Release of amount deposited by the LIC in respect of policies taken out under clause (f) of sub-section (1) consequent on discontinuance of estate duty levy from 16-3-1985
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Estate duty cessation allows refund of LIC deposits for specified life insurance policies after legislative amendment. Sums deposited by the Life Insurance Corporation representing the matured value of life insurance policies obtained to meet estate duty obligations under a specified income tax related policy category are no longer required for policyholders surviving the effective cessation of estate duty; the tax administration has authorized refund of those amounts by circular.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Estate duty cessation allows refund of LIC deposits for specified life insurance policies after legislative amendment.
Sums deposited by the Life Insurance Corporation representing the matured value of life insurance policies obtained to meet estate duty obligations under a specified income tax related policy category are no longer required for policyholders surviving the effective cessation of estate duty; the tax administration has authorized refund of those amounts by circular.
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