1984 (8) TMI 58

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....livered by RAGHUVIR J.-In this reference, the question referred is, whether, on the facts and in the circumstances of the case, the loan of Rs. 19,486 taken from the Life Insurance Corporation against the security of the life insurance policies of the assessee was deductible in computing the net wealth of the assessee. The question was referred under the W.T. Act, 1957 (Act No. XXVI of 1957). ....

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.... the security of an asset which is not included in the net wealth " is exempted under sub-cl. (ii) of s. 2(m). Section 5(1)(vi) of the Act reads as follows: " The right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the assessee. Provided that ........ On a reading of cl. (vi) of s. 5(1) read with s. 2(m)(ii), it ....