assessee to pay gratuity to its
employees and the appellant arranged for actuarial
determination of its liability. Pending determination of
such an actuarial valuation ... total
liability of Rs. 48,59,431 which was the actuarial
determination of liability on the ground that the provisions
liability together with accrued interest whether due or
deferred. The actuarial accounting applies to revenues and
costs to which the concept of the `going concern ... created for interest, bonus etc. payable in foreseeable
future. Undoubtedly the actuarial principle applied by the
LIC or the gratuity schemes are linked with life
unless there is anything repugnant in the subject or context,-- (1) "actuary" means an actuary as defined in clause (a) of sub-section ... section 2 of the Actuaries Act, 2006 (35 of 2006); (1A) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section
surplus
arrived at by adjusting the surplus or deficit
disclosed by the actuarial valuation made in
accordance with the Insurance ... amount either written off or reserved
in the accounts or through the actuarial
valuation balance sheet to meet depreciation
of or loss on the realisation
been done the said fund would have
shown a deficit in the actuarial valuation report dated July
18, 1949. In the profit appropriation account ... except out of the valuation surplus of the Life
Department. The first actuarial valuation report of the
company for the year 1944 -48. dated July
manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred ... business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business
footing that the said amount represented its gratuity liability on an actuarial valuation, and the contention of the company was accepted by the Income ... concerned with the assessment year 1973-74. The company obtained an actuarial valuation of its gratuity liability for the accounting year ending March
such a scheme of gratuity to estimate the liability on an actuarial valuation and deduct such estimated liability in the P & L Account while ... respect of the accounting year was ascertainable with fair accuracy under the actuarial valuation was not disputed before the Tribunal, the court held that whole
revenue.
The assessee company commenced its business in 1935. The first actuarial report was for the period May 24, 1935, to March ... rule 2(a). There was and there could have been no actuarial report for any antecedent period, without which there could be no recourse
amount credited to the
aforesaid reserve account, with
reference to the actuarial
valuation and as such the accrual
of liability would not arise ... actuarial valuation was not
ascertained. In Metal Box Company
of India Ltd. case cited supra as
we have stated in detail, it was
not disputed
