https://www.taxtmi.com/caselaws?id=152226 A refund claim under income-tax law accrues as an existing asset once tax deducted at source or otherwise paid exceeds the tax ultimately payable, even if assessment and quantification occur later. Under the Life Insurance Corporation Act, such an accrued refund right can vest in the transferee where it relates to assets of the controlled business. Because the Insurance Act requires life insurance business to be maintained separately, with separate funds, accounts and disclosure of investment income, the excess tax paid on income from shares and securities attributable to that business is treated as appertaining to it and transferable as part of that business. en-us Thu, 08 Nov 1962 00:00:00 +0530 Wed, 07 Aug 2013 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152226 A refund claim under income-tax law accrues as an existing asset once tax deducted at source or otherwise paid exceeds the tax ultimately payable, even if assessment and quantification occur later. Under the Life Insurance Corporation Act, such an accrued refund right can vest in the transferee where it relates to assets of the controlled business. Because the Insurance Act requires life insurance business to be maintained separately, with separate funds, accounts and disclosure of investment income, the excess tax paid on income from shares and securities attributable to that business is treated as appertaining to it and transferable as part of that business. Case-Laws Income Tax Thu, 08 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152226