1977 (10) TMI 36 - HC - Income Tax

Summary

The High Court of Madras ruled that insurance premiums paid by the assessee on his own policies did not constitute a gift to his wife, who was the nominee. The court held that the premiums were paid as an obligation under the insurance contract and did not involve an immediate transfer of property to the nominee. The Appellate Tribunal's decision in favor of the assessee was upheld.