Supervisory permanent establishment requires project-wise duration and qualifying construction nexus; offshore supplies and salary reimbursements rema...
Transfer-pricing comparability permits fresh objections and filters where software service comparables are functionally unsuitable for arm's-length pr...
Territorial rendering requirement excludes China-based management and consultancy services from fees for technical services under the India-China DTAA...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
