https://www.taxtmi.com/caselaws?id=189652 The definition of controlled business under the Life Insurance Corporation Act, 1956 was read with the Explanation to section 2(3) to include a composite insurer's capital redemption business and annuity certain business, alongside life business. The construction treated the phrase "business appertaining to life insurance business" as extending to those specified ancillary businesses. On that basis, the vesting provisions in sections 7(1) and 7(2) operated so that the assets and liabilities relating to that controlled business vested in the Corporation, including the corresponding property, investments, rights, and documents. en-us Mon, 04 Mar 1963 00:00:00 +0530 Mon, 16 Jan 2017 16:08:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189652 The definition of controlled business under the Life Insurance Corporation Act, 1956 was read with the Explanation to section 2(3) to include a composite insurer's capital redemption business and annuity certain business, alongside life business. The construction treated the phrase "business appertaining to life insurance business" as extending to those specified ancillary businesses. On that basis, the vesting provisions in sections 7(1) and 7(2) operated so that the assets and liabilities relating to that controlled business vested in the Corporation, including the corresponding property, investments, rights, and documents. Case-Laws Indian Laws Mon, 04 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189652