Section 226


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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2012 Whether Section 226 of Income tax act supersedes bank clause in the insurance policy. if there is bank clause inserted in the insurance policy & notice is issued to the insurance co under sec 226, then whether insurance co should pay the amount of claim to bank or income tax & if it should be paid to income tax then whether bank can sue the insurance co.

28 June 2012 The ORDER of claim is important. Govt tops the list. So is Income Tax dept. Now a poser may arise if bank is also Govt Bank.

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 Yes the bank is a govt. bank


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