https://www.taxtmi.com/caselaws?id=25337 Section 14(1) of the Estate Duty Act, 1953 applies to money received under a life insurance policy where the policy has been kept up by the deceased for the benefit of an assignee or donee. The phrase "is kept up" was construed to mean a policy maintained valid by payment of premiums, including a policy that has become paid up through earlier premium payments. Accordingly, a paid-up policy does not fall outside the provision merely because no further premiums were payable at death, if prior premiums paid by the assured had kept the policy alive for the beneficiary's benefit. en-us Thu, 16 Apr 1987 00:00:00 +0530 Thu, 28 Jan 2010 10:31:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25337 Section 14(1) of the Estate Duty Act, 1953 applies to money received under a life insurance policy where the policy has been kept up by the deceased for the benefit of an assignee or donee. The phrase "is kept up" was construed to mean a policy maintained valid by payment of premiums, including a policy that has become paid up through earlier premium payments. Accordingly, a paid-up policy does not fall outside the provision merely because no further premiums were payable at death, if prior premiums paid by the assured had kept the policy alive for the beneficiary's benefit. Case-Laws Income Tax Thu, 16 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25337