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TMI Blog1983 (2) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... e insurance policies bearing No. 6645469 for a sum of Rs. 60,040 being joint policy of Prem Chand and his wife Parsini Devi'. The second policy was numbered 6606422 for a sum of Rs. 1,128 and it was on the life of Parsini Devi in which Prem Chand was nominee. Parsini Devi died in November, 1981 and the Life Insurance Corporation of India ['LIC'] sent a consolidated cheque for the two policies amounting to Rs. 61,168 to Prem Chand. The assessee Prem Chand took an FDR and on the same he earned a sum of Rs. 7,631 as interest for the year under consideration. Since Parsini Devi was survived by six sons, three daughters and her husband Prem Chand, the assessee. The assessee contended that he could be subjected to tax only in respect of Rs. 7631 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not hold more than one-tenth right which was his other survivor's who were to inherit the deceased's share (sic). 5. The learned departmental representative, in the rejoinder, submitted that in case of joint policy survivor gets the money and it is in that capacity that he gets it in his own right. 6. After taking into consideration the rival submissions, we are unable to interfere in the finding of the AAC. There is no dispute about the above stated facts pertaining to the issue that out of the two policies, policy for Rs. 60,040 was a joint policy whereas policy for a sum of Rs. 1,128 was also on the life of Parsini Devi. In respect of these two policies, Prem Chand, husband of Parsini Devi and the assessee, got the said amount of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings in relation to the policy without obtaining the consent of the transferor or assignor or making him a party to such proceedings. (6) Any rights and remedies of an assignee or transferee of a policy of life insurance under an assignment or transfer effected prior to the commencement of this Act shall not be affected by the provisions of this section. Their Lordships of the Orissa High Court regarding the rights of a nominee, observed as under in the head note AIR 1973 Ori. 83 : " On the death of an insured a nominee is only entitled to receive the insurance amount but he does not thereby acquire title to the amount to the exclusion of all other heirs of the insured." In another High Court decision that from the Full Bench of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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