Surplus on maturity of the policy /prematurely surrendered ...

Case Laws Income Tax

October 28, 2023

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 the hands of the Appellant holding the same to be ‘Income from Other Sources’ is set aside. AO is directed to compute the amount of capital gains tax liability, if any, as per law. - AT

View Source

← Previous Next →

Surplus on maturity of the policy /prematurely surrendered ...

Case Laws Income Tax

October 28, 2023

You may also like:

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...

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

Key man insurance policy - Taxability of the sums received on maturity of life insurance policy - Assessee claimed it as exempt income u/s 10(10D) - It was contended...

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...

Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

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...

Characterization of receipts - correct head of income - Surrender proceeds of the ULIP - the above mentioned policy will come under the purview of ‘capital asset’ as per...

Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

Demand of services on ‘surrender charge’ retained by the appellant upon withdrawal of ‘insured’ from ‘unit linked insurance policies (ULIP)’ - voluntary withdrawal from...

Taxability of amount received from LIC on maturity of key man insurance policies - Insurance company has itself clarified that on assignment, it does not remain a keyman...

Valuation - life insurance business - treatment of surrender value’ exacted, on premature exit, from holders of ‘unit linked insurance policy (ULIP)’as consideration for...

CENVAT Credit - input services - insurance policy - Credit of service tax paid on insurance policy is admissible when the policy covers the employees and family members...

Cenvat credit - service tax paid by the insurance providers on various insurance policies taken out by the appellant - insurance policy has another address - credit allowed - AT

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

Quick Updates: