https://www.taxtmi.com/caselaws?id=276528 Premiums paid under a deferred endowment policy taken out by a father for a minor were not eligible for rebate under section 15(1) of the Income-tax Act, 1922 because the contract had not yet effected insurance on the assessee's life. The father remained the proposer and, until the minor attained majority and affirmatively adopted the policy, the insurer's obligation continued to run to the proposer or his estate under the policy terms. Payment from the assessee's funds did not alter the position, as the statutory allowance depended on a premium paid under a contract already insuring the assessee's life. Accordingly, the rebate was not admissible during minority. en-us Mon, 09 Sep 1963 00:00:00 +0530 Tue, 13 Nov 2018 12:58:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276528 Premiums paid under a deferred endowment policy taken out by a father for a minor were not eligible for rebate under section 15(1) of the Income-tax Act, 1922 because the contract had not yet effected insurance on the assessee's life. The father remained the proposer and, until the minor attained majority and affirmatively adopted the policy, the insurer's obligation continued to run to the proposer or his estate under the policy terms. Payment from the assessee's funds did not alter the position, as the statutory allowance depended on a premium paid under a contract already insuring the assessee's life. Accordingly, the rebate was not admissible during minority. Case-Laws Income Tax Mon, 09 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276528