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1986 (7) TMI 185 - ITAT HYDERABAD-AExtract: .......olicy. The amount received from the insurance company has to be passed on to the assessee s son as the policy itself was for his benefit. Hence, the question of gift does not arise. Thus, no gift-tax is leviable. The AAC was justified in allowing the assessee s appeal. Thus, we uphold the order of the AAC. 7. In the result, the appeal is dismissed.
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