https://www.taxtmi.com/caselaws?id=28712 An annuity policy was treated as a policy of insurance within the exemption under section 5(1)(vi) of the Wealth-tax Act, 1957. The court followed the earlier binding view that maturity of the policy did not make the full corpus immediately taxable; wealth-tax could be levied only on instalments or sums that had actually become due and payable in the relevant assessment year. Applying that principle to the assessment years 1972-73 and 1973-74, the assessee's interest in the annuity policy remained exempt to that extent, and the references were answered in favour of the assessee. en-us Fri, 07 May 1982 00:00:00 +0530 Thu, 25 Feb 2010 10:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28712 An annuity policy was treated as a policy of insurance within the exemption under section 5(1)(vi) of the Wealth-tax Act, 1957. The court followed the earlier binding view that maturity of the policy did not make the full corpus immediately taxable; wealth-tax could be levied only on instalments or sums that had actually become due and payable in the relevant assessment year. Applying that principle to the assessment years 1972-73 and 1973-74, the assessee's interest in the annuity policy remained exempt to that extent, and the references were answered in favour of the assessee. Case-Laws Wealth-tax Fri, 07 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28712