https://www.taxtmi.com/caselaws?id=67306 Assessment reopening under section 59 of the Estate Duty Act was upheld because the assessee had not fully disclosed the facts relating to the insurance policy and the audit objection constituted relevant information. The assigned endowment life insurance policy had matured during the assured's lifetime, the assignee became entitled to and received the proceeds before death, and the transfer was complete and irrevocable. On that basis, the proceeds did not pass on death under section 14(1) and did not attract section 10, as no retained benefit remained after assignment. The estate-duty addition on the insurance amount was deleted. en-us Wed, 04 Apr 1979 00:00:00 +0530 Wed, 25 Jan 2012 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67306 Assessment reopening under section 59 of the Estate Duty Act was upheld because the assessee had not fully disclosed the facts relating to the insurance policy and the audit objection constituted relevant information. The assigned endowment life insurance policy had matured during the assured's lifetime, the assignee became entitled to and received the proceeds before death, and the transfer was complete and irrevocable. On that basis, the proceeds did not pass on death under section 14(1) and did not attract section 10, as no retained benefit remained after assignment. The estate-duty addition on the insurance amount was deleted. Case-Laws Income Tax Wed, 04 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67306