will pay the following benefits (the
"Benefits"):
(a) the Sum Insured; and
(b) the accrued bonus.
12. Policy Holder Bonus and Bonus Options
effect or undertake insurance.--n. insurability.-adj. insurable that may be insured-ns. insurance the act or system of insuring : a contract of insurance ... word "insure" and there is no justification to read the word "insure" as insurance company. The word "insure
that the assessee was
not entitled to receive more than the sum insured and submitted
as under:
"Further, it is settled that the contract
towards employees
contribution in 'ESI' a sum of Rs. 38,45,162/- and Rs. 3, 52,883/- was allowable
respectively, in view ... towards employees contribution in 'ESI' a sum of Rs.
1,03,90,873/- and Rs. 8,60,813/- was allowable respectively
effect or undertake insurance - n. insurability. - adj. insurable that may be insured - ns. insurance the act or system of insuring : a contract of insurance ... word "insure" and there is no justification to read the word "insure" as insurance company. The word "insure
illegally made addition of Rs. 1880312.00
towards employee contribution towards EPF/ESI of Rs.
1880312.00 which has been deposited before the due
date of filling ... employee
contribution towards EPF/ESI & sum has been deposited
before the due date of filling of return of income.
3. That in any case
assessee has claimed before the Insurance Company mentioning that the machinery insured was wholly destroyed by fire and looting. The Assessing Officer himself has mentioned ... cost of rectification of the machine was more than the sum insured. The report of the said Chief Engineer also is extracted in the appellate
assessee. Similarly, the ensured value of
stock being higher or insuring of some premises other than
the factory premises for the purpose of stock ... stock
4
found at the insured premises. Further, the insured value
i.e. the sum insured is the maximum value the assessee
assessee has subscribed to a group gratuity policy with LIC of India and,
accordingly, a sum of Rs.19,44,514/- was contributed towards this ... payment of gratuity on 1.7.2003, and is
contributing the sums to the LIC of India towards the group gratuity on
actuarial basis. The assessee
5784/Del/2013
Provident Fund, ESI Contribution Fund, etc. provided the said sum is
credited by the assessee to the employees' accounts ... Fund under the Provident Fund Act and/or in the ESI Fund under
the ESI Act .
Consequently, all these appeals are allowed and the
impugned
