https://www.taxtmi.com/caselaws?id=36384 For exemption under section 45(b) of the Wealth-tax Act, an assessee must be an insurer within the meaning of the Insurance Act and must be lawfully carrying on the relevant insurance business on the valuation date. Where the life insurance business had been statutorily transferred, registration had ceased to be effective, and no further insurance contracts were entered into, the assessee was no longer an insurer for that purpose. Pending compensation proceedings did not preserve insurer status. The wider meaning of "insurer" used in other provisions of the Insurance Act did not control section 45(b). The exemption was therefore unavailable and wealth-tax liability remained. en-us Tue, 01 Apr 1980 00:00:00 +0530 Mon, 22 Mar 2010 10:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36384 For exemption under section 45(b) of the Wealth-tax Act, an assessee must be an insurer within the meaning of the Insurance Act and must be lawfully carrying on the relevant insurance business on the valuation date. Where the life insurance business had been statutorily transferred, registration had ceased to be effective, and no further insurance contracts were entered into, the assessee was no longer an insurer for that purpose. Pending compensation proceedings did not preserve insurer status. The wider meaning of "insurer" used in other provisions of the Insurance Act did not control section 45(b). The exemption was therefore unavailable and wealth-tax liability remained. Case-Laws Wealth-tax Tue, 01 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36384