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1966 (10) TMI 48 - SC - Income TaxWhether rebate under section 15(1) of the Income-tax Act, 1922, is admissible on the premia payable as per annexure 'A' during the minority of the assessee ? Held that:- The object of enacting section 15(1) of the Act is the encouragement of thrift and the section should hence be interpreted in such a manner as not to nullify that object. Having examined all the clauses of the contract of insurance in this case, we are satisfied that it is in substance a contract of insurance on the life of the assessee and, therefore, rebate under section 15(1) of the Act is admissible on the premium payable as per annexure " A " of the statement of the case during the minority of the assessee. For these reasons We hold that this appeal must be allowed with costs of this court and of the High Court. Appeal allowed
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