COMMISSIONER OF GIFT TAX Vs. K RAMESH

JUDGEMENT

(1.) THE reference has arisen at the instance of the Revenue.

(2.) THE assessee is an individual. He filed a nil return of gift for the year of account. THE assessee has paid Rs. 19,033 in respect of an insurance policy taken under the Married Womens Right to Property Act. THE assessee claimed that this insurance premium paid under the said Act is not assessable to gift-tax. THE Gift-tax Officer did not accept the claim of the assessee and accordingly brought the amount to tax. On appeals, the Appellate Assistant Commissioner and the Tribunal dismissed the appeal. On that, the following question of law is referred for the opinion of this court :

(3.) WE answer the question in favour of the assessee and against the Revenue. No costs.