Held, that while introducing the Finance (No. 2) Bill, 2019 the Legislature took note of concerns expressed that deducting tax under section 194DA of the Act on the gross amount under a life insurance policy, which is not exempt under section 10(10D), created difficulties to an assessee who otherwise had to pay tax on the net income, (i. e., after deducting the insurance premium paid from the total sum received) and observed that it was preferable to deduct tax on the net income so that the income as per the return of the deductor of tax deducted at source could be matched automatically with the return of income filed by the assessee. From this observation and taking note of the fact that the assessee had neither availed of any deduction under section 80C of the Act in respect of the premium paid to SBI nor claimed any deduction under section 10(10D) of the Act and had offered Rs. 3,09,000 to tax in his return, no addition was warranted. Only the net amount that is Rs.3,09,000 should have been taxed, which the assessee had already offered to tax in his return. The addition of Rs. 10 lakhs was to be deleted. (AY. 2017-18)