COMMISSIONER OF WEALTH TAX, PUNJAB, J & K, CHANDIGARH, PATI vs YUVRAJ AMRINDER SINGH ETC.

The Supreme Court held that commutable annuities on life fall under Section 5(1)(vi) of the Wealth Tax Act, 1957, qualifying for exemption from wealth tax. The Court rejected the Revenue's contention that annuity contracts are distinct from insurance policies, affirming that the term 'any policy of insurance' includes deferred annuity policies based on human life. The Court dismissed the Revenue's appeals, confirming the lower authorities' rulings in favor of the assessees.