benefit

Assessee is entitled to reduce the book profits by the amount of loss brought forward (excluding depreciation) or unabsorbed depreciation(10.03.2023)

The assessee has challenged the computation of adjustment allowable in terms of clause (iii) of Explanation-1 to Section 115JB(2) of Income Tax Act, 1.....

Tags : Computation, Adjustment, Loss

Insurance company is expected to act on its promise in a fair manner and not just care for its own profits(08.08.2023)

The issues that arise for consideration in present appeal is with regard to claim of compensation. During the year 1994, the Appellant, a registered p.....

Tags : Loss, Compensation, Entitlement

Insured is required to intimate loss or damage to insurer expeditiously and within a reasonable time(25.10.2016)

As complaint was dismissed by Commission, review petitioner/complainant preferred an appeal before Supreme Court. In terms of liberty granted by Supre.....

Tags : Loss or damage, Claim, Delay

Loss of Ecology Authority shuttered(07.04.2016)

The Loss of Ecology Authority, functioning intermittently to entertain claim petitions form farmers seeking compensation for damage caused to agricult.....

Tags : loss of ecology, authority, winding up, ngt

Railway administration cannot be held liable for preserving relevant documents after expiry of 6 months from date of delivery of consignment(05.06.2018)

Present appeal under Section 23 of the Railway Claims Tribunal Act, 1987 is against the judgment and order passed by the learned Railway Claims Tribun.....

Tags : Loss, Compensation, Validity

News

ITAT, Bangalore: Unascertained Business Loss Cannot be Allowed as Deduction(09.03.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that unless the recovery of embezzled amount in the course of business was impossible, it could not.....

Tags : Income Tax Appellate Tribunal, Unascertained Business Loss

ITAT: Unascertained Liability Cannot be Allowed as Embezzlement Losses in Computing Business Income(10.03.2022)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that the embezzlement loss stated by the assessee is not ascertained liability and hence cann.....

Tags : Income Tax Appellate Tribunal, Embezzlement Losses, Business Income

NGT Directs Cavelossim Panchayat to Clean “Nullah”(26.07.2016)

National Green Tribunal (NGT) has directed Cavelossim panchayat to clean a polluted nullah in the village, stating that it cannot escape its responsib.....

Tags : National Green Tribunal, Cavelossim panchayat

P&H HC: ITC Under VAT Can be Availed on Evaporation Loss of Petrol and High Speed Diesel(17.03.2022)

Punjab and Haryana High Court has ruled that the Input Tax Credit (ITC) under the Value Added Tax can be availed on the evaporation loss of petrol and.....

Tags : Punjab and Haryana High Court, Evaporation Loss of Petrol and High Speed Diesel

CESTAT: Deposits in Profit and Loss Account is Not Duty Under Excise Act(24.03.2022)

Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) has ruled that deposit in Profit & Loss Account is not duty and therefore, provisions o.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, Deposits in Profit and Loss Account

ITAT: Loss Arising Out of Sale of Government Securities is Trading Loss(30.05.2022)

Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench has held that the loss arising out of the sale of government securities is a trading loss.

Tags : ITAT, Government Securities, Trading Loss

Allahabad HC Takes Suo Moto Case on Assistance to Needy Advocates and Clerks Amid Lockdown(13.04.2020)

Allahabad High Court has taken suo moto cognizance of the issue of financially weak Advocates and registered Advocate Clerks, who are now on the verge.....

Tags : Allahabad High Court, Allahabad High Court has taken suo moto cognizance of the issue of financially weak Advocates and registered Advocate Clerks, who are now on the verge of starvation due to loss of Court work in face of the lockdown.

ITAT, Mumbai: No Tax on Compensation Received for Loss of Trees(23.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that no Tax is applicable on Compensation received for loss of Trees.

Tags : Income Tax Appellate Tribunal, Compensation for Loss of Trees

Madras HC: Independently Assess Disability & Loss of Earning Capacity(15.03.2017)

Madras High Court has ruled that percentage of disability that a person suffers in an accident and his loss of earning power cannot go together and ha.....

Tags : Madras High Court, loss of earning power

Delhi State Commission for Consumer Disputes Orders Rs 3 Lakh Compensation For Baggage Loss(27.03.2017)

Delhi State Commission for Consumer Disputes has said that no amount of monetary compensation can pay for harassment and agony a flyer goes through du.....

Tags : Delhi State Commission for Consumer Disputes, Baggage Loss

Allahabad HC: Claimant Entitled to Compensation for Loss of Earnings(09.12.2020)

Allahabad High Court has held that a claimant widow, who is deprived of full pension of her husband because he died in a motor accident, is entitled t.....

Tags : Allahabad High Court, Compensation for Loss of Earnings

SC: Dependents Entitled to Compensation for Loss of Income Even if They Inherit Business of Deceased(04.10.2022)

Supreme Court has held that motor accident compensation need not be reduced for the sole reason that that the business ventures and properties of the .....

Tags : Supreme Court, Compensation, Loss of Income

SC: Compensation for 'Loss of Consortium' Can be Awarded to Children and Parents Also(08.09.2020)

Supreme Court has observed that, in a Motor Accident Compensation Claims, compensation for loss of consortium can be awarded to children and parents a.....

