Taxation of redemption amount of the policy prematurely ...

Case Laws Income Tax

November 15, 2022

Taxation of redemption amount of the policy prematurely surrendered - Case of the department that the petitioner had received the surrender value of policy upon its premature redemption and the same was liable to tax under Section 80CCC (2) of the Act, stands erroneous. Once it is a position obtained that the petitioner- assessee had not obtained a relief under Section 80CCC (1) of the Act, the redemption amount of the policy prematurely surrendered would not be liable to be taxed. - HC

View Source

← Previous Next →

Taxation of redemption amount of the policy prematurely ...

Case Laws Income Tax

November 15, 2022

You may also like:

Surplus on maturity of the policy /prematurely surrendered insurance policy - Income from other sources of capital gain - the addition made by the Assessing Officer in...

Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under...

Claim of interest on the refund amount of redemption fine - section 11B of Central Excise Act - It is clear that since the order of confiscation of goods has already...

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...

Reopening of assessment u/s 147 - Reasons to believe - surrender of the pension policy - The policy in question was assigned to third party and said assignee had...

Claim of set off against the surrendered income - in case, the surrendered amount is treated as an income from business, then assessee is entitled to get set off - HC

Taxation of ULIP - In case of ULIP, When the premium payable for any of the year during the tenure of the ULIP either exceed 10% of the sum assured or the annual premium...

Entitlement to the deduction under Section 80IB - surrendered amount - appellant was not entitled to the deduction under Section 80IB on the surrendered amount though...

The impact of imposing penalty and purpose of reduced penalty not fulfilled - deterring the appellant from repeating the offence - Continued violation of policy...

Nature of surrendered income - Penalty u/s 271 - it is not a case of voluntary surrender where the assessee has came forward and made a surrender statement. It is a case...

Refund claim of the amount of pre- deposit - As per the cenvat credit rules, an assessee can take the cenvat credit of any duty paid on the inputs used in the...

Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

Dishonor of Cheque - the complaint was dismissed on the ground that it has been filed prematurely - the complaint which has not proceeded further in view of the fact...

Protective addition made in the hands of the assessee - income surrendered by the assessee in the sworn statement - the surrender was not blanket surrender as presumed...

Quick Updates: