9911796707
TMI Blog1982 (8) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... the estate duty assessment of the deceased, late Shri Lallubhai Gulabhai Desai, who died on 26th September 1972. In his estate duty assessment, the ACED added a sum of Rs. 1,00,000 representing the sum assured in respect of the seven life insurance policies in the names of the children of the deceased on the ground that the annual premium paid in respect of the above policies was Rs. 4,222.31 which was claimed by the deceased in his return of income upto the asst. yr. 1968-69. The Accountable Person objected to this addition in the appeal filed against the estate duty assessment order. The Appellate CED found that the Accountable Person was not given any opportunity to explain the matter and that the addition was made on the basis of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act and that the Appellate CED should have directed the ACED to include the surrender value of the three policies in question in the estate of the deceased. 4. On behalf of the A.P. Shri M.C. Doshi, the ld. Chartered Accountant supported the order of Appellate CED by relying on his findings and placed a copy of a letter dt. 10th May, 1968 from the LIC of India, addressed to the deceased in respect of the children's deferred insurance policies on the life of Kum. Geeta, the daughter of the deceased. 5. On a careful consideration of the submissions set out above, we are of the view that no interference is called for with the order of the Appellate CED in the present case. It would be seen from the facts and the contentions, as set out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as contrasted with annuities or other interest ceasing on death as contemplated u/s 7 of the Act. In the present case, it would be seen that though the life policies in question were purchased by the deceased as a proposer, the deceased ceased to have any interest in these three policies when his three daughters attained majority on the dates mentioned above. These three dates were long before the date of the death of the deceased on 26th September 1972. Further, it would be seen that no beneficial interest had accrued either by survivorship or by any other means on the death of the deceased to his three daughters under these policies. On the contrary, the notice from the LIC shows that they had become absolute owners of these life polici ..... X X X X Extracts X X X X X X X X Extracts X X X X
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