1980 (12) TMI 76 - AT - Income Tax

Summary

The Department appealed against the deletion of a sum from the estate of late Shri J. K. Mehta related to an insurance policy. The Appellate Controller ruled in favor of the assessee, stating the premiums were not a gift and deleted the addition. The Tribunal upheld the decision, stating the premiums were not a gift under s. 9 of the ED Act. The appeal was dismissed. (Case: Appellate Tribunal ITAT BOMBAY-E, Citation: 1980 (12) TMI 76 - ITAT BOMBAY-E)