Exemption u/s 10(10D) - addition of the surrender value of the ...

Case Laws Income Tax

December 7, 2020

Exemption u/s 10(10D) - addition of the surrender value of the assigned keyman insurance policy - On the basis of Section 10(10D) of the Act, with its Explanation 1, the clear position of law which emerges is that the character of the Keyman Insurance Policy does not get converted into ordinary Life Insurance Policy despite its assignment and therefore, any benefit accruing to the employee upon its surrender or encashment will be taxable in the hands of the Employee as "perquisite". - HC

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Exemption u/s 10(10D) - addition of the surrender value of the ...

Case Laws Income Tax

December 7, 2020

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