This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Penalty levied by IRDA for non-compliance of Regulation is allowable
Case Law Details
- Case Name
- Microsec Insurance Brokers Ltd. Vs ITO Ward (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Kolkata
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Microsec Insurance Brokers Ltd. Vs ITO Ward (ITAT Kolkata)
It is observed that the penalty of Rs. 5,00,000/- in question was levied by IRDA for non-compliance of Regulation 34(2) of IRDA (insurance brokers) Regulations, 2002. As pointed out by the learned counsel for the assessee, the assessee company as a broker was required to observe certain restrictions and follow certain procedures as prescribed in regulation 34.There was however a non-compliance on the part of the assessee of the said regulation which resulted in imposition of penalty by IRDA.
In the case of M/s. Dayco Securities Pvt. Lt...
