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TMI Blog2016 (9) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... 98 issued by CBDT wherein it was clarified that such amount is taxable in “the hands of recipient - Held that:- The issue arising stands concluded against the Revenue for the reasons mentioned by the Delhi High Court in Rajan Nanda (2011 (12) TMI 392 - DELHI HIGH COURT). It is also accepted by the Revenue that the amendment in Explanation I to Section 10(10D) of the Act has specifically come into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue urges the following question of law for our consideration : " Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in holding that amount of ₹ 76,00,000/received by the assessee on maturity of "Keyman Insurance Policy" is not taxable and is exempt under Section 1O(10D) of the Income Tax Act ignoring the Circular No.762 dated 18/02/1998 issued b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the amount received by the assessee on account of maturity of Keyman Insurance Policy is exempted under Section 10(10D) of the Act. The aforesaid decision also placed reliance upon a Circular dated 18th February, 1998 issued by the Central Board of Direct Taxes, which permitted the conversion of a Keyman Insurance Policy into a normal policy. Thus, the appeal was allowed by following the dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the life of another person who is or was the employee of the first mentioned person or is or was connected in any manner whatsoever with the business of the first mentioned person [and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration]." (emphasis supplied) 6. However, as we are concerned with the period prior ..... X X X X Extracts X X X X X X X X Extracts X X X X
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