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1962 (11) TMI 47 - SC - Income TaxWhether the right to refund was a right existing an September 1, 1956? Whether it appertained to the life insurance business of the appellant within the meaning of section 7? Whether the right to the refund was one appertaining to the life insurance business? Held that:- Appeal dismissed. As considered as a separate business no tax would have been payable out of its assets and so, as between the two departments, no part of its income was liable to be applied in payment of the tax. The entire amount of Rs. 3,245.25 should be refunded to it. The balance which must represent the deduction out of the income of the life insurance business or an amount treated as paid in respect of that business and therefore appertaining to it, should be made over to the respondent Corporation. This is the view taken by the Tribunal and with it we agree
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