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TMI Blog2002 (8) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... n under section 27(1) of the Wealth-tax Act, 1957, is as to whether the Tribunal was right in holding that the value of annuities purchased by the assessee from the Life Insurance Corporation in respect of remuneration received by him from different producers by paying a single premium insurance is includible in the net wealth of the assessee? The assessee is a film director. At his instance, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refers to a right to annuity is inapplicable, as the purchase of the annuity though not by the assessee was pursuant to the contract with the assessee. Section 2(e)(2)(ii) of the Wealth-tax Act refers to a right to any annuity (not being an annuity purchased by the assessee or purchased by any other person in pursuance of a contract with the assessee) purchased by any other person pursuant to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the monies covered by the policies become due and payable to the assessee: Provided that in the case of a policy of insurance the premium or other payment whereon is payable during a period of less than ten years, the amount that shall not be included in the net wealth of the assessee under this clause shall be a sum that bears to the value of the right or interest of the assessee in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which, as indicated earlier, is of very wide import covering all types of insurance policies like life, marine, fire etc." The words which had been underlined by the apex court were "premium or other payment thereon is payable during a period of less than ten years". The court further held "in our view, the proper way to read the proviso would be to treat the main provision as creating or grantin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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