Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
ITAT held that surrender proceeds of a Unit Linked Insurance Policy constitute a "capital asset" within section 2(14) and directed the AO to assess accruals on surrender under the head "capital gains" with allowance for indexation, rejecting taxation as "income from other sources." The Tribunal observed that provisos to section 10(10D) effective 01.04.2021 are inapplicable to the assessment year in issue and that mere deduction of TDS does not determine the nature of the receipt. The AO is directed to re-assess the receipt as capital gains and to grant credit for TDS as reflected in Form 26AS when giving effect to this order.
ITAT held that surrender proceeds of a Unit Linked Insurance Policy constitute a "capital asset" within section 2(14) and directed the AO to assess accruals on surrender under the head "capital gains" with allowance for indexation, rejecting taxation as "income from other sources." The Tribunal observed that provisos to section 10(10D) effective 01.04.2021 are inapplicable to the assessment year in issue and that mere deduction of TDS does not determine the nature of the receipt. The AO is directed to re-assess the receipt as capital gains and to grant credit for TDS as reflected in Form 26AS when giving effect to this order.
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TaxTMI 
TaxTMI 
of 4888 
