1977 (10) TMI 36

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..... in relation to the assessment years 1967-68, 1968-69 and 1969-70 reads as follows : " Whether, on the facts and in the circumstances of the case, it has been rightly held that the insurance premia paid by the assessee could not constitute gift ? " The assessee had taken two policies of insurance on his life, one for a lakh of rupees and the other for Rs. 25,000. The amounts paid by way of in .....

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..... by the Tribunal that the assessee's contention is well-founded is correct or not. We agree with the view taken by the Appellate Tribunal. Though the wife is the nominee under the policy and so the person entitled ultimately to receive the benefit of the policy in the event of death or on its maturity, the obligation to pay the insurance premia to the insurance company remained with the assessee .....

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