Assessee claimed exemption under section 10(10D) in respect of sums received on maturity of life insurance policy.\u00a0 Assessing Officer deemed it taxable under section 28(vi) as part of a Keyman Insurance policy.\u00a0 In appeal, assessee argued that policy’s character changed in 2008 when it was assigned from a proprietorship concern to assessee, justifying exemption under section 10(10D) as an ordinary policy. The Tribunal held that\u00a0 there was some merit in contention of assessee that if policy was transferred before its maturity then it would lose its character. Therefore, and if it had become ordinary policy, premium received under this policy, would not be subjected to tax in view of section 10(10D). Therefore, lower authorities were not justified in denying benefit of exemption to assessee.\u00a0 (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 10(10D) : Life insurance policy-Keyman insurance policy-If Keyman Insurance policy was transferred before its maturity then it would lose its character and thus sums received on surrender of such insurance policy would be eligible for exemption under section 10(10D) and it could not be taxed under section 28(vi).[S. 2(14),28(vi)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48002","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cue","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48002"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48002\/revisions"}],"predecessor-version":[{"id":48003,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48002\/revisions\/48003"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}