ITAT allowed the appellant's appeal, holding that the ULIP...

ITAT allowed the appellant's appeal, holding that the ULIP constitutes a "capital asset" within s.2(14)(a) for the relevant assessment year, because the insurance policy did not attract s.10(10D) exemption. Consequently, the received amount must be treated for capital gains/loss computation rather than as income from other sources. The Tribunal rejected the coordinate-bench rationale limiting capital-asset treatment to amendments effective w.e.f. 2021, and directed consequential computation of capital gains/loss in accordance with tax law. Matter remitted for arithmetic determination consistent with this legal characterization; appeal allowed.