part of an underwriter to honour its obligation to subscribe to devolved securities and
(ii) the resultant claim for damages.
Are integral part of normal ... Commissioner (Appeals)-II, Mumbai erred in holding that:
(a) Not subscribing to devolved security is not normal activity of underwriting business:
(b) The payment
from which date the above-mentioned 12.5 per cent share devolved on the assessee and his wife. The assessee's wife Pannadevi herself died ... death, as provided by the trust deed, her share of the income devolved on the assessee. During the previous year relevant to the year under
capacity of an executor. If the concerned
asset has already devolved on the legal heir under inheritance, then the said
asset shall become property ... were deposited before
the death of Vrajlal C Mehta, yet they will devolve upon the legal
representatives only. Therefore the assessment of the same would
54EC. The assessee defended the same by submitting
that the property devolved upon assessee as per the wishes and intent
of his grandmother Mrs. Kantaben ... contention of the appellant is that the property
had devolved on the appellant through inheritance/gift and hence the period for
which the property
owned by her father, who had expired on
19.08.1975. Thereafter, the property devolved upon the mother of the
assessee, who continued to be the owner ... till her death on
17.03.1989. The said property was then devolved upon the assessee
and her two brothers and sister, each having 1/4th share
share in the HUF property. His undivided interest, namely, one-third share, devolved upon his class I heirs in accordance with Section 8 , Hindu Succession ... held that the one-third share of the deceased Ramrao K. Rupji devolved upon his class I heirs by virtue of Section
this father in 1987, the partnership
firm automatically dissolved and the property devolved to the assessee. The
Ld. Representative for the assessee pointed out that ... factually
emerging that the four plots admeasuring 4648.70 sq.mtrs devolved on the
assessee after the death of his father in February
because in that case , the transfer was that of life interest which devolved on the assessee consequent upon the death of his wife and which ... turn had equal shares devolved on the assessee and his wife on death of assessee's mother. The point is that the subject matter
demise of Mr. Noel Tata in May, 1989 his tenancy/occupancy rights
devolved upon the members of his family residing with him at the time ... tenancy compensation of Rs. 150
lakhs pertaining to the Tata House devolved on the Assessee. Copy of
the said tripartite agreement is at pages
earning
profits. This is for the simple reason that ultimately the
claims devolving upon the appellant will be far in excess
of insurance premium ... Page No. 3
and 4 above.
(iii) Expected outcome of devolvement and settlement of
claims for exceeding insurance charged.
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ITA NO.2966
