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1991 (3) TMI 95 - BOMBAY HIGH COURTExtract: .......charge of his obligation and would not amount to gifts made by the assessee to the beneficiaries of the policies. In this view of the matter, if the premia do not amount to gifts, it is obvious that sections 9 and 27 would not apply. We, therefore, answer the question in the affirmative and in favour of the accountable person. No order as to costs.
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