1990 (6) TMI 73

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....sessee, for the assessment years 1968-69 and 1969-70, paid a premium of Rs. 3,606 in respect of two policies of insurance on his life which were taken out under the provisions of the Married Women's Property Act for the benefit of his two sons. The premium so paid was charged to gift-tax by the Gift-tax Officer. The assessee preferred an appeal before the Appellate Assistant Commissioner who uphel....

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....ere not gifts made to the beneficiaries of the policies and were not without consideration ?" Mr. Jetley who appears for the applicant has, very fairly, drawn our attention to a decision of the Madras High Court in the case of CGT v. R. R. Sarma, [1978] 111 ITR 70. In that case, the wife of the assessee was a nominee under a policy of life insurance taken out by him. The Madras High Court held ....