THE NEPTUNE ASSURANCE CO. LTD. vs THE LIFE INSURANCE CORPORATION OF INDIA AND, ANOTHER

The Supreme Court held that under Section 7 of the Life Insurance Corporation Act, 1956, all rights related to the life insurance business of an insurer vested in the Corporation on September 1, 1956. The Court determined that the right to a tax refund, which accrued to the appellant under the Indian Income-tax Act, 1922, existed on the appointed day, and was indeed appertaining to the life insurance business. Consequently, the right to the refund was deemed to remain associated with the life insurance business, despite the actual assessment occurring later.