Supreme Court · 1989 INSC 274 · Decided 8 September 1989
Life Insurance Corporation of India & ANR. v. Gangadhar Vishwanath Ranade (Dead) BY LRS.
- Court
- Supreme Court of India
- Citation
- 1989 INSC 274 · [1989] SUPP. 1 S.C.R. 97
- Case number
- CIVIL APPEAL No. 1979/1981
- Decided
- 8 September 1989
- Bench
- N.D. OJHA, J.S. VERMA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 226(3)(vi), 281, 226(3), 226
Headnote
Income Tax Act, 1961-Sections 226(3)(vi) and 281-Assignment of policies by insurer-Assignment accepted by LIC-ITO of opinion that transfer of policy with intent to defraud Revenue-/nordi-,,ate delay by L/C in making statement on oath before ITO-Liability of LIC to pay interest to assignee of G. V. Ranade took four policies on his own life from the L_IC during the period 1958 to 1960. In April 1969 G.V. Ranade as­ signed absolutely all these four policies in favour of his wife Smt. Kamalabai G. Ranade and the assignment was duly registered by the LIC. These policies were paid up
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