Tags : Supreme Court, Compensation for 'Loss of Consortium'

SC: Compensation for Loss of Future Prospects Can be Awarded in Cases of Permanent Disablement(18.09.2020)

Supreme Court has observed that compensation for loss of future prospects can be awarded in cases of permanent disablement incurred as a result of a m.....

Tags : Supreme Court, Compensation for Loss of Future Prospects

ITAT, Kolkata Allows Long-Term Capital Loss from Sale of Government Securities(23.03.2021)

Income Tax Appellate Tribunal (ITAT), Kolkata has allowed the Long-Term Capital Loss arising from the sale of Government Securities after applying the.....

Tags : Income Tax Appellate Tribunal, Long-Term Capital Loss from Sale of Government Securities

ITAT, Bangalore: Losses on Account of Exchange Fluctuation Allowed as Deduction(06.01.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that losses on account of exchange fluctuation on forward contracts are allowable as a deduct.....

Tags : Income Tax Appellate Tribunal, Losses on Exchange Fluctuation

Allahabad HC Dismisses Plea Seeking Compensation for Loss of Life Due to Lack of Treatment(17.06.2021)

Allahabad High Court has dismissed a plea seeking compensation for the loss of life of Petitioner's father who had contracted COVID-19 and died allege.....

Tags : Allahabad High Court, Compensation for Loss of Life

SC: Loss on Confiscation of Smuggled Items by DRI Officials Not ‘Business Loss’(27.04.2023)

Supreme Court has held that loss claimed by the assessee on account of confiscation of smuggled items by the Customs department, can’t be treated as ‘.....

Tags : Supreme Court, Smuggled Items, Business Loss

Delhi HC Seeks Reply in Minors’ Plea on Loss of Parent Due to Deficient Oxygen Supply(02.08.2021)

Delhi High Court has asked the Centre and the Delhi Government to file reply in the plea moved by two minors, who lost their sole bread-earning parent.....

Tags : Delhi High Court, Loss of Parent Due to Deficient Oxygen Supply

Meg. HC: Party Breaching Contract is Liable to Pay Compensation for Only ‘Actual Loss’(23.06.2023)

Meghalaya High Court has held that notwithstanding any agreement between parties, the party in breach of contract is liable to compensate the other pa.....

Tags : Meghalaya High Court, Breach of Contract, Actual Loss, Compensate

Supreme Court Allows Carrying Forward of Tax Losses(28.10.2015)

Supreme Court while providing benefit to companies making acquisition and reconstruction, has allowed carrying forward of tax losses in such transacti.....

Tags : Supreme Court, tax losses

ITAT, Bangalore: Long Term Capital Loss to be Computed from Date of Possession of Property(22.06.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has held that long term capital loss is to be computed from the date of possession of Property and not.....

Tags : Income Tax Appellate Tribunal, Long Term Capital Loss

Del. HC: Liquidated Damages Mentioned in Agreement Can’t be Awarded in Absence of Proof of Loss(22.09.2023)

Delhi High Court has held that sum ascertained as liquidated damages in the contract is not in the nature of penalty, but is a pre-estimate of loss es.....

Tags : Delhi High Court, Liquidated Damages, Proof of Loss

Bombay HC: Applicant Would be Entitled to Loss of Future Earning to Extent of Disability(27.01.2022)

Bombay High Court has observed that while determining the compensation that the applicant would be entitled to on account of loss of future earnings, .....

Tags : Bombay High Court, Loss of Future Earning

Delhi HC Expresses Concern over Exponential Growth in Fuel Loss(08.04.2016)

Delhi HC has expressed concern over exponential growth in fuel loss due to idling traffic at intersections and jams from the 2005 figure of over Rs 99.....

Tags : Delhi HC, Fuel Loss

ITAT Delhi: Loss Arising from Forfeiture of Advance Paid on Convertible Warrants is Business Loss(06.01.2020)

Income Tax Appellate Tribunal, Delhi has held the loss arising from forfeiture of the advance paid on convertible warrants is a business loss. The Tri.....

Tags : ITAT Delhi, Loss

ITAT, Bangalore: Foreign Exchange Loss on Repayment of Borrowings is Revenue Expenditure(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has granted relief to Cafe Coffee Day and held that foreign exchange loss due to the reinstatement of .....

Tags : Income Tax Appellate Tribunal, Foreign Exchange Loss on Repayment of Borrowings

Allahabad HC Dismisses Plea to Quash Notices to Recover Public Loss from Anti-CAA Protesters(12.02.2020)

Allahabad High Court has dismissed a Petition challenging notices issued by the District Administration of State of Uttar Pradesh to recover damages f.....

Tags : Allahabad High Court, Damages for Loss of Public Property, Anti- Citizenship Amendment Act Protests

SC Dismisses Plea of Student for Loss of Admission Due to Lapse of OTP(21.02.2022)

Supreme Court has dismissed a writ petition filed by a student who was aggrieved with the loss of his admission in the Mechanical Engineering course a.....

Tags : Supreme Court, Loss of Admission

ITAT, Chennai Allows Loss on Investment in Subsidiary Company as Business Loss(23.02.2022)

Income Tax Appellate Tribunal (ITAT), Chennai has allowed the loss on investment made in subsidiary company for increasing business expediency to be w.....

Tags : Income Tax Appellate Tribunal, Loss on Investment in Subsidiary Company

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