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An insurance contract (General Insurance) is a contract of indemnity and insurance company is liable to pay the loss occurred by the insured due to happening of insured risk/perils.
Section 43B(a), deduction is allowed on "any sum payable by the assessee by way of tax, duty, cess or fee." The scheme of s. 43B is to allow deduction when the sum is actually paid.
As the impugned issue is squarely covered in favour of the assessee by the above decision of the honourable High Courts, we hold that assessee has purchased a house property i.e. a new asset and is entitled to exemption u/s 54F of the act
Summons issued under provisions of Section 50(2 ) & (3) of PMLA,2002 cannot be quashed in Writ proceedings
Re-insurance is one the important instrument of risk financing and risk sharing.
We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money in bank in FDs/RDs.
Whether Compensation awarded by Motor Accident Claims Tribunal - Interest on compensation awarded up to date of order of Tribunal or Court is taxable
Whether any sum received from a subsidiary company by a holding company under scheme of arrangement sanctioned by High Court under provisions of Section 391 to 394 of the Companies Act, 2013 , be treated as 'Slump Sale' and liable to Capital Gain Tax?
As per Section 32(1)(ii), depreciation is allowable in respect of know-how, patent, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.
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.
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