https://www.taxtmi.com/caselaws?id=38578 Section 14 of the Estate Duty Act, 1953 applies only where policy money remains payable under a subsisting life policy on the assured's death, and the beneficiary or assignee is beneficially entitled to that money. An endowment policy that matures and becomes payable during the assured's lifetime ceases to be a policy effected on life for this purpose; the matured amount is only a debt under the contract and is not chargeable to estate duty. On that construction, the policy proceeds received on maturity during the deceased's lifetime were excluded from the dutiable estate. en-us Fri, 08 Oct 1976 00:00:00 +0530 Wed, 07 Apr 2010 13:23:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38578 Section 14 of the Estate Duty Act, 1953 applies only where policy money remains payable under a subsisting life policy on the assured's death, and the beneficiary or assignee is beneficially entitled to that money. An endowment policy that matures and becomes payable during the assured's lifetime ceases to be a policy effected on life for this purpose; the matured amount is only a debt under the contract and is not chargeable to estate duty. On that construction, the policy proceeds received on maturity during the deceased's lifetime were excluded from the dutiable estate. Case-Laws Income Tax Fri, 08 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38578