Court : Gujarat
Decided on : Sep-09-1963
Reported in : (1964)10GLR223; [1964]54ITR384(Guj)
Shelat, C.J. 1. This reference arises out of a claim made by the assessee for rebate under section 15(1) of the Income-tax Act, 1922, in respect of the premium paid on a policy of insurance. Section 15(1), inter alia, provides : '15. (1) The tax shall not be payable in respect of any sums paid by an assessee to effect an insurance on the life of the assessee...' 2. The question that arises is whether the premium in respect of which the rebate is claimed by the assessee was the sum paid to effect an insurance on the assessee's life. 3. The reference relates to the assessment year 1960-61, the relevant previous year being Samvat Year 2015. On June 23,1959, i.e., during the relevant previous year, a policy called 'Children's Deferred Endowment Assurance' for a sum of Rs. 50,000 was issued by the Life Insurance Corporation of India. The proposer was Harjivandas Kotecha, the father of the assessee, and the life assured was assessee. The premium payable in respect of the said policy was Rs. ...
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