https://www.taxtmi.com/caselaws?id=67493 The Tribunal ruled in favor of the Accountable Person in a case concerning the inclusion of LIC premium and estimated agricultural land value in the deceased's estate. The Tribunal held that the payment of insurance premiums by the deceased for her son did not constitute a gift but was a contractual obligation, thus excluding the premium amount from the estate value. Additionally, the Tribunal agreed that there was insufficient evidence to support the increase in the estimated value of the acquired agricultural land, leading to the exclusion of this amount from the estate value as well. The appeal was allowed in favor of the Accountable Person. en-us Tue, 07 Jul 1992 00:00:00 +0530 Thu, 10 Mar 2011 18:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67493 The Tribunal ruled in favor of the Accountable Person in a case concerning the inclusion of LIC premium and estimated agricultural land value in the deceased's estate. The Tribunal held that the payment of insurance premiums by the deceased for her son did not constitute a gift but was a contractual obligation, thus excluding the premium amount from the estate value. Additionally, the Tribunal agreed that there was insufficient evidence to support the increase in the estimated value of the acquired agricultural land, leading to the exclusion of this amount from the estate value as well. The appeal was allowed in favor of the Accountable Person. Case-Laws Income Tax Tue, 07 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67493