A company namely ‘BIC’ took keyman insurance policy in name of its keyman i.e. assessee’s husband  .Assessee’s husband further assigned said policy to his wife i.e. assessee herein on 30-1-2013 which was duly recorded by LIC of India .  Policy was prematured in February 2015 and amount was received by assessee from LIC of India .Assessee claimed said amount as an exempted receipt Assessing Officer completed assessment under section 143(3) accepting assessee’s claim. Commissioner opined that amendment brought in by Finance Act 2013, effective from 1-4-2014, in Explanation 1 to section 10(10D) was clarificatory in nature having retrospective effect . Accordingly he passed a revisional order bringing entire amount received by assessee on maturity of policy to tax . On appeal the Appellate Tribunal held that  amendment brought in by Finance Act 2013 in Explanation 1 to section 10 (10D) is prospective in nature and it shall only apply to keyman insurance policy assigned after 1-4-2014   .Accordingly instant case, policy assigned in hands of assessee in year 2013 would continue to be an ordinary policy and sum received by her on maturity would not be taxable by virtue of amended section 10(10D). ( AY. 2015-16 )