1969 (7) TMI 7 - HC - Wealth-tax

Whether in the facts and circumstances of the case the life insurance premia and interest thereon paid by cheque on the assessee s overdraft account with the State Bank of India was allowable as a debt under section 2(m) of the Wealth-tax Act - Held no

Summary

The High Court of Orissa was asked to consider the constitutionality of Wealth-tax Act provisions regarding Hindu undivided families and taxation on lands/buildings. The court ruled that life insurance premiums paid by the assessee were not deductible from net wealth under the Act. The Tribunal's decision was upheld, and the fourth question was answered in the negative.