9911796707
TMI Blog2013 (9) TMI 1169X X X X Extracts X X X X X X X X Extracts X X X X ..... der of learned CIT(A), Mumbai for assessment year 2010-2011. 2. The department in its appeal has raised objection in regard to holding that the amount of ₹ 76,00,000/- received by the assessee on maturity of Keyman Insurance Policy is not taxable and is exempt under Section 10(10D) of the Income Tax Act ignoring the Circular No.762 dated 18-2-1998 issued by the CBDT, wherein it was clar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Keyman Insurance Policy to a normal policy as colorable device. Accordingly, the AO assessed the amount received on account Keyman Insurance Policy under Section 56(2)(iv) of the Act. 4. Detailed submissions were filed before the CIT(A), which are reproduced in the order of the CIT(A) in para 1.3 at page 3. Reliance was also placed on the decision of Hon ble Delhi High Court in the case of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It was further stated that the CBDT Circular has not been considered by the CIT(A) while allowing the issue in favour of the assessee. 6. On the other hand, learned counsel of the assessee stated that the CIT(A) was right in allowing the issue in favour of the assessee following the decision of the Delhi High Court in the case of Rajan Nanda (supra), copy of which has also been filed. It was f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rial on record, we find no infirmity in the findings of the learned CIT(A), who has allowed the issue in favour of the assessee following the decision of the Hon ble Delhi High Court in the case of Rajan Nanda (supra). Identical issue was involved in the aforesaid case and the Hon ble Delhi High Court after considering the provisions of Section 10(10D) and the CBDT Circular and also perusing the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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