https://www.taxtmi.com/caselaws?id=5910 A deferred annuity policy contingent on human life was treated as a policy of insurance for wealth-tax purposes, so the assessee's right or interest in such a policy fell within the exemption in section 5(1)(vi) of the Wealth-tax Act, 1957. The expression "any policy of insurance" was given a wide meaning and was not confined to ordinary life policies. The 1975 proviso was not read as narrowing the main exemption to exclude annuity policies, and the Act was construed harmoniously so that commutable life annuities could still qualify for exemption until the policy moneys became due and payable. en-us Tue, 08 Oct 1985 00:00:00 +0530 Tue, 10 Feb 2015 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5910 A deferred annuity policy contingent on human life was treated as a policy of insurance for wealth-tax purposes, so the assessee's right or interest in such a policy fell within the exemption in section 5(1)(vi) of the Wealth-tax Act, 1957. The expression "any policy of insurance" was given a wide meaning and was not confined to ordinary life policies. The 1975 proviso was not read as narrowing the main exemption to exclude annuity policies, and the Act was construed harmoniously so that commutable life annuities could still qualify for exemption until the policy moneys became due and payable. Case-Laws Wealth-tax Tue, 08 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5910