https://www.taxtmi.com/caselaws?id=39922 Premiums paid under a deferred endowment assurance policy can qualify for rebate under section 15(1) of the Income-tax Act, 1922 where the contract is in substance insurance on the life of the assessee and the premium is paid out of taxable income. Contingent adoption on majority and ancillary rights in favour of the proposer do not alter the policy's main character if the central object remains life insurance. On that construction, the rebate is admissible for premiums paid during minority, reflecting the provision's object of encouraging thrift. en-us Fri, 14 Oct 1966 00:00:00 +0530 Tue, 12 Aug 2014 20:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39922 Premiums paid under a deferred endowment assurance policy can qualify for rebate under section 15(1) of the Income-tax Act, 1922 where the contract is in substance insurance on the life of the assessee and the premium is paid out of taxable income. Contingent adoption on majority and ancillary rights in favour of the proposer do not alter the policy's main character if the central object remains life insurance. On that construction, the rebate is admissible for premiums paid during minority, reflecting the provision's object of encouraging thrift. Case-Laws Income Tax Fri, 14 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39922