Supreme Court of India
P. Venkatarama Reddy v. Controller of Estate Duty
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the amount under the three life insurance policies forms a part of the general estate of the deceased and that the amounts under the three life insurance policies have to be aggregated with c the general estate of the deceased for the purpose of determining the rate of estate duty.
Judgment, page 14
From the headnote
Estate Duty Act, J953 : Sections 2(15) and (16), J4(J), 34 and 38. Property-Passing on death-Insured assigned Life Insurance Policies during his lifetime to his grandchildren-After such assignment, insured retained possession of Policies and kept them alive-Insured also repaid loans or parts thereof on the said policies-Held : In the circumstances of the case, the said life insurance policies constitute property of the deceased- Contention that deceased had no interest in the policies after assignment, rejected Section 34(3)-Property-Passing on death-One "in which the deceased never had an…
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