Insurance compensation for loss of flying licence treated as capital receipt and not taxable in pilot's hands. Reimbursement of insurance premia for a policy insuring against loss of a pilot's flying licence is not taxable as a perquisite because the employer bears the liability, and compensation received under that insurance when a pilot is declared medically unfit is a capital receipt and not taxable; both positions apply to all pending assessments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Insurance compensation for loss of flying licence treated as capital receipt and not taxable in pilot's hands.
Reimbursement of insurance premia for a policy insuring against loss of a pilot's flying licence is not taxable as a perquisite because the employer bears the liability, and compensation received under that insurance when a pilot is declared medically unfit is a capital receipt and not taxable; both positions apply to all pending assessments.
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