1969 (7) TMI 7

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..... f India was allowable as a debt under section 2(m) of the Wealth-tax Act - Held, no
Judge(s) : R. N. MISHRA., G. K. MISHRA. JUDGMENT G. K. MISRA C.J. - Four questions have been referred by the Tribunal for the opinion of this court under section 27(1) of the Wealth-tax Act, 1957. They are: " (1) Whether the provisions of the Wealth-tax Act levying tax on the total wealth of Hindu undivided .....

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..... is the karta of a Hindu undivided family. He has been assessed to wealth-tax for the year 1961-62. The assessee drew money from an overdraft account with a bank to pay premia on a life insurance policy and wanted deduction of the said amount for the purpose of computation of net assets. The assessee's stand was rejected all through. The question for consideration is whether the amount so claimed .....

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..... alth-tax is not payable under the Act. Under section 5(1)(vi) of the Wealth-tax Act: "Wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee-....... (vi) the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the assesse .....

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