{"id":8485,"date":"2019-12-17T11:44:48","date_gmt":"2019-12-17T11:44:48","guid":{"rendered":"http:\/\/itatonline.org\/digest\/dy-cit-v-impulse-international-p-ltd-2019-71-itr-28-sn-delhitrib\/"},"modified":"2019-12-17T11:44:48","modified_gmt":"2019-12-17T11:44:48","slug":"dy-cit-v-impulse-international-p-ltd-2019-71-itr-28-sn-delhitrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dy-cit-v-impulse-international-p-ltd-2019-71-itr-28-sn-delhitrib\/","title":{"rendered":"Dy.  CIT v.  Impulse International P.  Ltd.  (2019) 71 ITR 28 (SN) (Delhi)(Trib. )"},"content":{"rendered":"<p>Tribunal that the proceeds from LIC are exempt under S. \u00a010(10D) except if the amount is received on a key man insurance policy, if the amount is received from a pension policy and the premium paid is more than 20 per cent. \u00a0of the sum assured in any year. \u00a0The proceeds from the insurance company in respect of key man insurance policy would be taxable only on receipt basis. In terms of the provisions of S. \u00a02(24)(xi) read with S. 28(vi), the amount of bonus on key man insurance policy is to be taxed on receipt basis only. \u00a0Hence taxing the income on accrual basis was not valid. \u00a0(AY. \u00a0\u00a02006-07 2009-10, 2010-11, 2011-12).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 2(24)(xi) : Income-Business income-Key man insurance policy-Accrual or receipt basis-Bonus on Keyman Insurance Policy taxable on receipt basiS.  [S. 5, 28(vi), 10(10DD), 145]<\/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":[1],"tags":[],"class_list":["post-8485","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2cR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8485","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=8485"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8485\/revisions"}],"predecessor-version":[{"id":8486,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8485\/revisions\/8486"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}